One of the most frequently asked questions in the BiggerPockets forums is "How can I start investing in real estate with no money and bad credit? You can't Well, to be more accurate, you probably shouldn't. You need to fix your "No money and bad credit" situation and invest from a position of financial strength. Co-hosted by BiggerPockets' Scott Trench and Mindy Jensen, this podcast provides the education you didn't get in school. You'll get tips for getting your financial house in order and actionable advice from guests who have been in your shoes - and found their way out.
Everyone knows that tech salaries tend to be on the higher end. But, Matthew never planned to go to school for this type of work. This all sounds like good news, so what exactly is Matthew having trouble with? After maxing out many of his retirement accounts, Matthew is wondering where else he should be putting his money.
Should he look into rental properties, taxable brokerage accounts, or higher-risk assets like tech stocks and crypto? If there are so many people willing to risk their livelihood to pursue a great idea, why do so many end up broke and back at a job?
Gabe Nelson, certified financial planner and business advisor, has an idea. Gabe advises many business owners and solopreneurs through building their businesses with maximum cash flow and minimum time commitment. A couple of decades ago, Gabe was in the position many entrepreneurs are in today.
He was working seven days a week, almost living at the office, doing anything he could to build his business. Once his daughter was born, he knew he had to take a step back from the seven-day workweek. Then, his second and third daughter were born, forcing him to automate, delegate, and eliminate every unnecessary task on his plate.
Your late 20s through early 30s can be a financially troubling part of life. A wedding, a down payment, and trying to max out retirement accounts can put you in a financial tizzy. She recently changed employers and found herself with a big uptick in monthly income.
She has plans on the horizon to marry her girlfriend but knows this will come at the cost of many thousands of dollars rings, dresses, etc. Louise has a plan to hit FI or at least coast FI by age 40 and wants to know the best way to optimize her finances to do so. Scott and Mindy have a healthy debate over ks, Roth IRAs, refinancing rental properties, and combining finances as partners, in order to get Louise in the best position possible to tackle her financial goals.
There are few people on this earth that can make Mindy laugh as much as Alex Felice. But, beneath his success, was thirty-one years of financial struggle. Alex was taught financial skills growing up. He joined the Army without any skills, and as soon as he got out, he immediately bought a new car with a high monthly payment. He then was hit with a DUI, forcing him to really think what his life would turn out like unless he made a change.
Alex spends his days investing, working on his skills, traveling, and really doing whatever he wants! But, what if you had a substantially larger amount in real estate and other assets, what would you think then? Kate is in this exact predicament and has done a phenomenal job at growing her wealth over the past decade. Mindy and Scott spend time walking through calculations that allow Kate to visualize what her life would look like with paid-off rentals as opposed to a fully-funded k account.
Brad Finn was raised with a strong work ethic that follows him to this day. Brad worked throughout high school, college, and s tarted multiple businesses in adulthood. While his work ethic was strong, his financial skills were lacking.
When Brad went to college, he remembers using almost a third of his student loans on partying alone. Fast forward to his mid-thirties, Brad is waking up in a beautiful house, with two nice cars in the driveway, a great income, a new business, and a negative net worth.
Fortunately, his wife had been slowly, but surely, trying to tell Brad that they had to make that change. They dialed it in, worked side jobs to boost their savings rates, and rewarded themselves when they hit milestones. Retirement planning can be complicated when you have so many options to choose from. Do you stick with the Roth IRA, the k, the Roth k, your employee pension plan, or solely invest in stocks and real estate? One person who has been able to optimize his retirement plans, is Matt, pilot and soon-to-be captain, delivering cargo around the United States.
Matt bought a home in high-appreciation St. Petersburg Florida, where his home has already gained a fair amount of equity. Matt talks through questions he has about his k, Roth k, Roth IRA, and other retirement accounts. When it comes time to finally reap the rewards of all that saving and investing, we struggle, and often fail to do so. When he got married, he and his wife spoke about what money meant to them, and they were shocked to have completely different answers.
While Ramit loves setting up models and spreadsheets, he also encourages couples to speak about their finances through a shared vision. Today we talk to three past guest s of the BiggerPockets Money Show, Sarah from episodes 6 and , Brian from episode , and Erik from episode Lastly, Erik has returned to the show with more rental units and more cash flow! Make sure you stick around for his bonus tip towards the end of the episode!
Seriously, she could give Mindy and Scott a run for their money! Amber grew up in a neighborhood that was anything but rich. Surprisingly, the wealthier people in her neighborhood were more interested in purchasing nice cars instead of investing, which they told her was essentially gambling. Amber quickly saw past this idea and realized that smart, consistent investing could lead her to many millions of dollars.
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