Last time we talked to Sarah, AKA Budget Girl , she was on Episode 6 of the Money Show. If you haven’t listened to that episode, here’s a quick recap. Sarah was $33,000 in debt from student loans , but she was able to pay it off while making less than $30,000 year ! For most people, this would have taken decades to pay off, but Sarah was able to crush her debt in only a few years ! Now it’s time to check in on Sarah, and see what she’s been doing since clearing herself from debt. Currently, Sara...
Mar 12, 2021•1 hr 15 min•Ep. 178
It’s hard being a first time home buyer, especially if you don’t have any experience with real estate, property values, or market appreciation. You may be wondering how you’ll be able to buy a home that will help increase your net worth, or at least, not shrink it. Scott and Mindy are on today to tell you how to make the best first time home buying decision possible. We’ll go through the most common myths that first time home buyers tend to get caught up in. Myths such as: Buy as much home as yo...
Mar 08, 2021•1 hr 18 min•Ep. 177
Most listeners of the show will know that a cash cushion is always great to have and should be mandatory for almost everyone. Having a cash reserve of 6-12 months can help you cover unexpected expenses or life events like a sudden medical bill or losing your job. That being said, sometimes you can have a cash cushion that’s too big for your lifestyle . Today we talk to Steve , who has been paying off his mortgage quickly with the help of his wife. They both have respectable salaries, retirement ...
Mar 05, 2021•1 hr 1 min•Ep. 176
Last time we talked to Purple from A Purple Life , she told us about her plan to retire at the end of 2020. If you haven’t listened to that interview, you can listen to it here to get the full scoop on Purple’s journey from a $5,000 net worth to hundreds of thousands within only a few years. Like many financially savvy early retirees, Purple put a lot of time into planning, saving, and investing her capital in order to retire in her early 30s. Well, she did it! As of October 2020, Purple is fina...
Mar 01, 2021•54 min•Ep. 175
Real estate investors are known to have their hands in 20 different pots, this is doubly true for Marine and real estate investor Fabio. Fabio is a Captain in the Marine Corps and has been in service for the past 21 years. He has at least five years left before he wants to retire, but is poised to hit his “freedom number” (or what others call their financial independence number) soon. Fabio has rental properties throughout the country: a duplex in San Diego, a house in Arizona, a BRRRR currently...
Feb 26, 2021•1 hr 14 min•Ep. 174
Welcome to episode 173.5! Yesterday you heard from Brent , a former registered nurse who paid off over $100,000 in debt and started a mobile pizza truck ! Brent’s original interview was recorded back in January or 2020 and was scheduled to be released right around the time that the pandemic hit and shutdowns began . Since it was released yesterday we thought it’d be a great idea to have him back to talk about all his progress since then! Since we last spoke to Brent, he’s added a whole other foo...
Feb 23, 2021•1 hr 1 min•Ep. 173
What does the average person do in their 20s? For most people, it means going into student debt , getting a car loan, getting a mortgage, and treating yourself . These are the “average financial decisions” that put many Americans into debt and stuck at jobs they only dream of leaving. That’s how Brent aka TheFoodTruckCEO felt when he and his wife realized they had over $100,000 in consumer debt . Brent and his wife didn’t make any crazy decisions, he merely did what society said is the right thi...
Feb 22, 2021•1 hr 2 min•Ep. 173
Jeff , like many listeners, feels as if there is enough money coming in every month , but somehow it’s slipping out, not allowing him and his wife to hit financial independence . A big reason this could be happening is simple: not enough income and expense tracking . This is why Mindy and Scott are always so adamant about having a budget (and sticking to it). Jeff owns his home, and it has appreciated a favorable amount since he bought it; he also owns a duplex in his home state of California, a...
Feb 19, 2021•1 hr 29 min•Ep. 172
Most people would consider $80,000 a year a respectable salary, but what if you were making that much during college ? That’s what today’s guest, Brandon Richard Austin , made in his sophomore year. As a journalism major, he started doing freelance writing work , and a client of his ended up offering him a remote position on the team. So there Brandon was, making $80,000 a year, working 12 hour days , all while juggling school at the same time. Thankfully, Brandon wasn’t a big spender. He didn’t...
Feb 15, 2021•1 hr 1 min•Ep. 171
Erik and his wife have three big debts to tackle: their mortgage on their primary residence, their mortgage on their rental property, and a HELOC (home equity line of credit) taken out as the down payment for their rental property . So, which debt should they tackle first? As two school teachers in New Jersey, Erik and his Wife made smart moves earlier this year by closing on a rental property, in order to have another stream of income coming in. They already have well paying jobs, pension plans...
Feb 12, 2021•1 hr 16 min•Ep. 170
It’s not always comfortable talking about money , especially with close friends, family members, partners, or even bosses. How did salary, savings, and investing become such a taboo subject to talk about? With us today is Erin Lowry aka Broke Millennial , you may recognize her voice from episode 24 and 81 of the BiggerPockets Money Podcast. Erin paints a picture that many of us can relate to: you’re at a birthday dinner and you order a small side and a water while the rest of your party orders $...
Feb 08, 2021•1 hr 2 min•Ep. 169
A big piece of advice given by many wealthy people and real estate professionals is to simply “ get started when you’re young ”. This is exactly what our guest has done today. Clayton , a renewable energy worker, travels around the midwest for work, living out of an RV with his partner. His company grants him a company car, a company phone, a food stipend, a handsome 401(k) match , and a comfortable salary. Clayton has taken advantage of these big perks by maxing out his Roth, buying a rental pr...
Feb 05, 2021•1 hr 6 min•Ep. 168
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 cla...
Feb 01, 2021•1 hr 42 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 14 min•Ep. 166
While living abroad , it can be very difficult to i nvest 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 fath...
Jan 25, 2021•1 hr 22 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. ...
Jan 22, 2021•1 hr 23 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 ...
Jan 18, 2021•1 hr 29 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 t...
Jan 15, 2021•1 hr 28 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 accou...
Jan 11, 2021•1 hr 34 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 ...
Jan 08, 2021•58 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-rais...
Jan 04, 2021•1 hr 21 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 o...
Jan 01, 2021•58 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•58 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 cr...
Dec 21, 2020•1 hr 22 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 depen...
Dec 14, 2020•1 hr 5 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 cost...
Dec 07, 2020•1 hr 15 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 retirem...
Nov 30, 2020•1 hr 5 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 ab...
Nov 23, 2020•1 hr 9 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!...
Nov 16, 2020•1 hr 11 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 1 min•Ep. 150
