BP Podcast 165: Limiting Beliefs That Hold You Back From Incredible Wealth with Natali Morris

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Real estate investing is a powerful tool for building wealth — but without firm personal finance skills, an investor could lose everything! On this episode of the BiggerPockets Podcast, we talk with CNBC correspondent Natali Morris about the financial skills you need to succeed. In this discussion with Natali, we talk about the limiting beliefs that stop a person from achieving success, the difficulty in raising children to be financially smart, how to keep your family “afloat” while building your business, and much more!

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In This Episode We Cover:

  • How Natali serves as “chief home officer
  • How she makes the finances work
  • How she makes use of spreadsheets
  • A conversation on convincing your spouse to invest
  • Thoughts on shifting from the stock market to real estate
  • What Natali does in real estate
  • A conversation about turnkey real estate
  • How she thinks of budgeting
  • How Natali overcame a hard time in her marriage
  • The “profit first” philosophy in business
  • Why you should always pay yourself first
  • Limiting beliefs and how to overcome them
  • Avoiding the “buts” and “the problem is” phrase
  • The importance of teaching kids the value of dollar and not spoiling them
  • How she’s able to manage her time as a mom
  • How debt causes stress
  • And SO much more!

Links from the Show

Books Mentioned in this Show

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Connect with Natali

About Author

Thanks for checking out the BiggerPockets Real Estate Investing & Wealth Building Podcast. Hosts Joshua Dorkin & Brandon Turner strive to bring top-notch educational content and interviews to our listeners -- without the non-stop pitch prevalent around the industry. With over 80,000 listeners per show, the BiggerPockets Podcast has become the biggest real estate podcast in the world. But don’t take our word for it. We’re the top-rated and reviewed real estate show on iTunes — check it out, read the reviews on iTunes, and get busy listening and learning!

28 Comments

  1. Great episode. Just small correction on some of the info that was given:

    Around the 28 minute mark, Natali says that you can’t deduct expenses from your real estate income unless you’re set up as an LLC or other business entity. That is false. An individual can deduct (on Schedule E) the exact same real estate expenses that a business can.

    There are reasons to put your real estate into a business entity, but there are no tax benefits of doing so.

    • Natali Morris

      Good point, Nate. I think what I meant to represent was Tom Wheelwright’s philosophy that the tax law highly favors businesses over individuals. You are correct that your expenses will still be deducted but the tax rate and the self-employment tax will still penalize an individual investor over an incorporated one. Your distinction did not even occur to me so thanks for pointing it out!

    • Amy Arata

      I came here to leave the same comment. They should go back and edit that part out because it could cost somebody a lot of money! ANYTHING related to the rental is deductible. Also, there is no self-employment tax on rental real estate.

      You should read NOLO’s book “Every Landlord’s Tax Deduction Guide”. The part about segmented depreciation saved me thousands last year.

      Great podcast other than that!

      • Link McGinnis

        I agree that this should be edited out. A lot of listeners are just learning how to operate and will take that as fact instead of looking here to see if the statement was correct. I was surprised that Brandon and his assistant didn’t correct her. Wonder why?

  2. Bram Spiero

    Thank you Nate. I was wondering the same thing. The fact that Josh and Brandon didn’t pick up on this made me question what I thought I understood.

    Great episode Natali. I’ve read Tom’s book as well. It took me a couple of chapters to get past some of the politics he throws in there but I then realized that it’s an invaluable book to reset the way you think about your taxes and how to manage them.

    And working on projects together with my wife is always a great way for us to share interests and do things together that do not involve the kids :-).

  3. Shari Lawson

    I appreciate my husband’s support in regards to my real estate goals, but your interview made me realize that I need a “WIFE” Ha! Great interview Natalie. Thank you for the spreadsheet sample and book recommendations. All the best to you and your family!

  4. Kory Thaut

    She lost me at “Suze Orman” but got me back with her challenge of the “The One Thing” book as such an amazing book. After listening to it twice, I’ll summarize… What’s that one thing, that by doing it, makes all other tasks easier or unnecessary. It’s the macro version of Brian Tracy’s “Eat That Frog”. Both worth reading but really surprised at how high a pedestal the Gary Keller book often gets.

    Natali, thanks for opening up about how you guys operate your household and your role as Chief Home Officer. Excited to share this with my wife. Also, you should have plugged Clayton’s Empower pod cast.. He’s done a good job w/ that one and I look forward to that each week… almost as much as the BP one.

    Really enjoying the various angles of this podcast. Nicely done.. I love recommending this podcast every time I get a chance.

  5. Ben Smith

    Good episode but pretty bummed about the Bernie Sanders comments on here. Maybe just keep your personal political belief’s out of it guys? It was a very disappointing mis-characterization of a candidate that many BP subscribers likely support.

  6. Chris Billington

    Great show!! Agree wholeheartedly with separate checking accounts. Although we treat all of our bank accounts as “Ours” I think you hit it right on the nose that we are still technically individuals and need to feel that way. We take it one step further and have separate money market/savings accounts. This way we can still see how we’re doing money wise with our own jobs. Then of course we raid the accounts to buy properties!! but at least we can track our own financial progress in respect to our day jobs. Appreciate the offer of the spreadsheet as that is an area we need help. Again thank you for sharing your knowledge. My wife loved the show as well.

  7. Pat Bruton

    I only have one problem with what she said which was that she owns her properties because that is what allows her to deduct expenses and meals. LLCs are pass through entities as far as taxes are concerned. Owning property in your own name still affords the opportunity to deduct expenses related to running and managing that property.

  8. Kelly Bochna

    The podcasts on BP have officially become my addiction, and I learn valuable things from each one that I can take with me on my REI journey. Having said that, THIS episode was my “A-HA” moment and really has inspired me to shift into the next gear. Thanks Brandon and Josh for bringing Natali on the show, GREAT interview!

  9. joe kim

    Natali Morris- I remember you from your CNET show “loaded”. Was so sad when you left CNET!

    Man, I need someone to work the books, do spreadsheets, and generally keep all our real estate finances in order.

    I don’t know how you do it. With three kids, my stay at home wife is utterly spent by the end of the day.

    Kudos for balancing work, life, career, family and kicking butt in real estate too!

    Great show.

  10. Alicia Chang

    Loved this podcast. Thank you, Natali! I particularly loved the new perspective on popular views from Dave Ramsay and Jay Papasan, for instance. I’ve appointed a new chief home officer in my family as a result of listening to this, too. I also felt inspired to challenge my own limiting beliefs relating to having kids and success in business. Thanks again!

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