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A financial plan puts you on the path to long-term wealth and a life rich in time freedom. So why don’t most Americans have one? Everyday workers are often so focused on paying bills and having a sliver of time to relax that they completely forget the whole reason many of us work—to one day do what we want, when we want, with who we want. So, if you’ve been on the grind, making money, wanting to build wealth, but don’t know where to start, this is the episode for you. In it, Scott Trench walks through his “investment philosophy,” a simple, customizable plan that has allowed him to build wealth at record speed all in less than ten years. This document can be used by anyone in any position no matter how much you have invested or saved up. Once written, this simple financial plan gives you laser-focus on building wealth, so market crashes or corrections become a buying opportunity and slow months/years are something to cherish, not worry over. Scott and Mindy walk through this document piece by piece, giving you the exact answers you need to build your investment plan today. Although this document may sound simple, it’s what will define your life’s effort for the foreseeable future and give you the structure you need to accomplish massive wealth-building goals that may have seemed almost impossible before! Get the Personal Investment Philosophy Template Here! In This Episode We Cover Why creating a financial plan/investment philosophy is so crucial when building wealth  Goal setting and discovering the principles of investing that you follow How to set your “target state” and what to do after you’ve achieved your biggest goals How to choose which asset classes to invest in (even if you’re brand new to investing) Emergency funds, safety reserves, and when or when not to keep a large cash position The three steps you can do TODAY that will fast-track your wealth-building And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Get the Personal Investment Philosophy Template Here!  Finance Friday: First Down Market? Here’s How to Stop Stressing The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Click here to check the full show notes: https://www.biggerpockets.com/blog/money-362 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Retirement planning is something best started early on. The more time you give yourself to invest, the faster your accounts can grow, giving you early financial independence well before the age of sixty-five. But what are the two best ways to do this? On one hand, you’ve got cash-flowing rentals that appreciate while giving you freedom-enabling income with long-term wealth growth. On the other hand, you’ve got passive retirement accounts, many of which can save you boatloads on taxes and grow discreetly in the background while you work away. It’s hard to say which is a better bet, so why not do both? Today’s guest Benjamin is feeling a little under-diversified after heavily investing in real estate, but without much in his retirement accounts. Benjamin is well versed in the pros and cons of pre and post-tax retirement investing, but with a high income, he’s worried that he may have already reached the income cap for his Roth IRA. Thankfully, he’s unlocked the “holy grail” of retirement accounts, one that will skyrocket his retirement quicker than he thinks. But before all of this is done, Benjamin and his partner need to build their investment plan. This will help them stay the course when life events come up, allowing them to still retire rich, hopefully in less than a decade. If you want to build your own investment plan, we highly recommend using the one from our own Scott Trench! In This Episode We Cover Paying off six figures of student debt and using the extra income to invest heavily House hacking and using primary residences to build wealth Roth IRA investing and what to do if you’ve hit the income limit The best way to invest in your retirement with stocks and index funds The right way to do diversification and safely building wealth at a young age Speeding up your path to financial independence with rental property investing And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Fidelity Investments Click here to check the full show notes: https://www.biggerpockets.com/blog/money-361 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

If you talk about how to avoid taxes, most people will think you’re doing something fishy in the eyes of the IRS. Very few know you can use the tax code to massively lower your year-end burden, all while making an ordinary income. Real estate investors have been doing this for years, using so-called “tax cheat codes” like depreciation and cost segregation studies to write off massive paper losses on their taxes. But how do they do it, and if you’re an investor, can you do the same? Natalie Kolodij, IRS Enrolled Agent, works exclusively with real estate investors to lower their taxes as much as legally possible. She knows the tricks of the trade that allow investors to not only pay less at the end of the year but grow their businesses more efficiently so financial freedom comes even faster! Natalie is also an active real estate investor and part of the FIRE movement, so if there’s one person who knows the right tax moves to make, it’s her! Natalie gives us a masterclass on how investors can lower their 2022 taxes as the year comes to an end, how to set yourself up for a successful 2023, and the massive real estate tax write-offs you should be utilizing. She also touches on how much CPAs and tax preparers can cost, when to start strategizing your taxes, backdoor Roths, and how to legally pay your children tax-free income so they get a boost on their financial future. In This Episode We Cover Year-end tax tips to lower your 2022 taxes as much as possible When to hire a CPA or tax preparer (and how much they’ll cost you) 2023 tax deductions for real estate investors and what you should take advantage of NOW How to get your children investing early with tax-free income from your business The biggest tax mistakes that investors make and why you may be overpaying in taxes Cost segregation studies, bonus depreciation, and how to cancel out the capital gains of a home sale And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Choosing the Right Tax Professional for YOUR Specific Needs BiggerPockets Money Bonus Episode: CARES Act: Everything You NEED to Know About the Coronavirus Stimulus Package Landlord Tax Loopholes That’ll Help You Pay ZERO Taxes in 2022 Click here to check the full show notes: https://www.biggerpockets.com/blog/money-360 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

The house hack strategy doesn’t always run smoothly. Turning an old home into a modern, rentable masterpiece takes money—especially if you’re doing a big renovation. One of the easiest ways to get the rehab funds you need? A home equity line of credit (HELOC). But, when used incorrectly, a HELOC’s adjustable interest rate can bury any chance you have at cash flowing, no matter how great of a mortgage rate you get. Welcome back to another Finance Friday episode! This time around, we’re tackling a rental property problem that is plaguing today’s guest, Josh. Josh has made some sound financial moves by having a stable income, a great side hustle, and his newest house hack. But, to maximize this house hack’s return on investment, Josh was forced to expand and convert many portions of his newly bought, hundred-and-fifty-year-old home. This forced his budget to shoot up higher than he was expecting. Now, he’s trying to figure out the best move as he manages his debt spread across his mortgage, a high-interest HELOC, a family loan, and more. Josh is poised to continue investing in real estate even after this intensive experience. He wants advice from veteran landlords Mindy and Scott on what his next move should be, how he can best capitalize on his remodeled home, and when he might be able to buy the next house hack. If you’re looking to reach financial freedom using real estate like Josh is, this episode is for you! In This Episode We Cover The house hack strategy and why it’s a phenomenal way for new investors to build wealth Home equity lines of credit (HELOCs) and when using this type of debt makes sense Home renovation budgeting and what to expect when doing an entire house remodel Velocity banking and why this form of leverage isn’t a smart move to make now When to sell a rental property and when to keep a cash-flowing investment The medium-term rental strategy and how to get higher rents for the same room or unit And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Click here to check the full show notes: https://www.biggerpockets.com/blog/money-359 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

For the past decade, Giving Tuesday has been a way for everyday Americans to donate their money, or time, to charities and causes that help collectively make the world a better place. Whether it’s a little or a lot, we’re encouraged to give what we can to bridge the gap between those that have so little and many of us that have so much. But how do you know a charity or organization is using your donation accordingly? How can you spot-check to see if your dollars are being used for those in dire need? We brought on Elie Hassenfeld, GiveWell co-founder and CEO, to help us navigate the tricky subject of giving to worthwhile charities. Elie knows a thing or two about validating which charities are worth donating to. At GiveWell, he spends his days researching thousands of charities for hundreds of millions of donatable dollars, helping those of us that are too busy to find a home for the donations that we are willing to give. In just six tips, Elie will give you the framework for finding a worthwhile charity or organization to give to, so you know that your dollar is being stretched the farthest it can. We also touch on whether or not high administration costs are ared flag, whether it's better to give goods rather than money, and how to truly measure an organization's impact to see how many lives they’re saving or improving with each dollar donated. If you're still on the fence about where to give this Giving Tuesday, head over to GiveWell.org to know your dollar is making a difference!  In This Episode We Cover Why donating overseas has much more of an economic impact than domestic donations How GiveWell validates the charities they approve and how to do the same in your local area Top tips for finding a charity that will use your dollar for its highest use Red flags to watch out for when researching charities and organizations GiveWell’s past mistakes and how they’re using them to grow a better organization Top charities that both GiveWell and BiggerPockets recommend donating to (like CrossPurpose!) And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Give Well   Click here to check the full show notes: https://www.biggerpockets.com/blog/money-358 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

The cost of raising a child is constantly changing. Every year, a new article comes out claiming that the cost of raising a child is hundreds of thousands of dollars. But is this figure accurate? Could kids actually cost far less than this, or does a few hundred thousand barely even scratch the service? What should new parents know before they bring home their first bundle of joy, and is financial independence even worth pursuing while raising a kid, let alone a few? We brought in the Investor Mama, Jen Narciso, who is not only raising kids but also chasing financial independenceand running her own podcast. Jen speaks to mothers all around the world who not only want the best for their children's futures but their finances as well. And, as someone raising two young children, she knows how much kids truly costbetween the car seats, formula, dance classes, doctors' bills, and everything in between. And, with Scott as a new dad, he’s got some serious questions to ask about how he can best raise his own daughter on a budget without sacrificing any quality of life in the process. Jen talks through the surprise expenses that most new parents overlook, how to save money on some of the most expensive items you need, the cost of child care and how to make it affordable, and whether to invest for your child’s future or your future retirement! In This Episode We Cover The average annual cost of raising a child and why it’s not what you’d expect Common child care costs and innovative ways to significantly lower your spending Surprise expenses you should prepare for and why you always need an emergency fund Money tips for new parents and how to sleep soundly even if you’re not financially free yet Roth IRA investing for your child and how to fast-track them to financial freedom even earlier Medical costs of having a child from delivery to regular doctors visits And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Toysrus InvestorMama Podcast 4 Ways Real Estate Can Help Offset the Staggering Cost of Having Kids Taxes, Backdoor Roths, Options, and How to Max Out Your Childrens’ Roths Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Tech stocks were slam dunk investments for the past decade. No matter what you invested in—Google, Facebook, Amazon, or even some obscure AI toaster company—you probably made decent returns. But, after years of continuous economic growth and massive government stimulus, tech stocks are finally starting to get shaky. The problem? New investors like Zoe have huge paper losses on their dashboards. But is this worth worrying over? Zoe is an ideal investor. At just twenty-four, she already has close to six-figure wealth, with a house hack, a respectable retirement portfolio, and a solid income every month. She’s making the right moves but feels like some of her most recent choices haven’t hit the mark. She dabbled in stock picking as her income went up, investing in some of the biggest names in tech over the past few years. Her house hack, which is almost letting her live for free, was bought at the top of the market with an average interest rate. Zoe needs to know what to do next. Should she sell her tech stocks and invest the money into index funds where she can let it ride? Should she buy a new house hack that allows her to live for free instead of at a discount? And where should she put the thousands of dollars she’s saving every month to ensure her a life of financial freedom in the near future? Zoe has some enviable problems, and on this Finance Friday, we’ll be solving them! In This Episode We Cover The 2022 stock market crash and whether selling and cutting your losses is a smart idea The right way to invest in tech stocks and how to get educated on stock picking House hacking and how deals that aren’t “home runs” can still be huge winners Getting paid to learn about real estate and using your downtime to boost your financial knowledge FHA loans, conventional loans, USDA loans, and other ways to fund a property purchase for low money down The right moves to make in your early twenties and why Zoe is a role model for new graduates And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget The 4 Steps to Financial Freedom and Debt-Free Wealth Is Now the Time to Buy as The Housing Market Starts to Dip? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-356 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Travel hacks, spending hacks, medical hacks. If there’s one thing that Chris Hutchins has learned from hosting the All the Hacks podcast, it’s that everything is negotiable. You can travel to over sixty countries for (almost) free, outsource your cooking at a reasonable rate and even get free money once forgotten. Chris should know—he’s done all this and more as he works to optimize every aspect of his life, both financially and personally! Chris was hacking at a very young age. In high school, he made a fake magazine so he could score free press passes to concerts. When he was away at boarding school, he would buy whole pizzas and sell them by the slice just to afford a few slices of his own. Then, later when he quit his job to travel the world, Chris and his partner hit over sixty countries, using credit card points to globetrott from South Africa to Singapore! Now, as a father, Chris is more concerned about hacking his time. He’s got kids to take care of and doesn’t want to waste a second of his day that could be spent planning for, or playing with, his children. In today’s episode, you’ll hear some of the most insane life hacks, from hiring a personal chef for a fraction of the cost to getting free champagne at any hotel stay and even snagging twenty to thirty percent off of your dream vacation villa. These hacks work (we tried them in real-time), and you may need a pen and paper to write them all down! In This Episode We Cover Credit card points, travel hacking, and how to get flights for free (or at a steep discount) Outsourcing and delegating everything so you spend more of your time with those who are most important Simple principles for an optimized life and why conventional wisdom is usually out of whack How to get deep discounts off of vacation properties during your next big trip Why you should NEVER cancel a flight until twelve hours before takeoff Where to find “unclaimed money” you never knew you had (we found some ourselves!) And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget All The Hacks Podcast Click here to check the full show notes: https://www.biggerpockets.com/blog/money-355 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

You’re one bad real estate investment away from being cash flow-poor and debt-rich. That’s right, not every investment property works out, and when leveraged the wrong way, a single property could put your financial future on the wrong track. While it’s easy to watch social media real estate investors flaunt their infinite cash flow and no money down tricks, buying profitable real estate is a little harder than it seems. Today’s guest, Shane, finds himself in this position, as an over-leveraged investment is causing him to hemorrhage cash. Welcome back to another episode of Finance Friday, where hosts Mindy and Scott bring financial suggestions, no matter how extreme, to guests in many different situations. This week, Shane walks through his numbers, and from the start, Scott picks up on a big problem. Shane and his partner bring in a solid amount of income, but it’s slowly slipping out of their accounts every month as an overleveraged short-term rental property and high consumer debt eats away at their respectable income. This isn’t an easy position to dig yourself out of, and Scott has some serious suggestions for Shane that could flip his financial position 180 degrees. But, doing so will require Shane to make drastic moves that will force him to reevaluate his relationships with spending and debt. While this “rip off the band-aid” type approach can be painful at first, it could save Shane years' worth of time on his path to real estate riches. In This Episode We Cover Staying away from consumer debt and how it can destroy your financial position Real estate leverage and why too much of it can cause you to have negative cash flow Sacrificing subscriptions, eating out, and other spending categories that may be tanking your budget Having a money date with your partner or spouse to get on the same financial footing The biggest moves to make if you’re serious about getting out of debt and on the path to financial freedom Budget busters and how to build a more sustainable pattern of spending And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Designing a Frugal But Luxurious FI Life by Age 32 Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap BudgetBytes.com The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Click here to check the full show notes: https://www.biggerpockets.com/blog/money-354 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!