Explore the BiggerPockets Money podcast.

Most people assume wealth is built from a singular source, but the most successful people have multiple streams of income. 2020 was the year of the side hustle. People started to find ways to monetize their hobbies, create services, and capitalize on their talents. While some people are just now catching on, today’s guest, Jannese Torres-Rodriguez, was ahead of the curve. It all began with a food blog she started for fun that has turned into passive income for her $320,000 salary composed solely from her various “side hustles”.    Before the start of her money journey, Jannese was on the traditional path to what most would consider the ideal type of success. She not only graduated from college but got her master's in pharmaceuticals and landed a job that led to her dream, a six-figure salary. Despite this, she was still unhappy and soon realized she was unaligned with the power of money. Over time, she made several lifestyle changes and started learning about financial independence. Using what she learned, Jannese finished paying off her $57,000 student loans and became debt-free in February of 2020.   After 5+ years of accruing income from her food blog, Jannese discovered she could make her side hustles a full-time business and finally be fulfilled by the work she was doing. She began a podcast about financial independence that aims to help people of color learn more about financial freedom. She also does virtual workshops, digital courses, and brand partnerships as well as several other services that contribute to her salary. Jannese is a perfect example that you don’t have to give up what you love to make money, you just have to capitalize on it.  In This Episode We Cover How to find financial independence, even if you’re in a lot of debt  How to minimize excessive spending while still enjoying your money  Becoming a full-time entrepreneur and managing the struggles of being self-employed  Outsourcing work and its importance especially when you’re stretched thin  Dealing with Imposter Syndrome and overcoming shyness   The value of diversifying your income and why it’s becoming more popular   Finding your niche target market, even if you don’t think you have one  And So Much More!

Mindy may seem like a financial superhero to most listeners of the Money Podcast, but she’s nothing without her financial education inspiring partner, Carl Jensen. Carl is known quite well around the personal finance community as co-host of the Mile High FI podcast and writer over at 1500days.com. Carl and Mindy are just closing in on their twentieth anniversary, so there’s no better occasion to have them both on the show than right now! Surprisingly, Carl and Mindy didn’t talk about money for a significant time once they started dating. Mindy credits her faith in Carl’s money skills by how he acted more than how he spoke. Carl was driving around a used car, he lived in a house he inherited from his grandmother, and he used a coupon on their first date (smart move, Carl).  Now as a financial and romantic powerhouse, they both share thoughts on prenuptial agreements, protecting your wealth, 401k investing, and questions to ask a potential partner. Whether you’re single, dating, married, or a money-hoarding hermit, this episode sheds light on twenty years worth of money lessons learned so you can live a happier, more FI-focused life! In This Episode We Cover When a prenup is worth having and whether or not it will protect your wealth  The telltale “context clues” of dating someone who has a frugal mindset Frontloading your retirement accounts so you can build wealth faster The importance of tracking your expenses and regularly updating your FI number  Margin loans and getting low-interest debt on your stock portfolio When to start talking about money with a potential partner  And So Much More!

Building wealth takes decades with some serious hard work and many, many mistakes along the way. The problem? Most financial independence chasers see themselves as having to be perfectionists. Every investment must be perfect, every dollar spent housed within a budget, and at no time can money become something fun or playful. Joe Saul-Sehy and Emily Guy Birken rightfully see this type of “serious money attitude” as a mistake that should be avoided at all costs. Every financial guru, expert, or leader in the field has made money mistakes, stressed about money, and finally overcame to accomplish greatness. This is exactly what Joe and Emily want you to accomplish through their new book Stacked: Your Super-Serious Guide to Modern Money Management. Joe and Emily threw out the old-fashioned mentality about money having to be a serious subject. Instead, they littered their new book with humorous anecdotes, financial innuendo, and lessons that will allow you, your child, your spouse, or your best friend to succeed. If you’re tired of stressing about money and want to start stacking it instead, preorder the new book today! In This Episode We Cover Why most personal finance books tend to miss the mark on being entertaining and informative  Risk management and how it goes far beyond simply buying insurance  The importance of having a financial plan in place NOW before disaster strikes 401ks vs. Roth IRAs and the future tax implications of retirement accounts  Tax brackets and the simplicity of calculating yours  Why Joe needed to “fire” his own mother from working on his book And So Much More!

Stocks vs. real estate is a regular feud among many financially savvy forums on the internet. While some investors love the passive aspect of stocks, other investors love the tax savings and flexibility of real estate. Regardless of your preferred asset, it’s better to stick your hard-earned money in something that makes money for you, instead of spending it or letting it sit. Our guest today, Madison, is having trouble deciding which asset class she and her husband are best suited for. They have high-income jobs, a great net worth for their age, and just moved from the expensive San Francisco Bay Area to far more reasonable Texas. They’ll have a lot more money to stash away without the high rent, gas prices, or child care they had in California. But neither Madison nor her husband have plans to retire early, so should they even plan for early retirement? Scott and Mindy walk Madison through her multiple different investing options, along with giving her the structure to formulate a three, five, and ten-year plan for wealth building and financial freedom. We may hear back from Madison very soon on the progress she’s made! In This Episode We Cover Why relocating to another state can be a massive savings lever  Understanding when you want to retire and how your assets play a part in retirement  Putting in your “500 hours” to any asset you truly have an interest in  Turning your primary residence into a rental property after you upgrade  Stock investing vs. real estate and the pros and cons of both Reducing your spending so you can save (and invest) much more And So Much More!

If you need pension funds explained, there’s no better person to talk to than the internet’s leading voice on all things pensions and retirement, Grumpus Maximus. After spending twenty or so years in the military, Grumpus began to put his health, happiness, and passions first. Now, retired with plenty of money coming in (thanks to pensions and retirement accounts), Grumpus spends his time blogging and helping others ask the meaningful question, “is my pension worth it?” Guest co-host Joe Saul-Sehy from the Stacking Benjamins podcast is here to help Mindy tee up some pension-related questions for Grumpus. Whether or not you have a job offering a pension or you’re debating accepting a job with a pension, the research-based questions asked today will help you evaluate whether or not a pension is truly worth it.  You’ll hear about the safety of pensions, healthcare-impacted pensions, annuities, and Cost-of-Living Adjustments (COLA) so you can make the best possible decision regarding your (early) retirement plans! In This Episode We Cover “Cashing out” of a pension and what to do with the money Understanding the healthcare implications that come with leaving a pension  Which industries have the riskiest pension plans Is an annuity ever worth the fees?  Researching your pension and understanding the benefits  How to analyze the safety of an organization’s pension plan  And So Much More!

A common debate in real estate is cash flow vs. appreciation. While some investors rely on their rental property income to reach FI, others argue that appreciation will provide them the equity gain to truly build wealth. You’ll hear this discussion in-depth on today’s episode as guest Jackeline walks Mindy and Scott through her $20,000 rental property in Northern Illinois.  Jackeline is already doing well in other aspects of her life. She’s got a high net worth, with fully-funded retirement accounts and a big cash cushion, but she wants to reach FI by 45 so she has the option to retire. One of the best ways to do that? Cash flowing rentals! The only problem is that Jackeline is buying these rentals in a less-than-optimal area. With rentals in C or D-class neighborhoods, you can count on more tenant problems, repairs, and headaches. But, these downsides come with the big upside of higher cash flow. Scott and Mindy both help Jackeline balance the scales on what is most important to her: buying in an appreciating market but using more of her cash or continuing to purchase low-cost, riskier rental properties.  In This Episode We Cover Building multiple financial safety nets between retirement accounts, cash, and cash flow  Buying rentals in C to D-class neighborhoods and the pros/cons associated with them Properly screening tenants to minimize turnover and maximize ROI Experimenting with different rental property classes to find a strategy that works for you Finding your real estate tribe and networking with others who can help you grow 1031-ing a property to avoid a tax penalty and grow your real estate portfolio And So Much More!

We have a lot of impressive guests on the show, and they just seem to get younger with every new episode. You’ve heard the stories of people in their twenties buying rentals, people in their thirties hitting coast FI, and people in their forties and beyond making many, many millions. But, what about a marine recruit, making a low salary, buying more than $800k in real estate within his second decade on earth? Now that sounds like an interesting story. Jabbar Adesada fits the bill exactly! After moving in with his father, he was given strict instruction to read books like Rich Dad Poor Dad, I Will Teach You To Be Rich, and Automatic Millionaire. Jabbar decided to put down his NBA/med school dreams and open up a brokerage account. Lucky for him, right around the time he started investing was the 2020 stock market crash, giving him all the discount he needed to make his first profits. After running some “when will I be a millionaire?” scenarios, Jabbar realized that real estate, and not the stock market, was the best path to financial independence. Jabbar shares the story of how he was able to find funding, a down payment, and a property that would allow him to house hack, Craige Curelop style. Not only that, Jabbar just closed on a short-term rental in the Smoky Mountains, which puts his real estate portfolio north of $800k! Let’s mention this again: He’s twenty years old!  In This Episode We Cover Why early financial education can make or break your child’s path to success The best finance books that you (or your child, cousin, niece, or nephew) should read  Why crashes aren’t a sign to panic, but a sign to buy more House hacking at a young age, and how to get pre-approved for loans without an extensive job history  Having an “obsessive mindset to be wealthy” and using it to help not only yourself but others Practicing delayed gratification and building a brighter future with each investment And So Much More!

There are many ways to fund your nest egg. You could outright save, or you could invest in index funds, rental properties, or short-term rentals like today’s guest, Charlotte from Charlotte. Working as a teacher in one of the lowest-paid states in the US, Charlotte was able to fully replace her teacher’s salary by operating a single short-term rental cabin in Western North Carolina. When she discovered the FIRE Movement only a year ago, she knew that intelligent investments like this could fund the globetrotting adventures she and her husband had plans for. But, with her husband four years away from securing his government pension, Charlotte wants to be absolutely sure that her short-term rentals will be pulling the fiscal weight of word travel when he steps away from his job. Charlotte may be a rookie in the terms of real estate investing, but she’s far from it when it comes to taking actionable steps to ensure phenomenal returns. She’ll be hitting a 100% cash-on-cash return with her newest rental addition! If you have dreams of early retirement through real estate, follow Charlotte’s lead by planning, executing, and financing to FI! In This Episode We Cover The phenomenal returns of short-term rentals and why now may be the best time to invest How to plan for retirement with a pension or predictable income stream  Investing in index funds vs. real estate when trying to hit FI Vacation home, second home, and portfolio loans for your next short-term rental Why the high price of STR property management may be worth the peace of mind And So Much More!

If you’ve been in the FI community for years, you know the ins and outs of retirement planning, index fund investing, house hacking, and every other money-making opportunity around. But, it’s safe to say that this took you years to figure out, sometimes well into adulthood. What if you were given the same knowledge you have now, but when you were a teenager? Dan Sheeks is trying to do this exactly, by teaching his students about personal finance, saving, investing, and how they can plan for FI. Dan has taken his knowledge of finance, teaching, and working with teens to write First to a Million, a Teenager’s Guide to Achieving Financial Independence. In this book, Dan takes teens on a journey through the four mechanisms of financial independence and teaches them to plan money around what makes them happy. So many teenagers have seen their parents run off to work only to come home exhausted, constantly checking emails, and rarely present with the family. Dan wants to make this all-too-real future a thing of the past for teens who are willing to work hard, be frugal, and practice financial discipline.  In This Episode We Cover Why The American Dream may be off-course for modern teens  The financial independence “plan of attack” for teens who want to hit FI fast Why happiness should be at the forefront of your financial decisions  Whether or not college is still a viable choice for today’s modern working world  The importance of having a strong community you can count on And So Much More!