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Doug Nordman wanted to teach his daughter about money. But he knew that to get it right, he’d have to start when she was very very small. So he did. First, he taught her how to count, then he taught her how to add, then he showed her what she could do with money by using cash in transactions.
As Carol got older, she was able to handle the cash herself, learning how to make change, count change, etc. Carol started “earning” her own money, through allowance and jobs - which could only be done after her (non-paid) chores were complete.
Doug’s common-sense approach to teaching his daughter about money is actually quite brilliant. She starts learning about money - and making money mistakes - when the stakes are low. Your 8-year-old making a $20 mistake is far better than your 20 year old making a $10,000 mistake because he or she never learned how to manage money.
Carol joins her dad to talk about how these teachings affected her life - and how she is planning on teaching her own daughter about money and finances.
Carol and Doug have combined their recollections of this time together and written a book called Raising Your Money-Savvy Family For Next Generation Financial Independence, and it is the blueprint for exactly how to raise children who are ‘good with money’ and how to prepare them to be adults who are great with money.
If you’re struggling with how to teach your children about money, this is a must-listen episode.
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One of the most frequently asked questions in the BiggerPockets forums is "How can I start investing in real estate with no money and bad credit?" The answer? You can't (Well, to be more accurate, you probably shouldn't). You need to fix your "No money and bad credit" situation and invest from a position of financial strength. Co-hosted by BiggerPockets' Scott Trench and Mindy Jensen, this podcast provides the education you didn't get in school. You'll get tips for getting your financial house in order and actionable advice from guests who have been in your shoes - and found their way out.
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Seth Williams invests in real estate in a way you may have never heard of before. He buys and sells land. And no, he’s not a developer. He literally buys a piece of blank dirt, and then sells it - fre
quently within days of buying it - for fairly high margins. And he does this without taking out loans for the purchase.
He’s paying hundreds of dollars for this land - as opposed to hundreds of thousands of dollars for a piece of land with a house on top of it.
He turns around and sells it quickly, frequently realizing a 300% profit - or more!
Even better? Deals are EVERYWHERE! Land is literally everywhere and deals can be found very easily. (We discuss several ways to find absentee vacant land owners, many of whom just want to be rid of the property!)
Seth shares what to look out for in a deal so you minimize your chances of getting burned, and what makes a deal great. He shares different ways to find these deals and even gives guidance for doing your homework so you know exactly what you’re buying.
If you’d like to get started in real estate - but may not have the funds or simply don’t have the time or desire to run a flip, land may be your way in.
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Chris Browning had dreams of creating movies for Pixar - until he started art classes in college and realized that wasn’t his calling.
He was also taking a personal finance class and thoroughly enj
oyed it, so he changed his major to finance and never looked back.
Chris should have perfect finances, right? Well…
Chris found himself in debt after graduating in 2009 and working as a bank teller, trying to impress his girlfriend (now wife). He took control of his finances, telling his girlfriend that they needed to reign in their spending so he could pay off debt. But once his debt was gone, he started saving in earnest for an engagement ring, spent everything he had on that, and found himself in debt again when they started planning their wedding.
Life happened, debt continued to stack up until they realized they were $27,000 in debt, with salaries just over that amount - all while living in Southern California.
Living paycheck-to-paycheck makes it hard to throw extra money at your debt. Chris and his wife reviewed their spending and were shocked by what they were spending on. Once they knew where their money was going, they were able to drastically reduce their spending and throw more money at their debt.
It turns out, tracking your spending and sticking to a budget are both excellent pieces of advice that can help anyone turn their financial situation around and start down the path toward financial independence.
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Doc G wanted to be a doctor since he was eight years old. He went to medical school, started his career and quickly realized he actually didn’t like all the parts about being a doc - and didn’t know h
ow to leave the profession. Something he’d wanted for 20 years suddenly wasn’t so awesome anymore.
Cue The White Coat Investor. He’d written a book and asked Doc G to read it and review it for his medical blog - and suddenly Doc G saw a way out!
This way out didn’t have the expected results, however. Instead of jubilation, Doc G was thrown into a spiral of anxiety and depression. Something he’d wanted his whole life, this thing he’d identified with so strongly for so long, and the thought of walking away from such an enormous part of his life was terrifying because now he had a way to do it and it was suddenly real.
Having always saved at least 50% of his income, Doc G went to his accountant - who was unfamiliar with early retirement and sort of threw out a number he needed to save to retire. His financial advisor was a bit more helpful, asking questions like how much do you spend in a year? Not knowing, Doc G threw out a number, which turned out to be really close to what his accountant said he needed. But he was still unsure.
So he did what anyone in the FIRE community would do - he started reading. Everything and anything he could get his hands on. He realized he had enough money to stop doing those things he didn’t like, so he started practicing what he calls "The Art of Subtraction." He removed the things that did not make his heart sing, so that he could focus on those things he DID enjoy.
And his plan worked. He now can spend his working hours doing the things he loves to do, and does not have to do the things he doesn’t. He has focused more time on non-doctor side projects like writing and podcasting - where his enjoyment runs sky high even though the paychecks do not.
As his side projects bring more joy, walking away from the physician thing gets easier and easier.
Making plans for retirement is great, but today Doc G shares how to plan your transition into retirement which can be even more important!
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Marquez Griffin graduated from high school but did not feel that college was his path. His uncle worked in a sheet metal shop, and was able to get him a job there.
He quickly learned that taking a
bit of action with regards to his sheet metal training would catapult him higher in his earnings, so he enrolled in trade school and alternated between work and school to learn the trade faster.
His earnings rose as he completed coursework, but Marquez found himself unexcited about his path and started looking for more. Moving in with a friend and his dad turned out to be a real-life Rich Dad event, with his friend’s father introducing him to the concept of saving and investing.
Marquez started listening to audio books and podcasts while working in the shop, looking for information about a better life. This self education led him to Scott’s book Set for Life, and then to BiggerPockets where he discovered that House Hacking, real estate investing and that he could marry real estate with a career and go from salaried trade work to commission based agent work where the sky was the limit with regards to earnings.
He further discovered the job of Signing Agent and has now incorporated that into his work schedule as well. (For more information about Signing Agents, check out our episode 74 at www.biggerpockets.com/moneyshow74.)
Marquez knew college was not his path, so he followed the path he was meant for and is reaching for Financial Independence on his terms.
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Kevin Matthews II started paying attention to finance way back in 6th grade - because his parents said they wouldn’t buy him any more video games, he’d have to buy them himself.
Kevin’s parents te
lling him no propelled him into a lifelong planner - saving up for purchases rather than buying and figuring out how to pay it off later. And he parlayed his planning skills into a career as a financial advisor, eventually being named one of Investopedia’s Top 100 Advisors in 2017.
Kevin is passionate about teaching people - specifically millennials - how to manage their money. In fact, he’s SO passionate about teaching people how to alter their financial lives, he almost missed the birth of his first child in order to make a video about how $2,000 can turn your kids into millionaires! (Spoiler: He made it back to the room in time.)
Kevin wants you to know how to invest, how to manage your money so that you can further yourself down the path to Financial Independence. Kevin has an excellent video called Three ways to get started investing that discusses three ways we’ve never heard of!
Kevin credits consistency in investing with his client’s financial successes. He also believes that patience is the number one thing investors need - a point that’s been hit home so clearly in the past few months - and that a lack of patience is the biggest mistake investors are making today.
Kevin also shares tips for teaching your children about investing to get them used to seeing ups and downs, so they don’t lose their patience when they start investing with real dollars.
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Susan and Norm got married a little later in life. They started off basically flat, with debts equalling assets. Neither wanted to have the debt, and focused on paying it off and building an emergency
Then they discovered that they could retire early if they put their minds to it. So they jumped in with both feet, paid off the mortgage, bought an investment condo, paid it off, and aggressively saved to buy the second condo.
From the time they met until the time they were ready to retire, starting with basically a $0 net worth, was 12 years. Starting at age 43.
The one constant in their journey is their partnership, their commitment to each other and the end goal, and their desire to “be in this together.” Susan and Norm have a very clear respect and love for each other, never keeping score, never trying to hide a mistake from the other, always recognizing that they’re building their life together.
When starting on the journey to Financial Independence, it can be difficult to say the course - especially when your journey starts later than most. Susan and Norm and an excellent example of what CAN happen when you make a goal and aggressively pursue success.
This episode is for anyone who is struggling in their journey to FI, have hit a setback they feel is insurmountable, or anyone who is just getting started on their journey a little later in life.
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Today we welcome back The Budgetnista, Tiffany Aliche. When we spoke to her way back in Episode 8, we heard her story of an investment gone wrong, and how 2008 really threw a monkey wrench into her li
fe plans. But instead of allowing that to deter her, Tiffany threw herself into teaching people how to budget.
She we last spoke, Tiffany has expanded her original, uber-successful Live Richer Challenge (www.livericherchallenge.com) into a savings edition, a credit edition, a net worth edition and a home buying version - all free, and all designed to teach you the things you never learned about money and finance.
Tiffany is SO PASSIONATE about personal finance that she worked tirelessly for more than two years to get a bill passed in New Jersey mandating financial literacy education for middle schoolers. (Want to duplicate her success in your state? Here’s a video that details how she did it! How To Get A Law Passed with Assemblywoman Angela V. McKnight (https://www.facebook.com/budgetnista/videos/477151739645589/)
But she’s not done! Tiffany has combined her love of budgeting with her love of teaching children in her new book, Happy Birthday Mali More, and on today’s episode, shares her top tips for teaching your children the fundamentals of managing their money properly.
If you have children, this episode can help you figure out the age-appropriate lessons you should be teaching your children to help them grow into financially responsible adults.
The Fundamentals: lrcfun.com
Savings Edition: lrcsave.com
Credit Edition: lrccredit.com
Net Worth Edition: lrcnetworth.com
Homebuying Edition: lrchomebuying.com
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Whitney Hanson is one of six children. Growing up she watched her father start a business, watched it fail, and watched him turn destructive, eventually leaving her mother to raise six kids on her own
- all while making $7.25 an hour.
Whitney has seen the ugly side of money - and what can happen when you have none - and decided she wanted no part of it. Money equals options, and she wanted as many options as she could get!
She began to research how to build wealth, because she did not want to perpetuate the cycle of poverty. She knew she wanted to go to college, but also knew she’d have to find a way to pay for it. Rather than taking out tons of student loans, Whitney went through a 3-month cosmetology program starting the day after she graduated high school, and used the money she made as a nail technician to pay for college.
Because she values financial stability over everything else, she bought a house when she turned 19 - and house hacked by renting two rooms to friends to help with the mortgage.
Upon graduating college, she realized she had taken out $30,000 in student loans that now had to be paid back. Rather than allow it to rule her life, she cut out everything and worked a second job in order to knock out her debt - in 10 months!
Whitney knew she had figured out how to lead a healthy financial life - and was eager to help others solve their own financial struggles. She started a coaching program to help financially empower people, and help them navigate the beginning stages of their financial journey.
Whitney’s story is 100% repeatable for anyone listening. She came from nothing, and made it on her own.
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Ramit Sethi from I Will Teach You To Be Rich is back again to chat with Scott & Mindy about money, unexpected events, and taking advantage of opportunities by being prepared.
Ramit does not hold b
ack with his advice that the Coronavirus should be a financial wakeup call to you. A crisis like this WILL happen again (maybe not viral) and NOW is the time to prepare yourself.
He’s increased his recommended Emergency Fund to one year of expenses. If you’re struggling right now, you should be making minimum payments because “money in your pocket now is worth more than money in your pocket later.” Start crafting your emergency plan even if you don’t think you’re going to need to use it. Panic is bad, but overreaction is good. Don’t worry about looking stupid. One of the reasons you save is to be prepared for the worst. So prepare.
If you’re financially stable and strong, Ramit also has some tips for taking advantage of this crazy time we’re living in. Have you ever wanted to start your own business? While it can seem counterintuitive to start a business in these uncertain times, it’s actually a fantastic time to start. Your target audience is WAITING for you to fill the need they are having RIGHT NOW.
Even better? Ramit and Mindy discuss Mindy’s pain points regarding homeschooling - and Ramit comes up with 3 6-figure business ideas on the spot!
Scott & Mindy also discuss Dollar Cost Averaging, finding a new job now, and paying down debt.
Looking for more options in the coming months? This episode can’t be missed.
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Financial Education is so important - but so many people are graduating high school without the basic skills to make informed decisions.
Today, Scott & Mindy sit down to share some of the big money
moves you should make - as well as some of the big money mistakes you should avoid.
These are the tips you didn't learn in high school. From choosing a major wisely (or even deciding if college is truly the right choice for you) to paying for college, to truly understanding just how much it will cost you to pay back your student loans, the decisions you're making now, entering college, are going to affect your financial future for years to come.
They also discuss relationships, and how those can also have a huge impact on your finances.
Other big decisions you need to consider include how and when to get a first credit card - and how to use it properly to improve and increase your credit score.
Scott & Mindy also dive into just exactly what a credit score is - and how its far-reaching influence can affect your job and housing.
Scott also shares his unique views on wants and needs - and how to minimize the costs of the needs so you can afford a few wants.
This episode is a great intro to financial education for young adults who are eager to make excellent financial decisions and put themselves on the path to freedom.
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In today’s episode, we speak with Fritz Gilbert from The Retirement Manifesto and go through his checklist to ensure a smooth transition into the starting line of your new life.
Fritz speaks from
experience, and wrote the checklist during his own transition, starting five years out. Oh yes, FIVE YEARS. If you want a smooth transition, you’ll need to plan ahead.
Scott and Mindy go through the checklist with Fritz, starting at 5 years before your retirement date. (They even touch on what to do BEFORE 5 years out.) Fritz’s list is extremely thorough and includes things you’ve most likely NOT even thought about.
From paying down debt to checking in with a financial planner to transferring all that personal stuff you currently have on your work computer or in your work email, we cover the obvious - but more importantly - the “oh man I totally forgot to do that” stuff that is the difference between a seamless transition and one filled with “I wish I had done things differently.”
Fritz is such an expert in retirement planning that he continues his advice in a new book called “Keys to a Successful Retirement: Staying Happy, Active and Productive in Your Retired Years.”
In this book, Fritz shares the 24 keys to a great retirement once you’ve made sure the transition goes well.
If you are on the path to retirement, this episode is NOT to be missed!
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Gerry Born is a teacher who is married to a teacher. He started his financial independence journey when he was 33—with a wife, $45,000 in college debt, and a job in Saudi Arabia teaching English as a
second language (ESL).
He knocked out his debt in two years, then threw everything he could into savings. The ESL job provided everything but internet and phone, so he really didn’t need to spend much money if he didn’t want to.
After 9/11, they moved back to the United States and got jobs teaching—and you know what kind of salaries teachers make!
Unhappy with that particular school, they moved on to a different one and discovered the magic of the 457 plan. A 457 plan is an additional retirement savings vehicle available to teachers and some public employees. It has the same contribution limits as a 401(k) but can be immediately accessed penalty-free as soon as you separate service from your employer.
Gerry uses this to fund his life while reducing his taxable income to as close to zero as possible.
If you’re starting late—or if you’re a teacher or public employee—this episode provides tips for funding retirement that will blow your mind!
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Joining us today is Avery Heilbron, a listener on his way to financial independence through real estate investing. But Avery isn’t going all out and buying up every property as fast as he can. He’s ma
king calculated purchases that allow him to live for free - and also cashflow while he’s there even though he lives in a high cost of living area. Once he moves out, that cashflow increases even more!
Avery is also thinking ahead, and mitigating his risk of non-payment of rent by using the Section 8 rental assistance program to help guarantee rent payments.
Oh, and Avery is 25.
He went to college on a soccer scholarship, worked through school, studied hard and graduated with ZERO student loans and a great job.
Do you have high school or college students in your life? This episode can help give them direction and encouragement that a little careful thought can have a HUGE impact on your future financial situation.
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Scott and Mindy have focused on Coronavirus for the last few episodes - talking to experts about how the virus has affected the stock market, the 4% rule, and even early retirees.
ed Financial Planners to get tips for using the current market conditions to their advantage, as well as chatted with a mortgage broker to determine the best time to refinance.
In this episode, Scott and Mindy talk about lifestyle creep - and how they have both been affected over the last couple of years. They revisit the basics of Financial Independence, spending less than you earn, increasing your income, investing wisely, creating multiple sources of income, and living your best life once money has been taken care of.
Using their lockdown spending as a guide, Scott and Mindy go through the steps they’ve taken and the changes they’ve made to their expenses - including what they will add back once the world reopens and what expenses they don’t miss.
This episode will help you get back to your Financial Independence basics, too.
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In this episode, Mortgage Broker Seth Jones talks about the current mortgage market. We discuss mortgage forbearance - how it affects your credit and why it's NOT a good idea to go into forbearance if
you can still make your mortgage payments.
We also talk about mortgages - how to apply for a new loan or refinance, what lenders are looking for and how to get the best rate on your new loan. We'll also dive into comparison shopping and how to choose the right lender.
Lending is tightening up, while rates are dropping. We chat with Seth about what that looks like for a qualified borrower - and how to decide if now is the right time to get a new loan.
We also discuss different types of funding, primary loans, second home loans and investment properties. We also clarify what mortgage fraud is - and how that can affect you. While it may seem like no big deal, it's actually a very big deal.
Seth even shares a mortgage checklist below.
If you need more information about the mortgage process, this episode is a must listen!
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Michael Kitces joins us today to talk about Early Retirement - and how the recent stock market movement affects the FIRE Community and the 4% rule.
We spend a lot of time on the 4% rule - including
this graph which illustrates what Michael discusses - basically, there is an ultra-high probability that you will come to the end of 30 years with MORE money than you started out with, and an extremely LOW chance you’ll spend it all. In fact, only one time does the retirement fund hit zero - and even that isn’t until year 31!
Since the FIRE Movement is based on the 4% rule, we wanted to hear from Michael, the Research Nerd Supreme, what he feels about it. “...historical safe withdrawal rates aren’t based on historical averages. They’re based on historical worst case scenarios.”
Yes, we’re seeing some pretty big movement in the market, and yes, it can make you think. This episode provides some pretty powerful reassurance that “every little thing, is gonna be all right.”
If you are worrying about your financial future, if you have money or want more, this powerful episode is a can’t miss, absolutely-must-listen edition of BiggerPockets Money.
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This show provides the education you didn't get in school including tips for getting your financial house in order and actionable advice from guests who have been in your shoes - and found their way out.
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