BiggerPockets Money Podcast

BiggerPockets
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BiggerPockets Money Podcast

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.

  1. How Much Do You Need for Early Retirement? (How to Calculate Your FI Number)

    1 DAY AGO

    How Much Do You Need for Early Retirement? (How to Calculate Your FI Number)

    How Much Do You Need for Early Retirement? (How to Calculate Your FI Number) Podcast Description What’s your financial independence number (FI/FIRE number)? Are you being too conservative, or are you cutting things close? Do you even have one? Today, we’re taking a deep dive into this hotly debated topic to help you build a nest egg that will support your early retirement!   Welcome back to the BiggerPockets Money podcast! How much money do you actually need to retire? For years, the four-percent rule has been the “official” stance of the FI community. But why is it, then, that so many people continue saving and investing when they can comfortably retire? In this episode, Scott and Mindy talk about their own FI numbers, how they calculated them, and how their financial positions have evolved over time. You’ll learn whether the four-percent rule still works today or if you need a larger buffer!   If you’re worried about inflation, one of the best things you can do is keep your living expenses in check. This might seem out of your control, but there are several ways to either lock in certain costs or eliminate them entirely. We’ll discuss the many advantages of a paid-off house, self-managing your rental properties in retirement, and a one-time investment that could help you save thousands of dollars over your lifetime! In This Episode We Cover How to calculate your financial independence number (and when to adjust it!) The four-percent rule explained (and whether it still works in 2024) Why most people chasing FIRE don’t retire on the four-percent rule How to control your expenses and protect against inflation in retirement The “home run” investment that could save you thousands of dollars And So Much More! Links The 4% Rule: The Easy Answer to “How Much Do I Need for Retirement?” (00:00) Intro (01:18) Calculating Your FI Number (07:37) Does the 4% Rule Work? (15:32) Locking in Your Expenses (22:40) How to Combat Inflation (31:48) Retiring on a Different Portfolio Mix Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-570 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

    41 min
  2. Why This “Physician on FIRE” Ignored the 4% Rule & Delayed Early Retirement w/Leif Dahleen, MD

    5 DAYS AGO

    Why This “Physician on FIRE” Ignored the 4% Rule & Delayed Early Retirement w/Leif Dahleen, MD

    Why do many wealthy people wait so long to retire? Despite earning a physician’s salary, living frugally, and saving what most would call “more than enough” money, today’s guest worked for another four years before pulling the trigger on early retirement. Is he on to something? Does the four-percent rule no longer work in 2024? Stay tuned to find out! Welcome back to the BiggerPockets Money podcast! Leif Dahleen, MD, the “Physician on FIRE,” was already financially independent when he discovered the FIRE movement. But rather than calling time on a successful healthcare career, he continued to beef up his nest egg. Why? Leif had determined that he needed forty-to-fifty times his annual expenses to feel comfortable walking away from his nine-to-five. Do more FI-focused folks need to follow Leif’s formula to account for the unknown? We’ve all dreamed of what a day in the life of an early retiree might look like. Leif had his own expectations, but in this episode, he shares what he discovered when his schedule was suddenly clear. You’ll also learn about the mindset high-income earners need to avoid squandering wealth, and why putting down roots in a low-cost-of-living area could be the difference between fast-tracking retirement and keeping up with the Joneses! In This Episode We Cover Why most people DON’T retire on the four-percent rule (even though it works!) Fast-tracking the path to early retirement in a low-cost-of-living area How to actually leave your W2 job once you have enough money to retire Why earning a high income doesn’t guarantee FIRE (and common pitfalls to avoid!) Choosing the right retirement withdrawal strategy for your financial situation Why Leif won’t adjust his retirement lifestyle as he continues to build wealth And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Physician on FIRE Buy Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area See Mindy and Scott at BPCON2024 in Cancun! How Much Money Do I Need to Retire? (00:00) Intro (01:58) Leif’s “Unfair” Advantage (06:33) Leaving the Medical Profession (12:42) Funding His Retirement (15:09) Does the 4% Rule Work? (23:37) Adjusting Your Retirement Lifestyle (29:23) Retirement Expectations vs. Reality Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-569 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

    40 min
  3. How to Reach FIRE Based on Your Income ($45K - $100K/Year)

    OCT 1

    How to Reach FIRE Based on Your Income ($45K - $100K/Year)

    What does it mean to “win” financially in your income bracket? To us, the end goal is always FIRE (Financial Independence, Retire Early), and if you’re chasing financial freedom, this is the show for you. We’re breaking down the money moves you need to make based on your income bracket, going from $45,000 to $100,000 per year, and how to stretch your dollar the furthest so you can invest, save, and reach FIRE faster. If you’re at the lower end of the income scale, we’ll give you time-tested methods to boost your income and use your time wisely so you can start stockpiling cash TODAY. If you have a high income, there’s still work to be done as you need to find the best way to keep the most of your income so you can use it to acquire wealth-building assets. Regardless of how much money you make, you CAN achieve FIRE if you know the proper steps. The good news? We’re sharing those steps today, so stick around!  In This Episode We Cover How to speed up your path to financial independence based on your income bracket  Why we disagree about retirement account investing when you’re just starting your career  Ways to make more money and side hustles that can boost your income  The headache-free vs. hands-on approach to investing for FIRE (and who should take which path) Lifestyle creep and avoiding overspending (EVEN if you have a higher income) How much money we reasonably think you’ll need to achieve FIRE  And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com  BiggerPockets Money Facebook Group BiggerPockets Money 32 - Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio w/Planting our Pennies BiggerPockets Money 35 - Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Money 97 - Intentionally Choosing the Path to Financial Independence with Financial Mechanic BiggerPockets Money 110 - Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life  BiggerPockets Money 169 - Breaking the Taboo of Talking About Money with Friends, Family, and Bosses w/Erin Lowry BiggerPockets Money 328 - The Best Alternative Investment No One Knows About w/Alex Breshears and Beth Johnson The One Thing How to Win Friends and Influence People The E-Myth Revisited The Go-Giver The Challenger Sale Learn Private Money Lending with “Lend to Live” Find an Investor-Friendly Agent in Your Area See Mindy and Scott at BPCON2024 in Cancun! FIRE in 2024: What We’d Do Differently If We Started Over Today (00:00) Intro (01:08) $45,000/Year Income (12:37) $75,000/Year Income (23:11) $100,000/Year Income (28:48) How Much for FIRE? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-568 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

    41 min
  4. The Realistic, Repeatable Path to Investing for FIRE in Your 20s

    SEP 27

    The Realistic, Repeatable Path to Investing for FIRE in Your 20s

    Young, old, or in between, you need to hear this episode! Today’s guest paid off over $80,000 of debt, grew her net worth to $100,000 and did it all just years after graduating from college without a sky-high income. How did she make such quick progress, and what’s her secret to skyrocketing her net worth early in her career? She’s sharing it all in this episode, and you (no matter your age) can follow her repeatable path, too! Want to see your net worth leap so you can fast-track your road to FIRE? Anna Foley is the person you should listen to. Through common-sense smart spending, diligent investing, and salary-increasing career pivots, Anna and her partner went from $80,000 debt to debt-free and finally hit six-figure net worth status. The best part? They did all of it WITHOUT giving up what makes life enjoyable, and they still sport a phenomenal savings rate! Anna is sharing how she saves a significant portion of her income every month, why she decided to rent (not buy) a house, how “paying yourself first” can get you debt-free before you know it, and why she does NOT follow the traditional advice of chasing a “FIRE number.” In your twenties? Copy Anna’s plan! Closer to retirement? Follow Anna’s smart saving and investing tactics, and you can get there faster!  In This Episode We Cover How to become debt-free and achieve a six-figure net worth before you’re thirty!  Why Anna decided to rent a house, not buy one, to maximize her savings  What Anna invests 100% of her income in (it’s not real estate!) The “middle-class trap” to avoid when maxing out your retirement accounts  Why you DON’T need a FIRE number, and why Anna’s more achievable goals work better  Boosting your income and why job-hopping can explode your income-generating potential  And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE @five20money on Instagram PassivePockets BiggerPockets Forums BiggerPockets Money 97 - Intentionally Choosing the Path to Financial Independence with Financial Mechanic BiggerPockets Money 110 - Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life BiggerPockets Money 558 - How to Start Investing for Retirement: 401(k), IRA, Roth? BiggerPockets Money 560 - Dude ACTUALLY Withdraws From His 401(k) and Retires at 47 Email Your Savings Rate to mindy@biggerpockets.com!  Support Today’s Show Sponsor, BAM Capital, Your Path to Generational Wealth with Premier Real Estate Investment Opportunities Reach FIRE Faster with “Set for Life” Find an Investor-Friendly Agent in Your Area See Mindy and Scott at BPCON2024 in Cancun! Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement Connect with Anna (00:00) Intro (01:10) Investing Right After College (03:00) Rent, Don’t Buy! (08:58) Paying Off $80K in Debt (12:42) Investing for Financial Independence (16:16) Saving a TON! (21:11) Better Than a “FI Number” (25:27) Boosting Your Income (27:19) Do This FIRST! (29:11) Connect with Anna! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-567 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

    37 min
  5. FI With 5 Kids and Debt-Free in Just Over a Decade!

    SEP 24

    FI With 5 Kids and Debt-Free in Just Over a Decade!

    Does FIRE seem impossible while raising a family? We’re about to prove that you CAN have it all. Emily and Joel are financially independent while raising five kids and still have the money to travel the world, take plenty of vacations, and sleep in without worrying about a job. They reached FI in just over a decade and did it without EVER having a high income. How’d they do it? One “financial superpower” allowed them to do what most people won’t. Emily and Joel started with $150,000 in student loan debt. Their accounts dwindled at the end of every month, so they began to pay off their loans with the “debt snowball” method. Fast forward a few years, and they were debt-free, but now they had a new challenge: building their net worth! Today, they’re sharing the incredible journey they took to go from personal finance zeros to heroes, the “why” behind achieving FI at such young ages, and how they did it all (including keeping expenses SUPER low) while raising not one, not two, but FIVE children. Think FI isn’t possible for you? Think again—copy Emily and Joel’s plan! In This Episode We Cover How to pay off debt FAST with the “debt snowball” method  Minimizing your expenses and how spending less gets you to FIRE way faster Why you DON’T need to cut out travel/vacations on your path to financial freedom The “financial superpower” you must cultivate if you want to retire early  What 100% of Emily and Joel’s portfolio is in and the simple path to building wealth Starting side hustles that pay for your life and why working while FI is NOT a bad thing  And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Kyle on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE 50+ Rentals After Starting in Her 50s and How “Late Starters” Can Get Ahead From 150k in Debt to FIRE in Their Mid-30s (With 5 Kids!) ISI Team Camps Reach FIRE Faster with “Set for Life” Find an Investor-Friendly Agent in Your Area See Mindy at BPCON2024 in Cancun! The Simple Path to Wealth—Index Funds Explained with JL Collins (00:00) Intro (01:07) Six-Figure Debt and Dave Ramsey (05:58) "Snowballing” $150K in Debt (08:27) $1,000,000 FI Number (14:06) Financial Superpowers (15:27) The “Why” Behind FI (18:37) Serious Side Hustles (29:29) Did They Retire? (34:11) Connect with Emily and Joel Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-566 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

    45 min
  6. Is Refinancing Worth It with Today’s Falling Rates? (+ How Much It’ll Cost)

    SEP 20

    Is Refinancing Worth It with Today’s Falling Rates? (+ How Much It’ll Cost)

    When should you refinance your mortgage? Is now the time since interest rates have finally fallen? Or will refinancing down to today’s rates not be worth it when, six months from now, interest rates could be substantially lower? We brought on an expert mortgage loan officer to walk through the cost-benefit analysis of refinancing in 2024 and when a refinance is NOT worth the money. Greg Roller has closed over a billion dollars in loans, but surprisingly, he’s very cautious with homeowners about WHEN to refinance. Mortgage rates have already dropped significantly but could be trending down even more in 2024 and 2025. Is now the time to refinance? Greg discusses how much a refinance costs in 2024, how to know it’s worth it to refinance, what you’ll need to qualify, the differences between cash-out refinances and rate-and-term refinances, and why falling for a “low rate” could cost you in the long run. Plus, Greg shares some tips to help your refinance go as smoothly and quickly as possible, as well as how you can refinance for FREE with a rate option most people have zero clue about. In This Episode We Cover Refinancing explained and how much the average refinance costs in 2024 When to refinance and the rule of thumb that highlights whether or not it’s worth it The low-rate trap that inexperienced borrowers get caught in (you’ll get hit with hidden costs!) Refinancing multiple properties and how to do this the RIGHT way The easy method to see where mortgage rates are headed and whether they’ll rise or fall How to refinance for free by asking your loan officer for a “rate stack” And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Support Today’s Show Sponsor, BAM Capital, Your Path to Generational Wealth with Premier Real Estate Investment Opportunities Still Looking for Your First Home? Grab Mindy’s Book “First-Time Home Buyer” Find Investor-Friendly Lenders See Mindy and Scott at BPCON2024 in Cancun! With Mortgage Rates Falling, When Should Investors Refinance? Connect with Greg Work with Greg OptOutPrescreen.com (00:00) Intro (01:57) What is Refinancing? (03:24) When to Refinance (04:31) Lower Rates = Time to Refinance? (11:42) How Much Do Refinances Cost? (15:13) Refinancing Multiple Properties (17:13) When NOT to Refi (21:21) Tips for Homeowners (25:11) The Low-Rate Trap (26:47) Do This NOW! (29:27) Work with Greg Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-565 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

    39 min
  7. How to Make Truly Passive Income with “Syndication” Real Estate

    SEP 17

    How to Make Truly Passive Income with “Syndication” Real Estate

    Visit PassivePockets, your resource for passive investing with syndications.  Passive investing is most people’s goal, especially if they’re trying to achieve FIRE. They don’t want to be weighed down by managing a dozen rental properties, an active business, or a complicated stock portfolio that requires constant check-ins. Instead, many of us want that “mailbox money,” with checks coming in without us having to do the work ourselves so we can focus on doing what we love. Sounds enticing, right? Then “syndication” real estate investing might be perfect for you.  We’re thrilled to have the newest member of the BiggerPockets podcast network, Jim Pfeifer, host of PassivePockets, on today to talk about this one investment type that changed his life. Jim has invested in over 100 syndications and has been able to reap the significant rewards of passive income, massive tax benefits, and diversification through real estate syndications. Today, he gives a beginner-friendly breakdown, touching on what a syndication is, why it’s an excellent investment for FIRE, how to vet a syndication BEFORE you invest, questions to ask a syndicator, and the unbeatable tax benefits you can get from sitting back and collecting passive income checks! Ready to make real estate returns without all the work? This one’s for you! In This Episode We Cover Welcoming PassivePockets, the newest BiggerPockets podcast network show! Real estate syndications explained and why they’re such an unbeatable investment How to vet a syndication operator and the questions you MUST ask before you invest The two barriers to entry for syndications and why you DON’T need to be an accredited investor to get in the game Tax benefits galore and how Jim is paying $0 in taxes on his syndication profits How much a syndication can make YOU (and why it might beat owning rental properties!) 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 BiggerPockets 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 BiggerPockets Money Group BiggerPockets Forums BiggerPockets Money 456 - The Harsh Reality Real Estate Syndicators (and Investors) Face in 2024 w/J Scott Grab the Book on Syndication Real Estate Investing, “The Hands-Off Investor” Property Manager Finder See Mindy at BPCON2024 in Cancun! Syndications: Everything You Need to Know BEFORE You Invest w/ J Scott 01:01 Syndications Explained 03:30 Better for FIRE? 07:19 How to Vet a Syndicator 13:45 Questions You MUST Ask 21:28 Interest Rate Risks 24:16 Can Anyone Invest Passively? 28:27 Passive Retirement Investing 31:00 Advice for Investors   Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-564 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

    41 min
  8. Why Aren’t More “Normal” People Achieving FIRE?

    SEP 13

    Why Aren’t More “Normal” People Achieving FIRE?

    Has BiggerPockets Money become too focused on FIRE (financial independence, retire early)? For the past seven years, we’ve been bringing you shows highlighting the journeys of those who left their jobs to enjoy early retirement.Some of these guests did it faster than others by making more money, increasing their frugality, investing smart, or building a business. But the question many of our listeners are wondering is: Is this even possible for the average, “normal” person? Today, we’re taking a hard look at the show’s future and asking ourselves whether or not focusing on FIRE is still the right path forward. Should we shift topics to help the everyday American get a financial leg up, or is continuing the FIRE-focused path the best way to help YOU, our listener? This isn’t a rhetorical question; we genuinely want to know! After this episode, join the BiggerPockets Money Facebook group thread, and let us know which stories YOU want to hear the most!  In This Episode We Cover Why the BiggerPockets Money Podcast rarely brings on “normal” guests achieving FIRE Can anyone achieve FIRE, and if so, how do they get there? The four financial levers you can pull to put you on the path to financial freedom  The advanced financial tactics BiggerPockets Money teaches you to grow your wealth What to do if you feel like you can’t make any progress towards early retirement 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 BiggerPockets 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 BiggerPockets Money Group BiggerPockets Money Facebook Group BiggerPockets Money 63 - Financial Freedom With 5 Kids IS Possible with Jordan Klint BiggerPockets Money 130 - Refusing to Retire at 65: How a Couple in Their 40s Managed to Hit FI in 12 Years w/Susan and Norm Episode 560 - Dude ACTUALLY Withdraws From His 401(k) and Retires at 47 w/Eric Cooper Get on the Path to Financial Independence with “Set for Life” See Mindy and Scott at BPCON2024 in Cancun! What Is the FIRE Movement? 00:00 Intro 02:16 Talking Too Much About FIRE? 08:59 FIRE Isn't For Everyone 11:53 What is FIRE? 16:27 Can You Hit FIRE Being "Normal"? 22:42 Who Should Listen to BP Money? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-563 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

    35 min
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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.

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  • Channel
    BiggerPockets
  • Creator
    BiggerPockets
  • Years Active
    2017 - 2024
  • Episodes
    580
  • Rating
    Clean
  • Copyright
    © Copyright © 2024 BiggerPockets. All Rights Reserved. Disclaimer: The information contained in this podcast is for general informational purposes only. In no event will BiggerPockets be liable for any loss or damage derived from the information provided.
  • Show Website
    BiggerPockets Money Podcast

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