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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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Jen Hemphill was born in Colombia and lived there for the first eight years of her life. The economy was really bad, and her earliest memories were of a scary time when her educated father did whateve
r he had to do to make money.
Her redheaded dad stood out in Colombia, and it wasn’t a safe place for him to be. So, they moved to the U.S. Jen remembers being embarrassed for not having money, knowing her friends had it.
She attended the same college where her mother was a professor. Discounted tuition coupled with scholarships and a bit of parental help allowed her to graduate with no debt. She bought a car, paid it off quickly, and felt very proud of herself for doing so.
Then, she met and married her husband. They took 15 years to pay off his $40,000 in student loan debt. She thought they were doing great, but a deeper look at their finances about 10 years in revealed a huge mess.
Thinking back to her childhood, she realized she needed to make big changes in order to get ahead. Her family went on a budget, cutting out all unnecessary spending to focus on paying off the debt. Jen uses a series of labeled bank accounts to ensure they stick to their budget and now saves for purchases rather than raiding the emergency fund to pay for things.
Jen took what she learned and became an Accredited Financial Counselor, knowing that there are so many others who need to be pointed in the correct direction. She calls herself a Money Confidence Coach, because when you have confidence in your money management skills, you can tackle any problem.
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Lauren and Steven met in High School, and attended the same college. After undergrad, Steven was accepted into the Ph.D. program at UC Irvine. During the first year, he decided he didn’t really want a
Ph.D. in Physics, but really enjoyed working with students. They moved back to Florida for Steven to get his Master’s in Education, while Lauren worked her first “real” job.
But after two years, they burned out from working full time. Combined with learning about Financial Independence and an incredible savings rate - to the tune of $100k in 2 years, they decided to take a break.
Their “break” was a 6-month trip to Hawaii, paid for upfront by their big savings account, but repaid by a series of side hustles while in Hawaii. While most people spend lavishly to go to Hawaii for one week, then ended up $1,000 positive while spending 6 months there.
Re-energized, they returned to Florida for a full-time job for Lauren, and a continuing tutoring job for Steven - making more money than before they left for Hawaii. Increased income meant increased savings rate for these two, having lowered their expenses by purchasing 3 bedroom condo, periodically renting out an unneeded bedroom.
But after about 3 years, they felt burned out again. This time, their “break” was a trip around the country to visit every National Park - all 61 of them - in 7 months. Again, they wanted to pay for the trip with income generated during the trip. They cut expenses by buying a compact cargo van and sleeping in it for the majority of the trip. They continued working about 10 hours a week during the trip, rented their condo for 7 months and hit the road.
Each time they return from their mini-retirement, they are refreshed and re-energized and ready to jump back into work with both feet. Their end goal isn’t early, permanent retirement, but several small mini-retirements to enjoy their journey.
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J. Money wasn’t necessarily BAD with money, but his first home purchase—made because everyone else was doing it—prompted him to seek out advice about money.
He stumbled upon the blogging world and
was enthralled with the transparency. Here were real people talking about real issues they were facing—similar to what he was going through himself.
He started his own blog called Budgets Are Sexy and soon was approached by someone who wanted to buy an ad on the site. A new source of income generation!
His blog success brought attention from national news sites, and traffic grew exponentially once they started sharing his articles. But as traffic grew, so did his time commitment.
As he became more entrenched in the blogging space, he discovered that people buy and sell blogs—so he started flipping websites—another source of income generation.
When it came time to choose between his full-time job and his side hustle, he discovered the decision was made for him when he was called into his manager’s office and let go. (The company later went out of business.)
Thrust into entrepreneurship, J. buckled down with his spending and discovered that budgets really ARE sexy, and they can be the key to your financial success.
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Jean grew up in a family where money wasn’t a big issue. Her parents saved for big purchases like vacations, but frugality was part of her everyday life. She graduated from college without any debt, a
nd soon found a job - that she immediately regretted accepting. She moved quickly to change course, and ended up in a job that paid less than half of that first one - but was so much better for her.
A freelancing side job to supplement her income evolved into a full-time Journalism career with Smart Money magazine, which led to a 25+ year stint with the Today Show as their financial editor.
But Jean wanted more. She created HerMoney, a place for women to learn about how to properly handle their finances. Jean knew that your money story is the root of your relationship with money. She created a place and space for you to recognize your money story - and figure out how to apply deep-seated lessons learned consciously and subsconsiously - to lead your best financial life!
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Sunitha Rao remembers a childhood of scarcity. Born to immigrant parents, some of her first memories are of her home being broken into, and her things being stolen. The only money lessons she was taug
ht as a child were frugality and saving, because you never knew what was going to happen.
Her father had grand tennis plans for her, and pushed her into tennis. By age 9, she was playing tennis six hours a day. School was so low on the priority list she dropped out in 6th grade to pursue tennis full time.
She turned pro at age 14, but all the money she made went back into her career: coaches, travel to events, more training.
When Sunitha retired from tennis, she had nothing left. She estimates she “maybe had $1000 in the bank.” Her relationship with her father was so abusive, she sought a restraining order against him and started over, rebuilding her life at age 23.
Starting off at community college, looked up endowment programs in Boston because she liked the city, and reached out to colleges that offered scholarships. Finishing college she got a corporate job, which was her goal - until she started working there. She realized her corporation didn’t have any loyalty toward her, so she started looking for ways to generate income outside of her salary and discovered real estate.
She now owns multiple units in the midwest, and is on the path to financial independence, starting with nothing but a 6th grade education at age 23. If you’re thinking you started too late, Sunitha’s story shows that financial independence is possible - at any age.
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You probably know Brandon Turner from the BiggerPockets Real Estate Investing podcast. On that show, he sounds like he’s got his life all together. But before he discovered the RIGHT way to do real es
tate, he made mistakes—LOTS of mistakes.
Today, Brandon shares everything he did wrong—from financing rehabs with a credit card to accumulating six figures in debt on properties he couldn’t sell.
But the most important thing Brandon did was learn from his mistakes. He read Total Money Makeover by Dave Ramsey and put the lessons learned from that book into action, paid off his debt, and started living the life he truly wanted.
This episode is for people who have made mistakes and who are in debt or struggling to find a path to financial freedom. Brandon shows you that it’s OK to make mistakes, you CAN recover, and the life you want is within your reach.
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On today’s episode of the BiggerPockets Money Podcast, Co-Host Scott Trench teams up with two personal finance superstars in Whitney Hansen and Doc G of Diversefi.com. Together, they hear four “life a
fter FIRE” stories, each completely different, each extremely powerful.
We talk with a business owner struggling with millions of dollars in debt who was able to sell his business, re-write his career (he is now a business coach), and get a new handle on his time.
Another guest retired with her husband in 2012 and together, they took on adventures and traveled the world together. Financial independence made all the difference for them in allowing them to experience as much of the world as possible, as her husband passed away a few years following early retirement.
A third couple left their high paying jobs at the height of their earning potential to travel the world together, and they could not be more thrilled with their decision or excited about life.
And finally, we interview the CTO of ChooseFI, William, who was able to retire early, overcome the loss of his wife, and use his financial freedom to pursue the job of his dreams with a great company, and provide for his children.
These stories highlight the importance of achieving Financial Independence and using it to make the most of our lives.
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You know Vicki Robin as the author of Your Money or Your Life, but on today’s show, we dive MUCH deeper into her story and her background. Growing up without a lot of money, she learned how to use her
resources to appear as though she had more. With limited funds, her mother taught her that she could use them all at once on one thing, or she could stretch them further by shopping at a discount store.
Vicki carried these lessons through her adult life, moving into homesteading and while, technically living under the poverty line, she never felt the pinch of not having all the trappings of the modern world.
In fact, it wasn’t until she met Joe Dominguez, learned the foundation of what would later become Your Money or Your Life, and started teaching others about how to handle their finances that she realized that the gap between what she had and what others had was quite vast.
She knew she had to appear prosperous, so people wouldn’t reject her message simply by her appearance.
Her message has reached more than one million people, and has changed the lives and financial futures of countless more.
Vicki herself has been able to focus on her passion - environmental issues - and has the freedom to pursue her passions due to her fully funded retirement at such an early age.
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Financial Mechanic wanted a puppy - and her parents told her she could have one when her little sister turned her age (in four years). When she asked how much puppies cost, she was told $100. So Finan
cial Mechanic started saving. Everything!
Birthday money, Christmas money, anytime she received a dime, it went into her puppy fund.
Fast forward 4 years, and she tries to hand over the $100 - to her parents shock. “No, you keep that, we’ll buy the puppy.”
For four years she had been saving, so she just continued. By the time she graduated high school, she had $8,000 in savings. Her parents paid for her college education, and she knew she wanted options.
She studied Mechanical Engineering which led to programming, which led to a 6-month assignment overseas. Upon her return, she discovered mass layoffs - and that she was significantly underpaid!
In this episode we talk about how to prepare for an interview, how to negotiate salary, how salary isn’t the only thing you can negotiate, and how intentionally pursuing a goal can help you achieve it faster and easier.
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Wilson Muscadin grew up knowing how to handle money. His father assigned him “book reports” rather than simply giving him an allowance. But the books he read were personal finance books, like Rich Dad
, Poor Dad, The Millionaire Next Door and Think and Grow Rich.
Unsurprisingly, Wilson learned a lot from reading these books. Well played, Dad Muscadin. Wilson handled his finances intelligently through high school and into college, where he saw so many friends making ridiculous mistakes with their money. Things like charging pizza and gas - and not paying off the credit card bill at the end of every month!
He graduated with very little undergrad debt and worked in corporate insurance, but always wanted to teach people about finance. Back to school for an MBA at Duke - and more than $100,000 in student loan debt!!!
Wilson’s path to teaching people how to fix their finances was cemented when a random Facebook post about paying off his student loan debt (4 months after his first son was born) garnered more comments and questions than the post about the birth of his child!
Wilson paid off his debt, now has two sons, moved across the country and is dedicated to helping more people understand how money works, and break the cycle of paycheck-to-paycheck so they can become financially free.
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One of the most commonly asked questions in the BiggerPockets Forums is “How do I get started investing in real estate with no money?” Craig Curelop has the perfect answer to this question - House Hac
Craig shares his own story of three house hacks - and counting! We dive into the numbers, look at what makes a good property to house hack, and even talk about the different ways to hack your housing.
Craig also shares ways he dealt with people who didn’t understand what he was doing - including his family and most of his friends.
Craig even shares his biggest house hacking mistake - how not following his tenant screening protocol led to a terrible experience.
If you’re thinking about jumping into house hacking, this episode lays it all out.
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The absolute MOST FREQUENTLY ASKED question I get about Early Retirement is “What do I do about healthcare?”
Without going into too much detail, we’re all aware that healthcare costs are fairly rid
iculous in America. Not properly planning for healthcare can be catastrophic - one unexpected event can literally wipe you out.
Lynn Frair from FIHealthcare.com joins us today to share the results of her intense research into the options available to early retirees. She has found 18 different healthcare options and shares them with us. She also has created a crowdsourcing database for other options. (If you’ve got a different way to procure healthcare, she’d love to include it in her database!)
If you are on the path to financial independence, you NEED this episode.
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Financial mistakes can have a HUGE impact on your future retirement savings - the opportunity costs can be enormous!
In this episode, Scott and Mindy discuss some of the biggest mistakes you can ma
ke financially, and ways to avoid them so you can give yourself the highest potential for financial independence.
Mindy and Scott move past previously discussed mistakes such as housing and transportation, and dive deep into relationship money mistakes, travel, spending, retirement planning and tax issues that can cost you tens of thousands of dollars in your retirement accounts.
Scott and Mindy shed light on some of the “low-hanging fruit” money missteps as well as touching on spending and lack-of-planning issues that can have an even larger impact on your financial future.
This episode truly is for anyone who has money AND wants to have more.
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Personal finance is easy, right? You read a blog or listen to a podcast and just follow everything they did. Easy, Peasy, Lemon Squeezy.
Except that’s not how the world works. What brought success
to one person may bring misery - and ultimately failure - to someone else. Personal Finance is P-E-R-S-O-N-A-L!
Of course that said, there are some general principles that apply to everyone:
● Spend less than you earn
● Invest wisely
● Increase your income
● Track your spending
● Be money conscious
Chris Mamula, Brad Barrett and Jonathan Mendonsa are the authors of ChooseFI: Your Blueprint to Financial Independence, a new book for ChooseFI Publishing. They join us today to share the basics of Financial Independence, and to remind us that Financial Freedom is available for everyone.
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Melanie Lockert joins us today to share her story of student loan debt and her subsequent inability to find a job when she graduated into one of the worst job markets America had ever seen, and her sp
iral into depression and shame over her debt.
Melanie is not alone - as of 2018, more than 44.2 MILLION borrowers owe more than $1.5 TRILLION! (link https://en.wikipedia.org/wiki/Student_debt)
September is National Suicide Prevention month - and Melanie hosts a Suicide Prevention Blog Tour every year due to the sheer number of people who find her blog when they search "I want to kill myself because of debt".
Melanie advocates sitting down and figuring out exactly how much your debt is costing you per day, which was both a big source of shame as well as a HUGE motivator for her to pay it off. She also shares her journey out of debt - and out of depression through therapy.
Melanie also shares resources for people feeling overwhelmed. Find counseling options at www.openpathcollective.org, talk to someone through text by texting HOME to 741741, which is the Crisis Text line or call the National Suicide Prevention Hotline at 1-800-273-8255.
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Mindy sits down with Billy Hensley from The National Endowment for Financial Education to talk about Financial Education in America, and how NEFE is working to improve student and adult access to this
They discuss state-mandated financial education courses and the success rates for students in these states. Billy also shares his take on the mandates, and how YOU can get involved if your state does not yet have this requirement.
Billy also details how parents can get involved and bring this education into their children’s schools, where this is so desperately needed.
This shortened episode of BiggerPockets Money is especially important for parents who are trying to teach their children how to handle 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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