BiggerPockets Money Podcast

Could real estate investing help you reach financial freedom much sooner than you thought possible? Today’s guest had his world turned upside down by one tragic incident, but he was able to quit his W2 job, pivot to real estate, and fast-track his journey to FIRE! Today, we’re chatting with technology instructor turned full-time real estate investor Keith Nugent. After a skydiving accident rendered him unable to perform his previous job duties, Keith knew he needed a new path to financial independence. Fortunately, he discovered real estate at the perfect time. Taking advantage of the fallout from the 2008 housing market crash, Keith started loading up on rental properties—often buying them for pennies on the dollar. In just twelve years, he had not only achieved his goal of thirty cash-flowing units by 2020 but also added an additionalten units to his portfolio! Thanks to real estate, Keith now has a career that fully accommodates his disability and will allow him to retire early. In the meantime, he enjoys his newfound financial freedom by traveling the world and spending time with his FIRE-bound friends. In this episode, Keith offers practical tips on how to start investing in real estate—from choosing your market to buying your first rental property and more! In This Episode We Cover How Keith became a full-time real estate investor after a tragic skydiving accident How to replace your W2 income and achieve financial freedom with real estate Why time in the market is MORE important than timing the market How to determine how much cash flow you need to support your retirement Why you NEED an estate plan and how to decide who inherits your assets 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 Money Podcast 330 - The Ultimate Teen Money Hack for Parents Money Podcast 397 - Estate Planning, Wills, & What to Do NOW to Protect Your Heirs Grab Your “Family Emergency Binder” Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-521 Learn more about your ad choices. Visit megaphone.fm/adchoices

The best side hustles can put some extra cash in your pocket, help you leave your W2 job, or even launch you toward FIRE. If you’re looking to make money in ways other than real estate investing, you don’t want to miss this side hustle special! Nick Loper, founder of Side Hustle Nation and host of The Side Hustle Show, has been building businesses since he was a teenager. From lucrative digital assets to service-based ventures, Nick has done it all, and today, he’s bringing some fresh ideas for you to try. As you’re about to learn, these fledgling businesses come in all shapes and sizes. Some take years to nurture before you reap any reward for effort, while others allow you to start earning immediately. In any case, you need to choose one you’re interested in and stick with it if you want to see results! In this episode of the BiggerPockets Money podcast, Nick dives into some of his favorite side hustles—many of which you can start TODAY with little to no money and minimal time. You’ll learn whether it’s still possible to build amoney-making blog in 2024, as well as how to make extra income by renting out assets like inflatables, hot tubs, and vending machines! In This Episode We Cover Nick’s favorite low-money side hustle ideas (not named real estate!) How to turn your own side business into a money-making machine Creative ways to earn royalties from YOUR original works or ideas How to build a digital asset that generates income for years to come Why you MUST follow the “rule of one hundred” with every new side hustle The non-digital assets you can rent out for a HUGE profit 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 How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper Finance Friday: Pay Off Debt, Invest in Real Estate, or…Buy Vending Machines? Make an Extra $100/Day with These Work-From-Home Side Hustles Hear Nick on “The Side Hustle Show” Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-520 Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to know how to avoid capital gains on your next home sale? If you tune in, you may dodge a quarter-of-a-million-dollar bullet (or more!). What about investing in one of the most tax-advantaged accounts that almost EVERYONE should have but most people don’t? What do you do when a family member asks to borrow money from you but has a bad track record with keeping their personal finances together? We’re getting into it all and more on this finance FAQ with Amanda and Scott! We get a ton of personal finance questions through the BiggerPockets Forums and our Facebook Page, so we decided to round up some of the most common ones and answer them for you. First, we’re talking about how to dodge capital gains tax when selling your home. Then, a concerned listener asks whether they should take out a loan on a family member’s behalf. A high-income earner wants to know whether renting or buying is their best bet, and we share whether paying off your mortgage early is a mistake! Got a medical expense coming up, or just want to boost your retirement investing? We’ll answer whether an HSA (health savings account) beats an FSA (flexible spending account)—but make sure you get this one right. If you invest in one of these accounts the wrong way, you’ll be throwing money away. Finally, a debt-free chaser asks whether they should use their emergency reserves to pay off debt or keep slowly slogging away with the snowball method. In This Episode We Cover How to avoid capital gains tax when selling your primary residence HSAs (health savings accounts) vs. FSAs (flexible spending accounts) Whether or not to use your emergency fund to pay off credit card debt  Why you may want to reconsider loaning a family member money  Whether to buy or rent in today’s housing market (EVEN with low money down) Pay off your mortgage early or invest the rest of your money? 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 Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Fidelity Investments She Wolf of Wall Street Website Emergency Fund: How Much Do You Really Need in 2024? How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!) Renting a Home Is Financially Better Than Buying—Wait, What?! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-519 Learn more about your ad choices. Visit megaphone.fm/adchoices

Whether you know it or not, “shrinkflation” is costing you. You’re paying more for less, as manufacturers boast record profits. Your paycheck is getting eaten away faster and faster every month, but you’re left with the same amount of stuff. How did this happen, and when is it going to stop? Phil Lempert, AKA the “SupermarketGuru,” has been analyzing consumer behavior, marketing trends, and the retail landscape for over two decades. Now, he’s sharing thetricks manufacturers use to get you to spend more while expecting less. Shrinkflation has become such a severe problem that even the president of the United States has recently mentioned its damaging effects on the American household. Phil gives us the inside scoop on why prices are rising while sizes shrink, how retailers are actually fighting back to get customers the savings they deserve, and which products are seeing the most shrinkflation today. Phil also shares his top tips to beat shrinkflation and save more money every month, how to show the companies that you WON’T put up with their price gouging games, easy ways to identify shrinkflation, and the supermarket chains that give you the best bang for your buck. If you’re tired of seeing your grocery bill inflate while your bank account shrinks, this is an episode you cannot miss! In This Episode We Cover Shrinkflation explained, and how manufacturers are taking advantage of Americans Products that are seeing the most shrinkflation and which items to avoid Why America’s need for “choice” is making shrinkflation even worse The grocery stores and brands that are the best for budget-conscious shoppers How to identify shrinkflation and the sneaky tricks manufacturers play to get you to spend more for less How to take action against shrinkflation and tell brands to STOP ripping you off! 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 Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners Persuasion Secrets and Predatory Practices Businesses Use on YOU Supermarket Savings Tips: How to Avoid Shrinkflation as Some Companies Give Consumers Less Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-518 Learn more about your ad choices. Visit megaphone.fm/adchoices

Buying a business? Maybe you’ve thought about it before. You could own a laundromat, self-storage facility, plumbing business, or landscaping service. It doesn’t sound glamorous, but these types of businesses can make you millions of dollars and lead you to financial freedom. And, with so many baby boomers retiring, tons of small businesses with built-in customer bases are for sale, just waiting for YOU to come and make money from them. But before you buy, there are some things you should know. Elliott Holland, an expert in acquiring small and medium-sized businesses, helps aspiring business buyers uncover whether a business is worth the price. Elliot’s team specializes in business due diligence, making sure that YOU don’t buy a business that’s worth less than what the owner/broker told you it was. Trust him; he’s saved many new entrepreneurs from making million-dollar mistakes. So, before you buy a business, listen to this episode. In it, Elliot walks through exactly how a business is valued, which loans you can use to buy a business, why you CAN’T trust the financials from the current business owner, questions to ask before you buy, and who should even be buying a business in the first place. Do this right, and you could be sitting on lifetime financial freedom, but take a wrong turn, and you could lose millions (we’ll share that story, too!). In This Episode We Cover How to buy a “boring business” that will lead you to financial freedom How businesses are valued and why you MUST understand “EBITDA” Tricky ways that business owners inflate their numbers to sell to you for more Who should (and definitely shouldn’t) be buying small businesses  Three things you MUST look at before you make a bid on a business The wrong move that lost one business owner over $2,000,000 when buying a business 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 Codie Sanchez: These “Boring Businesses” Will Make You Rich Leila and Alex Hormozi’s Unbelievably Simple Investing Advice Sites to Buy Businesses: Acquire BizBuySell Flippa QuietLight Elliot’s Resources From Today’s Episode: LOI Template 12 Public Stories of Failed Due Diligence Success Stories Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-517 Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to know how to get rich but fear it could be too late? Perhaps you’ve got responsibilities, bills to pay, and a family to feed. How can you possibly get ahead? Jaspreet Singh’s message is clear: you can still build wealth, but you’re going to have to be intentional with your money, just like every other rich person. There are no shortcuts!  Today, Jaspreet is a serial entrepreneur, real estate investor, licensed attorney, and host of The Minority Mindset Show. But growing up, his parents wanted him to become a doctor. Despite the immense pressure to fulfill their wishes, Jaspreet found himself gravitating toward entrepreneurship. He started several businesses throughout adolescence and young adulthood—from playing drums at weddings and planning college parties to building ecommerce stores. He lost a TON of money along the way, but taking these risks early on paid off. Eventually, he discovered his true passion, financial education, and built an enormous online business by teaching others how to master personal finance. America’s capitalist financial system benefits those who are willing to “play the game.” In this episode, Jaspreet shares how fostering a “minority mindset” unlocks the ability to use this country’s tax code, banks, debt, and other systems to your advantage. The catch? It’s a hard, long road. Jaspreet recommends drastic lifestyle changes, such as ruthless frugality, a “decade of sacrifice,” and the 75/15/10 rule. Make no mistake—it’s not going to be easy. But years from now, you’ll be thankful you stuck to this tried-and-true wealth-building philosophy! In This Episode We Cover How to foster a healthy relationship with your money The three phases of wealth (and how to handle money in each stage) How risk tolerance varies in different stages of wealth building Why a “decade of sacrifice” is the foundation for long-term wealth What you MUST do to thrive in America’s financial system How to be “intentional” with your finances using the 75/15/10 rule Pre-tax versus post-tax investment accounts and avoiding risk in 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 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 How to Get Rich Slowly and Retire Early Than Most with a Modest Portfolio How to Become a “Quiet” Millionaire and Avoid the Financial Guru Trap Subscribe to the Market Briefs Newsletter Click here to check the full show notes: https://www.biggerpockets.com/blog/money-516   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to know how to get out of debt for good? It’s not as easy as it sounds! The more you chip away at that number, the harder it becomes to resist frivolous spending. But by fostering a healthy money mindset, building credit, and using credit cards the right way, you can stay out of the red! Welcome back to the BiggerPockets Money podcast! Ashley is a business owner and rental property investor who is well on her way to financial independence. But only a few years ago, she had racked up tens of thousands of dollars in debt on not one, not two, but THREE occasions. In this episode, she shares why she struggled to break free from the snare of consumer debt and why a drastic mindset shift was needed to climb out of a $150,000 hole. Ashley also takes a deep dive into credit history and touches on each of the five factors that impact your credit score. Along the way, she offers several personal finance tips that will help you pay off debt and raise your score—such as “tiering down” from credit cards you no longer use, increasing your credit age with one simple hack, and striking the perfect mix of credit accounts. Finally, how important is credit? Is it a trap to avoid or a necessary evil that can help propel you toward financial freedom? Stick around to find out! In This Episode We Cover How Ashley paid off over $150,000 of debt in just a few years Why sixty-five percent of your credit score is within YOUR control Common methods of paying down debt and which one to use When to keep your old credit cards open (and when to close them instead!) The credit card “hack” you can use to make your credit age appear longer Revolving credit versus installment loans (and why you should have both) 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 How to “Travel Hack” Like a Pro and Get FREE Flights, Hotel Stays, and More! w/Eli Facenda The Secret to Saving More, Spending Less, and a Perfect Credit Score How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!) How to Pull Yourself Out of Car, Student, or Credit Card Debt Learn more about your ad choices. Visit megaphone.fm/adchoices

Want to know how to travel for FREE in 2024 and 2025? We’re about to introduce you to the magical world of travel hacking. Never heard of it before? You’re about to have your mind blown. Travel hacking is one of the best ways to turn your everyday spending into free trips, hotel stays, business-class flights, and more. And if you’ve ever wondered how to get into those fancy airport lounges or snag yourself a lie-flat seat next time you’re headed across the Atlantic, this is the episode for you! Eli Facenda, a travel hacking expert, joins us on this episode to share the beginner's guide to traveling for free. Eli is so good at travel hacking that he started his own consulting agency to help business owners turn their regular expenses into first-class travel wherever they go in the world. Today, he’s sharing his favorite travel credit cards, tips to fly for FREE for the next four years, the biggest credit card point mistakes, and beginner wins to get you your next trip for free. We’ll also touch on the unbelievable rewards you can get from travel hacking, such as $1,000+/night hotel rooms for free or even a visit to Richard Branson’s private island, ALL through credit card points. Say goodbye to flying coach; these credit card tips will upgrade not only your wallet but your entire trip! In This Episode We Cover The best beginner credit cards to start earning points TODAY How to travel for FREE for the next four years with Southwest’s “Companion Pass” Why you should NEVER take cash back for your credit card points (do THIS instead) The most bang-for-buck points transfers that’ll get you exceptional hotel stays for free Biggest beginner mistakes that’ll cost you when trying to travel hack How to fly to Europe in business class THIS YEAR with just 50,000 points 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 Cards Mentioned in Today’s Show: Amex Gold Amex Platinum Barclays American Capital One Venture X Chase Freedom Chase Sapphire Preferred Citi American Costco Card Hilton Aspire Southwest Credit Cards Resources Mentioned in Today’s Show: AwardWallet CardPointers LoungeBuddy Max Miles Points One Mile at a Time TripIt Upgraded Points Click here to check the full show notes: https://www.biggerpockets.com/blog/money-514   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Please be advised: this podcast episode contains discussions about sensitive topics, including suicide, which may be distressing for some listeners. If you are experiencing thoughts of suicide or emotional distress, help is available. You can contact the National Suicide Prevention Lifeline by dialing 988 to connect directly with trained counselors who can provide support and assistance 24/7. ____ Could you be ensnared in an elaborate Ponzi scheme? According to today’s guest, cases of financial fraud are MUCH more common than the average investor suspects. Tune in to learn how to protect your nest egg rather than leave your financial future in the hands of untrustworthy people! Welcome back to the BiggerPockets Money podcast! Today, we’re sitting down with investment fraudster turned anti-fraud advocate, James Brandolino. In 2003, James set out to start his own hedge fund, pooling over three million dollars from friends and family. But one “down” month was the catalyst for eight years of fraudulent activity—a Ponzi scheme that included lying to investors, mailing false statements, and pulling money from the fund to keep the lights on. When the guilt became too much to bear, James turned himself in and has since committed his life to warning investors about the real threat of fraud. In this episode, James shares his whole story—from starting his fund to serving six years in prison. He talks about common “red flags” to look out for when investing and the importance of due diligence when something seems off. Of course, fraud is prevalent in the real estate investing space as well. Stick around for tips on avoiding real estate scams and how to vet a syndication partner before entrusting them with your money! In This Episode We Cover How this former fraudster built a $3.8 million Ponzi scheme How to prevent investment fraud from happening to YOU The most common fraud “red flags” to watch out for How to properly vet someone before entrusting them with your money Investment fraud in real estate syndications (and how to avoid scams!) Using your own network to help uncover fraudulent activity 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 Click here to check the full show notes: https://www.biggerpockets.com/blog/money-513   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Has the job market finally flipped? Throughout most of the pandemic, it seemed that any and every worker was a hot commodity. Job-hopping was the new norm as businesses outbid each other to get the best talent. Now, thanks to rising interest rates, a slower economy, and a return to the office, it seems that employees don’t have the same negotiating power they did just a couple of years ago, and the new jobs numbers are showing this. Welcome to a new type of format on the BiggerPockets Money podcast—a headlines show! We’re taking some of the top news stories from the world of personal finance and the overall economy and giving you our takes so you can make better money decisions. First, a strong jobs report comes in, but unemployment still rises as Americans find it harder and harder to get the job they want. Are employers back in control after years of workers owning the market? Then, we’ll touch on the latest inflation numbers and why costs are rising even as work becomes less available. Student loan borrowers receive a huge win as getting their debt discharged during bankruptcy becomes even easier. This could cause significant ripple effects for which degrees become financeable in the future! Finally, a 529 plan update that now gives parents a HUGE reason to invest in their child’s future education. Click here to check the full show notes: https://www.biggerpockets.com/blog/money-512   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Could one side hustle help you pay rent, save money to invest in real estate, or reach financial independence? Today’s guest picked up the perfect hobby that combines his background in art and love for home décor. The best part? It allows him to make extra money each month! Welcome back to the BiggerPockets Money podcast! Because Kyle William earns a modest salary in an expensive city, there’s no room for new furniture and décor in his budget. However, he has found a way to not only fully furnish his apartment without paying top dollar but also turn this passion into a profitable side hustle. In his spare time, he scours the web for items that people no longer value, uses his artistic eye and do-it-yourself (DIY) skills to restore them to peak condition, and then flips them online for a hefty profit! Could you turn your own passion into a money-making side hustle, too? Whether you’re interested in flipping furnitureor another hobby altogether, tune in as Kyle shares where to find unwanted items, the best DIY skills for beginners, and how to cash in on your hard work! In This Episode We Cover The DIY side hustle Kyle uses to cover his rent (and improve his home!) How to start your own furniture flipping side hustle The best places to find valuable used items that can be recycled Beginner do-it-yourself (DIY) skills that YOU can learn today Kyle’s best home decorating hacks for thrifty creatives 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 Make an Extra $100/Day with These Work-From-Home Side Hustles How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper Click here to check the full show notes: https://www.biggerpockets.com/blog/money-511   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Morgan Housel’s ground-breaking book, The Psychology of Money, changed how many Americans thought about saving, spending, and investing. Through a collection of financial lessons, Morgan opened up new thought patterns for many of us, showcasing that getting rich isn’t as complicated as you might think, but staying rich can be the actual challenge. Now, this personal finance powerhouse is back with a new book, Same as Ever. In Same as Ever, Morgan doubles down on what has, and most likely always will, work in the personal finance world. By showcasing some of the most commonly repeated financial events of the past, we can better shape our understanding of what will happen in the future and use history to our advantage to build even bigger wealth, enjoy our lives even more, and not repeat our past mistakes. But this episode goes much deeper than that. We talk about why so many Americans will die without building wealth, why people are afraid to invest, when to spend your wealth once you’ve built it, and exactly how Morgan invests his own money. Plus, why getting rich isn’t your biggest concern—staying rich is. In This Episode We Cover Why Morgan thinks you MUST be a “reasonable optimist” to get and stay rich  Exactly how Morgan spends, saves, and invests his own money  The real reason why most Americans will die without ever building wealth  The “competition” which is always looking to take your success from you  How to STOP being afraid of investing and start putting your future first When to spend your wealth and why dying with riches isn’t the real goal Financial regrets and mistakes of Morgan’s past, and advice for ANY investor 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! The Simple Path to Wealth—Index Funds Explained with JL Collins How to Get Rich Without Investing in Real Estate Click here to check the full show notes: https://www.biggerpockets.com/blog/money-510   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

If you want to make money online in 2024, good news: it’s easier than ever! Just ask today’s guest, who had to bootstrap his online business before you could launch a business with little to no startup costs. If you have an entrepreneurial spirit and need a little inspiration to get your next business idea rolling, this episode is for you! Welcome back to the BiggerPockets Money podcast! Today, we’re joined by serial entrepreneur Omar Zenhom from The $100 MBA Show. For many years, Omar worked as a full-time educator while nurturing his fledgling businesseson the side. Naturally, many of them didn’t work out. But rather than letting these failures deter him from entrepreneurship, Omar applied each new lesson to his next business venture. Eventually, he struck gold with WebinarNinja, a software company he scaled to 30,000 users before selling his business and enjoying the spoils. Want to achieve financial freedom without being reliant on your W2 job? Stick around to learn the ins and outs of building a business from the ground up—saving money to get started, leveraging your network to scale the business, and ultimately, selling your company for a huge profit! In This Episode We Cover How Omar built, scaled, and SOLD a multimillion-dollar SaaS (software as a service) company How to start your own online business from square one Why teaching is the ultimate skill you NEED to develop for business The pros and cons of bootstrapping versus raising capital Leveraging your network to help grow and scale your company Preparing to sell your business (and how to exit successfully!) 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! The Digital Nomad’s Guide to High-Income Skills and Making Money Online Humphrey Yang: How to Save $100, Quit Your Job, and Build a Business How I Turned My Tiny Side Hustle into a Multi-Million Dollar Business Click here to check the full show notes: https://www.biggerpockets.com/blog/money-509   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Can you really be a one-income family in 2024? Not if you don’t know how to budget! To achieve her money goalswhile living on a single middle-class income, Emy knew she had to take control of her finances and seize any opportunity to save money. Single or married, you’ll learn to do the same in this episode! Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with budgeting coach Emy Lee, who was able to achieve her lifelong dream of being a stay-at-home mom by cleaning up her family’s finances. Of course, this was no easy feat. Growing up, Emy was taught very little about personal finance. It was only after shifting her mindset, creating a budget, and building smart money habits that she was able to make raising a family on one income a reality. In this episode, Emy shares some of her top budgeting tips—from saving money on groceries to avoiding common spending triggers. You’ll also learn about the 50/30/20 rule that makes budgeting easy, the “spendfluencing” problem to be mindful of when scrolling through social media, and the budgeting hack people with irregular income can use to keep their finances in order! In This Episode We Cover How Emy raises a family on a single middle-class income Lowering your grocery bill each month with simple shopping hacks The “carryover” fund that people with variable income MUST have How to avoid “spendfluencing” pitfalls on social media The most common spending triggers (and how to combat them!) Creating a realistic budget for your family using the 50/30/20 rule 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! Money Moment Slash Your Food Budget by $150+ Per Week with EASY, Healthy, and Tasty Meals Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap Click here to check the full show notes: https://www.biggerpockets.com/blog/money-508   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Everyone wants to reach financial independence as soon as possible. But if you really want to get on the path to early FI, you’ve got to start making savvy money decisions TODAY. And we’ve got a few tips, tricks, and tools that will help you out! Welcome back to the BiggerPockets Money podcast! In this episode, Mindy and Amanda Wolfe are fielding questions from the r/PersonalFinance subreddit and delivering their best money tips for scenarios that YOU could easily find yourself in. First, we get into 401(k) accounts and some of the different ways to transfer funds when you leave your employer. We also go over some of the different strategies for budgeting, investing, and saving money that will help you reach financial freedom early. But that’s not all! If you live in an area with a competitive housing market, we discuss whether you should ever waive a home inspection to help sweeten your offer. We even talk about the idea of buying a house outright versus going the route of a traditional mortgage. Is a large car payment thwarting your path to financial freedom? Stay tuned for a few creative ways to get rid of that bad debt for good! In This Episode We Cover Tips and tricks to help you reach financial independence early What to do with a 401(k) account from a previous employer Buying your home outright versus getting a traditional mortgage Whether you should ever waive your home inspection when buying a house Creative ways to eliminate car debt (and save thousands in the process!) 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 Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders The Millionaire Fast-Track: How to Hit Financial Freedom Before 30 How to Pull Yourself Out of Car, Student, or Credit Card Debt Fidelity Investments She Wolf of Wall Street Website Click here to check the full show notes: https://www.biggerpockets.com/blog/money-507   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

After tremendous research, the “MoneyType” quiz was finally released. All you need to do is answer some basic questions, and in a matter of minutes, you’ll know your biggest financial strengths and burdens, the money traps you could fall into, and how to use your own money “gift” to make your life, and your loved ones’ lives, even better. But before you write off the MoneyType quiz as just another personality test, we can tell you from personal experience it’s shockingly accurate. And there’s no one better to talk about the MoneyType process than the co-founder of HerMoney and co-creator of the MoneyType personality quiz, Jean Chatzky. Jean’s team tested the MoneyType process on hundreds of people, uncovering the core personality traits that could make you a producer, visionary, nurturer, independent, or connoisseur, and what to do once you know what MoneyType you are. In today’s show, Mindy and Scott share their results from the quiz as Jean walks through each of these financial archetypes in detail. You’ll learn what strengths each archetype has, the financial pitfalls they easily fall into, the gifts they can use to empower themselves and others, and the financial pleasures each type lives for. Plus, you can take the MoneyType quiz completely for free here! In This Episode We Cover The five financial archetypes and the pros, cons, and pitfalls of each of them Mindy and Scott’s most prominent MoneyType (and how it led them to financial success) The “sabotage” points of each personality that could lead to HUGE financial problems Using your MoneyType to set up financial “guardrails” in your life and protect against your personality’s downsides  Using your MoneyType to understand your partner, family members, and friends more Mindy’s two-percent MoneyType match that proves why it’s SO hard for her to spend money 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! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Take the Free MoneyType Quiz Understanding How Your Personal Money Story Shapes Your Financial Future w/Jean Chatzky Click here to check the full show notes: https://www.biggerpockets.com/blog/money-506   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Most financial advisors aren’t what they seem. They paint themselves as stewards of your financial security, carefully analyzing every investment they put your money into. But that’s far from the truth. Many financial advisors simply use you to make a quick buck, leaving you worse for wear when it comes to retirement. So, how do you find a financial advisor who will actually help you build wealth without filling their own pockets at your expense? We’re about to give you the roadmap to finding the perfect financial advisor. We’re back with Jeremy Schneider, the bootstrapped founder who became an overnight millionaire thanks to a decade of tough decisions. This time, Jeremy shares about the world of financial advising, ranking the types of advisors from worst to best and sharing why that life insurance policy might be a BAD financial decision. If you’re struggling to find financial advice from a neutral third party who truly wants the best for your finances, this is the episode to listen to. Jeremy talks about the two financial advisors to never trust, the costly difference between fee-based and fee-only advisors, the financial “meth” that could cost you in the long run, and exactly where to find a financial advisor that truly works for YOU.  In This Episode We Cover The four types of financial advisors and the two you MUST stay away from Fee-based vs. fee-only financial advisors and why you CANNOT afford to mix these up The “whole life insurance” scam that’s trapping many Americans with false financial promises The sneaky commissions financial advisors make that you have no idea about One place you can go to find trusted financial advisors with NO strings attached 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! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Past Episodes Mentioned in Today’s Show: Michael Kitces A Purple Mom Life Insurance (Joe Saul-Sehy) Whole Life Insurance (The White Coat Investor) Click here to check the full show notes: https://www.biggerpockets.com/blog/money-505   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

If you want to reach early retirement, especially in your thirties, you’ll need to take some big risks. Today’s guest turned down what would have been a dream salary to many people, choosing to work for himself while making close to a third as much as a job would have paid him. He put in the time and sweat, making just enough money to survive for over a decade, living as frugally as he could so he could roll everything back into his business. Then, overnight, he became a multimillionaire. And guess what? You can, too. One day, at the age of thirty-four, Jeremy Schneider found himself $2,000,000 richer than he had been the day before. He had successfully sold a company he’d been building for a decade, making him, his family, and his employees wealthy in the process. Then, he did what every burnt-out founder does: travel the world, play volleyball and video games, and get some much-needed rest. But soon after, he decided to return to work, focusing on something much more important. In this episode, Jeremy gives a masterclass on the right way to build your business, how to sell it for millions more than you were originally offered, and exactly what you should do with the money afterward to STAY financially free. In This Episode We Cover How to reach early retirement in your thirties by building (and selling) a business When it makes sense to take a paycheck vs. bet on yourself  How companies are bought and sold and the negotiations behind closed doors The MASSIVE amount of taxes Jeremy had to pay after selling his business What Jeremy did with his $2,000,000 payday that set him up for life 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! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Past Episodes Mentioned in Today’s Show: Michael Kitces A Purple Mom Life Insurance (Joe Saul-Sehy) Whole Life Insurance (The White Coat Investor) Lump Sum vs Dollar Cost Average Calculator Grab the Book “Die with Zero” Click here to check the full show notes: https://www.biggerpockets.com/blog/money-504   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

With solid tax planning, receiving an inheritance could provide an enormous boost on your journey to financial freedom. One misstep, on the other hand, and you could be lining Uncle Sam’s pockets. Fortunately, we’ve brought on a tax professional to help you keep as much of your newfound money as possible. There are two certainties in life: death and taxes. In this episode of the BiggerPockets Money podcast, we’re combining them. Sean Mullaney, The FI Tax Guy, returns to the show to lend his expertise on inherited investment accounts. Whether you’re the spouse, child, or sibling of a loved one who has recently passed, you’ll need a plan for managing these financial assets. Otherwise, a huge inheritance “tax bomb” could be waiting for you down the line! Sean discusses the four “buckets” of assets you can inherit and the steps you should take in each scenario. You’ll also learn about the “step-up in basis” exemption that allows you to dodge capital gains tax on certain accounts, as well as when you might need to take required minimum distributions (RMD)—even if you’re far from retirement. Grab your pen and paper as we get into the nitty-gritty of inheriting wealth. In This Episode We Cover How to pay less tax on your inherited investment accounts The four “buckets” of financial assets you might inherit Navigating the “ten-year rule” and preventing a HUGE tax bill Dodging capital gains tax with the “step-up in basis” exemption How to avoid early withdrawal penalties on spousal accounts The “worst” account to leave for an heir (and what to do with it instead!) How to pass a retirement account on to a spouse, child, or sibling 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! Money Moment Find a Tax Professional Today Estate Planning, Wills, and What to Do NOW to Protect Your Heirs The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future Hear Our Last Epiosde with Sean Grab Your Copy of “Die With Zero” Click here to check the full show notes: https://www.biggerpockets.com/blog/money-503   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

These personal finance apps, tools, products, and habits helped us reach financial independence, and they can do the same for you. If you’re on the road to FIRE or have finally made it to financial freedom, ANY of these tools can help you save, invest, and learn more along the way. But we’re not just sharing the FIRE toolkit we love; we’re also sharing the products we’re ditching, plus what we’re replacing them with for a brighter financial future! If you’re already feeling lost with your financial New Year’s resolutions, worry not because these personal finance apps, tools, products, and habits are here to help! Mindy and Scott will walk through every tool they love, what they can live without, and what helped them reach financial independence. We’ll talk about budgeting and money management apps, goal-setting processes that’ll help you achieve even your wildest dreams, how to learn faster than ever, and the“life-changing” money products we would never replace. If you’re in need of beefing up your arsenal of financial independence tools, this is the episode to tune into! Wondering where you can find links to all the products and services mentioned in today’s show? Just scroll down in the show notes!  In This Episode We Cover Why you may want to try spending MORE (yes, MORE) in 2024 if you’re in THIS position Indispensable personal finance tools that helped us reach financial freedom  Budgeting apps that we personally use to track our monthly spending Mindy’s smart travel hack that’ll help you avoid productivity-killing jetlag The one “journal” that changed Scott’s life forever (and where to find it) How to learn faster than ever before and boost your reading speed significantly The BIG investment Scott is ditching in 2024 and the “crash” on the horizon 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! Money Moment Tools and Products From The Show: Monarch Money Stessa Venmo Ally Bank Charles Schwab Audible Kindle Unlimited Living Your Best Year Ever Journal Google Keep Empower Personal Wealth The Harsh Reality Real Estate Syndicators (and Investors) Face in 2024 Click here to check the full show notes: https://www.biggerpockets.com/blog/money-502   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices