Set For Life! - Podcast Episode 223 with Scott Trench

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Set For Life! - Podcast Episode 223 with Scott Trench

Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes

Our very own Scott Trench has written an amazing book called Set For Life: Dominate Life, Money and the American Dream . 

On this episode of The BiggerPockets Podcast, he talks about his book, how to get ahead in life, house hacking, increasing your income, decreasing your expenses plus a whole lot more.

Download with your favorite podcast app or  listen here .

[email protected]Podcast Guest on Show #261
BiggerPockets
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Linda WeygantPro Member
Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
9y
Originally posted by @Andrey Y.:

 What's your view on a 401k? I stopped contributing in 2015 when I learned its one of the "biggest lies ever told". However, my employer will start doing a 5% match in 2018 (previously no match).

I spent $7.35 on coffee products today (craziest day at work). Sheesh, I feel so unfrugal!

 Employer match in a 401k is essentially free money, tax free.  I would always contribute to 401k to get the maximum employer match, and not a penny more.

Most workers switch employers ever 2-3 years. If you're in this boat, roll your 401k (hopefully fully or mostly vested at that point) into a self directed IRA and you've got a nice chunk of change to start investing with outside of the mutual fund market.

Don't sweat the coffees.  If you're miserable while you're working towards your goals, what's the point of life?  Future success isn't predicated on current misery.  Allow yourself the little pleasures, just make sure they aren't adding up to sabotage you.

Podcast Guest on Show #244
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53 Replies

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  • Shaun R.
    Real Estate Agent · Denham Springs, LA · Member since 2017 · 226 posts · 159 votes
    9y
    It was awesome. Check it out if you haven't yet.
    1Reply
  • Anthony GaydenPro Member
    Rental Property Investor · Omaha, NE · Member since 2014 · 2k+ posts · 3k+ votes
    9y
    Mindy Jensen Great podcast! I listened to the first hour while running on the treadmill this morning. I will finish it up later. I'm all about personal finance.
    Podcast Guest on Show #21
    1Reply
  • Chris T.
    Investor · Downers Grove, IL · Member since 2015 · 1k+ posts · 955 votes
    9y

    @Scott Trench

    @Mindy Jensen

    Yes excellent podcast! A little longer than usual but it's filled with great tips. 

    With the sharing economy now,   there're really no excuses to make extra $ at your free time to boost your savings when starting out. 

    1Reply
  • David Christoffel
    Rental Property Investor · Eau Claire, WI · Member since 2015 · 13 posts · 11 votes
    9y

    @Scott Trench

    @Mindy Jensen

    Excellent material!  Personal finance is so often overlooked, and that act alone can kill progress.  PF is the basis of a solid financial plan and cements the critical foundation of a strong real estate investing business.  Feed the fire!

    Oh...and I will be picking up my copy of "Set for Life" right after I post this :)

    2Reply
  • Eddy Rivera
    Philadelphia, PA · Member since 2016 · 10 posts · 1 vote
    9y
    Awesome podcast, great mindset and point of view!
    1Reply
  • Kurt Kwart
    Specialist · Atlantic City, NJ · Member since 2013 · 431 posts · 170 votes
    9y

    I think this book could be the new 'rich dad' or 4 hour work week. It's one motivating how-to manual!

    3Reply
  • Brandon Holley
    Lenexa, KS · Member since 2015 · 206 posts · 53 votes
    9y

    Pre-ordered and I'm looking forward to tearing through it! 

    3Reply
  • Tyler Bean
    Fuquay Varina, NC · Member since 2015 · 2 posts · 3 votes
    9y
    Love it! Preordered
    2Reply
  • Caleb Hall
    Investor · Goodyear, AZ · Member since 2016 · 31 posts · 50 votes
    9y

    Preordered! Look forward to reading!

    2Reply
  • Account Closed
    Chandler, AZ · Member since 2016 · 109 posts · 56 votes
    9y

    Wow great podcast! I appreciated hearing how he addresses covering himself for any potential correction

    2Reply
  • Lena Truong
    Rental Property Investor · Oklahoma City, OK · Member since 2015 · 29 posts · 18 votes
    9y
    It was one of the best. It was really one of the only that focused on mindset. Really loved it. Such a smart guy at 26 years old! I really wish I smartened up earlier in life
    4Reply
  • John Gooch
    Denver, CO · Member since 2016 · 4 posts · 6 votes
    9y

    The author asks why someone with a salaried job cannot save $20k a year ....it's because they have a huge student loan to pay off! At least , that is where my extra money is going for the next 4 years. After that I can save up for a house .

    1Reply
  • Kyle Doney
    Flipper/Rehabber · Golden, CO · Member since 2013 · 590 posts · 319 votes
    9y

    @John Gooch Gotta get a side hustle to allow you to save. Figure out a way to make some extra money aside from your 9-5 and you wont have to wait 4 years. Life always has the next bill and issue to suck up your hard earned money. The time to start is now, the longer you put off saving the harder it will be to do. 

    5Reply
  • John Gooch
    Denver, CO · Member since 2016 · 4 posts · 6 votes
    9y
    Originally posted by @Kyle Doney:

    @John Gooch Gotta get a side hustle to allow you to save. Figure out a way to make some extra money aside from your 9-5 and you wont have to wait 4 years. Life always has the next bill and issue to suck up your hard earned money. The time to start is now, the longer you put off saving the harder it will be to do. 

     Good point. I've already given up coffee and I bring lunch to work , sold my car and house to save on mortgage and car expenses. I guess I could stop saving 4% of my income in my employer 401k to get the match. 

    Yes, I'll do that. Thanks for the advice!

    4Reply
  • Andrey Y.
    Specialist · Honolulu, HI · Member since 2014 · 1k+ posts · 1k+ votes
    9y

    Would one with a higher income than Scott benefit from such a book? Podcast was pretty entertaining :)

    2Reply
  • Andrey Y.
    Specialist · Honolulu, HI · Member since 2014 · 1k+ posts · 1k+ votes
    9y
    Originally posted by @John Gooch:
    Originally posted by @Kyle Doney:

    @John Gooch Gotta get a side hustle to allow you to save. Figure out a way to make some extra money aside from your 9-5 and you wont have to wait 4 years. Life always has the next bill and issue to suck up your hard earned money. The time to start is now, the longer you put off saving the harder it will be to do. 

     Good point. I've already given up coffee and I bring lunch to work , sold my car and house to save on mortgage and car expenses. I guess I could stop saving 4% of my income in my employer 401k to get the match. 

    Yes, I'll do that. Thanks for the advice!

     What's your view on a 401k? I stopped contributing in 2015 when I learned its one of the "biggest lies ever told". However, my employer will start doing a 5% match in 2018 (previously no match).

    I spent $7.35 on coffee products today (craziest day at work). Sheesh, I feel so unfrugal!

    3Reply
  • Kyle Doney
    Flipper/Rehabber · Golden, CO · Member since 2013 · 590 posts · 319 votes
    9y

    @John Gooch Those are all respectable, but its not always about giving up everything and living bare bones. Figure out a way to make say an extra $500 - $1000 a month. Then you don't have to stop saving in your 401k and giving up coffee. Theres tons of ways to make this happen, just got to put in a little extra work. Good luck, let me know if you ever need any help with anything.  

    2Reply
  • Linda WeygantPro Member
    Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
    9y
    Originally posted by @Andrey Y.:

     What's your view on a 401k? I stopped contributing in 2015 when I learned its one of the "biggest lies ever told". However, my employer will start doing a 5% match in 2018 (previously no match).

    I spent $7.35 on coffee products today (craziest day at work). Sheesh, I feel so unfrugal!

     Employer match in a 401k is essentially free money, tax free.  I would always contribute to 401k to get the maximum employer match, and not a penny more.

    Most workers switch employers ever 2-3 years. If you're in this boat, roll your 401k (hopefully fully or mostly vested at that point) into a self directed IRA and you've got a nice chunk of change to start investing with outside of the mutual fund market.

    Don't sweat the coffees.  If you're miserable while you're working towards your goals, what's the point of life?  Future success isn't predicated on current misery.  Allow yourself the little pleasures, just make sure they aren't adding up to sabotage you.

    Podcast Guest on Show #244
    8Reply
  • Linda WeygantPro Member
    Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
    9y
    Originally posted by @Kyle Doney:

    @John Gooch Those are all respectable, but its not always about giving up everything and living bare bones. Figure out a way to make say an extra $500 - $1000 a month. Then you don't have to stop saving in your 401k and giving up coffee. Theres tons of ways to make this happen, just got to put in a little extra work. Good luck, let me know if you ever need any help with anything.  

     I agree that side hustle is much better for leaping ahead than cutting out life's smaller pleasures (like a fancy coffee or whatever).  Uber and AirBNB are perfect for that these days.  I have a friend who hauls off broken down motorcycles "for free" from people on Craigslist and then makes a boatload parting them out on Ebay.  He's got enough garage space to store the carcasses.  Eventually, he'll give the rest off to a junk yard when there's nothing left to pick over.  Same friend also buys old laptops at the thrift store, refurbishes them with whatever they need and re-sells them.  Yet another friend that taught himself woodworking and now sells custom dining room sets to very wealthy people.  He's a network geek from 9-5.  Sell your art, sell the stuff cluttering up your house or garage.  Hell, sell lemonade on the corner but put your cute kid in front of the booth.  Teach them entrepreneurship at the same time!  Win/win!  More income is generally going to get you ahead quicker than less expenses.

    Podcast Guest on Show #244
    5Reply
  • Jon B.
    Maspeth, NY · Member since 2016 · 75 posts · 62 votes
    9y

    Haven't gotten a chance to listen to the new podcast, but I did preorder the book already.   Seems like it's a lot about personal finance, saving, and learning to cut costs and be frugal.  There's a subreddit on Reddit about Frugal living at www.reddit.com/r/frugal that is very helpful on tips on saving money!

    1Reply
  • Shaun R.
    Real Estate Agent · Denham Springs, LA · Member since 2017 · 226 posts · 159 votes
    9y
    Andrey Y. What is the big lie about the 401k for my own curiosity? I personally contribute 4% to mine. My company matches 4% and adds another 4%. The July after next they will bump that extra up to 5% for a total contribution of 9% compared to my 4. I plan on tapping into my 401k and using a loan from it to help purchase an investment property in the near future.
    2Reply
  • George Springer
    Minneapolis, MN · Member since 2017 · 9 posts · 2 votes
    9y

    Hey @John Gooch great advice from @Kyle Doney. Is there anything you like to do that you could get payed on the side to do? For example I put out on facebook that I was looking to do handyman work for cash and asked some friends and family to share. As a result I now have most saturday mornings lined up with cash jobs that average about $800 per month with roughly 16 hours a month invested. You can make some pretty good cash this way because you can charge quite a bit and be way under what a contractor would charge. If im unsure of a particular job i look it up on you tube. I only do the job if im comfortable with it though! My brother in law has a machine that transfers vhs to dvd and makes some pretty good cash doing that on the side! My wife is obsessed with this lip sense stuff (makeup) but she decided to be a distributor of it and is making great extra cash. Lastly, my wife and I started a small online t-shirt business with an LLC (great tax write offs) that is all drop shipping so fairly passive. The point is all of this is going to put us in a position to invest that much quicker and to give you examples like Kyle was saying of ways to get a little side hustle on! Go get em man!

    0Reply
  • Scheryl McDavid
    Rental Property Investor · Wake Forest, NC · Member since 2016 · 16 posts · 3 votes
    9y

    Scott Trench's interview was very motivating! I'm buying "Set for Life" as a gift for my 25-year-old daughter ... right after I read it myself!

    1Reply
  • Zane Crepinsek
    Kemah, TX · Member since 2016 · 1 post · 1 vote
    9y

    What email do I send my receipt to? 

    1Reply
  • Scott TrenchPro Member
    Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
    9y

    @Zane Crepinsek - Send it to [email protected]!

    To chime in on the discussion, here's my view on the 401(k). Take the match where you can get  a quickly vested instant match especially. But, if you aspire to early financial freedom, you had better be building MOST of your wealth outside of that 401(k), or have a plan to withdraw from it early.

    I declare the 401(k) a "false" asset in the book. But, I also spend the equivalent of a full chapter in the appendix talking about them, because I feel that they deserve that discussion. That discussion is in the appendix and not in the main part of the book precisely because of the problem they pose. On the one hand, they CAN be a strong way to build tax-advantaged wealth. On the other hand, if you do not INTEND to use them to fund early retirement, you give yourself little advantage. 

    So to reiterate--if all or most of your wealth building is going on inside of a 401(k) account, you are not efficiently progressing towards early financial freedom. But, if you are saving 50%+ of your income and most of that is OUTSIDE of the retirement account, it can make sense to take the match and have plan to roll that 401(k) money over into a roth after early retirement is reached, or come up with an alternative plan to deploy that money to your early advantage. 

    Podcast Guest on Show #223
    BiggerPockets
    2Reply
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