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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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When Melissa found out she was pregnant, she was a sophomore in college. Her counselor gave her a pretty alarming statistic: a frighteningly small number of women who get pregnant in college actually end up graduating. Melissa threw herself into her studies, and prepared as much as she could for the birth of her son. And while her plans may have been changed by this unexpected addition, she pushed on and beat the odds - in more ways than one! Not only did Melissa graduate on time, she graduated with a degree in Mechanical Engineering while working an internship in California and attending school in Michigan. Melissa’s story shows that bumps in the road of life do not have to define your path and that financial independence is STILL achievable even if life throws you a curveball. ... show more
Rob Berger grew up literally with Rich Dad, Poor Mom. While his mother almost lost her house after his parents divorced, his father was filthy rich, picking him up in a Rolls Royce for weekend visits. Throughout high school and college, he spent every dime he made, and graduated with around $55,000 in debt - and a wife. Upon graduating law school, he felt that “If I don’t save something, it would be a missed opportunity - even if it was $100 a month.” Keeping up with the (lawyer) Joneses took him in a big way - fancy car, fancy watch - and it wasn’t until he started listening to Dave Ramsey and hearing all those people scream “I’M DEBT FREE!!!” that it clicked. He didn’t want the fancy things anymore, he wanted to be debt free. He started saving in his retirement accounts, while simultaneously paying down debt because “it would be insanity to forgo contributions to your 401(k) so you could pay off your 6% student loan debt or credit card debt you can transfer to a 0% card. Even if you don’t have a match, you only have that one year to contribute. When the year is gone, that opportunity is gone.” Rob discovered that small changes in his daily habits didn’t have a very big impact in his daily life, but these small changes had a HUGE impact in his net worth. As he turned down opportunities to spend money, he saw his net worth skyrocket, until his money was making more money than he was! Rob has taken everything he learned on his own journey, and put these tips into a book aimed not at Early Retirement, but Financial Independence - encouraging everyone to attain the freedom to pursue their best life. ... show more
Ashley Likely grew up with parents who provided everything she needed, but not necessarily everything she wanted. They were able to pay for her housing in College, but not for much else. So (spoiler a lert) she graduated college with $77,000 of student loan debt. A conversation with a ‘preachy’ coworker showed her the light of paying down debt, saving aggressively and starting to invest. They started encouraging each other at work, learning about investments, contributing to 401(k)s, listening to podcasts and doing research. Ashley stumbled across a blog post written by Scott Trench where he shared “Reducing your debt is similar to increasing your income.” She had $56,000 in student loan debt at the time she read this article and says “Scott’s post changed my life.” She thought, if I could eliminate the student loan, what could that do for me mentally and financially? As a speech language pathologist, she has the opportunity for overtime, which she took every chance she got. Her naturally frugal ways kept her from going into further debt with car loans, vacations and all the trappings of “adulthood” by simply avoiding them. Avoiding these debt traps allowed her to bust out her debt and prepare for her future as a real estate mogul! ... show more
In Episode 83, Scott and Mindy discussed how to buy your first property. And they were peppered with questions about the buying process after it came out, but the top question they got was “How do you save for your downpayment?” In today’s episode, Scott and Mindy dive deep into the process that happens BEFORE you start looking for a property. Things like getting your credit score as high as possible, getting your taxes in order, and the TRUE cost of closing. They also explore PMI - when it makes sense to pay it down and when it’s OK to continue to pay. They even share a story from a listener who was able to buy out his $100 a month PMI payment for $1500. If you’re looking to buy a house, but not sure where to start, this episode will definitely put you on the right path. ... show more
David Stein reached out to us after Erin Lowry’s Episode 81, where we talked about the basics of investing. He really liked that episode, and wanted to dive a little further into the different TYPES o f investments you can choose from. In this episode, we explore asset classes we haven’t really discussed before: Closed End Mutual Funds, REITs, Mortgage REITs, and the different types of stock you can buy. (Yes, there is more than one!) We even touch on Gold and Cryptocurrency! Investing isn’t limited to stocks, bonds and real estate, and David introduces these ideas so you can start investigating the asset classes that appeal to you and works best for your financial goals. David also shares his Investing Principles and his top tip is so simple, yet such an EXCELLENT piece of advice: Be able to describe in detail what you are investing in. If you can’t, you’re not ready to invest in that just yet. If you’re looking for different asset classes, better returns or even just to diversify your portfolio, this episode is a must-listen! ... show more
Jacob Wade knew nothing about money growing up. Any money he made at his mall jobs was instantly blown on mall food and silly teenage expenses. His father passed away when he was 4, leaving him an inheritance of $100,000 when he turned 18. Jacob quickly spent it on a truck, customized to the hilt. He soon had nothing to show for it, and at his lowest point, had to move in with his girlfriend’s mother, because he had no money to pay rent. Enter Dave Ramsey’s Total Money Makeover. Jacob devoured this book and of course, lightbulb! Jacob did what most new-to-FI people do, he cut out everything! He started tracking his spending and preaching to everyone who would listen. Finally fed up with his constant preaching, his wife said “I don’t want to hear about this anymore - go start a website!” And I Heart Budgets was born, where Jacob could preach to his heart’s content. Jacob and his family are now on a year long road trip around America, a mini-retirement to spend time with their young children before school starts, taking advantage of their financial position. Later in the episode, Jacob drops a knowledge bomb on Mindy & Scott, sharing the existence of the “Spousal IRA,” a way for non-working spouses to contribute to an IRA. Thinking you made such a big mess of your finances that you won’t ever recover? Jacob’s story shows that it’s never too late to start, and that poor financial choices don’t have to define you. ... show more
Kyle Mast first visited us on Episode 41 of the BiggerPockets Money Podcast, and he BLEW US AWAY with his suggestions, ideas, tips and tricks for early retirement. Kyle is back again today to talk more to traditional age retirees - those of us who are retiring at or near age 65. Retiring now can seem scary - the market is near all-time highs and has been so for a very long time. Markets are cyclical and unpredictable. Kyle shares how to ride out the storm with strategies to manage both behavior and emotions. He’s a big fan of Retirement Fund Dates - but not of putting all your retirement eggs into one fund-date basket. Kyle also looks at Social Security and covers several scenarios to help you decide when to start receiving your benefits. Kyle is a fee-only Certified Financial Planner - and this episode shows time and again just how valuable a consultation with a CFP can be. If you’re nearing traditional retirement age - and you’re not quite sure what’s next - THIS episode is especially for you. ... show more
Buying your first home—either an investment or a primary residence—can be scary. It is a HUGE purchase, and no one wants to mess it up. But it's entirely possible to eliminate some of the fear associa ted with the house-buying process if you’re properly prepared. This week, Scott and Mindy sit down and talk about the whole ordeal, including what you need to consider BEFORE you even start looking at houses, as well as what to REALLY look for when you’re trying to find the best property for you. They also talk about different funding options, different purchasing strategies, and even different ways to hack your housing and live for free—or make big money when you sell. If you’re in the market for your first property (or second or third) or you’re just starting to think about buying a house for yourself, this is an episode you cannot miss! ... show more
Talking to your partner about money can be very difficult—especially when you’re bringing up the conversation for the first time. In this episode, we brought back Aditi Shekar to discuss finances f rom a couple’s point of view. Previously, we heard Aditi’s personal money story, but this time she shares tips for speaking to your partner about your finances. Learn how to go on a “money date,” what she describes as her “$20 prenup,” and why she feels everyone should have one. She also shares her guide to combining your finances. In fact, Aditi is so passionate about personal finance in general—and couples’ finances specifically—she created an app to help you share and discuss finances with your partner! Zeta is a personal finance app designed for couples to help you stay on top of your finances together. If you’re looking for a way to talk about money with your partner, this episode was made especially for you. ... show more
Aditi Shekar learned entrepreneurship at a very early age - when she asked her father for a toy and he said no, make your own money. She’s been creating businesses ever since. Her father’s advice w asn’t the only great money management tips she received early on. In college, a finance professor did two entire classes on personal finance, sharing the benefits of starting early to save for retirement. Her financial independence journey was kickstarted when her apartment burned down - and she had no renters insurance. “I don’t want more stuff. I just want to figure out the life I want to lead.” Aditi and her husband took a roadtrip to discover where they wanted to live, and ended up in two separate cities, visiting on the weekends. Time apart made them realize they wanted to be together, so she moved to him, and started the life she truly wanted. ... show more
Erin Lowry last joined us on Episode 24 of the BiggerPockets Money Podcast, where she talked about getting Financially Naked with your partner. She’s back today to talk about investing - and all the t hings many people don’t really know. Erin shares the basics that so many articles and podcasts gloss over - but that are so important to know in order to be financially successful. She also has a new book out: Broke Millennial Takes On Investing: A Beginner’s Guide to Leveling Up Your Money, where she tackles investment basics. If you’re new to investing, or just having trouble figuring out all the terminology, this episode is right up your alley. ... show more
This Bonus Episode of The Money Podcast was recorded live at CampFI, a financial independence retreat for people on all parts of the journey to Financial Independence. Scott Trench was celebrating his mom’s birthday, so Mindy Jensen is joined by Paul Thompson and Paula Pant, asking attendees of CampFI why they are on the path to Financial Independence, and hearing a bit about their stories. Answers range from spending more time with kids, to lifestyle, health, and simply being able to retire at all. If you feel like you’re the only one on the path to financial freedom, this episode shows that you’re not alone, this journey IS possible, and you CAN do it! ... show more
Kiersten and Julien came from two very different money backgrounds. She’s the naturally spendy one, and he’s the natural saver. Their money views came to a head on their first vacation, when she put everything on a credit card—not to earn reward points—because she didn’t have the money to pay for it. The ensuing argument caused them to have some pretty tough money conversations very early on in their relationship. But it also set them up for early financial freedom. Kiersten decided her old, spendy ways weren’t what she wanted out of life. She started shedding her “things” so that she could pay off her debt and start investing. They researched and discovered a hole in the FI community. There just weren’t many blogs devoted to the African American community that focused on tips about money and early financial freedom. So, they started their blog, Rich & Regular, to bridge this gap. Investing in real estate helped create enough passive income for Julien to leave his corporate job, and for the couple to start living the life they truly want. Plus, don’t miss when Julien casually drops one of the best paying-for-college tips that’s ever been shared on this show. If you’re struggling with spending too much money or reconciling your frugal ways with that of your partner, this is a must-listen episode. ... show more
Carol Scott has a successful real estate investing company that she runs with her husband, Jay. They have two children, live where they want, and enjoy life on their own terms—free from the stress of having a “real” job, a boss, and all the time constraints that come along with it. But it wasn’t always this way for her. Carol grew up without a lot of money. Her financial journey really began at age nine, when her mother told her if she wanted to have nice shampoo, she had to figure out a way to earn money to buy it. Enter Carol’s hustle. Whenever Carol wanted to buy something, she started a new entrepreneurial endeavor—face painting, calligraphy, anything related to art was fair game for young Carol. At age 15, she hopped onto her bike and rode up to the convenience store, all but demanding to work there. She graduated college into a job where she had regular access to the C-Suite. Mentorship opportunities abound. Carol’s focus turned to learning, and she picked up tips from every person she encountered. She’s here today to share many of these tips with you and to inspire your journey through her own. This is a tale of never giving up and not being satisfied with what life throws at you. Now go out and grab the bull by the horns. ... show more
Parents are supposed to know everything, and talking about money is impolite. So how do you make sure your parents are taken care of and that their wishes are followed throughout their golden years? Today Scott and Mindy sit down with Cameron Huddleston, author of Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances, who shares her story of the journey through her mother’s finances pre- and post-Alzheimer’s. Cameron also shares the documents your parents need to have—the documents YOU need to have—to be able to help them navigate their finances as they advance in age. She offers encouragement for continuing the conversation after parents initially say, “That’s none of your business.” She explains everything from the perspective of someone who has been through the more difficult times of parental financial navigation. BiggerPockets Money guests have typically focused on their own journey to financial freedom. But this episode provides guidance for starting challenging conversations with your parents. Use Cameron’s advice to sit down with them and make sure their wishes are followed. ... show more
Pete Mockaitis grew up in the cheapest place to live, Danville, IL. He watched his mother work her way up the local credit union ladder from teller to CEO, simply by doing more than necessary, repeate dly. His mother strongly discouraged debt, having seen so many of the credit union’s customers declare bankruptcy and have their entire bank accounts wiped out. As a kid, he saw firsthand that hustle pays off. He helped his brother with his paper route for a quarter, only to learn his brother was making $1.80. After high school, he got into college on a full ride scholarship, and graduated into his dream job with Bain & Company. He saved money by skipping the little things like taking a cab when he could walk, having roommates instead of living alone, and drinking water instead of ordering drinks when he was out. Pete’s true calling was entrepreneurship. To prepare for the jump to self employment, he figured out his burn rate - and discovered it was a lot lower than he originally thought. By figuring out how much he was spending, and computing the value of his pre and post tax time, Pete optimized his path to Financial Freedom, and is now enjoying the fruits of his labor. ... show more
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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