BiggerPockets Money Podcast BiggerPockets

Student loan debt can easily get in the way of financial independence, especially if there’s a high interest rate attached to your loans. But should you pay down this debt at the expense of investing for the future? There are several factors we’re going to explore in today’s episode!

Lauren is a physician assistant with a stable W2 job, a house hack, and a side hustle that provides her with a little “fun” money each month. But as she and her partner work toward their goal of reaching FI in twenty years, they’ve got some money issues to work out—namely, how to tackle the $150,000 in student loans hanging over their heads. Should they pay down this debt, invest in real estate, or both? Should they put their retirement contributions on hold? One day, they hope to travel the world and enjoy their favorite pastime, kitesurfing! But should they fast-track this dream before planning for a family?

Lauren is at a crossroads in her journey to FI, and in today’s episode, Scott and Mindy will provide her with an actionable blueprint she can use to achieve her financial goals, career aspirations, and dream lifestyle. Along the way, you’ll learn when to prioritize aggressive debt paydown, how to strike the perfect investment portfolio mix, and important things to consider before starting a family!

Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! 

In This Episode We Cover
When to pay down student loan debt rather than invest in real estate
Why buying rental property today will leave you with more cash flow in retirement
How to financially plan for weddings, honeymoons, children, and other BIG expenses
Paying off your primary residence versus buying MORE rental properties
How to improve asset allocation with a mix of rentals and retirement accounts
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
See Scott and Mindy at BPCON2024 in Cancun!
BiggerPockets Money - Episode 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop
BiggerPockets Money - Episode 514: How to “Travel Hack” Like a Pro and Get FREE Flights, Hotel Stays, and More!

00:00 Intro
01:25 Financial “Wellness”
07:01 Lauren’s Money Snapshot
15:51 MAJOR Career Decisions
22:15 FI in 20 Years (or Fewer!)
27:53 Paying Off $150K Student Loans
36:07 Weddings, Honeymoons, & Kids
44:55 Kitesurfing & Traveling the World!
57:39 Pay Down the Mortgage?
01:02:54 Enjoy Life AND Build Wealth!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-541

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

Renting vs. buying a house: when it comes to FIRE, many people assume that you must own a home and preferably have it paid off to reach financial freedom. But is this really true? With renting so much cheaper than buying in 2024, would it be wiser to rent a place and send the savings to your investment accounts? Today, we’re tackling this topic and a few other heavy hitters as we give our takes on four of the hottest financial headlines.
Kyle Mast, certified financial planner, joins Scott Trench to share FIRE-first thoughts on these not-so-easy-to-answer questions. First, we give our take on the ever-relevant renting vs. buying debate and ask whether things have changed since high mortgage rates have made buying a home much more expensive. Then, how do you manage savings and investments with interest rates so high—should you keep your money in a high-yield savings account or search for better opportunities even with savings yields so high?
Think your nest egg is a little too light? We share the average 401(k) balance for those close to retirement and give our strategies to boost retirement savings before you leave full-time work. Finally, for those struggling to take care of elderly parents, our last headline is for you. We talk about the growing number of Americans physically, mentally, andfinancially caring for aging parents and how you can set yourself up in the best position possible to care for those in your life.

In This Episode We Cover
Buying vs. renting a house in 2024 and whether homeownership is required for FIRE
The best housing investments you can make to propel your net worth and savings rate
Saving and investing during higher interest rates and the type of “opportunities” you must be looking out for
The shocking average 401(k) balance and what you can do to increase income in retirement
How to ensure your children DON’T have to financially care for you in your old age
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
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 Finde
Renting is Increasingly Cheaper Than Buying a Home
How to manage retirement savings with interest rates remaining elevated
This Is the Average 401(k) Balance for Ages 55 to 64
When Caring for Your Parents Comes at a Cost to Your Career
See Scott at BPCON2024 in Cancun!
Grab the Book, “First-Time Home Buyer”
Hear Our Episodes with “Catching Up to FI”:
BiggerPockets Money 537 - Late Start, Early Retirement: A Step-by-Step Guide to Get On Track to FI
BiggerPockets Money 538 - Late Start, Early Retirement: The Huge Advantages of Investing Later in Life

00:00 Intro
01:57 Renting vs. Buying a House
10:49 Best Home Purchase for FI?
13:35 Saving and Investing with High Rates
25:05 Average 401(k) Balance 
33:02 Caring for Elderly Parents 

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-540

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

Want to retire early? You don’t have to wait until age sixty-five. With a few cash-flowing assets and smart money moves, you could accelerate your path to retirement and enjoy your riches much sooner than you thought possible!
Welcome back to the BiggerPockets Money podcast! Derek has worked hard to build a $1.7 million net worth and a portfolio of six rental properties. The only problem? He wants to retire at age fifty. In this episode, Mindy and expert investor David Greene from the BiggerPockets Real Estate podcast work together to get Derek on the fastest path to early retirement. If he plays his cards right—redeploying some of his “lazy” home equity, increasing his cash flow, and starting a profitable business or side hustle—he could reach FIRE in just seven years!
Are you wary of today’s sky-high mortgage rates? We share an investing strategy that allows you to buy real estate notes at a deep discount and potentially acquire properties that are worth so much more! You’ll also learn how to use your 401(k) retirement funds today without incurring tax penalties. Finally, you’ll hear about the power of starting a business and reinvesting your profits!
Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! 

In This Episode We Cover
Creative money strategies that will fast-track your path to early retirement
How to leverage your 401(k) retirement funds today without tax penalties
Boosting your cash flow by converting properties into short-term rentals
How to start a business with low money (and where to reinvest your profits!)
How to (potentially) acquire valuable rental properties at a HUGE discount
When you should hire someone to help manage your real estate portfolio
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
How to Access Retirement Funds Early
Check Out J Money’s blog, “Budgets Are Sexy”
Check Out Nick Loper’s podcast, “The Side Hustle Show”
Hear David on the "BiggerPockets Real Estate" Podcast
BiggerPockets Money - Episode 443: The Entrepreneur’s Guide to FI: A Day in the Life of a Finance Blogger
BiggerPockets Money - Episode 520: The BEST Side Hustles You Can Start in 2024 (Outside of Real Estate!)

00:00 Intro
01:45 $1.7M Net Worth!
10:20 Derek’s Money Snapshot
18:26 7 Years to FIRE
29:37 Moving “Lazy” Equity
39:42 Note Investing 101
48:45 Starting a Business

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-539

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

Are you a late starter who wants to reach retirement (or early retirement)? Then we’ve got just what you need! We’re back with Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast as we share how to invest for retirement as a “late starter.” Did you know there are some serious advantages to investing later in life? Some of these advantages are so secret that even our hosts didn’t know about them! But today, we’re sharing them with you so you can achieve financial freedom on your terms!
From top to bottom, we’re sharing everything you need to retire sooner—from the best retirement accounts to debating 401(k)s vs. Roth IRAs vs. HSAs and more! Worried about healthcare if you retire before you turn sixty-five? DO NOT put your retirement plans on pause because of this! With some smart healthcare saving and investing, you won’t have to worry about visits to the doctor’s office!
But before you start investing, we need to get your spending in check. Bill shares how he went from paycheck to paycheck to exploding his savings rate by “downsizing” his spending, which makes reaching financial independence even easier! If you’re ready to retire, stick with us and follow these steps to a tee if you want to be financially free!
Missed part one? Listen to it here!
Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! 

In This Episode We Cover
How much do you need to retire? Here’s the exact calculations we use
The best retirement accounts to invest in that have substantial tax advantages
Social Security and whether or not you can plan on receiving it when you retire 
The “triple tax benefit” healthcare account that you’ll wish you knew about sooner
How to “downsize” your life so you can invest more and retire faster 
“Catch up” retirement investing and the investment accounts that late starters must take advantage of
401(k)s vs. Roth IRAs vs. HSAs: Which should you invest in first?
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
Finance Friday: How to Get to Early Retirement Even Faster
BiggerPockets 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) w/Bill Yount
BiggerPockets Money 527 - Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE w/Jackie Cummings Koski
Want to Be a Guest on the BiggerPockets Money Show? Apply Here
Catching Up to FI Podcast
HSA – The Ultimate Retirement Account
Open Social Security
The Shockingly Simple Math Behind Early Retirement

00:00 Intro
01:19 Create a Simple Plan
04:58 How Much Do I Need to Retire?
09:18 What About Social Security? 
16:27 Reducing Your Expenses
19:59 Healthcare and HSAs
33:28 Best “Catch Up” Investments 
38:31 Roth vs. HSA vs. 401(k) 
47:34 Investing Beyond Retirement Accounts 
49:38 It’s NEVER Too Late! 

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-538

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

Got a late start on your retirement planning? Do you feel like you missed the boat and won’t be able to retire on your timeline? We’ve got good news for you in today’s episode—it’s never too late for retirement (and even EARLY retirement!). No matter what age you’re at, how much you have in the bank, and how much you make, you CAN retire on your terms, and our guests will prove it. The question is, will you follow through on their time-tested system for reaching retirement?
Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast are here to show you that whatever your situation is, you can get on track for retirement. Bill and Jackie both were late starters, only taking retirement seriously decades after starting their working careers. Even with their “late start,” Bill and Jackie were able to massively multiply their net worths and retirement savings, allowing them to reach financial freedom on their terms.
In today’s show, Bill and Jackie walk through the four steps that anyone can take to begin saving for retirement. You don’t need ANY money to take these initial steps, but doing so will change your entire financial future. Stick around for our next show as we get into the nitty gritty of retirement planning and put you directly on the path to retirement or early retirement!
Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! 

In This Episode We Cover
The four steps anyone can take to reach retirement 
Why it’s okay to be a “late starter,” especially when it comes to retirement planning
How to do a “backward budget” to quickly and easily see how much you’re spending 
Why you MUST look back on the financial “lessons” you’ve learned to build wealth now!
Getting clear on your goals and what you want to achieve so you can reach retirement
The “trifecta of mistakes” Bill made and how even that didn’t stop his financial freedom journey!
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
Finance Friday: How to Get to Early Retirement Even Faster
BiggerPockets 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) w/Bill Yount
BiggerPockets Money 527 - Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE w/Jackie Cummings Koski
Want to Be a Guest on the BiggerPockets Money Show? Apply Here

00:00 Intro
01:14 Late Start, Early Retirement
06:01 Before You Can Start
08:06 “Backwards” Budgeting 
17:12 Make a Plan 
28:26 Acknowledge Your “Lessons” 
33:19 Stick Around! 

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-537

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

If you get your property management wrong, you could lose tens of thousands of dollars. A sketchy property manager could take all your rent and run, leaving you with the bills and no hope of recovering your long-lost rent checks. That’s precisely what happened to today’s guest, a seasoned real estate investor who’s even looked up to as an expert in the industry. Even he made a sizable property management mistake, and in this episode, we’re trying to help you avoid the same fate.
The BiggerPockets Podcast Network is bringing you a crossover episode with the Real Estate Rookie podcast’s Ashley Kehr and the BiggerPockets Money podcast’s Scott Trench. Scott is not only the host of BiggerPockets Money but also the CEO of BiggerPockets. And today, he’s sharing every painful detail about how he lost over $40,000 by hiring a bad property manager. This IS an avoidable mistake, but some easily overlooked red flags could put you in the same position as Scott unless you’re very careful.
Scott shares the entire story and gives the top red flags to look out for. He’ll explain why he DOESN’T give his whole portfolio to one property manager, why you MUST set communication standards from the start, the questions EVERY investor should ask before hiring a property manager, and the fees you should refuse to pay the next time you outsource your property management. Need a property manager? We’ll share the best tool ANYONE can use to find a property manager TODAY!

In This Episode We Cover
Deadly property management red flags and signs you should run from a property manager
Why you never, EVER give your entire portfolio to a single property manager/property management company
Simple questions to ask that immediately show if a property manager is legit
Negotiating fees and why Scott is okay with paying a higher monthly rate
Communication expectations and what a property manager should be sending you EVERY month
The easiest way to find a great property manager wherever you invest
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
Want to Self-Manage Your Rentals Instead? Grab the New Book, “Self-Managing Landlord”
Ask Other Investors Your Property Management Questions on the BiggerPockets Forums
Past Episodes Mentioned in Today’s Show:
Real Estate Rookie 59 - Rookie First-Time Home Buyer Questions Answered by Scott and Mindy
Real Estate Rookie 200 - Scott Trench’s 10-Step Checklist to Buy Your First Rental Property
Real Estate Rookie 401 - Boost Your Cash Flow in 2024 with These “Self-Management” Tips
BiggerPockets 513 - The “Red Flags” of Investment Fraud from a Former $3.8M Ponzi Scheme Manager
Connect with Ashley on BiggerPockets
Connect with Scott on BiggerPockets

00:00 Intro
01:20 Hiring the Property Manager 
03:37 Things Start Going Wrong 
06:12 Losing $40K!
09:32 Property Manager Red Flags 
15:39 Questions You MUST Ask
23:34 Negotiating Fees 
30:05 Asset Type Matters! 
34:54 Communication Expectations 
37:29 Vetting for Legitimacy 
43:16 Find a GREAT Property Manager 

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-536

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