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.
How to Become an Everyday Millionaire with Chris Hogan
Chris Hogan joins Scott and Mindy today to chat about becoming an everyday millionaire.
Chris and his team interviewed more than 10,000 millionaires to hear how they did it. Hard work, determination, spending less than you make, investing wisely, and eliminating debt.
Chris shares how to discuss your finances with your spouse - and how to bring them on board when you have differing views about money. He talks about the emotional journey that debt paydown can take you on - and how to handle that so you come out on top!
Chris also reveals his feelings about FIRE - and how there is too much focus on the RE and not enough on the FI. He wants you to become Financially Independent but also wants you to enjoy your journey.
Chris firmly believes that anyone can become debt free and start to build wealth to become an Everyday Millionaire.
Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsDave Ramsey's 7 Baby StepsBiggerPockets Money Podcast 50 with Patrice WashingtonThe Retire Inspired QuotientBooks:Everyday Millionaires by Chris HoganThe Richest Man in Babylon by George S. ClasonThe Total Money Makeover by Dave RamseyConnect with Chris:Chris Hogan's Website
Pursuing Financial Independence on Her Own Terms with Cathleen Hutchins
Cathleen Hutchins grew up in Hawaii. She come over to the mainland for college, but Hawaii kept calling her name, so she moved back home.
Hawaii is an expensive place to live, and Cathleen knew she'd need a plan in order to reach financial independence if she was going to live there for the rest of her life.
So she saved. She invested. She made smart decisions about her money and is continuously looking for ways to generate passive income to help fund her retirement.
She has also sacrificed some comforts and norms to get to where she is today. She and her husband lived apart for a while, both living where there was a job for each of them, not always in the same state!
But her sacrificing and saving has allowed her to move home to Hawaii, buy a house, and continue to pursue financial independence in a high cost of living area.
Cathleen is well on her way to Financial Independence and her story is just another example of how following the proven path, you can get money out of the way so you can lead your best life.
Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsBiggerPockets Money Podcast 35 with Craig CurelopBiggerPockets Money Podcast 95 with Craig CurelopBiggerPockets Money Podcast 120 with Michael KitcesBiggerPockets Money Podcast 144 with Kirk ChisholmMr. Money MustacheBooks:Set For Life by Scott TrenchThe 4-Hour Workweek by Timothy FerrissThe Simple Path to Wealth by J L CollinsRaising Your Money-Savvy Family For Next Generation Financial Independence by Carol Pittner and Doug NordmanRich Dad Poor Dad by Robert KiyosakiConnect with Cathleen:Cathleen's Website
Saying Goodbye to Gambling & Finding Financial Freedom with Ambus Hunter
Ambus Hunter grew up with a fair understanding of how money works. He received a partial scholarship to play drums in college, and graduated with a small amount of student loan debt.
His first job was with the Department of Defense, making a decent salary for someone who had just graduated from college. He started saving his money, like a good FI-devotee does, but his story takes a sharp left turn.
Ambus discovered gambling.
At first, he was winning. (That's how it goes with gambling, right?) But then his "luck" changed. Because that's also how it goes with gambling, right?
Ambus chased his losses, and ended up wiping out his entire savings account. That was when he knew he had to stop cold turkey.
He then threw everything he had into building his savings back up, taking on extra jobs, living with roommates, and cutting out everything unnecessary in his life.
In one short year, working nights and weekends, spending as little as possible, and throwing every dollar into his savings, he made it all back.
Now Ambus helps guide others on their own path to financial literacy through volunteering and through his own coaching programs.
Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsBiggerPockets Money Podcast 10 with Liz ThamesBiggerPockets Money Podcast 143 with Shannon GauthierHow Gambling Away My Savings Strengthened My Relationship With Money
From Hedge Fund Manager to Smart Money Mama with Chelsea Brennan
Chelsea Brennan was a hedge fund manager for several years - until her second pregnancy when she ended up in the hospital with sever complications brought on by the stress and emotional toll her job took on her.
She and her husband looked over their savings and investments, and decided that she'd leave her job in order to focus on her health and her kids.
Her baby was born healthy, but their income went from six figures to zero figures, and she needed a way to bring some money in.
She looked back on her love of teaching, and decided to start a website devoted to teaching women - and moms specifically - how to handle their money.
Chelsea is truly passionate about teaching the power of financial independence and being in control of your life. Are you struggling with your finances? This episode is a cannot miss!
Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsBiggerPockets Money Podcast 133 with Doc GFree Money Mamas Guide to Investing
Alternative Investments: How to Determine Which Option(s) Are Right For You with Kirk Chisholm
Kirk Chisholm is a fee-only investment advisor with a secret passion - finding new and different ways to invest money.
Kirk shares his Big List of 75 Alternative Investments with us today - and more importantly, how to vet the investment vehicle to see if it's right for you.
Not everything is a great fit for every person, and you certainly don't have to choose everything on the list. Play to your strengths when choosing investments and don't discount passion for an idea. If you HATE the thought of learning more about that investment vehicle, you won't put forth the correct amount of effort necessary to master it.
Kirk also dives into how to sell these types of alternative investments - including at significant discounts if it's an illiquid asset that you need to liquidate fast. Secondary markets exist for all asset classes, and there are ways to pick up a good deal on the secondary market as well.
If you're looking to diversify your portfolio, today's show is a can't-miss episode!
Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsAgainst the Rules with Michael Lewis PodcastThe Big list of 75 Alternative Investments
How to Pay Off $160k in Debt in 3 Years While Making $90k
Shannon Gauthier discovered the debt she and her husband had gotten themselves into when a debt collector caller her at work and she started asking questions.
Shocked to discover $30,000 in unpaid debts, she quickly found herself a single mom as her husband left.
She tried to pay them off as best she could, but found herself somedays deciding whether to buy a gallon of milk or a gallon of gas to get to work.
Fast forward a year, and she met a new man who brought significant debt with him to the relationship - to the tune of $60,000!
Each of their divorces added more debt to their pile and at the height their debt totaled $160,000. Their income trailed this debt at $65,000 and they knew they'd have to do everything in their power to knock out this debt.
They moved in with his parents to pay lower rent and have someone to watch the kids while they worked. They couponed and did free things with the kids to be able to throw every single dollar they could at their debt.
This approach paid off, because by the end of the year, they will be completely debt free and be able to start saving and investing and working toward financial freedom.
If you're in debt and see no way out, this episode will show you there IS a way to paying down your debt, that it isn't always easy, pretty or fun, but it CAN be done.
Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsDave RamseyPinterestBiggerPockets Money Podcast 130Mindy's email