All Forum Posts by: Scott Trench

Also FYI "Hodgepodge" = "A confused mixture"

Hi All,

I think most people on BP are self-taught or self teaching when it comes to Personal Finance.  I know that my study has been a hodge-podge of Corporate Finance, blog and Podcast study, books, and trial and error.

I wish there was a course on how to do all this, but being young and naive ( @Ben Leybovich ) I would love to have some structure to my ongoing education in personal finance!

Can anybody list some resources that did the following for them:

- Sparked interest/passion in personal finance

- Changed their outlook on finance/investing

- Actually got into the nitty gritty of specific types of investments

- Just proved useful when studying personal finance in some other way

Some of my favorite personal finance materials so far are:

The Four Hour Work Week - Tim Ferris

The Millionaire Next Door - Thomas Stanley + William Danko

Rich Dad, Poor Dad - Robert Kiyosaki

For more in depth study, I look to Coursera courses and of course blogs like BP.  

Anyways - I would love to hear your favorite resources and read up on them!

Andrew,

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If anyone has any questions about donations, or has any trouble, please feel free to reach out to me! 

-Scott

Hi guys,

I was just curious to see how much many Real Estate Deals are made possible with BiggerPockets.  I know that the Duplex I'm buying was made possible by my agent - who I met through BiggerPockets.  

I know others out there have done deals through the platform, and I'd love to hear a story of how the site helped you, and to know how many deals have been made possible because of the platform.

Any thoughts?

@Seneca Stephens I think that you might not actually be the youngest person to make a comment about financial independence - I just turned 24 actually and am extremely interested in this.

I think that you are right that material goods don't mean happiness in the long run, but that the relief from the financial rat race, and not having to struggle (or work) at all IS something you can buy - I think it costs about $1 million per family give or take!

At a very safe after inflation 4% return, $1 million generates about $40,000 per year, which is all that I think that I'll ever NEED.  After that level of wealth, everything else can go to luxury spending, which is just icing on the cake, but certainly not worth working a job that you don't like for!

I certainly keep it a secret from @Joshua Dorkin 

 Thanks Dawn!  That job sounded hellish.  I'm glad you found a way out of it and are making your own way - your story is particularly interesting and I'm glad you got a chance to share it on the Podcast!

@David C. Very cool - That obviously took both planning and guts!  I was thinking of Financial Independence in the OP as more of "early retirement" or completely passive cashflow, but your post has shown me that financial freedom has more than just that form.  Clearly, you've created a situation where you are able to spend your days doing as you please, and doing business with who you please.  Very impressive.

Thanks @Cierra Seay !  I think that's a great reason to strive for FI!  It's also very cool that you are passionate about the work you are currently doing.  It's almost like the best of both worlds.

I have to admit that I was drawn to BiggerPockets in a somewhat roundabout way.  You see, I'm not so much interested in Real Estate as a business that I want to get into, but as a means to an end.  That end of course being Financial Independence. 

Now I'm convinced that my job is the best way to continue to earn money, that lifestyle design is the best way to save money, and that Real Estate is the best way to invest my money.  

So I guess I'm only a fan of Real Estate Investing in that it is an awesome path to generating high returns to put me on the path to Financial Independence faster.  If I thought that there was a better chance of generating high returns in Stocks or Bonds, I might be spending my time investing in those assets instead.

I'd imagine there are at least a few people out there that agree with this line of thinking, which brings me to the next question:

Why do it all in the first place - what does wealth accumulation and Financial Independence actually mean to you?

For me, this is an easy answer - I think its about freedom.  At my last job, I remember sitting in a cubicle and thinking to myself, "man, if things go INCREDIBLE for me, in 15-20 years I'll be the CFO of this company!"  Then I realized that if I were to become CFO and reach the pinnacle of the corporate finance world, the only difference would be me spending my days in a slightly larger office, reporting to slightly different people, with a slightly larger salary.  I'd STILL be spending the best part of my day sitting at a desk working for something that I didn't truly care about, and the way that I spent the best part of my day wouldn't truly change.

I lucked out by getting my next job, a job that I currently love and am passionate about, but the fact remains the same - even a job I love would be made that much better if I didn't need the money.

What do you all think?  Why, from a philosophical perspective, do you strive for Financial Independence?  AND Why do you think that some people don't?