BiggerPockets Money Podcast

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BiggerPockets Money Podcast 35 with Craig Curelop (House Hacking)

BiggerPockets Money Podcast 267 with Robert Farrington (Student Loans)

Does It Make More Sense to Rent or Buy in Today’s Real Estate Market?

A Beginners Guide to Hack Your Housing and Live for Free

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Check the full show notes here: https://www.biggerpockets.com/blog/money-290

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110: Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life

BiggerPockets Money Podcast

02/03/20 • 63 min

Purple graduated from college and got a job in New York City making $35,000 a year. And spending $35,000 a year. Her net worth was a whopping $5,000. Her partner shared the concept of financial independence with her, but she wasn’t interested.

Two years later, her net worth had grown considerably, but she was still not tracking her spending or paying attention to much of her finances.

So, she took a good look at her money situation and discovered that there were places she could make cuts—yet not really feel them.

She moved across the country, she changed jobs, she asked for raises. And she saved and invested her money.

And her net worth grew to the point that she is retiring before the end of the year and traveling the world—all because she looked at her financial situation and said, “I can do better than that!”

Listen in to hear just how she increased her income and decreased her spending to craft the life she wanted!

In This Episode We Cover:

Purple's journey with money
Her mom's gift
Deciding to seek financial independence
Convincing your partner to pursue FIRE
Purple's net worth
Tips for people who are looking for a new job and better income
The importance of research
Purple's plan in the future
What her retirement looks like
Possible downsides of remote work
And SO much more!

Links from the Show

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517: Everything You Need to Know Before You Buy a Business

BiggerPockets Money Podcast

04/05/24 • 48 min

Buying a business? Maybe you’ve thought about it before. You could own a laundromat, self-storage facility, plumbing business, or landscaping service. It doesn’t sound glamorous, but these types of businesses can make you millions of dollars and lead you to financial freedom. And, with so many baby boomers retiring, tons of small businesses with built-in customer bases are for sale, just waiting for YOU to come and make money from them. But before you buy, there are some things you should know.

Elliott Holland, an expert in acquiring small and medium-sized businesses, helps aspiring business buyers uncover whether a business is worth the price. Elliot’s team specializes in business due diligence, making sure that YOU don’t buy a business that’s worth less than what the owner/broker told you it was. Trust him; he’s saved many new entrepreneurs from making million-dollar mistakes.

So, before you buy a business, listen to this episode. In it, Elliot walks through exactly how a business is valued, which loans you can use to buy a business, why you CAN’T trust the financials from the current business owner, questions to ask before you buy, and who should even be buying a business in the first place. Do this right, and you could be sitting on lifetime financial freedom, but take a wrong turn, and you could lose millions (we’ll share that story, too!).

In This Episode We Cover

How to buy a “boring business” that will lead you to financial freedom

How businesses are valued and why you MUST understand “EBITDA”

Tricky ways that business owners inflate their numbers to sell to you for more

Who should (and definitely shouldn’t) be buying small businesses

Three things you MUST look at before you make a bid on a business

The wrong move that lost one business owner over $2,000,000 when buying a business

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Find Investor-Friendly Lenders

Codie Sanchez: These “Boring Businesses” Will Make You Rich

Leila and Alex Hormozi’s Unbelievably Simple Investing Advice

Sites to Buy Businesses:

Elliot’s Resources ...

534: Coast FI at 24 and a $99K Net Worth Thanks to a Few Years of Pure Hustle

BiggerPockets Money Podcast

06/04/24 • 57 min

Could Coast FI be your BEST path to financial independence? Maybe you don’t want to retire early —not yet, at least. Hustle for a few years, invest your money, and watch it snowball instead! This twenty-four-year-old saved nearly $100,000 with this strategy, and in today’s episode, she’ll show you how to do the same!

Emma von Weise was determined to take control of her finances at a very early age, getting her first job at just fourteen years old and saving money at every opportunity. This allowed her to not only escape college debt-free but also build a $99,000 net worth, a figure that will make her Coast FI until retirement—which isn’t on the radar anytime soon! Using her newfound financial freedom, Emma has built her “dream” life by working in a field she loves and taking plenty of time off to travel.

In this episode, Emma shares about all of the different jobs and side hustles she took up to supercharge her savings, as well as several creative “hacks” she used to help fund her college tuition. She also talks about some of the pivotal moments that shaped her views on personal finance, such as discovering the power of compound interest and finding an entire support system through the FI community!

In This Episode We Cover

How Emma became Coast FI by twenty-four and built a $99,000 net worth

Creative ways to fund your college education and escape debt-free

The real value of buying used cars from private owners (and where to find deals!)

How to create a fun and fulfilling life you don’t want to retire from

How to fast-track your fortune using the power of compound interest

Making your money work harder for you after stockpiling cash

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Find Investor-Friendly Lenders

Property Manager Finder

BiggerPockets Money Episode 474 - Mindy and Scott’s Favorite Sleepaway Camp for FIRE Chasers

BiggerPockets Money Episode 449 - Coast FI in 4 Years: Cutting Expenses, Doubling Your Income, & HUGE Savings

528: The Small Business Owner’s Guide to Taxes, LLCs, Deductions, & Audit Risks

BiggerPockets Money Podcast

05/14/24 • 56 min

Starting your first or next business? This episode is for you. Today, we’re bringing you everything you need to know about small business taxes for beginners. Whether you’re a solo entrepreneur, partner, landlord, house flipper, Airbnb host, or something in between, you MUST know about these tax laws before you start making money with your own business because if you get them wrong, you could be paying a MASSIVE penalty come tax time. You could save yourself thousands, or TENS of thousands, just by tuning in!

Brandon Hall, CPA, runs a real-estate-focused tax and accounting firm for big and small real estate investors. But, even if you’re not investing in real estate, these tax tips also apply to YOU. In today’s episode, we threw dozens of hard-hitting tax questions at Brandon so you know what to do with your next side hustle or full-blown business.

We’ll discuss whether you need an LLC, the real benefits of getting one, and which business entity (LLC, S-corp, C-corp, etc.) makes the most sense for your specific business and tax needs. Making money on your own but NOT paying quarterly taxes? This could cost you BIG, but thankfully, Brandon goes through exactly how much you could owe. And if you want to owe less to the IRS, we’ll give examples of tax deductions plus, which are NOT worth it and could put you at a BIG audit risk.

Need a tax professional for your small business? Find one for free with BiggerPockets Tax and Financial Services Finder!

In This Episode We Cover

Self-employment and small business taxes for beginners

Whether or not you need an LLC and why most real estate investors have this all wrong

Estimated taxes and the MASSIVE penalty you’ll pay if you forget about this

Tax deductions and the audit red flags that the IRS is looking for

The different business entities you can start and which has the best tax benefits

The three things you NEED to set up an LLC and the most critical one beginners forget

“SALT” taxes and why those selling goods in different states could owe even more

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Find Investor-Friendly Lenders

How to Obtain Real Estate Professional Tax Status

Hear Past Episodes with Brandon:

BiggerPockets Real Estate 196 - LLCs, House Hacking, and Saving on Taxes w...

503: How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!)

BiggerPockets Money Podcast

02/16/24 • 44 min

With solid tax planning, receiving an inheritance could provide an enormous boost on your journey to financial freedom. One misstep, on the other hand, and you could be lining Uncle Sam’s pockets. Fortunately, we’ve brought on a tax professional to help you keep as much of your newfound money as possible.

There are two certainties in life: death and taxes. In this episode of the BiggerPockets Money podcast, we’re combining them. Sean Mullaney, The FI Tax Guy, returns to the show to lend his expertise on inherited investment accounts. Whether you’re the spouse, child, or sibling of a loved one who has recently passed, you’ll need a plan for managing these financial assets. Otherwise, a huge inheritance “tax bomb” could be waiting for you down the line!

Sean discusses the four “buckets” of assets you can inherit and the steps you should take in each scenario. You’ll also learn about the “step-up in basis” exemption that allows you to dodge capital gains tax on certain accounts, as well as when you might need to take required minimum distributions (RMD) —even if you’re far from retirement. Grab your pen and paper as we get into the nitty-gritty of inheriting wealth.

In This Episode We Cover

How to pay less tax on your inherited investment accounts

The four “buckets” of financial assets you might inherit

Navigating the “ten-year rule” and preventing a HUGE tax bill

Dodging capital gains tax with the “step-up in basis” exemption

How to avoid early withdrawal penalties on spousal accounts

The “worst” account to leave for an heir (and what to do with it instead!)

How to pass a retirement account on to a spouse, child, or sibling

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Find a Tax Professional Today

Money Moment

Estate Planning, Wills, and What to Do NOW to Protect Your Heirs

The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future

Hear Our Last Epiosde with Sean

Grab Your Copy of “Die With Zero”

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-503

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymo...

469: David Greene’s 3 Steps to Building Wealth EVEN in a Bad Economy

BiggerPockets Money Podcast

11/15/23 • 36 min

Building wealth is about to become more challenging than ever before. High interest rates make many rental properties cash-flow-less, the economy could enter a recession, and many investors could lose their shirts. In times of extreme economic uncertainty, only the financially fit will be able to keep, protect, and build wealth. So, in today’s episode, we’re giving you the steps you need to not only survive but thrive in ANY economy.

Who are these steps coming from? David Greene, the waiter turned multi-million dollar property investor who is not only the industry’s leader in real estate investing but one of the most financially savvy people on the planet. When the gurus go left, David goes right, which is how he’s been able to hold on to his wealth EVEN during economic turbulence .

Today, David will go over the Pillars of Wealth (also the name of his new book) that you must start building NOW if you want your wealth to last. David even gives some rare commentary on the MOST critical thing you can do to reach financial freedom faster and make more money (hint: it’s not investing in real estate).

In This Episode We Cover

The three unignorable pillars of wealth that will make you rich

BIG shifts in the economy and what happens when this game of “musical chairs” comes to an end

When to NOT invest in real estate and whether or not 2024 is FAR riskier than before

The EASIEST way to boost your bank account WITHOUT making more money

What to do TODAY to ensure you keep your job, get raises, and grow your income

And So Much More!

Links from the Show

Scott's Instagram

Grab Scott’s Book, “Set for Life”

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Pick Up “Pillars of Wealth” and Other Best-Selling David Greene Books

Money Moment

Hear David on The “BiggerPockets Real Estate” Podcast

How to Become an “Overnight” Success in 10 Short Years with David Greene

Bootcamps

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-469

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

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510: Morgan Housel: Financial Lessons From History Anyone Can Use to Get Rich

BiggerPockets Money Podcast

03/12/24 • 52 min

Morgan Housel’s ground-breaking book, The Psychology of Money, changed how many Americans thought about saving, spending, and investing. Through a collection of financial lessons, Morgan opened up new thought patterns for many of us, showcasing that getting rich isn’t as complicated as you might think, but staying rich can be the actual challenge. Now, this personal finance powerhouse is back with a new book, Same as Ever.

In Same as Ever, Morgan doubles down on what has, and most likely always will, work in the personal finance world. By showcasing some of the most commonly repeated financial events of the past, we can better shape our understanding of what will happen in the future and use history to our advantage to build even bigger wealth, enjoy our lives even more, and not repeat our past mistakes.

But this episode goes much deeper than that. We talk about why so many Americans will die without building wealth, why people are afraid to invest, when to spend your wealth once you’ve built it, and exactly how Morgan invests his own money. Plus, why getting rich isn’t your biggest concern—staying rich is.

In This Episode We Cover

Why Morgan thinks you MUST be a “reasonable optimist” to get and stay rich

Exactly how Morgan spends, saves, and invests his own money

The real reason why most Americans will die without ever building wealth

The “competition” which is always looking to take your success from you

How to STOP being afraid of investing and start putting your future first

When to spend your wealth and why dying with riches isn’t the real goal

Financial regrets and mistakes of Morgan’s past, and advice for ANY investor

And So Much More!

Links from the Show

Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums

Listen to All Your Favorite BiggerPockets Podcasts in One Place

The Simple Path to Wealth—Index Funds Explained with JL Collins

How to Get Rich Without Investing in Real Estate

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-510

Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]

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On Track to Retire a Millionaire After Living Paycheck to Paycheck

BiggerPockets Money Podcast

10/18/24 • 31 min

Just a short while back, Marisa Mae was caught in the paycheck-to-paycheck trap, her credit cards stretched to their limits with no emergency savings to speak of, all while wrestling with constant financial stress. Today, she’s on a clear path to retire as a millionaire. Her secret? Mastering the art of debt repayment without succumbing to severe frugality. Marisa managed to eliminate five-figure consumer debt, not by cutting out her cherished coffee runs, but by smart financial planning. Isn’t that supposed to be a big FIRE faux pas?

Marisa’s turning point came at rock bottom—stranded without a place to stay or a dollar to her name. But instead of going back to restrictive budgeting and punishing herself for her overspending, she built a financial plan that worked specifically for her.

Now, Marisa is ready to show others that achieving financial freedom, eradicating debt, and even starting to invest can all happen WITHOUT cutting everything enjoyable out of your life. If you’re battling to escape bad debt, Marisa’s approach could liberate you faster than you think—even if you struggle to find financial balance.

In This Episode We Cover

How Marisa went from a financial “mess” to being on track to become a millionaire in retirement

The spending hack that allows you to treat yourself WITHOUT going over budget

Why you CAN invest while paying off debt (and the right way to do it)

Why taking on good debt to grow your business/side hustle isn’t a bad thing

The “slow” path to becoming debt-free that is MUCH more successful than the beans and rice diet

And So Much More!

Links from the Show

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Scott on BiggerPockets

Email Mindy: [email protected]

Email Scott: [email protected]

Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate

Financial Badassery

Get Your Personal Finances in Check with “Set for Life”

How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!)

(00:00) Intro

(01:05) Paycheck-to-Paycheck and Worth $0

(04:29) Enough is Enough

(07:20) Paying Off Debt While Still Spending

(10:21) Investing While in Debt!?

(14:41) Finally Debt-Free?

(16:58) Managing Her Money

(21:38) Best Tip for FIRE

(24:08) Connect with Marisa!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-573

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215: FI: More Than Retirement, a Chance to Take Risks w/ Diania Merriam

BiggerPockets Money Podcast

07/19/21 • 84 min

After years and years of working in licensing, Diania Merriam opened up her credit report and saw that she was (collectively) $30,000 in debt. This forced her to ask the question, “what am I working for?” It made sense at the moment: you get your paycheck, you can go out to a fancy dinner, you get another paycheck, you can buy yourself something nice. But Diania wasn’t happy, or at least as happy as she thought she’d be.

She realized that she didn’t want to be stuck in a job she had to go to every day. She wanted autonomy, freedom, and financial independence that would allow her to rule over her schedule and pursue her passions and interests. So, she went to work and started saving whatever she could. She stopped eating out, started cooking all her meals, moved to a more inexpensive city, bought a house and house hacked, heavily invested in retirement, and did everything right.

Now, she’s self-employed, hosting the Optimal Finance Daily podcast and the EconoMe Conference in Cincinnati. She was able to create her dream roles because she came from a position of financial strength, she also had a plan in mind and knew what her “worst-case scenario” looked like.

In This Episode We Cover

Getting out of consumer and student debt as quickly as possible

Minimizing expenses and maximizing income to increase savings rates

Building a strong financial runway so you can start your own business

Buying a house and house hacking by renting per room

Understanding your “worst-case scenario” before you take the leap into entrepreneurialism

Finding your passions and cementing what you want to do when you reach FI

And So Much More!

Links from the Show