BiggerPockets Money Podcast BiggerPockets

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
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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

What would it take for you to achieve financial freedom? Now, think about what it would take for you to achieve it for your family. Many of us have parents we’ve seen work day in and day out, providing for us when it meant putting their dreams on the back burner. But what if you could repay your parents for all they’ve done for you, helping them retire and ensuring they can truly live the life they love without worrying about money? That’s exactly what today’s guest did for her mother and herself.
After her parents divorced when she was a teenager, Delyanne Barros began what seemed like a two-decade-long non-stop grind. Fearing what would happen to not only herself but her family if she didn’t provide, Delyanne chose to go to law school to not only help those in need but also bring home a steady paycheck that would support her and her mother. After realizing that the nine-to-five grind wasn’t what she thought, Delyanne began searching for a way to get into a better financial position. As a result, she found the debt-free and the FIRE movements.
Now, only in her early forties, she’s already started a business that brings in millions, retired her mother, achieved financial freedom, and did it all just within six years of finding the FIRE movement. Her biggest tip for success: Take a calculated risk and bet on yourself! If you want to find FIRE like Delyanne did, don’t skip this one!

In This Episode We Cover
When it’s worth it to quit your “dream job” to start your own business and bet on yourself
Supporting your family and retiring your parents BEFORE they’re sixty-five years old
Why even lawyer salaries often can’t afford you the life you want to live
Paying off huge student loan debt and why you SHOULD invest before you’re debt-free
The importance of investing EVEN when the market is dropping fast and you’re feeling fear
Why you DON’T have to be self-employed to achieve FIRE (but you DO need to take risks)
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
What Is the FIRE Movement?
How to Calculate the Risks Before Investing
The Mad Fientist on Early Retirement in Your 40s and 4% Rule Updates
From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street

00:00 Intro
01:10 Supporting Her Family as a Teen 
07:34 Why Law School? 
14:15 Finding FIRE and Switching Gears 
21:50 Watching the Market Crash
27:37 Quitting Her High-Paid Job 
35:35 Can W2 Workers Achieve FIRE?
39:19 Retiring Her Mom 
41:44 Best FIRE Advice
42:54 Connect with Delyanne!
43:24 Take a Risk! 

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-535

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

Could Coast FI be your BEST path to financial independence? Maybe you don’t want to retire early—not yet, at least. Hustle for a few years, invest your money, and watch it snowball instead! This twenty-four-year-old saved nearly $100,000 with this strategy, and in today’s episode, she’ll show you how to do the same!
Emma von Weise was determined to take control of her finances at a very early age, getting her first job at just fourteen years old and saving money at every opportunity. This allowed her to not only escape college debt-free but also build a $99,000 net worth, a figure that will make her Coast FI until retirement—which isn’t on the radar anytime soon! Using her newfound financial freedom, Emma has built her “dream” life by working in a field she loves and taking plenty of time off to travel.
In this episode, Emma shares about all of the different jobs and side hustles she took up to supercharge her savings, as well as several creative “hacks” she used to help fund her college tuition. She also talks about some of the pivotal moments that shaped her views on personal finance, such as discovering the power of compound interest and finding an entire support system through the FI community!

In This Episode We Cover
How Emma became Coast FI by twenty-four and built a $99,000 net worth
Creative ways to fund your college education and escape debt-free
The real value of buying used cars from private owners (and where to find deals!)
How to create a fun and fulfilling life you don’t want to retire from
How to fast-track your fortune using the power of compound interest
Making your money work harder for you after stockpiling cash
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 Episode 474 - Mindy and Scott’s Favorite Sleepaway Camp for FIRE Chasers
BiggerPockets Money Episode 449 - Coast FI in 4 Years: Cutting Expenses, Doubling Your Income, & HUGE Savings
BiggerPockets Money Episode 323 – Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers
Learn More About EconoMe Conference

00:00 Intro
01:18 Working & Saving at 14!
07:32 Taking Control of Her Finances
10:52 Buying Used Cars
15:32 Creative Ways to Fund College
23:28 Learning to Invest
30:12 Joining the FI Community
37:48 $99K Net Worth at 24!
45:07 The Power of Coast FI

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-534

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 working towards FIRE or building a financial legacy? Then DON’T skip this episode! What’s the point of creating generational wealth if it will be lost after you’re gone? Jenny Rozelle, estate and elder attorney, is back on the show to answer some of our most pressing questions about wills, trusts, estate planning, and everything in between! She’s got some answers that even personal finance experts Mindy and Scott didn’t know. And if you’re just starting to think about preserving your future wealth, this episode may shock you, too.
From “napkin” wills to bad inheritances, protecting your heirs’ wealth from potential future divorce, and whether or not you’re owed millions after your tipsy Aunt promised you her vacation home, Jenny clears up all the misconceptions that most Americans have about inheritance and estate planning. 
Plus, if you’ve got children or loved ones you’re planning to pass your wealth on to, it’s crucial to follow Jenny’s advice on updating your will. Neglecting to update your estate plans or planning around the wrong people could put your wealth at risk! 
Check out Jenny’s part one episode here! 

In This Episode We Cover
Whether or not a verbal promise of inheritance will hold up in the future 
Revocable vs. irrevocable trusts and the ONLY two situations you’d choose an irrevocable one
When to update your will and why Jenny DOESN’T keep a set timeline 
Protecting your heirs from losing their inheritance to divorce 
What to do when you get an inheritance that brings you more headache than it’s worth 
Why communication is critical in estate planning and who you should estate plan with 
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 532 - Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake w/Jenny Rozelle
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
01:28 Revocable vs. Irrevocable Trusts
02:29 The Estate Planning Timeline
05:35 Verbal Promises and Inheritance 
10:21 When to Update Your Will
12:04 Protecting from Divorce 
14:58 Who to Estate Plan WITH
18:23 The Downside of Inheritance 
22:54 The “Napkin” Will
25:34 Make Your Estate Plan Today! 

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-533

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

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 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
Learn more about your ad choices. Visit megaphone.fm/adchoices