BiggerPockets Money Podcast BiggerPockets

Want to hit FIRE? You’ll need a smart side hustle. We’re talking about income-doubling, cash-printing, serious side businesses that will allow you to leave your job and grow a substantial income stream, so you can invest the rest andreach the early retirement you’ve dreamed of. And for today’s guest, Alex, this is exactly the goal. Alex left college and went straight into the corporate world, only to realize that her potential wasn’t being met and there were alternative income goldmines that she could be chasing.
So, she got her real estate license as a side hustle, helping buyers and sellers get into and out of homes. Her commissions boosted her income to unforeseen amounts, and now, Alex is sitting on a stack of cash that could help launch her to financial independence. But, even now, with a better job and a serious side hustle, Alex wants to venture deeper into the entrepreneurial realm. The next big dream? Becoming a financial coach for those that want to be in her position.
But, before she starts, Alex needs help figuring out what to do with the savings account she’s been diligently growing. Should she use it to put twenty percent down on a house hack that would limit her living expenses? Or, is there a savvier, more creative way to finance her next property that could put Alex in a FAR better position? If you’re trying to hit FI before, after, or at forty-five, this episode is one you can’t afford to miss!

In This Episode We Cover
Starting your side hustle and boosting your income by turning extra time into money
Creative financing and how to buy your first property at a rock-bottom mortgage rate
How to know if you have too much cash (and what to do with it)
HSAs, IRAs, 401ks, and other retirement accounts you should be throwing cash at 
Becoming a real estate agent and whether or not it’s worth it for the commission checks
Designing the perfect portfolio for early retirement (even if you’re just getting started)
House hacking and how to use your primary residence to generate passive income
And So Much More!

Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Money Moment
Finance Friday: Why “Doing Everything Yourself” is Costing You THOUSANDS
How to Make Extra Money in 2023: 21 Ideas for Part-Time Gigs & Side Hustles
From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-395

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starting a business. If you’re just beginning your personal finance journey, this can all seem a bit complicated. Where do you invest first? What should you do with extra cash? And how do you know a financial fiduciary is genuinely looking out for your best interest? Don’t worry; you don’t need all the answers. Just tune in, and listen to what financial expert Amanda Wolfe and Certified Financial Planner Kyle Mast have to say.
It’s been a few months since we spoke to our go-to money experts. But we’ve been receiving a ton of finance FAQs in our Facebook group. So, we rounded up some of the best and got Amanda and Kyle’s take live on this episode. First, we’ll go over when to pay off bad debt when starting a business and what a “no money down” business really means. Then, Amanda and Kyle give their strong stances on if bond investing makes sense for the average FIRE-chaser.
You’ll also hear the OPTIMAL way to set up your retirement investing, which accounts are worth hitting first, and the financial order of operations you should follow to optimize your retirement planning. And try not to send your financial advisor this episode because we’ll be discussing when an advisor is and isn’t worth the money and why a commission-based fee structure could be a big red flag when deciding who to invest with. All this (and much more) is coming up in this episode!
In This Episode We Cover
The exact way to invest for retirement and which accounts deserve your cash the most
The backdoor Roth IRA explained and how to invest a MASSIVE amount in one of the most tax-advantaged retirement accounts 
Whether you should pay off bad debt BEFORE starting your own small business
Investing in bonds and why this “safe” investment might not be worth the lost profit
HSAs (health savings accounts) and when to get reimbursed for past medical purchases
Fee-only vs. commission-based financial advisors and why the two are DRAMATICALLY different
And So Much More!

Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Mindy's Twitter
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
She Wolf of Wall Street Website
How MLMs and Pyramid Schemes Trap Average Americans
Amanda’s Past Episodes: From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes
Kyle's Past Episodes: A Personal Finance Masterclass
Retirement Planning During (and After) the Coronavirus with Kyle Mast
How to Find the Best Possible Certified Financial Planner

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-394

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know!
Learn more about your ad choices. Visit megaphone.fm/adchoices

Both SVB (Silicon Valley Bank) and Signature Bank have crashed and burned dramatically over the past week. What once was a few large customers making withdrawals quickly turned into a bank run of epic proportions. Within just a few days, SVB went from one of the largest banks in the United States to one of the biggest bank failures in the nation’s history. But what led to such a fast-paced collapse, and are more banks on the chopping block?
You don’t need to be an expert economist to understand what happened at SVB and Signature Bank this week. But you will want to hear Dave Meyer’s take on what could come next. With bailouts back on the table, many Americans fear we’re on the edge of a total financial collapse, mirroring what unfolded in 2008. With more and more Americans going on cash grabs, trying to keep their wealth safe from the “domino effect” of bank failures, what should everyday investors prepare for?
More specifically, for our beloved real estate investors, how could SVB’s failure affect the housing market? Will the Federal Reserve finally be forced to end its aggressive rate hikes? Could money flood into real estate as hard assets become more attractive? Stick around as Dave explains this week’s wild events and what it could mean for the future of the US economy.

In This Episode We Cover
SVB’s (Silicon Valley Bank) collapse explained and why it failed so fast
The bank run “domino effect” that could put other intuitions at risk
Why a “bailout” happened so quickly, and whether customer funds were secured
Bond yields and why making long-term investments was a risky bet for SVB 
The future of mortgage rates and how SVB’s failure could lead to fewer rate hikes
The psychology behind a bank failure and how it affects the entire economy
And So Much More!

Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
BiggerPockets Bootcamps
Join BiggerPockets for FREE
Scott's Instagram
Mindy's Twitter
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Dave’s BiggerPockets Profile
Dave’s Instagram
How Did A $200B+ Bank Collapse In 48 Hours? Is Real Estate Going To Be Impacted?

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-393

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know!
Learn more about your ad choices. Visit megaphone.fm/adchoices

Kevin O’Leary (AKA Mr. Wonderful) might be the world’s favorite (and most outspoken) investor. You’ve probably seen him on Shark Tank, where he’s doing deals with startups, putting overconfident entrepreneurs in their place, and often making boring products into billion-dollar companies. Kevin has the Midas touch, or at least it seems that way on television. Still, he doesn’t shy away from mentioning failures and the enormous lessons he’s learned that eventually led him to make hundreds of millions of dollars.
But before Kevin was Mr. Wonderful, he was just Kevin, the local ice cream scooper who learned a hard lesson about being an employee. After college, Kevin started a production business, which eventually led him to create The Learning Company, a $4.2 billion business that allowed Kevin to enter into a new stage of wealth. Since then, he’s been aggressively investing in (and building) private companies inside and out of Shark Tank. And after investing so heavily and working so hard, Kevin knows EXACTLY what makes a company (and investment) succeed or fail.
Today, we get a glimpse inside Kevin’s personal investment portfolio, the three things he thinks EVERY entrepreneur should have to make it big, and why diversification is one of the most CRUCIAL ways to build and protect your wealth. You’ll also hear how to invest in startups like Kevin does, why Kevin makes big bets on women entrepreneurs, and how he’s investing during today’s recessionary environment.

In This Episode We Cover
Kevin’s investment portfolio exposed and which assets he’s all-in on
The difference between an entrepreneur and an employee and why Kevin only worked one job
Why you MUST start tracking your income and expenses unless you want to remain broke
The three things EVERY investor/entrepreneur needs to make it big
Why building a portfolio beats investing in single stocks, companies, or ideas
The government program that could pay you hundreds of thousands if you own a business
How to start investing in startups and small businesses like Kevin does on Shark Tank 
And So Much More!

Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Money Moment
3 Rules for Crushing It in Business
Here’s What It Takes to Succeed as an Entrepreneur

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices

Your small business could be the key to financial independence, early retirement, and more income than your W2 is paying you. But, most small business owners don’t understand the best way to grow their income stream. With a DIY mentality, you could be stuck doing the skilled work, answering the emails, picking up phone calls, bookkeeping, and spinning ten plates at the same time while your business fails to grow. Instead, you must step out of the “solopreneur” role and into the “business owner” mindset that can help you quickly make a six-figure income while working for yourself.
Today’s guest Amy took a big risk, leaving her job to start her physical therapy practice. She’s been slowly building up her income to a stable monthly amount but wants to spend more time on money-making activities in her business and less on administrative work that she could easily hire out. With a few quick calculations, Scott and Mindy devise a scalable way for Amy to start bringing in six figures while outsourcing all the work she doesn’t love.
And even though Amy wants to make more income, she’s not obsessed with hitting FIRE fast. Instead, she wants a slow path to FI, one where she can focus on raising her son, spending time with her family, and helping the patients that need it most. So if you’re stuck in a small business or side hustle that takes too much time while making too little, stick around for some stellar advice from Scott and Mindy!

In This Episode We Cover
The slow path to financial freedom and why you DON’T need to race to retire early
Small businesses, side hustles, and when it’s worth quitting your job to pursue your passion
Outsourcing and how to take the most menial tasks off your plate so you can focus on making more money
Websites, referrals, and other marketing tactics to bring in new business 
Auto loans and the “gray area” of interest rates that EVERY listener should be careful of
Unit economics 101 and what all solopreneurs need to do to grow a full-on business
And So Much More!

Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Money Moment
How to Outsource Your Way to Multiple Streams of Income
The 3 Main Stages of Scaling Your Small Business
Buying and Growing a Small Business With Little to No Risk
21 Ideas for Part-Time Gigs & Side Hustles

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-391

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices

Is whole life insurance a scam or a worthwhile investment? You may have heard us talk about whole life insurance before, but we’d bet we’re not the only ones mentioning it to you. Your financial advisor, business partner, parents, or fellow investors could have also let you in on the “amazing benefits” that only whole life insurance can provide. But how much of this is fact, and how much is fiction? And, if whole life insurance is such a bulletproof investment, why not buy a policy right now instead of investing for retirement?
We brought on Dr. Jim Dahle, better known as, The White Coat Investor, to explain the truth behind the whole life insurance system and whether or not it really is a scam. Jim started his financial education during his medical school residency after realizing that almost every financial professional was trying to take advantage of him. Whether it was a real estate agent, financial advisor, or accountant, Jim felt like he couldn’t hold his own when in casual conversation with them. So, he beefed up his knowledge of investing and finance and started The White Coat Investor to help doctors, just like him, make sense of their cents.
Early in his investing career, Jim spent over seven years paying into a high-priced whole life insurance policy, only to realize that he made a negative return. Now, he’s here to educate EVERY investor on what whole life insurance really is, who truly needs it, and the MASSIVE commissions salespeople make when selling you a policy. If you have whole life insurance, you NEED to hear this. And if you don’t, you’ll now understand why it’s pushed so hard on everyday Americans.

In This Episode We Cover
Whole life insurance explained, and the real benefit of having a policy
Term life insurance vs. whole life insurance and which is better bang for your buck
Sales commission schemes and why whole life insurance policies are so expensive
The situations when a whole life insurance policy makes sense (and when it DOES NOT)
The “infinite banking” illusion and why this capital-raising tactic isn’t as clever as it seems
Rebuttals to make next time your financial advisor pushes a policy on you
Fee-based vs. fee-only financial advisors and which have your best interest at heart
And So Much More!

Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Scott's Instagram
Mindy's Twitter
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Money Moment
How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast
Everything You Never Wanted to Know About Life Insurance (But Absolutely Need To)
Why All Real Estate Investors Should Have Solid Life Insurance Coverage

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-390

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices