279 episodes

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.

BiggerPockets Money Podcast BiggerPockets

    • Business
    • 5.0 • 2 Ratings

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.

    Finance Friday: How to Achieve “Financial Flexibility” on a $65K/Year Salary

    Finance Friday: How to Achieve “Financial Flexibility” on a $65K/Year Salary

    Financial flexibility is one of the hidden stages along the path to financial independence. When you hit financial flexibility, you have far more choices than you did before. You can invest more, spend more, save more, and work less if you choose to do so. But, this type of lifestyle can only be achieved by being mindful and proactive about where your money is going, as today’s guest Kevin, knows very well.




    Kevin’s story was posted on the BiggerPockets Money Facebook Group, where he relived the horror of his credit card being declined at his girlfriend’s birthday dinner. This struck Kevin, since he made a decent salary and was relatively responsible with his money. He contributed to retirement accounts and kept a lean emergency fund, so where was all his money going?




    In today’s discovery, Scott and Mindy walk Kevin through which parts of his budget need a tune-up, and whether or not aggressive loan paydown is worth it for optimal financial flexibility. So where can you tweak your budget to maximize flexibility while minimizing credit-card-induced stress? 




    In This Episode We Cover

    How to pay off bad debt fast and work your way to debt-free status 

    Achieving “financial flexibility” before financial independence and the steps to get there 

    Tracking your expenses and budgeting for spending (every single month!)

    How to cut food and eating out spending so your stomach and wallet stay happy 

    What to do with extra income once you’ve paid off all your debt

    The importance of a strong emergency fund and always having a safety reserve

    And So Much More!




    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    • 1 hr 16 min
    From Filing Bankruptcy to $1.4 Million in Income Producing Assets

    From Filing Bankruptcy to $1.4 Million in Income Producing Assets

    Today’s guest, Jennifer Grimson, is a prime example that every problem has a solution.  Jennifer has always been a hard worker so she had no problem working through college as she aspired to be a foreign service officer, but her life took a turn when she fell in love and married her (now) ex-husband. Her dynamic with money completely changed as he spent money frivolously while she spent conservatively. When things ended poorly 8 years later he sued her 25 times, not including when he sued her mother and brother, and left her with $500,000 worth of attorney fees. 



    At this point, she was left with nothing and had two children to raise on her own. While most would be completely devastated, Jennifer focused on finding a way out. Jennifer had never been scared of a little hard work so she found a job with a steady paycheck and filed for bankruptcy to help with her attorney fees. She continued to file for bankruptcy and start  from scratch until she could build herself back up financially. She was then able to rebuild her credit through various methods and gain financial autonomy. 




    Her overall goal was to experience financial peace— but she didn’t stop there. She started building small pockets of wealth and always had at least three streams of income at all times. Once Jennifer found out about short-term rentals, she saw an opportunity and started buying houses to convert into Airbnb properties and turn a profit. After 4 years she created an astounding $1.4 million in income-producing assets! 




    In This Episode We Cover

    How to properly intertwine money and romantic relationships (and how to protect your personal wealth) 

    Filing for bankruptcy and how it can be your saving grace from future lawsuits

    Borrowing against a 401k and investing with retirement funds 

    Rebuilding your credit from scratch (and even bankruptcy!) 

    Short term rentals, passive investments, buying land and other ways to build long-lasting wealth 

    Cost Segregation and how to greatly reduce your tax burden 

    And So Much More! 




    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    • 1 hr 27 min
    Finance Friday: Why You Should Focus on ‘Hitting Singles’ for Early Retirement

    Finance Friday: Why You Should Focus on ‘Hitting Singles’ for Early Retirement

    Expats and rental portfolios go together like peanut butter and jelly. It’s no surprise that a fair amount of retired globetrotters owe their freedom to real estate investing. While many real estate investors are looking to retire themselves and their families in the US, today’s guest Paul has other plans.




    Paul thoroughly enjoys his full-time job in Utah. He gets paid well, has access to some phenomenal benefits, and isn’t planning on quitting anytime soon. That being said, Paul has had the itch to live as an expatriate abroad, hopping from country to country, enjoying world travel. But, in order to do this, Paul has to create an income stream that can support him and his partner along their travels.




    Of course, as a smart investor, Paul has already been building this extra income in the background. Since starting his rental property investing journey only a year and a half ago, Paul is already at five doors, with a sixth closing soon. He needs to be at ten doors to have enough rental income to cover his expenses in the US, but how much farther could that money go abroad? 




    In This Episode We Cover

    Why rental properties are perfect for those planning on retiring abroad

    Keeping your expenses low as your income grows so you can retire early

    When to transition from traditional retirement accounts to real estate investing 

    Roth conversion ladders and turning pre-tax retirement accounts into post-tax savings 

    Out-of-state investing and leveraging your high income to invest in low-cost areas

    Using a HELOC (home equity line of credit) to fund real estate purchases 

    And So Much More!




    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    • 55 min
    Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/Robert Farrington

    Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/Robert Farrington

    Student loan forgiveness was a hot topic during the 2020 election cycle. With so many outstanding student loan payments, will the government step in to wipe out the debt? While many theorize about this, Robert Farrington takes the opposite angle, urging those who have student loans to prepare for repayment, rather than cancellation. This way, even if your student loans get forgiven, you’re put in a financially advantageous spot.




    Robert runs The College Investor, a website dedicated to investing and personal finance for millennials. It comes as no surprise that the biggest thing on millennials’ minds are student loans, especially after two years of repayment moratoriums. So, how does someone strapped with student loans prepare for repayment, especially when so many variables are up in the air? Well, according to Robert, there are some simple steps you can take to make sure you’re paying on time and with as little stress as possible. 




    Episode note: This episode was recorded prior to the new student loan pause, set to expire on May 1st, 2022. Mindy and Robert record a special intro to update listeners on the new dates set by the Biden Administration. All other topics discussed in the show, especially around repayment strategy, are still viable and accurate for those who have student loans.




    In This Episode We Cover

    The most recent student loan repayment moratorium update 

    The difference between federal and private student loans and which are preferable 

    Refinancing your student loans and why most people shouldn’t 

    Student loan forgiveness and whether or not it will come to fruition this year

    Steps you need to take NOW to ensure you don’t miss a payment or accrue extra interest 

    Which repayment plans work best for your lifestyle and allow you the most financial flexibility 

    And So Much More!




    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    • 45 min
    Finance Friday: How to Pay Off Bad Debt + When Is Life Insurance Worth It?

    Finance Friday: How to Pay Off Bad Debt + When Is Life Insurance Worth It?

    Bad debt is more common than it seems. Many people you know have a car loan, personal loan, credit card loan, or some other form of high(er) interest debt. If you find yourself with bad debt, the first thing to do is formulate a plan to get rid of it, unless you want your savings and potential investments to suffer the consequences.




    Today’s guest, Stephanie is in a financially solid position, but she has some bad debt to take care of. She’s on her way to financial freedom by forty after already owning a home and having some retirement investments growing in the background. But, her $13,000 window loan at ten percent interest is causing leakage of investable cash flow. 




    Yet, Stephanie may be in a better position than she thinks. Since buying her house, she’s seen a big increase in her property value, which may enable her to secure some lower interest financing to pay off her window loan. Scott and Mindy also help Stephanie develop an expense tracking plan, debate whether or not whole life insurance is worth it, and put her in the driver’s seat to become a cash-flowing landlord only a few short years down the road! 




    In This Episode We Cover

    The importance of tracking your expenses and why every dollar needs its place 

    Good debt vs. bad debt and how to know whether or not an interest rate is too high

    HELOCs (home equity lines of credit) and using them to pay off bad debt

    Whole life insurance vs. term life insurance and which makes more sense for you

    Whether or not that bathroom upgrade will have a positive ROI

    Becoming a financial expert slowly through podcasts, books, and enjoyable education

    And So Much More!




    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    • 1 hr 17 min
    Protecting Your Home (and Wealth!) When a Natural Disaster Strikes w/ Steve Longenecker (Bonus Episode)

    Protecting Your Home (and Wealth!) When a Natural Disaster Strikes w/ Steve Longenecker (Bonus Episode)

    Home insurance isn’t the sexiest topic, but in the world of financial independence, predictability is quite an attractive trait to have. That’s why money nerds across the world value insurance as a natural hedge against catastrophic wealth-ending disasters. Whether you’re a homeowner, a renter, or a landlord, home insurance could help you rebuild quicker after the unexpected happens.




    Recently, a large fire broke out around the Denver, Colorado area, affecting families in Mindy’s home city of Longmont. Thankfully, Mindy and her family are safe, but many didn’t share the same fate. Hundreds of households were left without homes, while they watched their old neighborhoods turn to ashes and embers. This prompted Mindy to invite her good friend and insurance expert, Steve Longenecker, onto the show to discuss how you can financially protect your family when disaster strikes.




    Are you underinsured thanks to rising home prices? How much will your insurance company pay you if your home is destroyed? How are renters protected during natural disasters? And who should you contact to make a claim? All these questions (and more) are answered in today’s bonus episode of the BiggerPockets Money Podcast. 




    In This Episode We Cover

    How home price appreciation greatly affects your insurance coverage 

    Checking to make sure you’re not underinsured or overinsured 

    “Binding restrictions” and how insurance companies use them during disasters 

    Tips for homeowners on getting the most appropriate insurance policy for their needs 

    Renters insurance and how renters can stay protected as well

    How to submit and process a claim with your insurance agent

    And So Much More!




    See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

    • 45 min

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