The stock market is up, then down, then down, then up. What is an investor to do?Today we bring JLCollins from JLCollinsNH.com back to the show to calm our fears and help us understand what is happening with the stock market.The market is falling. Or maybe today it’s rising. It’s SO VOLATILE, it can be scary to stay invested - especially if you’ve never been through a market downturn.JL expertly explains what’s going on - and his recommendations for the best course of action - based on 40 years of investing in the stock market (and making a boatload of mistakes along the way.)Long story short, stay the course. 105 years of historical stock market data says this too shall pass.While JL is an expert on the stock market, he doesn’t invest in real estate, so Scott and Mindy share their views about the real estate market and what this current stock market volatility might mean for real estate investors. They also share ways to hedge your bets in rental property investing through fully funded reserves.If you’re freaking out about the stock market, this episode can help calm your fears and keep you on the right course to give you the most chance for financial success.In This Episode We Cover:<ul><li>Why are people freaking about the crash</li><li>How one should handle this market drop if you risk losing your job</li><li>When to prepare emergency funds and how much to put into it</li><li>Why you should hold your portfolio forever</li><li>What an Index Fund is</li><li>Why it is important to "ignore" the market</li><li>How index outperform stock picking</li><li>How one can never time the market</li><li>How those who say they predicted the market only did it because of luck</li><li>The only time the market is not going to recover...</li><li>And SO much more!</li></ul>Links from the Show<ul><li><a href="https://www.biggerpockets.com/forums" target="_blank">BiggerPockets Forums</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-20-the-simple-path-to-wealth-index-funds-explained-with-jl-collins" target="_blank">BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins</a></li><li><a href="https://www.mrmoneymustache.com" target="_blank">Mr. Money Mustache</a></li><li><a href="https://jlcollinsnh.com/2020/03/09/taking-advantage-of-mr-bear/" target="_blank">Taking advantage of Mr. Bear</a></li><li><a href="https://jlcollinsnh.com/2019/08/17/a-guided-meditation-for-when-the-stock-market-is-dropping/" target="_blank">A Guided Meditation for When the Stock Market Is Dropping</a></li><li><a href="https://jlcollinsnh.com/2018/03/16/stocks-part-xxxii-why-you-should-not-be-in-the-stock-market/" target="_blank">Stocks — Part XXXII: Why you should not be in the stock market</a></li><li><a href="https://jlcollinsnh.com/2017/07/26/time-machine-and-the-future-returns-for-stocks/" target="_blank">Time Machine and the future returns for stocks</a></li><li><a href="https://www.pinterest.com" target="_blank">Pinterest</a></li><li><a href="https://www.macrotrends.net/1319/dow-jones-100-year-historical-chart" target="_blank">Dow Jones - DJIA - 100 Year Historical Chart | MacroTrends</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-95-craig-curelop" target="_blank">BiggerPockets Money Podcast 95: The House Hacking Strategy with Craig Curelop</a></li><li><a href="https://www.facebook.com/groups/bpmoney" target="_blank">BiggerPockets Money Facebook Page</a></li><li><a href="mailto:mindy@biggerpockets.com" target="_blank">Mindy's email</a></li><li><a href="mailto:scott@biggerpockets.com" target="_blank">Scott's email</a></li></ul>

The stock market is up, then down, then down, then up. What is an investor to do?Today we bring JLCollins from JLCollinsNH.com back to the show to calm our fears and help us understand what is happening with the stock market.The market is falling. Or maybe today it’s rising. It’s SO VOLATILE, it can be scary to stay invested - especially if you’ve never been through a market downturn.JL expertly explains what’s going on - and his recommendations for the best course of action - based on 40 years of investing in the stock market (and making a boatload of mistakes along the way.)Long story short, stay the course. 105 years of historical stock market data says this too shall pass.While JL is an expert on the stock market, he doesn’t invest in real estate, so Scott and Mindy share their views about the real estate market and what this current stock market volatility might mean for real estate investors. They also share ways to hedge your bets in rental property investing through fully funded reserves.If you’re freaking out about the stock market, this episode can help calm your fears and keep you on the right course to give you the most chance for financial success.In This Episode We Cover:Why are people freaking about the crashHow one should handle this market drop if you risk losing your jobWhen to prepare emergency funds and how much to put into itWhy you should hold your portfolio foreverWhat an Index Fund isWhy it is important to "ignore" the marketHow index outperform stock pickingHow one can never time the marketHow those who say they predicted the market only did it because of luckThe only time the market is not going to recover...And SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL CollinsMr. Money MustacheTaking advantage of Mr. BearA Guided Meditation for When the Stock Market Is DroppingStocks — Part XXXII: Why you should not be in the stock marketTime Machine and the future returns for stocksPinterestDow Jones - DJIA - 100 Year Historical Chart | MacroTrendsBiggerPockets Money Podcast 95: The House Hacking Strategy with Craig CurelopBiggerPockets Money Facebook PageMindy's emailScott's email

BiggerPockets Money Podcast: Changing How You View Money so You'll Need Bigger Pockets

116: Long-Term Investing: Coronavirus Changes Nothing with JL Collins

Felipe Mejia’s relationship with money started at an early age - when his parents divorced and his world turned upside down. His mother introduced him to the power of real estate by fixing up the basement and renting it out to generate income.His mother further influenced his money story by creating her own cleaning company and introducing Felipe to a client who hired Felipe to clean up his job sites. Felipe put his own spin on that by hiring the work out for a slightly lower rate than he was getting.Real estate became Felipe’s main source of income, generating enough that he does not have to work a traditional job any longer.Felipe Mejia, along with Ashley Kehr from Episode 114 are the hosts of BiggerPockets newest Podcast, Real Estate Rookie.Together, they share stories of real estate successes - as well as encouragement to get started investing in real estate.The Real Estate Rookie show is for anyone interested in investing in real estate - and needs a little encouragement.The Real Estate Rookie Podcast airs on Wednesdays wherever you get your podcasts.In This Episode We Cover:<ul><li>Felipe's money story</li><li>How important money is for Felipe</li><li>What he did to his first rental property</li><li>The importance of putting money into an investment</li><li>How he earned money during his quest to join the police department</li><li>On getting attracted to the power of earning passive income through real estate</li><li>On house hacking</li><li>Challenges he encountered in terms of his rental properties</li><li>His advice on getting one’s spouse onboard</li><li>How he approaches cash reserves</li><li>And SO much more!</li></ul>Links from the Show<ul><li><a href="https://www.biggerpockets.com/forums" target="_blank">BiggerPockets Forums</a></li><li><a href="https://www.biggerpockets.com/podcast" target="_blank">BiggerPockets Real Estate Podcast</a></li><li><a href="https://www.airbnb.com" target="_blank">Airbnb</a></li><li><a href="https://www.biggerpockets.com/real-estate-rookie-podcast" target="_blank">Real Estate Rookie Podcast</a></li></ul>

Felipe Mejia’s relationship with money started at an early age - when his parents divorced and his world turned upside down. His mother introduced him to the power of real estate by fixing up the basement and renting it out to generate income.His mother further influenced his money story by creating her own cleaning company and introducing Felipe to a client who hired Felipe to clean up his job sites. Felipe put his own spin on that by hiring the work out for a slightly lower rate than he was getting.Real estate became Felipe’s main source of income, generating enough that he does not have to work a traditional job any longer.Felipe Mejia, along with Ashley Kehr from Episode 114 are the hosts of BiggerPockets newest Podcast, Real Estate Rookie.Together, they share stories of real estate successes - as well as encouragement to get started investing in real estate.The Real Estate Rookie show is for anyone interested in investing in real estate - and needs a little encouragement.The Real Estate Rookie Podcast airs on Wednesdays wherever you get your podcasts.In This Episode We Cover:Felipe's money storyHow important money is for FelipeWhat he did to his first rental propertyThe importance of putting money into an investmentHow he earned money during his quest to join the police departmentOn getting attracted to the power of earning passive income through real estateOn house hackingChallenges he encountered in terms of his rental propertiesHis advice on getting one’s spouse onboardHow he approaches cash reservesAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Real Estate PodcastAirbnbReal Estate Rookie Podcast

115: Growing an Empire From Nothing with Felipe Mejia

Ashley Kehr married a dairy farmer. With a dairy farm comes farm equipment. And with farm equipment comes farm equipment loans—to the tune of around $169,000.Three years ago, she read Total Money Makeover by Dave Ramsey, and it CHANGED. HER. LIFE.Ashley knew she needed to get rid of their debt, but her husband wasn’t totally on board with the plan. So she tackled her student loan debt first—and proved to her husband that this was the right financial plan for their family.She quit the job she didn’t like and transitioned into property management, which introduced her to her current love of real estate.Real estate started providing a very generous income stream to help supplement her family’s income. When she didn’t have her own money to invest, she partnered with someone who did. When she didn’t have experience to do the project at hand, she partnered with someone who did.Ashley’s story is a delight to listen to. She walks us step by step through the process she took to find these partners, find these properties, and generate this income stream for her family.If you’re thinking about getting into real estate as a source of passive income, this is a must-listen episode!In This Episode We Cover:<ul><li>Ashley's money journey</li><li>How Ashley and her husband accumulate both rental properties and debt</li><li>The moment she purchased her first rental</li><li>How her rental income helps her to be more conscious about money</li><li>Ashley and her partner's agreement on their investments</li><li>2 rules to analyze markets for rentals</li><li>What a portfolio loan is and how to use it</li><li>Ashley's method of recycling her cash to buy more properties</li><li>What her lifestyle looks like after reading Dave Ramsey's book</li><li>Debt snowball method</li><li>How Ashley managed her various properties with various partners</li><li>And SO much more!</li></ul>Links from the Show<ul><li><a href="https://www.biggerpockets.com/forums" target="_blank">BiggerPockets Forums</a></li><li><a href="https://www.biggerpockets.com/podcast" target="_blank">BiggerPockets Real Estate Podcast</a></li><li><a href="https://www.biggerpockets.com/biggerpockets-business-podcast" target="_blank">BiggerPockets Business Podcast</a></li><li><a href="https://www.biggerpockets.com/investment-calculators" target="_blank">BiggerPockets Calculators</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-podcast-348-ashley-kehr" target="_blank">BiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley Kehr</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-20-the-simple-path-to-wealth-index-funds-explained-with-jl-collins" target="_blank">BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins</a></li><li><a href="https://www.facebook.com/groups/bpmoney" target="_blank">BiggerPockets Money Facebook Group</a></li><li><a href="https://www.biggerpockets.com/moneysurvey" target="_blank">BiggerPockets Money Survey</a></li></ul>

Ashley Kehr married a dairy farmer. With a dairy farm comes farm equipment. And with farm equipment comes farm equipment loans—to the tune of around $169,000.Three years ago, she read Total Money Makeover by Dave Ramsey, and it CHANGED. HER. LIFE.Ashley knew she needed to get rid of their debt, but her husband wasn’t totally on board with the plan. So she tackled her student loan debt first—and proved to her husband that this was the right financial plan for their family.She quit the job she didn’t like and transitioned into property management, which introduced her to her current love of real estate.Real estate started providing a very generous income stream to help supplement her family’s income. When she didn’t have her own money to invest, she partnered with someone who did. When she didn’t have experience to do the project at hand, she partnered with someone who did.Ashley’s story is a delight to listen to. She walks us step by step through the process she took to find these partners, find these properties, and generate this income stream for her family.If you’re thinking about getting into real estate as a source of passive income, this is a must-listen episode!In This Episode We Cover:Ashley's money journeyHow Ashley and her husband accumulate both rental properties and debtThe moment she purchased her first rentalHow her rental income helps her to be more conscious about moneyAshley and her partner's agreement on their investments2 rules to analyze markets for rentalsWhat a portfolio loan is and how to use itAshley's method of recycling her cash to buy more propertiesWhat her lifestyle looks like after reading Dave Ramsey's bookDebt snowball methodHow Ashley managed her various properties with various partnersAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Real Estate PodcastBiggerPockets Business PodcastBiggerPockets CalculatorsBiggerPockets Podcast 348: Full-Time Job, Full-Time Mom, and Full-Time Wealth From Rentals with Ashley KehrBiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL CollinsBiggerPockets Money Facebook GroupBiggerPockets Money Survey

114: Paying Off Debt Through Conscious Spending and Real Estate Investing with Ashley Kehr

This week we sit down with Bianca DiValerio, a flight attendant who makes an hourly wage, has no college degree, experienced THREE short sales during the economic downturn, and yet is STILL financially independent—all before turning 40.How did she do it?She saved her money. She didn’t spend it on things that didn’t matter to her.There is literally NO secret sauce to her story. In fact, she thought she had her future planned out! She had purchased three rental properties to provide a stream of passive income—only to lose them to short sale when unexpected special assessments of $5,000 each became too much for her to afford.And yet, she saved her money. She didn’t spend it on things that didn’t matter to her.And she dug herself out of the financial hole that the short sale pushed her into. She pulled herself back up and started her nest egg over, saving enough to pay cash for a unit in the same building, so she’d never lose her home again.She’s turned that into a rental, lives in a caboose five months out of the year (yes, a TRAIN CABOOSE), and while she has enough money to never HAVE to work again, she enjoys her job, can literally choose when she works, and is living her best life.Bianca is proof that you can recover from an unplanned financial catastrophe, thrive, and STILL reach financial independence—all before you turn 40. You just have to follow the proven path to financial freedom.In This Episode We Cover:<ul><li>Bianca's journey with money</li><li>How she avoid on having debt</li><li>The problem with not having a college degree</li><li>What happened after she got her job as a flight attendant</li><li>How she got into real estate</li><li>Her thoughts on investment</li><li>The importance of having cash reserves</li><li>Her credit score after her three short sales</li><li>The moment she came across the FIRE movement</li><li>Her experience living in a train caboose</li><li>Reasons to not quit your job</li><li>And SO much more!</li></ul> Links from the Show<ul><li><a href="https://www.biggerpockets.com/forums" target="_blank">BiggerPockets Forums</a></li><li><a href="https://www.facebook.com/groups/bpmoney" target="_blank">BiggerPockets Money Facebook Group</a></li><li><a href="https://www.biggerpockets.com/moneysurvey" target="_blank">BiggerPockets Money Survey</a></li></ul>

This week we sit down with Bianca DiValerio, a flight attendant who makes an hourly wage, has no college degree, experienced THREE short sales during the economic downturn, and yet is STILL financially independent—all before turning 40.How did she do it?She saved her money. She didn’t spend it on things that didn’t matter to her.There is literally NO secret sauce to her story. In fact, she thought she had her future planned out! She had purchased three rental properties to provide a stream of passive income—only to lose them to short sale when unexpected special assessments of $5,000 each became too much for her to afford.And yet, she saved her money. She didn’t spend it on things that didn’t matter to her.And she dug herself out of the financial hole that the short sale pushed her into. She pulled herself back up and started her nest egg over, saving enough to pay cash for a unit in the same building, so she’d never lose her home again.She’s turned that into a rental, lives in a caboose five months out of the year (yes, a TRAIN CABOOSE), and while she has enough money to never HAVE to work again, she enjoys her job, can literally choose when she works, and is living her best life.Bianca is proof that you can recover from an unplanned financial catastrophe, thrive, and STILL reach financial independence—all before you turn 40. You just have to follow the proven path to financial freedom.In This Episode We Cover:Bianca's journey with moneyHow she avoid on having debtThe problem with not having a college degreeWhat happened after she got her job as a flight attendantHow she got into real estateHer thoughts on investmentThe importance of having cash reservesHer credit score after her three short salesThe moment she came across the FIRE movementHer experience living in a train cabooseReasons to not quit your jobAnd SO much more!Links from the ShowBiggerPockets ForumsBiggerPockets Money Facebook GroupBiggerPockets Money Survey

113: Single Hourly Employee with No College Degree and STILL FI by 40 with Bianca DiValerio

Natalie Kolodij is a tax strategist. (You’ve probably seen her in the forums!) With April 15 looming around the corner, we’re going to chat about ways to choose the RIGHT tax professional who can best serve YOUR specific needs.Natalie also shares a few red flags about potential tax preparers, as well as specific things your tax pro should be asking for—and what it means if they do not.She’ll also share some common missed deductions that can cost you BIG and how to prepare and organize your documents so your tax pro can process your returns quickly, efficiently, and with the least amount of time billed to you.Looking for that seemingly-elusive real estate professional status? Natalie explains in detail how to qualify for this lucrative benefit. She even shares how long you can depreciate a kangaroo!If you’re a taxpayer, this show can help you save time and money. If you’re a real estate investor/taxpayer, you can’t afford NOT to listen to Natalie’s advice!In This Episode We Cover:<ul><li>The right time for somebody to start looking for a tax professional</li><li>How to find a tax professional</li><li>How important state-specific knowledge is</li><li>What a true expert can bring to the table regarding your return</li><li>What a real estate professional is</li><li>Benefits of consulting a tax professional prior to buying a property</li><li>How to prepare for a meeting with your tax professional</li><li>3 most common errors—check these before submitting your return</li><li>How to approach a tax return for a house hack or duplex</li><li>What to do if you recognize issues with past returns</li><li>What depreciation recapture is</li><li>And SO much more!</li></ul>Links from the Show<ul><li><a href="https://www.mileiq.com" target="_blank">MileIQ: Mileage Tracking App</a></li><li><a href="https://www.biggerpockets.com/forums" target="_blank">BiggerPockets Forums</a></li><li><a href="https://www.facebook.com/groups/bpmoney" target="_blank">BiggerPockets Money Facebook Group</a></li><li><a href="https://www.biggerpockets.com/moneysurvey" target="_blank">BiggerPockets Money Survey</a></li></ul>

Natalie Kolodij is a tax strategist. (You’ve probably seen her in the forums!) With April 15 looming around the corner, we’re going to chat about ways to choose the RIGHT tax professional who can best serve YOUR specific needs.Natalie also shares a few red flags about potential tax preparers, as well as specific things your tax pro should be asking for—and what it means if they do not.She’ll also share some common missed deductions that can cost you BIG and how to prepare and organize your documents so your tax pro can process your returns quickly, efficiently, and with the least amount of time billed to you.Looking for that seemingly-elusive real estate professional status? Natalie explains in detail how to qualify for this lucrative benefit. She even shares how long you can depreciate a kangaroo!If you’re a taxpayer, this show can help you save time and money. If you’re a real estate investor/taxpayer, you can’t afford NOT to listen to Natalie’s advice!In This Episode We Cover:The right time for somebody to start looking for a tax professionalHow to find a tax professionalHow important state-specific knowledge isWhat a true expert can bring to the table regarding your returnWhat a real estate professional isBenefits of consulting a tax professional prior to buying a propertyHow to prepare for a meeting with your tax professional3 most common errors—check these before submitting your returnHow to approach a tax return for a house hack or duplexWhat to do if you recognize issues with past returnsWhat depreciation recapture isAnd SO much more!Links from the ShowMileIQ: Mileage Tracking AppBiggerPockets ForumsBiggerPockets Money Facebook GroupBiggerPockets Money Survey

112: Choosing the Right Tax Professional for YOUR Specific Needs with Natalie Kolodij

On episode 110, we interviewed A Purple Life. As she was sharing her story of financial independence, she casually mentioned that her mother didn’t start investing until later in life, and STILL managed to retire at age 55!So this week, we’re talking to her mother - who has her own amazing story of early retirement which she was able to accomplish even though she didn’t START investing until she was 40!Momma Purple shares her pragmatic approach to money in general - buying what you need, trying to make repairs instead of buying something new, sticking to a budget and banking bonuses instead of spending them.Momma Purple is also a big advocate for having multiple, passive income streams like rental properties and a pension.Hear her story of weathering TWO market crashes during her investing journey, taking immediate action when she discovered her money was in the wrong investment, and how fabulous her life is now, after retirement.In This Episode We Cover:<ul><li>Momma Purple's journey with money</li><li>Her life looks like when Purple was born</li><li>How she managed her money and able to save up so much as a single mom</li><li>Things that changes her practice with money after the conversation she had with her colleague</li><li>Her 10-year plan to early retirement</li><li>Talking about her investing journey</li><li>What she do the moment she was retired</li><li>Her advice for older listeners</li><li>And SO much more!</li></ul>Links from the Show<ul><li><a href="http://www.personalcapital.com" target="_blank">Personal Capital</a></li><li><a href="mailto:mindy@biggerpockets.com" target="_blank">Mindy's email</a></li><li><a href="mailto:scott@biggerpockets.com" target="_blank">Scott's email</a></li><li><a href="https://www.facebook.com/groups/bpmoney" target="_blank">BiggerPockets Money Facebook Group</a></li><li><a href="https://www.biggerpockets.com/moneysurvey" target="_blank">BiggerPockets Money Survey</a></li></ul>

On episode 110, we interviewed A Purple Life. As she was sharing her story of financial independence, she casually mentioned that her mother didn’t start investing until later in life, and STILL managed to retire at age 55!So this week, we’re talking to her mother - who has her own amazing story of early retirement which she was able to accomplish even though she didn’t START investing until she was 40!Momma Purple shares her pragmatic approach to money in general - buying what you need, trying to make repairs instead of buying something new, sticking to a budget and banking bonuses instead of spending them.Momma Purple is also a big advocate for having multiple, passive income streams like rental properties and a pension.Hear her story of weathering TWO market crashes during her investing journey, taking immediate action when she discovered her money was in the wrong investment, and how fabulous her life is now, after retirement.In This Episode We Cover:Momma Purple's journey with moneyHer life looks like when Purple was bornHow she managed her money and able to save up so much as a single momThings that changes her practice with money after the conversation she had with her colleagueHer 10-year plan to early retirementTalking about her investing journeyWhat she do the moment she was retiredHer advice for older listenersAnd SO much more!Links from the ShowPersonal CapitalMindy's emailScott's emailBiggerPockets Money Facebook GroupBiggerPockets Money Survey

111: Starting Late? Early Retirement Is STILL Possible with A Purple Mom

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:<ul><li>Purple's journey with money</li><li>Her mom's gift</li><li>Deciding to seek financial independence</li><li>Convincing your partner to pursue FIRE</li><li>Purple's net worth</li><li>Tips for people who are looking for a new job and better income</li><li>The importance of research</li><li>Purple's plan in the future</li><li>What her retirement looks like</li><li>Possible downsides of remote work</li><li>And SO much more!</li></ul>Links from the Show<ul><li><a href="https://reddit.com" target="_blank">Reddit</a></li><li><a href="https://www.mrmoneymustache.com" target="_blank">Mr. Money Mustache</a></li><li><a href="https://www.glassdoor.com" target="_blank">Glassdoor</a></li><li><a href="https://www.indeed.com" target="_blank">Indeed</a></li><li><a href="https://www.payscale.com" target="_blank">PayScale</a></li><li><a href="http://www.cfiresim.com" target="_blank">cFIREsim</a></li><li><a href="https://www.facebook.com/groups/bpmoney" target="_blank">BiggerPockets Money Facebook Group</a></li><li><a href="https://www.biggerpockets.com/moneysurvey" target="_blank">BiggerPockets Money Survey</a></li></ul>

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 moneyHer mom's giftDeciding to seek financial independenceConvincing your partner to pursue FIREPurple's net worthTips for people who are looking for a new job and better incomeThe importance of researchPurple's plan in the futureWhat her retirement looks likePossible downsides of remote workAnd SO much more!Links from the ShowRedditMr. Money MustacheGlassdoorIndeedPayScalecFIREsimBiggerPockets Money Facebook GroupBiggerPockets Money Survey

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

This week, we sit down and talk with Airman Mildollar, from Military Dollar.(Spoiler Alert: Despite the name, Airman Mildollar is a woman!)Airman Mildollar shares her story of college debt, car loans and rapid payoff to start building her wealth to become financially free, despite not being married, having kids or working in tech. In fact, she’s an officer in the Air Force.She shares her systematic goal setting and goal reaching strategy that allowed her to pay off her debt ahead of schedule - including stretching her military benefits to cover more than just food or housing.She started reading finance blogs and books and starting putting money away. Moving in with a friend reduced her rent payment, and she began investing in a Roth IRA, opened up a TSP (Military version of a 401k) and also invested in individual stocks in after-tax accounts, saving about 20% of her pay.Every time she received a raise, she committed to put at least 50% of that raise into her investments.In 2011, she bought a rental house as she was deploying, put tenants in place and then went overseas for one year, returned home and bought another property for herself to live in. Originally intending to live there for a year then rent it out, she ended up staying for two years then selling to realize HUGE tax-free gains.2013 is when her Financial Independence journey really hit its stride as she read Your Money or Your Life, and she took a much closer look at her budget, finding another thousand dollars to put into her investing.MilDollar shows that you CAN become financially independent on your own, without working in an ultra-high-paying job, when you diligently pursue your goal.In This Episode We Cover:<ul><li>What an airman is</li><li>Airman Mildollar's money journey</li><li>Where she got her scholarships</li><li>How she creates financial freedom</li><li>Things she did on managing her finances</li><li>The reason why she didn't do househacking</li><li>On her housing and food allowance</li><li>How she discover FIRE community</li><li>What Thrift Savings Plan is</li><li>How she finance her properties</li><li>On her rental properties</li><li>Her plans in the future</li><li>And SO much more!</li></ul>Links from the Show<ul><li><a href="https://www.early-retirement.org" target="_blank">Early-Retirement.org</a></li><li><a href="http://www.early-retirement.org/forums/" target="_blank">Early Retirement Forum</a></li><li><a href="https://saving-sherpa.com/" target="_blank">Saving-Sherpa</a></li><li><a href="https://www.getrichslowly.org/" target="_blank">Get Rich Slowly</a></li><li><a href="https://www.mrmoneymustache.com" target="_blank">Mr. Money Mustache</a></li><li><a href="https://www.airbnb.com" target="_blank">Airbnb</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-podcast-364-avery-carl" target="_blank">BiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery Carl</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-98-vicki-robin" target="_blank">BiggerPockets Money Podcast 98: Change Your Money Mindset, Change Your Life with Vicki Robin</a></li><li><a href="https://finconexpo.com" target="_blank">FinCon</a></li><li><a href="https://www.facebook.com/groups/bpmoney" target="_blank">BiggerPockets Money Facebook Group</a></li><li><a href="https://www.biggerpockets.com/moneysurvey" target="_blank">BiggerPockets Money Survey</a></li></ul>

This week, we sit down and talk with Airman Mildollar, from Military Dollar.(Spoiler Alert: Despite the name, Airman Mildollar is a woman!)Airman Mildollar shares her story of college debt, car loans and rapid payoff to start building her wealth to become financially free, despite not being married, having kids or working in tech. In fact, she’s an officer in the Air Force.She shares her systematic goal setting and goal reaching strategy that allowed her to pay off her debt ahead of schedule - including stretching her military benefits to cover more than just food or housing.She started reading finance blogs and books and starting putting money away. Moving in with a friend reduced her rent payment, and she began investing in a Roth IRA, opened up a TSP (Military version of a 401k) and also invested in individual stocks in after-tax accounts, saving about 20% of her pay.Every time she received a raise, she committed to put at least 50% of that raise into her investments.In 2011, she bought a rental house as she was deploying, put tenants in place and then went overseas for one year, returned home and bought another property for herself to live in. Originally intending to live there for a year then rent it out, she ended up staying for two years then selling to realize HUGE tax-free gains.2013 is when her Financial Independence journey really hit its stride as she read Your Money or Your Life, and she took a much closer look at her budget, finding another thousand dollars to put into her investing.MilDollar shows that you CAN become financially independent on your own, without working in an ultra-high-paying job, when you diligently pursue your goal.In This Episode We Cover:What an airman isAirman Mildollar's money journeyWhere she got her scholarshipsHow she creates financial freedomThings she did on managing her financesThe reason why she didn't do househackingOn her housing and food allowanceHow she discover FIRE communityWhat Thrift Savings Plan isHow she finance her propertiesOn her rental propertiesHer plans in the futureAnd SO much more!Links from the ShowEarly-Retirement.orgEarly Retirement ForumSaving-SherpaGet Rich SlowlyMr. Money MustacheAirbnbBiggerPockets Podcast 364: Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments with Avery CarlBiggerPockets Money Podcast 98: Change Your Money Mindset, Change Your Life with Vicki RobinFinConBiggerPockets Money Facebook GroupBiggerPockets Money Survey

109: Attacking Debt and Tenaciously Pursuing Financial Freedom with Airman Mildollar from Military Dollar

Kristi Tanner Smith considers herself privileged—she was an only child in a big house with lots of toys. But Kristi’s mom was diagnosed with a fatal disease and given six months to live when Kristi was five. While her mom did beat that estimate, she ultimately lost her battle when Kristi was 12.During her mom's final years, she tried to teach Kristi about money: "Save up and pay cash for purchases. Be responsible with your finances."Her father was the opposite. So Kristi was able to see both sides of the coin and recognize that being responsible was the better way to go.Kristi lost her father to a freak accident in 10th grade, and she used the insurance settlement to pay for college, where she studied Criminal Justice. Kristi’s husband worked at Nike; they paid for his entire college tuition once he went full-time with the company.(Pro tip: If you need your college tuition paid for, look for a company that offers tuition reimbursement!)After college, she took a job in the Probation Office. She didn’t like it. To make matters worse, on her honeymoon, she discovered they were looking to replace her!She knew she didn’t want to be dependent on someone else for money, so she turned to real estate. She discovered BiggerPockets, ChooseFI, and the concept of financial independence—this became her new focus.She started with the home she inherited from her mother, then bought a home from the MLS, followed by a primary residence, then another MLS purchase, and a cabin in the mountains.Her cash flow on these few properties covers her monthly living expenses, freeing her to pursue her passions. Because when you take care of the money part, you can pursue your dreams and live the life you TRULY want!In This Episode We Cover:<ul><li>Kristi's journey with money</li><li>How her mother taught her about money</li><li>Her experience with money during high school and college</li><li>Her financial position during her first job</li><li>Kristi's tip to get free tuition in college</li><li>How she discovered financial independence</li><li>Her first experience in real estate investing</li><li>What she did on her dad's life insurance policy</li><li>How she got her first property</li><li>Advice on working with a real estate agent</li><li>Tips on actively managed funds and commission-based financial planners</li><li>And SO much more!</li></ul>Links from the Show<ul><li><a href="https://www.choosefi.com" target="_blank">ChooseFI</a></li><li><a href="http://www.mls.com/" target="_blank">MLS</a></li><li><a href="https://fi180.com" target="_blank">Financial 180</a></li><li><a href="https://www.airbnb.com" target="_blank">Airbnb</a></li><li><a href="mailto:scott@biggerpockets.com" target="_blank">Scott's Email</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-85-jacob-wade" target="_blank">BiggerPockets Money Podcast 85: From Financial Disaster to Financially Free with Jacob Wade from I Heart Budgets</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-41-find-certified-financial-planner-cfpkyle-mast" target="_blank">BiggerPockets Money Podcast 41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast</a></li><li><a href="https://www.facebook.com/groups/bpmoney" target="_blank">BiggerPockets Money Facebook Group</a></li><li><a href="https://www.biggerpockets.com/moneysurvey" target="_blank">BiggerPockets Money Survey</a></li></ul> Check the full show notes here: <a href="https://www.biggerpockets.com/moneyshow108" target="_blank">https://www.biggerpockets.com/moneyshow108</a>

Kristi Tanner Smith considers herself privileged—she was an only child in a big house with lots of toys. But Kristi’s mom was diagnosed with a fatal disease and given six months to live when Kristi was five. While her mom did beat that estimate, she ultimately lost her battle when Kristi was 12.During her mom's final years, she tried to teach Kristi about money: "Save up and pay cash for purchases. Be responsible with your finances."Her father was the opposite. So Kristi was able to see both sides of the coin and recognize that being responsible was the better way to go.Kristi lost her father to a freak accident in 10th grade, and she used the insurance settlement to pay for college, where she studied Criminal Justice. Kristi’s husband worked at Nike; they paid for his entire college tuition once he went full-time with the company.(Pro tip: If you need your college tuition paid for, look for a company that offers tuition reimbursement!)After college, she took a job in the Probation Office. She didn’t like it. To make matters worse, on her honeymoon, she discovered they were looking to replace her!She knew she didn’t want to be dependent on someone else for money, so she turned to real estate. She discovered BiggerPockets, ChooseFI, and the concept of financial independence—this became her new focus.She started with the home she inherited from her mother, then bought a home from the MLS, followed by a primary residence, then another MLS purchase, and a cabin in the mountains.Her cash flow on these few properties covers her monthly living expenses, freeing her to pursue her passions. Because when you take care of the money part, you can pursue your dreams and live the life you TRULY want!In This Episode We Cover:Kristi's journey with moneyHow her mother taught her about moneyHer experience with money during high school and collegeHer financial position during her first jobKristi's tip to get free tuition in collegeHow she discovered financial independenceHer first experience in real estate investingWhat she did on her dad's life insurance policyHow she got her first propertyAdvice on working with a real estate agentTips on actively managed funds and commission-based financial plannersAnd SO much more!Links from the ShowChooseFIMLSFinancial 180AirbnbScott's EmailBiggerPockets Money Podcast 85: From Financial Disaster to Financially Free with Jacob Wade from I Heart BudgetsBiggerPockets Money Podcast 41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle MastBiggerPockets Money Facebook GroupBiggerPockets Money SurveyCheck the full show notes here: https://www.biggerpockets.com/moneyshow108

108: Starting Early & Finishing Strong with Real Estate with Kristi Tanner Smith

Financial Panther (Kevin) went to law school, graduated from law school, and took a job as an attorney. Attorneys make a lot of money, right?So, with all this income potential, why is he doing side hustles that pay him significantly less? Happiness.Being an attorney didn’t make Kevin happy. In fact, it made him decidedly unhappy. He changed jobs several times but in the end decided being a lawyer simply wasn’t for him. So, he left the field to pursue fun things that he liked doing.Kevin loves to be outside. He lives near a university in a large city. He loves dogs. Put that all into a shaker, and out comes Kevin 2.0.Kevin 2.0 takes dogs for walks during lunchtime. He gets out of his downtown office (he makes himself go to a co-working space so he accomplishes things every day) and delivers meals to office workers who can’t get away.Kevin walks dogs around the downtown area for their owners who can’t get away at lunchtime to take them out. Kevin charges scooters overnight, and on his way home, he delivers even more meals.Best of all? Kevin gets to spend time outside almost every single day. He does what he CHOOSES to do, regardless of what it pays.Financial freedom isn’t about quitting your job. It's about living your best life, which Kevin 2.0 is now doing.In This Episode We Cover:<ul><li>Kevin's journey with money</li><li>How he started learning about money</li><li>His position when he got his first paycheck</li><li>The differences between his salary at the big law firm versus at the non-profit job</li><li>How Kevin and his wife handle student loan debt</li><li>How he generate his income in spite of being unemployed</li><li>Kevin's side hustles</li><li>The reason why he does side hustles instead of doing law-related jobs</li><li>What his day and night looks like while doing his side hustles</li><li>Tips on reselling things</li><li>And SO much more!</li></ul>Links from the Show<ul><li><a href="https://www.rover.com" target="_blank">Rover.com</a></li><li><a href="https://www.airbnb.com" target="_blank">Airbnb</a></li><li><a href="https://postmates.com" target="_blank">Postmates</a></li><li><a href="https://www.doordash.com" target="_blank">DoorDash Food Delivery</a></li><li><a href="https://www.ubereats.com" target="_blank">Uber Eats</a></li><li><a href="https://www.grubhub.com" target="_blank">Grubhub</a></li><li><a href="https://wagwalking.com" target="_blank">Wag!</a></li><li><a href="https://chargers.bird.co" target="_blank">Become a Bird Charger</a></li><li><a href="https://financialpanther.com/bird-charger/" target="_blank">Bird Charger and Lime Juicer - Financial Panther</a></li><li><a href="https://www.craigslist.org" target="_blank">Craigslist</a></li><li><a href="https://www.facebook.com/marketplace/" target="_blank">Facebook Marketplace</a></li><li><a href="https://www.ebay.com/" target="_blank">eBay</a></li><li><a href="https://www.madfientist.com" target="_blank">Mad Fientist</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-20-the-simple-path-to-wealth-index-funds-explained-with-jl-collins" target="_blank">BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins</a></li><li><a href="https://www.facebook.com/groups/bpmoney" target="_blank">BiggerPockets Money Facebook Group</a></li><li><a href="https://www.biggerpockets.com/moneysurvey" target="_blank">BiggerPockets Money Survey</a></li></ul> Check the full show notes here:&nbsp;<a href="https://www.biggerpockets.com/moneyshow107" target="_blank">https://www.biggerpockets.com/moneyshow107</a>

Financial Panther (Kevin) went to law school, graduated from law school, and took a job as an attorney. Attorneys make a lot of money, right?So, with all this income potential, why is he doing side hustles that pay him significantly less? Happiness.Being an attorney didn’t make Kevin happy. In fact, it made him decidedly unhappy. He changed jobs several times but in the end decided being a lawyer simply wasn’t for him. So, he left the field to pursue fun things that he liked doing.Kevin loves to be outside. He lives near a university in a large city. He loves dogs. Put that all into a shaker, and out comes Kevin 2.0.Kevin 2.0 takes dogs for walks during lunchtime. He gets out of his downtown office (he makes himself go to a co-working space so he accomplishes things every day) and delivers meals to office workers who can’t get away.Kevin walks dogs around the downtown area for their owners who can’t get away at lunchtime to take them out. Kevin charges scooters overnight, and on his way home, he delivers even more meals.Best of all? Kevin gets to spend time outside almost every single day. He does what he CHOOSES to do, regardless of what it pays.Financial freedom isn’t about quitting your job. It's about living your best life, which Kevin 2.0 is now doing.In This Episode We Cover:Kevin's journey with moneyHow he started learning about moneyHis position when he got his first paycheckThe differences between his salary at the big law firm versus at the non-profit jobHow Kevin and his wife handle student loan debtHow he generate his income in spite of being unemployedKevin's side hustlesThe reason why he does side hustles instead of doing law-related jobsWhat his day and night looks like while doing his side hustlesTips on reselling thingsAnd SO much more!Links from the ShowRover.comAirbnbPostmatesDoorDash Food DeliveryUber EatsGrubhubWag!Become a Bird ChargerBird Charger and Lime Juicer - Financial PantherCraigslistFacebook MarketplaceeBayMad FientistBiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL CollinsBiggerPockets Money Facebook GroupBiggerPockets Money SurveyCheck the full show notes here:&nbsp;https://www.biggerpockets.com/moneyshow107

107: Choosing Side Hustles (& Happiness!) Over Full-Time Employment with Financial Panther

Megan Gorman started learning about money very early – at age 5 she begged her parents for a Little House on the Prairie Dress. Her parents said we’re not buying it for you, but you can save up for it yourself. 18 months later, she was the proud owner of a new dress – and a bonus bonnet from her parents who were so proud of her for saving up and being so determined.Fast forward to high school, and she got a job at a vacation resort during the summer high season. Her father made it clear she was to save some of her earnings to contribute to her college tuition, and she was able to save $5,000 a summer. Her experiences with money were empowering up through college, but she ended up with credit card debt and eventually had to negotiate with the banks on a payoff.She took a year off between college and law school, choosing a state law school to keep her costs low. Megan graduated from law school, got a job, and had to navigate adulting – getting an apartment, buying a work wardrobe, starting her adult life on very little funds, again trying to not incur more debt after having so recently paid off her credit cards.&nbsp;Megan’s student loan story is different from others we’ve heard on the Money podcast – while she aggressively paid down her private loans, Megan actively chooses NOT to pay off her public loans because they have such a low interest rate. She feels she can make a better return in the S&amp;P 500, so she leverages her debt and is comfortable with her decision. However, Megan readily admits this strategy is NOT for everyone, and you definitely need to be comfortable with the decision to continue to carry debt. Once her private debt was paid off, she started investing in a Roth IRA and 401k to grow her assets.And because she’s from Generation X, Megan bought a house when she got a HUGE promotion. She watched the value of her home soar, then sold to move to California. She bought in 2007 in CA, and watched that price drop, then rise again. Location location location.Megan now advises high net worth and ultra-high net worth individuals manage their money, because no matter how much money you make, everyone struggles with expenses.And today, Megan shares excellent advice with us for strategically thinking about our money for the present as well as planning for the future. In This Episode We Cover:<ul><li>Megan's journey with money</li><li>The best way to raise kids</li><li>How her money story evolved during her high school and college days</li><li>Her debt planning</li><li>Interest rate she recommends for those paying off debts</li><li>The best approach to taxes</li><li>The first big thing she did when she started making money</li><li>Her real estate beliefs</li><li>Helping older parents</li><li>Planning her own financial future</li><li>What a position capable of taking risks looks like</li><li>Her take on high net worth individuals</li><li>Cash flow management</li><li>Her opinion on the 4% rule</li><li>And SO much more!</li></ul> Links from the Show<ul><li><a href="https://www.biggerpockets.com/podcast" target="_blank">BiggerPockets Real Estate Podcast</a></li><li><a href="https://www.biggerpockets.com/journal" target="_blank">BiggerPockets Intentional Journal</a></li><li><a href="https://www.facebook.com/groups/bpmoney" target="_blank">BiggerPockets Money Facebook Group</a></li><li><a href="https://www.biggerpockets.com/moneysurvey" target="_blank">BiggerPockets Money Survey</a></li></ul> Check the full show notes here:&nbsp;<a href="https://www.biggerpockets.com/moneyshow106" target="_blank">https://www.biggerpockets.com/moneyshow106</a>

Megan Gorman started learning about money very early – at age 5 she begged her parents for a Little House on the Prairie Dress. Her parents said we’re not buying it for you, but you can save up for it yourself. 18 months later, she was the proud owner of a new dress – and a bonus bonnet from her parents who were so proud of her for saving up and being so determined.Fast forward to high school, and she got a job at a vacation resort during the summer high season. Her father made it clear she was to save some of her earnings to contribute to her college tuition, and she was able to save $5,000 a summer. Her experiences with money were empowering up through college, but she ended up with credit card debt and eventually had to negotiate with the banks on a payoff.She took a year off between college and law school, choosing a state law school to keep her costs low. Megan graduated from law school, got a job, and had to navigate adulting – getting an apartment, buying a work wardrobe, starting her adult life on very little funds, again trying to not incur more debt after having so recently paid off her credit cards.&nbsp;Megan’s student loan story is different from others we’ve heard on the Money podcast – while she aggressively paid down her private loans, Megan actively chooses NOT to pay off her public loans because they have such a low interest rate. She feels she can make a better return in the S&amp;P 500, so she leverages her debt and is comfortable with her decision. However, Megan readily admits this strategy is NOT for everyone, and you definitely need to be comfortable with the decision to continue to carry debt. Once her private debt was paid off, she started investing in a Roth IRA and 401k to grow her assets.And because she’s from Generation X, Megan bought a house when she got a HUGE promotion. She watched the value of her home soar, then sold to move to California. She bought in 2007 in CA, and watched that price drop, then rise again. Location location location.Megan now advises high net worth and ultra-high net worth individuals manage their money, because no matter how much money you make, everyone struggles with expenses.And today, Megan shares excellent advice with us for strategically thinking about our money for the present as well as planning for the future.In This Episode We Cover:Megan's journey with moneyThe best way to raise kidsHow her money story evolved during her high school and college daysHer debt planningInterest rate she recommends for those paying off debtsThe best approach to taxesThe first big thing she did when she started making moneyHer real estate beliefsHelping older parentsPlanning her own financial futureWhat a position capable of taking risks looks likeHer take on high net worth individualsCash flow managementHer opinion on the 4% ruleAnd SO much more!Links from the ShowBiggerPockets Real Estate PodcastBiggerPockets Intentional JournalBiggerPockets Money Facebook GroupBiggerPockets Money SurveyCheck the full show notes here:&nbsp;https://www.biggerpockets.com/moneyshow106

106: Planning For Your Future Wealth with Megan Gorman from The Wealth Intersection

Jen Hemphill was born in Colombia and lived there for the first eight years of her life. The economy was really bad, and her earliest memories were of a scary time when her educated father did whatever he had to do to make money.Her redheaded dad stood out in Colombia, and it wasn’t a safe place for him to be. So, they moved to the U.S. Jen remembers being embarrassed for not having money, knowing her friends had it.She attended the same college where her mother was a professor. Discounted tuition coupled with scholarships and a bit of parental help allowed her to graduate with no debt. She bought a car, paid it off quickly, and felt very proud of herself for doing so.Then, she met and married her husband. They took 15 years to pay off his $40,000 in student loan debt. She thought they were doing great, but a deeper look at their finances about 10 years in revealed a huge mess.Thinking back to her childhood, she realized she needed to make big changes in order to get ahead. Her family went on a budget, cutting out all unnecessary spending to focus on paying off the debt. Jen uses a series of labeled bank accounts to ensure they stick to their budget and now saves for purchases rather than raiding the emergency fund to pay for things.Jen took what she learned and became an Accredited Financial Counselor, knowing that there are so many others who need to be pointed in the correct direction. She calls herself a Money Confidence Coach, because when you have confidence in your money management skills, you can tackle any problem. In This Episode We Cover:<ul><li>Jen's money story</li><li>How she made money to buy things she likes</li><li>Her position entering and leaving college</li><li>The reason why she got a discount on college</li><li>Having a mindset of being an extremely frugal person</li><li>How long it took to pay off her family's debt</li><li>The reason why she took a hard look at finances within her marriage</li><li>Her financial awakening</li><li>Her upbringing</li><li>Her Thrift Savings Plan and emergency fund</li><li>The importance of accepting and understanding individual money stories</li><li>Having 15 separate bank accounts</li><li>What her future plans are</li><li>Money issues that she sees repeatedly in her clients</li><li>Examples of variable expenses</li><li>And SO much more!</li></ul> Links from the Show<ul><li><a href="https://www.biggerpockets.com/forums" target="_blank">BiggerPockets Forums</a></li><li><a href="https://wafflesonwednesday.com/make-your-own-mobile-expense-tracking-app-in-30-minutes/" target="_blank">Waffles on Wednesday: Make Your Own Free Mobile Expense Tracking App in 30 Minutes</a></li><li><a href="https://www.facebook.com/groups/bpmoney" target="_blank">BiggerPockets Money Facebook Page</a></li><li><a href="https://www.biggerpockets.com/moneysurvey" target="_blank">BiggerPockets Money Survey</a></li></ul> Check the full show notes here:&nbsp;<a href="https://www.biggerpockets.com/moneyshow105" target="_blank">https://www.biggerpockets.com/moneyshow105</a>

Jen Hemphill was born in Colombia and lived there for the first eight years of her life. The economy was really bad, and her earliest memories were of a scary time when her educated father did whatever he had to do to make money.Her redheaded dad stood out in Colombia, and it wasn’t a safe place for him to be. So, they moved to the U.S. Jen remembers being embarrassed for not having money, knowing her friends had it.She attended the same college where her mother was a professor. Discounted tuition coupled with scholarships and a bit of parental help allowed her to graduate with no debt. She bought a car, paid it off quickly, and felt very proud of herself for doing so.Then, she met and married her husband. They took 15 years to pay off his $40,000 in student loan debt. She thought they were doing great, but a deeper look at their finances about 10 years in revealed a huge mess.Thinking back to her childhood, she realized she needed to make big changes in order to get ahead. Her family went on a budget, cutting out all unnecessary spending to focus on paying off the debt. Jen uses a series of labeled bank accounts to ensure they stick to their budget and now saves for purchases rather than raiding the emergency fund to pay for things.Jen took what she learned and became an Accredited Financial Counselor, knowing that there are so many others who need to be pointed in the correct direction. She calls herself a Money Confidence Coach, because when you have confidence in your money management skills, you can tackle any problem.In This Episode We Cover:Jen's money storyHow she made money to buy things she likesHer position entering and leaving collegeThe reason why she got a discount on collegeHaving a mindset of being an extremely frugal personHow long it took to pay off her family's debtThe reason why she took a hard look at finances within her marriageHer financial awakeningHer upbringingHer Thrift Savings Plan and emergency fundThe importance of accepting and understanding individual money storiesHaving 15 separate bank accountsWhat her future plans areMoney issues that she sees repeatedly in her clientsExamples of variable expensesAnd SO much more!Links from the ShowBiggerPockets ForumsWaffles on Wednesday: Make Your Own Free Mobile Expense Tracking App in 30 MinutesBiggerPockets Money Facebook PageBiggerPockets Money SurveyCheck the full show notes here:&nbsp;https://www.biggerpockets.com/moneyshow105

105: Budgeting Yourself OUT of Debt and Into a Fantastic Life with Jen Hemphill

Lauren and Steven met in high school and attended the same college. After undergrad, Steven was accepted into the Ph.D. program at UC Irvine. During the first year, he decided he didn’t really want a Ph.D. in Physics, but he really enjoyed working with students.They moved back to Florida so Steven could get his master’s in Education, while Lauren worked her first “real” job.But after two years, they were burned out from working full-time. After learning about financial independence and achieving an incredible savings rate—to the tune of $100K in two years—they decided to take a break.Their “break” was a six-month trip to Hawaii, paid for up front by their big savings account—but repaid by a series of side hustles in Hawaii. While most people spend lavishly to go on a tropical vacation for one week, they ended up $1,000 positive while spending six months there.Re-energized, they returned to Florida for a full-time job for Lauren and a continuing tutoring job for Steven—making more money than before they left for Hawaii. Increased income meant increased savings rate for these two, having lowered their expenses by purchasing a three-bedroom condo, periodically renting out an unneeded bedroom.But after about three years, they felt burned out again. This time their “break” was a trip around the country to visit every national park—all 61 of them—in seven months. Again, they wanted to pay for the trip with income generated during the trip.They cut expenses by buying a compact cargo van and sleeping in it for the majority of the trip. They continued working about 10 hours a week during the trip, rented their condo for seven months, and hit the road.Each time they return from their mini-retirements, they are refreshed, re-energized, and ready to jump back into work with both feet. Their end goal isn’t early, permanent retirement, but several small mini-retirements to enjoy their journey. In This Episode We Cover:<ul><li>Lauren and Steven's journey with money</li><li>How they managed their money during their college years</li><li>How they saved $100K in two years</li><li>Their monthly income and expenses</li><li>Preparations to go to Hawaii</li><li>How they managed their cash flow while staying in Hawaii</li><li>What they did when they returned to the mainland</li><li>Their strategy for asset allocation</li><li>Working part-time while on the road</li><li>How they get internet access while traveling</li><li>Their freelance business</li><li>The ideas behind financial independence</li><li>And SO much more!</li></ul> Links from the Show<ul><li><a href="https://www.biggerpockets.com/forums" target="_blank">BiggerPockets Forums</a></li><li><a href="https://www.mrmoneymustache.com/" target="_blank">Mr. Money Mustache</a></li><li><a href="https://www.mrmoneymustache.com/2011/10/06/the-true-cost-of-commuting/" target="_blank">The True Cost of Commuting - Mr. Money Mustache</a> (blog)</li><li><a href="https://www.healthcare.gov/" target="_blank">HealthCare.gov</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-84" target="_blank">BiggerPockets Money Podcast 84: Traditional Retirement: Social Security, Market Conditions, &amp; Managing Expectations with Kyle Mast</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-41-find-certified-financial-planner-cfpkyle-mast" target="_blank">BiggerPockets Money Podcast 41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-11-financial-freedom-in-less-than-five-years-with-joel-fi-180" target="_blank">BiggerPockets Money Podcast 11: Financial Freedom in Less Than Five Years with Joel from FI 180</a></li><li><a href="https://www.xyplanningnetwork.com/" target="_blank">XY Planning Network</a></li></ul> Check the full show notes here: <a href="https://www.biggerpockets.com/moneyshow104" target="_blank">https://www.biggerpockets.com/moneyshow104</a>

Lauren and Steven met in high school and attended the same college. After undergrad, Steven was accepted into the Ph.D. program at UC Irvine. During the first year, he decided he didn’t really want a Ph.D. in Physics, but he really enjoyed working with students.They moved back to Florida so Steven could get his master’s in Education, while Lauren worked her first “real” job.But after two years, they were burned out from working full-time. After learning about financial independence and achieving an incredible savings rate—to the tune of $100K in two years—they decided to take a break.Their “break” was a six-month trip to Hawaii, paid for up front by their big savings account—but repaid by a series of side hustles in Hawaii. While most people spend lavishly to go on a tropical vacation for one week, they ended up $1,000 positive while spending six months there.Re-energized, they returned to Florida for a full-time job for Lauren and a continuing tutoring job for Steven—making more money than before they left for Hawaii. Increased income meant increased savings rate for these two, having lowered their expenses by purchasing a three-bedroom condo, periodically renting out an unneeded bedroom.But after about three years, they felt burned out again. This time their “break” was a trip around the country to visit every national park—all 61 of them—in seven months. Again, they wanted to pay for the trip with income generated during the trip.They cut expenses by buying a compact cargo van and sleeping in it for the majority of the trip. They continued working about 10 hours a week during the trip, rented their condo for seven months, and hit the road.Each time they return from their mini-retirements, they are refreshed, re-energized, and ready to jump back into work with both feet. Their end goal isn’t early, permanent retirement, but several small mini-retirements to enjoy their journey.In This Episode We Cover:Lauren and Steven's journey with moneyHow they managed their money during their college yearsHow they saved $100K in two yearsTheir monthly income and expensesPreparations to go to HawaiiHow they managed their cash flow while staying in HawaiiWhat they did when they returned to the mainlandTheir strategy for asset allocationWorking part-time while on the roadHow they get internet access while travelingTheir freelance businessThe ideas behind financial independenceAnd SO much more!Links from the ShowBiggerPockets ForumsMr. Money MustacheThe True Cost of Commuting - Mr. Money Mustache (blog)HealthCare.govBiggerPockets Money Podcast 84: Traditional Retirement: Social Security, Market Conditions, &amp; Managing Expectations with Kyle MastBiggerPockets Money Podcast 41: How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle MastBiggerPockets Money Podcast 11: Financial Freedom in Less Than Five Years with Joel from FI 180XY Planning NetworkCheck the full show notes here: https://www.biggerpockets.com/moneyshow104

104: Cash-Flowing a Series of Mini-Retirements with Steven & Lauren from Trip of a Lifestyle

J Money wasn’t necessarily BAD with money, but his first home purchase - made because everyone else was doing it - prompted him to seek out advice about money.He stumbled upon the blogging world and was enthralled with the transparency. Here were real people talking about real issues they were facing - similar to what he was going through himself.He started his own blog called BudgetsAreSexy, and soon was approached by someone who wanted to buy an ad on the site. A new source of income generation!His blog success brought attention from national news sites, and traffic grew exponentially once they started sharing his articles. But as traffic grew, so did his time commitment.&nbsp;As he became more entrenched in the blogging space, he discovered that people buy and sell blogs - so he started flipping web sites. Another source of income generation.When it came time to choose between his full time job and his side hustle, he discovered the decision was made for him when he was called into his manager’s office and let go. (The company later went out of business.)Thrust into entrepreneurship, J buckled down with his spending, and discovered that Budgets really ARE sexy, and they can be the key to your financial success.Topics:<ul><li>J's journey with money</li><li>How he came across blogging world</li><li>What his biggest financial regret is</li><li>Building income on buying blogs</li><li>Where he got his blog name "Budgets Are Sexy"</li><li>How he handle his personal financial position</li><li>The moment he created his budget</li><li>The 'no spend month' challenge</li><li>Talking about his net worth</li><li>How important time for him is</li><li>What his wife doing for work</li><li>His plan for the future</li><li>His advice on starting a blog</li><li>The biggest help to fix his finances</li><li>The reason why he was called as Miley Cyrus of finances</li><li>And SO much more!</li></ul> Links:<ul><li><a href="https://www.budgetsaresexy.com/ways-to-make-money/" target="_blank">70+ Ways to Make Money on The Side - Budgets are Sexy</a> </li><li><a href="https://www.budgetsaresexy.com/the-zebra-car-insurance-search-engine/" target="_blank">Do You Know Your Insurability? - Budgets are Sexy</a> </li><li><a href="https://www.reddit.com/" target="_blank">Reddit</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-100-brandon-turner" target="_blank">BiggerPockets Money Podcast 100: From Financial Disaster to Real Estate Master with Brandon Turner</a></li><li><a href="https://www.biggerpockets.com/podcast" target="_blank">BiggerPockets Real Estate Podcast</a></li><li><a href="https://www.biggerpockets.com/forums" target="_blank">BiggerPockets Forums</a></li><li><a href="https://www.blogger.com/" target="_blank">Blogger.com</a></li><li><a href="https://www.listenmoneymatters.com/" target="_blank">Listen Money Matters</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-45truth-entrepreneurship-matt-giovanisci" target="_blank">BiggerPockets Money Podcast 45: The Truth About Entrepreneurship with Matt Giovanisci</a></li></ul> Profiles:<ul><li><a href="https://www.budgetsaresexy.com/" target="_blank">Budgets are Sexy</a></li><li><a href="https://www.rockstarfinance.com/" target="_blank">Rockstar Finance</a></li><li><a href="https://jmoney.biz/" target="_blank">J. MONEY</a></li></ul>

J Money wasn’t necessarily BAD with money, but his first home purchase - made because everyone else was doing it - prompted him to seek out advice about money.He stumbled upon the blogging world and was enthralled with the transparency. Here were real people talking about real issues they were facing - similar to what he was going through himself.He started his own blog called BudgetsAreSexy, and soon was approached by someone who wanted to buy an ad on the site. A new source of income generation!His blog success brought attention from national news sites, and traffic grew exponentially once they started sharing his articles. But as traffic grew, so did his time commitment.&nbsp;As he became more entrenched in the blogging space, he discovered that people buy and sell blogs - so he started flipping web sites. Another source of income generation.When it came time to choose between his full time job and his side hustle, he discovered the decision was made for him when he was called into his manager’s office and let go. (The company later went out of business.)Thrust into entrepreneurship, J buckled down with his spending, and discovered that Budgets really ARE sexy, and they can be the key to your financial success.Topics:J's journey with moneyHow he came across blogging worldWhat his biggest financial regret isBuilding income on buying blogsWhere he got his blog name "Budgets Are Sexy"How he handle his personal financial positionThe moment he created his budgetThe 'no spend month' challengeTalking about his net worthHow important time for him isWhat his wife doing for workHis plan for the futureHis advice on starting a blogThe biggest help to fix his financesThe reason why he was called as Miley Cyrus of financesAnd SO much more!Links:70+ Ways to Make Money on The Side - Budgets are Sexy Do You Know Your Insurability? - Budgets are Sexy RedditBiggerPockets Money Podcast 100: From Financial Disaster to Real Estate Master with Brandon TurnerBiggerPockets Real Estate PodcastBiggerPockets ForumsBlogger.comListen Money MattersBiggerPockets Money Podcast 45: The Truth About Entrepreneurship with Matt GiovanisciProfiles:Budgets are SexyRockstar FinanceJ. MONEY

103: Budgets Really ARE Sexy! with J. Money

Jean grew up in a family where money wasn’t a big issue. Her parents saved for big purchases like vacations, but frugality was part of her everyday life. She graduated from college without any debt, and soon found a job - that she immediately regretted accepting. She moved quickly to change course, and ended up in a job that paid less than half of that first one - but was so much better for her.&nbsp;A freelancing side job to supplement her income evolved into a full-time Journalism career with Smart Money magazine, which led to a 25+ year stint with the Today Show as their financial editor.But Jean wanted more. She created HerMoney, a place for women to learn about how to properly handle their finances. Jean knew that your money story is the root of your relationship with money. She created a place and space for you to recognize your money story - and figure out how to apply deep-seated lessons learned consciously and subsconsiously - to lead your best financial life!In this Episode We Cover:<ul><li>Jean's journey with money</li><li>Her financial position before and after college</li><li>How her financial habits changed</li><li>The importance of prioritising decision making</li><li>Her job on Smart Money Magazine</li><li>What she learned in reporting women with money</li><li>On HerMoney Happy Hour</li><li>The outcomes of the conversations at Happy Hour that might surprise men</li><li>The reason why couples are reluctant to talk about money</li><li>How to start the conversation with a partner who doesn't want to talk about money</li><li>The first thing a woman needs to do to start changing her financial situation</li><li>The importance of prenup</li></ul>Links:<ul><li><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-04-debt-free-rosemarie-groner" target="_blank">BiggerPockets Money Podcast 04: Eliminating Over $30,000 in Debt Through Extreme Organization with Former State Trooper Rosemarie Groner</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-24-getting-financially-naked-with-your-significant-other-with-erin-lowry" target="_blank">BiggerPockets Money Podcast 24: Getting Financially “Naked” with Your Significant Other — With Erin Lowry</a></li><li><a href="https://www.biggerpockets.com/blog/biggerpockets-money-podcast-81" target="_blank">BiggerPockets Money Podcast 81: The Basics of Investing with Erin Lowry from Broke Millennial</a></li><li><a href="https://www.biggerpockets.com/blog/BiggerPockets-Money-Podcast-39-From-Bad-with-Money-to-Intentional-Saving-and-Spending-with-Jamila-Souffrant" target="_blank">BiggerPockets Money Podcast 39: From “Bad with Money” to Intentional Saving and Spending with Jamila Souffrant</a></li><li><a href="https://www.biggerpockets.com/forums/" target="_blank">BiggerPockets Forums</a></li><li><a href="https://www.nytimes.com/column/modern-love" target="_blank">Modern Love - The New York Times</a></li><li><a href="mailto:scott@biggerpockets.com" target="_blank">Scott's Email</a></li></ul>Connect with Jean:<ul><li><a href="http://www.jeanchatzky.com/" target="_blank">Jean Chatzky's Website</a></li><li><a href="https://www.hermoney.com/" target="_blank">HerMoney</a></li><li><a href="https://www.hermoney.com/subscribe/" target="_blank">HerMoney Newsletter</a></li><li><a href="https://www.hermoney.com/t/podcasts/" target="_blank">HerMoney Podcast</a></li></ul>

Jean grew up in a family where money wasn’t a big issue. Her parents saved for big purchases like vacations, but frugality was part of her everyday life. She graduated from college without any debt, and soon found a job - that she immediately regretted accepting. She moved quickly to change course, and ended up in a job that paid less than half of that first one - but was so much better for her.&nbsp;A freelancing side job to supplement her income evolved into a full-time Journalism career with Smart Money magazine, which led to a 25+ year stint with the Today Show as their financial editor.But Jean wanted more. She created HerMoney, a place for women to learn about how to properly handle their finances. Jean knew that your money story is the root of your relationship with money. She created a place and space for you to recognize your money story - and figure out how to apply deep-seated lessons learned consciously and subsconsiously - to lead your best financial life!In this Episode We Cover:Jean's journey with moneyHer financial position before and after collegeHow her financial habits changedThe importance of prioritising decision makingHer job on Smart Money MagazineWhat she learned in reporting women with moneyOn HerMoney Happy HourThe outcomes of the conversations at Happy Hour that might surprise menThe reason why couples are reluctant to talk about moneyHow to start the conversation with a partner who doesn't want to talk about moneyThe first thing a woman needs to do to start changing her financial situationThe importance of prenupLinks:BiggerPockets Money Podcast 04: Eliminating Over $30,000 in Debt Through Extreme Organization with Former State Trooper Rosemarie GronerBiggerPockets Money Podcast 24: Getting Financially “Naked” with Your Significant Other — With Erin LowryBiggerPockets Money Podcast 81: The Basics of Investing with Erin Lowry from Broke MillennialBiggerPockets Money Podcast 39: From “Bad with Money” to Intentional Saving and Spending with Jamila SouffrantBiggerPockets ForumsModern Love - The New York TimesScott's EmailConnect with Jean:Jean Chatzky's WebsiteHerMoneyHerMoney NewsletterHerMoney Podcast

102: Understanding How Your Personal Money Story Shapes Your Financial Future with Jean Chatzky

For those who have money… or want more of it. Join Mindy Jensen and Scott Trench (from BiggerPockets.com) weekly for the BiggerPockets Money Podcast, the show you need to listen to if you have money or want more of it! Each week, financial experts Mindy and Scott interview unique and powerful thought leaders about how to earn more, keep more, spend smarter, and grow wealth.

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BiggerPockets Money Podcast: Changing How You View Money so ...

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