BiggerPockets Money Podcast

Buying a house [https://www.biggerpockets.com/guides/first-time-home-buyer], maxing out your 401(k), and leveraging real estate can help you achieve financial independence. But suppose your goal is to retire early. Could relying too heavily on these principles actually delay early retirement? Today, we’re going to show you how to break free from the “middle-class trap” that stops so many from retiring early!  Welcome back to the BiggerPockets Money podcast! Is most of your net worth [https://www.biggerpockets.com/glossary/net-worth] “stuck” in home equity [https://www.biggerpockets.com/blog/what-is-home-equity] and retirement accounts? This is a widespread issue in the FIRE [https://www.biggerpockets.com/blog/fire-financial-independence-retire-early] community. On one hand, you could sell your home or refinance your mortgage [https://www.biggerpockets.com/guides/how-to-refinance-your-mortgage] to tap into your equity, but interest rates are too high! Meanwhile, you can’t withdraw money from your 401(k)—not without incurring severe penalties. In theory, you could already be a millionaire but have little to no cash flow to fuel your retirement. So, what should you do? In this episode, you’re going to learn all about the middle-class trap, how to avoid it, and, if you’re in it, how to get out! Mindy and Scott will share the “ideal” portfolio for an early retiree and the bridge accounts you need to retire today. Finally, is the FIRE community wrong about the 100% index fund portfolio? Stay tuned to find out! In This Episode We Cover The middle-class trap explained and how to avoid (or escape) it The “ideal” investment portfolio for the early retiree Tweaking your asset allocation to achieve financial freedom The power of owning a paid-off rental property [https://www.biggerpockets.com/guides/how-to-buy-rental-property] in retirement Bridge accounts and investments that will allow you to retire today Why a 100% index fund portfolio could come back to bite you And So Much More! Links from the Show Mindy on BiggerPockets [https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none] Scott on BiggerPockets [https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none] Listen to All Your Favorite BiggerPockets Podcasts in One Place [https://www.biggerpockets.com/podcasts?utm_source=youtube&utm_medium=description&utm_campaign=none] Join BiggerPockets for FREE [https://www.biggerpockets.com/signup?utm_source=owned_media] Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group [https://www.facebook.com/groups/3307645739309341] Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine [https://www.dealmachine.com/bp-challenge] Achieve FIRE with Scott’s Book “Set for Life” [https://store.biggerpockets.com/products/set-for-life-revised-edition?utm_source=owned_media] Find Investor-Friendly Lenders [http://biggerpockets.com/findlenders] BiggerPockets Money 554 - Should I Pay Off My Mortgage or Invest? (We Did the Math) [https://www.biggerpockets.com/blog/money-554?utm_source=youtube&utm_medium=description&utm_campaign=none] (00:00) Intro (00:42) What Is the Middle-Class Trap? (03:42) The “Ideal” Retirement Portfolio (10:31) Scott’s Path to Financial Freedom (16:13) Mindy’s Early Retirement Roadmap (24:12) The Power of Paid-Off Property (29:18) Middle-Class Trap “Timeline” (33:55) Share YOUR Portfolio! Check out more resources from this show on BiggerPockets.com [https://www.biggerpockets.com/] and https://www.biggerpockets.com/blog/money-602 [https://www.biggerpockets.com/blog/money-602] Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com [advertise@biggerpockets.com] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Why do so many in early retirement [https://www.biggerpockets.com/blog/retire-early-real-estate-investing] struggle with happiness? We know you’ve told yourself, “Once I hit FIRE, I’ll be living the dream! Every day will be like a vacation.” This is what Mindy was telling herself for years before becoming financially independent, and once she hit her goal, she realized life’s same problems still exist. If you’re FI already, this may sound familiar. So, how do you enjoy the path to early retirement so that when you reach your financial goal [https://www.biggerpockets.com/blog/goals-are-not-enough-unless-you-build-an-action-plan], the party doesn’t stop? Jordan Grumet, AKA Doc G, practiced full-time medicine for years but wasn’t completely satisfied, even with financial success. After reflecting on his “purpose,” he found that hospice medicine brought him true fulfillment. Through conversations with patients on their deathbeds [https://www.biggerpockets.com/blog/money-319], Jordan uncovered a common thread: most regrets stemmed from not living a purposeful life, regardless of financial achievement. In his new book, The Purpose Code [https://www.amazon.com/Purpose-Code-meaning-maximize-happiness/dp/1804090859], Jordan walks you through exercises that uncover your view on purpose, success, financial freedom, and what it means to truly “win” in life. His goal? Make sure you enjoy every day on the path to financial freedom so that when you get there, you know exactly how to live the life you love. If you want to reach FIRE [https://www.biggerpockets.com/blog/fire-financial-independence-retire-early] happy, less stressed, and full of energy to live your early retirement life, we’ve got what the doctor ordered. In This Episode We Cover Why even the wealthiest people in the world are still so unhappy (and what they’re missing) Why money is NOT the only tool you can use to find lifelong happiness  The four “anchors” you can use to find your life’s purpose before it’s too late How to enjoy the path to financial freedom [https://www.biggerpockets.com/blog/your-idea-of-financial-freedom-is-different-than-mine] without burning out or pushing through unhappiness The number one thing in life that leads to humans being happy (it’s completely free) And So Much More! Links from the Show Mindy on BiggerPockets [https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none] Scott on BiggerPockets [https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none] Listen to All Your Favorite BiggerPockets Podcasts in One Place [https://www.biggerpockets.com/podcasts?utm_source=youtube&utm_medium=description&utm_campaign=none] Join BiggerPockets for FREE [https://www.biggerpockets.com/signup?utm_source=owned_media] Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group [https://www.facebook.com/groups/3307645739309341] Jordan’s Website [https://jordangrumet.com/] Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine [https://www.dealmachine.com/bp-challenge] Buy “The Purpose Code” [https://www.amazon.com/Purpose-Code-meaning-maximize-happiness/dp/1804090859] Find an Investor-Friendly Agent in Your Area [http://biggerpockets.com/agentmatch] The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable w/Doc G [https://www.biggerpockets.com/blog/money-319?utm_source=youtube&utm_medium=description&utm_campaign=none] (00:00) Intro (04:39) The Comparison Trap (06:38) You're Getting "Purpose" Wrong (10:16) How to Start Enjoying Life (14:07) The Reason So Many Aren't Happy (23:30) The Huge Impact of "Little" Purpose (29:10) Purpose Exercises (30:52) Finding Your Community (33:54) Connect with Jordan! (34:27) Find Purpose BEFORE FI! Check out more resources from this show on BiggerPockets.com [https://www.biggerpockets.com/] and https://www.biggerpockets.com/blog/money-601 [https://www.biggerpockets.com/blog/money-601] Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com [advertise@biggerpockets.com] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Are you building wealth [https://www.biggerpockets.com/blog/how-to-build-wealth-with-real-estate] but feel like you can never enjoy it? Do you struggle with money, fearing you carry the same poor financial habits [https://www.biggerpockets.com/blog/7-toxic-money-habits-harm-financial-future] as your parents? Whether you’ve got a lot of money or a little, many of us face the same mental financial challenges—anxiety, shame, and stress—but it doesn’t have to stay this way. Today’s guest is living proof that change is possible. After completely turning his financial life around, from maxed-out credit cards [https://www.biggerpockets.com/blog/money-488], a rock-bottom credit score [https://www.biggerpockets.com/blog/improve-your-credit-score], repossessions, and empty bank accounts, to achieving financial success, he now teaches others how to do the same. Steven Hughes, a money therapist, focuses on uncovering the financial beliefs shaped during childhood. Steven recognized that the negative money mindset affecting him in his youth also impacted countless others. To address this, he founded the non-profit “Know Money [https://knowmoney.org/]” to help people cultivate a stress-free, anxiety-free, and guilt-free perspective on money, empowering them to achieve true wealth—both mentally and financially. Do you feel like, even though you’ve got money, you’re constantly worrying or unable to keep a cent in your bank account? Steven provides practical tools to help you finally break free from an unhealthy money mindset. In This Episode We Cover How to find the “root” of your money fears [https://www.biggerpockets.com/blog/money-447] and address it once identified Why some people with extraordinary incomes struggle to save money Healthy vs. unhealthy financial emotions and ways to stop feeling guilty about success Tools to manage your emotions around money so you can truly enjoy your wealth The “family fund” that empowers you to give generously without being taken advantage of And So Much More! Links from the Show Mindy on BiggerPockets [https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none] Scott on BiggerPockets [https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none] Listen to All Your Favorite BiggerPockets Podcasts in One Place [https://www.biggerpockets.com/podcasts?utm_source=youtube&utm_medium=description&utm_campaign=none] Join BiggerPockets for FREE [https://www.biggerpockets.com/signup?utm_source=owned_media] Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group [https://www.facebook.com/groups/3307645739309341] Steven’s Website [https://stevenmhughes.com/] Steven’s Affirmations [https://stevenmhughes.com/affirmations/] Groove Money [https://groovemoney.org/] Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine [https://www.dealmachine.com/bp-challenge] Grab Your Copy of “The Richest Man in Babylon (BiggerPockets Edition)" [https://store.biggerpockets.com/products/richest-man-in-babylon-biggerpockets-edition?utm_source=youtube&utm_medium=description&utm_campaign=none] Find an Investor-Friendly Agent in Your Area [http://biggerpockets.com/agentmatch] How to Use Your Financial Fears to Build Wealth Better [https://www.biggerpockets.com/blog/money-447?utm_source=youtube&utm_medium=description&utm_campaign=none] (00:00) Intro (01:13) 7 Maxed Out Credit Cards?! (05:56) Teaching Others to Avoid His Mistakes (07:34) Identifying Your Money "Root" (10:08) Getting Out of Debt (11:55) Financial Therapy (16:28) Mental Money Challenges (18:53) Healthy vs. Unhealthy Money Emotions (22:24) What to Do AFTER FIRE (25:46) Tools to Manage Money Emotions (32:34) Family Asking for Money? (38:34) Connect with Steven! Check out more resources from this show on BiggerPockets.com [https://www.biggerpockets.com/] and https://www.biggerpockets.com/blog/money-600 [https://www.biggerpockets.com/blog/money-600] Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com [advertise@biggerpockets.com] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Is it a good time to invest in real estate [https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide]? Yes, and we have proof that real estate may be underpriced, even as we hover around the most expensive average home prices in history. How can real estate be undervalued when prices are at historic highs? Dave is sitting down with Scott Trench, CEO of BiggerPockets, who has condensed ten hours' worth of research into one episode to prove to you that, without a doubt, real estate will be winning over the next few years. Plus, he’s about to make a BIG financial bet on it. We’ve been talking a lot about entering the “upside” era recently—the new cycle of real estate investing—and wanted Scott’s take on it, too. He has invested in real estate for over a decade, reached financial independence [https://www.biggerpockets.com/blog/key-to-financial-independence-has-nothing-to-do-with-real-estate] through rental properties, and has been openly critical about multiple sectors of the real estate industry over the past few years. Today, Scott makes a compelling case for real estate as a better investment than stocks, crypto, or gold. Some specific real estate niches could see prices drop even more, making 2025 (and 2026) phenomenal opportunities to buy. Make your choice: tune into this episode and build wealth while others sit on the sidelines or wish you had done so in a few years. In This Episode We Cover Why residential real estate may actually be undervalued in 2025  One sector of real estate with enormous buying opportunities nobody is noticing Scott’s MASSIVE real estate bet and why he’s selling much of his stock portfolio Where interest rates [https://www.biggerpockets.com/blog/investors-stop-worrying-about-rates-in-2024] will be in 2025 and whether they could rise even more Rental housing demand and the almost irrefutable case that rent prices [https://www.biggerpockets.com/blog/rent-prices-are-guaranteed-to-rise-over-the-next-two-years] will rise Why Scott believes Bitcoin [https://www.biggerpockets.com/blog/why-you-should-reject-bitcoin] will be going to $0 in the long term And So Much More! Links from the Show Mindy on BiggerPockets [https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none] Scott on BiggerPockets [https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none] Listen to All Your Favorite BiggerPockets Podcasts in One Place [https://www.biggerpockets.com/podcasts?utm_source=youtube&utm_medium=description&utm_campaign=none] Join BiggerPockets for FREE [https://www.biggerpockets.com/signup?utm_source=owned_media] Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group [https://www.facebook.com/groups/3307645739309341] Rent Growth [https://yieldpro.com/2024/12/analysts-predict-how-multifamily-will-thrive-in-2025/] Treasury Yields [https://www.ustreasuryyieldcurve.com/] Real Median Household Income [https://fred.stlouisfed.org/series/MEHOINUSA672N] Median Sales Price of Houses [https://fred.stlouisfed.org/series/MSPUS] S&P 500 Ten-Year Returns vs. S&P 500 P/E [https://www.lpl.com/research/blog/do-good-times-make-bad-times-pe-ratios-and-forward-returns.html] Connect with Dave [https://www.biggerpockets.com/users/davem27?utm_source=youtube&utm_medium=description&utm_campaign=none]   Check out more resources from this show on BiggerPockets.com [https://www.biggerpockets.com/] and https://www.biggerpockets.com/blog/money-599 [https://www.biggerpockets.com/blog/money-599] Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com [advertise@biggerpockets.com] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

From over $300,000 in debt to a millionaire in just eight years?! No matter where you’re at, it’s never too late to get on the path to financial freedom [https://www.biggerpockets.com/blog/your-idea-of-financial-freedom-is-different-than-mine]. This entrepreneur is proof that a little discipline, frugality, and creativity can radically change your financial trajectory! Welcome back to the BiggerPockets Money podcast! Today, we’re speaking with Bernadette Joy, founder of Crush Your Money Goals. In 2016, Bernadette had dug herself a six-figure hole—a combination of student loans, credit cards, and mortgages [https://www.biggerpockets.com/glossary/mortgage]—simply by listening to bad money advice. But in just THREE years, she paid off all of her debt and has since built a net worth of $1.8 million! How did she create such an enormous swing in less than a decade? In this episode, she’ll show you the exact steps she took so that YOU can do the same! Want to accelerate your journey to FIRE [https://www.biggerpockets.com/blog/fire-financial-independence-retire-early]? Bernadette has all kinds of budgeting tips, debt paydown strategies, and side hustles [https://www.biggerpockets.com/blog/side-hustle-ideas] that will help you reach your financial goals much faster. Stay tuned to learn how to wipe out your debt as quickly as possible, save for retirement [https://www.biggerpockets.com/blog/retirement-savings], and even make an extra $100 a day alongside your nine-to-five job! In This Episode We Cover How Bernadette paid off $300,000 in debt in just THREE years Making an extra $100 a day with side hustles (while working a W2 job) The three-bucket, zero-based budget that balances frugality and freedom Using the “snowball” method to pay off student loan debt [https://www.biggerpockets.com/blog/pay-student-debt-start-investing] faster Whether you should keep a large cash position (or invest it!) How to manage financial anxiety on the road to financial independence And So Much More! Links from the Show Mindy on BiggerPockets [https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none] Scott on BiggerPockets [https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none] Listen to All Your Favorite BiggerPockets Podcasts in One Place [https://www.biggerpockets.com/podcasts?utm_source=youtube&utm_medium=description&utm_campaign=none] Join BiggerPockets for FREE [https://www.biggerpockets.com/signup?utm_source=owned_media] Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group [https://www.facebook.com/groups/3307645739309341] Grab Scott’s Book “Set for Life” [https://store.biggerpockets.com/products/set-for-life-revised-edition?utm_source=owned_media] Find an Investor-Friendly Agent in Your Area [http://biggerpockets.com/agentmatch] BiggerPockets Money 586 – Average Net Worth by Age (How Do You Compare?) [https://www.biggerpockets.com/blog/money-586?utm_source=youtube&utm_medium=description&utm_campaign=none] Connect with Bernadette [https://www.biggerpockets.com/users/bernadettej7?utm_source=youtube&utm_medium=description&utm_campaign=none]   (00:00) Intro (00:59) Getting Into $300K of Debt (04:52) The Zero-Based Budget (14:00) Starting Side Hustles (18:33) Making an Extra $100/Day (24:44) Bernadette’s Portfolio (37:47) Connect with Bernadette! (39:16) Crush Your Money Goals! Check out more resources from this show on BiggerPockets.com [https://www.biggerpockets.com/] and https://www.biggerpockets.com/blog/money-598 [https://www.biggerpockets.com/blog/money-598] Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com [advertise@biggerpockets.com] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]