BiggerPockets Money Podcast BiggerPockets
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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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Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake
You’re working hard to build wealth, but without estate planning, your assets could easily land in the wrong hands, causing your family a great deal of trouble. No one likes thinking about their death, but you NEED to tackle this issue head-on if you hope to preserve your legacy!
Welcome back to the BiggerPockets Money podcast! Today, we’re tackling two of the most taboo topics—death and money—with estate and elder attorney Jenny Rozelle. If you’re nearly ready to retire, you MUST develop an estate plan. Otherwise, intestate succession laws will determine your fortune’s fate. Even if you’re young and have little to your name, there are basic steps you can take today to ensure that your current and future assets don’t go to the wrong person.
In this episode, you’ll learn how to find the BEST estate planning attorney and prepare for your first meeting. Jenny also shares the truth behind probate and why it isn’t nearly as painful as it sounds!
Stick around for part two, where we rapid-fire estate planning questions at Jenny as she shares information even we didn't know about!
In This Episode We Cover
Basic estate planning documents every person needs (regardless of age)
What really happens in probate court (and why it’s NOT as scary as it sounds)
Intestacy explained, and how to stop your assets from landing in the wrong hands
How to make sorting out your estate as easy as possible for your loved ones
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
Property Manager Finder
BiggerPockets Money 404 - How to Build Wealth in Three Simple Steps w/The Money Guy Show
BiggerPockets Money 510 - Morgan Housel: Financial Lessons From History Anyone Can Use to Get Rich
Grab Brian’s New Book, “Millionaire Mission”
Money Guys Show
BiggerPockets Money 397 - Estate Planning, Wills, and What to Do NOW to Protect Your Heirs
BiggerPockets Money 401 - The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future
BiggerPockets Money 503 - How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!)
00:00 Intro
01:27 Why You NEED an Estate Plan
07:52 Finding an Attorney & Probate 101
18:10 First Steps for Early Retirees
24:56 Getting Organized & Estate Planning Costs
37:00 Connect with Jenny!
37:29 Start Planning Today!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-532
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
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Financial Freedom in 9 Steps: The Money Guy’s Financial Order of Operations
If you follow these nine steps, you will reach financial independence. How do we know? Well, The Money Guy Show’s Brian Preston and Bo Hanson have tested it hundreds of times! Using this simple but extremely powerful “financial order of operations,” anyone from any background can achieve FIRE, even starting with nothing. From free money to becoming easily debt-free, building a solid financial foundation, and even paying off your mortgage early, Brian and Bo break down the exact route to financial freedom anyone can take.
But first, we’ll discover if you’re a “financial mutant.” The fact that you’re listening to BiggerPockets Money already proves that you might be. But for those who have struggled with high-interest credit card debt, low savings, and lackluster investing, this episode has EVERYTHING you need to become a financial powerhouse by making nine smart money moves.
We’ll walk through the entire financial order of operations, from saving money to cover your deductibles to building an emergency reserve, paying off bad debt, and the “hyper-accumulation” stage you must reach to watch your net worth explode. If you’re ready to take the steps to realize financial freedom in the not-so-distant future, stay with us and grab Brian’s newest book, Millionaire Mission!
In This Episode We Cover
The nine-step "financial order of operations" that will lead you to financial independence
Why building a $1,000 emergency fund is NOT enough and how much you really need
Whether or not to pay off your “high-interest” debt depending on your age
Why Brian and Bo advise people NOT to invest in real estate until they’re at THIS stage
The one investment account to max out before all the rest (it’s NOT your 401(k)!)
The “hyper-accumulation” stage that will explode your wealth (IF you can reach it)
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
Property Manager Finder
BiggerPockets Money 404 - How to Build Wealth in Three Simple Steps w/The Money Guy Show
BiggerPockets Money 510 - Morgan Housel: Financial Lessons From History Anyone Can Use to Get Rich
Grab Brian’s New Book, “Millionaire Mission”
00:00 Intro
01:38 Financial "Mutants" Among Us
02:52 The Financial Order of Operations
05:54 Cover Your HIGHEST Deductible
07:38 Get Your Employer Match
09:49 Build an Emergency Reserve
11:11 Paying Off "High-Interest" Debt
22:23 DON'T Invest in Real Estate?
28:34 "Hyper-Accumulation" of Wealth
36:47 Prepay Future Expenses
38:22 Pay Off LOW-Interest Debt
46:11 Grab the New Book!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-531
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
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Reaching $1M Net Worth and FI in 6 Years with a “Home Run” Rental Property
You DON’T have to spend your entire life chasing financial independence. Play your cards right, and you may not even need a whole decade! With a little hard work and sacrifice, today’s guest became a millionaire (and financially free) in just SIX years!
Welcome back to the BiggerPockets Money podcast! After years of “drifting” through life and racking up bad debt, Erichad a moment when he realized he might not be able to rely on his W2 income for as long as he had hoped. Seeing the writing on the wall, he decided to get serious about achieving financial independence—buying rental properties, fixing them up, and eventually flipping them for a huge profit. One “home run” deal catapulted him toward his FI goal and a $1 million net worth!
If you dream of financial freedom but don’t want to spend your whole life getting there, this episode is for you! Eric offers some helpful advice for those who are looking to start their own FIRE journey—including why new investorsshould buy “grandpa’s house,” how to uncover “rare” real estate deals on the multiple listings service (MLS), and how to get the maximum return on a few years of sacrifice!
In This Episode We Cover
How Eric became a millionaire and reached financial independence in SIX years
Why buying “grandpa’s house” is a cheat code for building wealth
How to start fixing and flipping houses (and turn a HUGE profit!)
How to find “rare” real estate deals on the multiple listings service (MLS)
Building your real estate portfolio by using your profits to buy MORE properties
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
Property Manager Finder
Grab Your Copy of “The Book on Flipping Houses”
BiggerPockets Money 516 - Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke
BiggerPockets Money 481 - Building a $1 Million Net Worth in Only 3 Years by Investing in Real Estate
Connect with Eric on BiggerPockets
00:00 Intro
01:22Millionaire in 6 Years!
03:34 Buying “Grandpa’s House”
09:04 Eric’s BIG Turning Point
15:24 The Journey to $1 Million
19:08 The “Home Run” Rental
31:45 Moving to New Hampshire
33:13 How to Reach FI
36:13 Share Your Money Story!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-530
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices -
FI by 25: How to Buy Time and Freedom with a Few Years of Frugal Living
Financial independence by the age of twenty-five?! Today’s guest started working and saving money at a very early age, which allowed him to buy the time and freedom to do the things he values most. Whether you’re twenty-five or fifty-five, applying some of these simple principles to your own life can propel you toward financial freedom!
Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with Gabe Bult, a YouTuber, serial entrepreneur, and real estate investor who reached financial independence before his twenty-fifth birthday—all by subscribing to financial minimalism and frugal living. The only thing stopping him from retiring early? Sheer boredom! Instead, Gabe’s day typically involves precious time with his daughter, a few hours making YouTube videos, and an afternoon spent enjoying his favorite hobbies and interests.
YOU can have this life, too, but not without a little sacrifice, education, and discipline. Fortunately, it only takes a few years of ferocious frugality to get ahead, save for the future, and become “set for life.” And in this episode, Gabe will show you how to do just that! You’ll learn how to save your first $25,000 (and what to do with it), live for free with the house hacking strategy, and start a business that allows you to earn more and work less!
In This Episode We Cover
How Gabe reached financial independence by the age of twenty-five
“Financial minimalism” explained (and why it’s MUCH easier than you think!)
How a few years of frugal living can fast-track your journey to FI
Living for FREE with the house hacking investing strategy
Starting a business that allows you to earn more and work less
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
Property Manager Finder
BiggerPockets Money 468 - ‘Bar Rescue’ Host Jon Taffer on the “Secret Recipe” for a Successful Business
Connect with Gabe on BiggerPockets
00:00 Intro
01:34 What Is Financial Minimalism?
04:38 A Day in the Life with FI
07:30 Gabe’s Money Journey
13:06 The Art of Entrepreneurship
16:30 House Hacking 101
24:34 Education & EXTREME Discipline
35:41 Connect with Gabe!
36:01 Become a Financial Minimalist!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-529
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices -
The Small Business Owner’s Guide to Taxes, LLCs, Deductions, & Audit Risks
Starting your first or next business? This episode is for you. Today, we’re bringing you everything you need to know about small business taxes for beginners. Whether you’re a solo entrepreneur, partner, landlord, house flipper, Airbnb host, or something in between, you MUST know about these tax laws before you start making money with your own business because if you get them wrong, you could be paying a MASSIVE penalty come tax time. You could save yourself thousands, or TENS of thousands, just by tuning in!
Brandon Hall, CPA, runs a real-estate-focused tax and accounting firm for big and small real estate investors. But, even if you’re not investing in real estate, these tax tips also apply to YOU. In today’s episode, we threw dozens of hard-hitting tax questions at Brandon so you know what to do with your next side hustle or full-blown business.
We’ll discuss whether you need an LLC, the real benefits of getting one, and which business entity (LLC, S-corp, C-corp, etc.) makes the most sense for your specific business and tax needs. Making money on your own but NOT paying quarterly taxes? This could cost you BIG, but thankfully, Brandon goes through exactly how much you could owe. And if you want to owe less to the IRS, we’ll give examples of tax deductions plus, which are NOT worth it and could put you at a BIG audit risk.
Need a tax professional for your small business? Find one for free with BiggerPockets Tax and Financial Services Finder!
In This Episode We Cover
Self-employment and small business taxes for beginners
Whether or not you need an LLC and why most real estate investors have this all wrong
Estimated taxes and the MASSIVE penalty you’ll pay if you forget about this
Tax deductions and the audit red flags that the IRS is looking for
The different business entities you can start and which has the best tax benefits
The three things you NEED to set up an LLC and the most critical one beginners forget
“SALT” taxes and why those selling goods in different states could owe even more
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 Obtain Real Estate Professional Tax Status
Hear Past Episodes with Brandon:
BiggerPockets Real Estate 196 - LLCs, House Hacking, and Saving on Taxes with Brandon Hall
BiggerPockets Real Estate 269 - How the New Tax Code Affects Your Real Estate Investments
BiggerPockets Real Estate 934 - How to Pay Less Taxes by Buying Real Estate (1 Write-Off You’re Overlooking)
On the Market 96 - The Biggest Real Estate Tax Loophole You’ve (Probably) Never Heard Of
On the Market 165 - Year-End Tax Updates, New IRS Interest Rates, and URGENT News for LLCs
On the Market 187 - 100% Bonus Depreciation Coming Back? (Do NOT File…Yet)
00:00 Intro
01:42 Do You Need an LLC?
02:01 Different Business Entities
09:29 3 Steps to Set Up an LLC
16:49 KEY Dates to Know
19:14 Estimated Taxes
25:48 The “SALT” Taxes
31:56 Tax Deductions and Audit Red Flags
44:22 Claiming Passive Losses
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-528
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
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Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE
Think it’s too late for early retirement? Do you feel like just because you’re in your late thirties, forties, or fifties, FIRE doesn’t make sense for you? Well, think again because today’s guest defied the odds by retiring over fifteen years early, all while raising her daughter on her own and without a six-figure salary to sail her swiftly to a million-dollar net worth. Plus, she did all of it with no investing experience. If Jackie Cummings Koski can do it, so can you!
Jackie grew up in a single-parent household. Her father worked hard to support her and her five siblings. This instilled a strong work ethic in Jackie and made her realize that running towards hard things, not away from them, was the true path to success. She figured out college on her own and, shortly after, landed a corporate job that took her far away from the small town she grew up in. She got married and had her daughter, but then everything changed.
Jackie was getting divorced, forcing her to rely on herself fully for her financial future. In true Jackie fashion, she took this as a challenge and began educating herself as best as she could. Through smart saving, spending, and life-changing investing decisions, Jackie built her wealth in record time, reaching financial independence just ten years after finding the FIRE movement—all without any advantages!
In This Episode We Cover
How to reach financial independence without a high salary, inheritance, or advantages
Stock investing 101 and how intentional investing can explode your net worth
Why you must max out THESE investment accounts to be richer in retirement
How Jackie spends just $40,000 per year owning her own home and raising her daughter
Why you DON’T have to follow all the traditional FIRE rules to retire early
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
Money Podcast 154 - Bill Bengen (The Inventor of the 4% Rule) Talks Retirement, Past Crashes, and How You Can Withdraw Even More
Email Mindy for the Full 4% Rule Article!
Money Podcast 344 - Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions
Resources Mentioned in This Episode:
Better Investing
Root of Good
Mr. Money Mustache
Mad Fientist
1500 Days
00:00 Intro
01:14 FIRE at 49!
02:50 Making Money in Retirement
06:11 Early Years, College, and Getting Divorced
11:21 Working Her Way Through College
15:06 Getting Hired After College
15:50 Starting to Learn About Stocks
20:02 Finding the FIRE Movement
26:54 Spending and Saving
36:01 Jackie's Podcast and New Book!
38:20 Connect with Jackie!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-527
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices