A good trench coat is worth the splurge, but this budget-friendlier version from Mango won't disappoint. Robert Kiyosaki makes bold claims in this personal finance audiobook that might have you questioning everything you've learned about the subject so far. But that wasnt a huge mistake. So it gets harder to save, and you need way more the more your average monthly spending increases. And Im plenty happy doing what Im doing and kind of continuing along with things. No, all of these things work. I just mention I have the three properties. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. I mean when you talk about average American household spending, 33% of that, the biggest chunk of the pie is going to be in housing, 17% is in transportation, 13% is in food. And theyve got a hundred million dollars in cash and no debts. . He is the founder and CEO of BiggerPockets.com, the author of Set for Life, and the co-host of The BiggerPockets Money Podcast. Congratulations! Who Should Read Set For Life: Dominate Life, Money, and The American Dream? Scott Trench: Yeah, I think thats huge. And Ill see you next time. I couldnt agree more. BiggerPockets.com is the worlds largest online real estate investor network. But its funny because I hear these people, theyre like, Oh, Im very well into FI. real estate investing strategy that makes financial freedom And so, I put down 5% with an FHA loan. The couple frequently shares photos of themselves on social media. So, would you mind talking a little bit about that first stage? I was just curious if anyone has calculated there Real Net Worth as he describes it in the book. Scott Trench: So, after the other expenses that went into maintaining the property and fixing some things up myself, I was probably breaking even or maybe paying a little bit out of pocket to live on a monthly basis. So youre not going to be able to even last one month without your job if youre starting from scratch until eight months have passed and really six weeks timeframe by the end of the year. Its good to make those mistakes early. He hosts a podcast called BiggerPockets Money.. So, my major mistakes are going to be things like I bought a brand new Toyota Corolla in 2014, kind of before I really wrapped my head around the whole personal finance thing. Have you bought any other property since then? Category: Books Share this article: Money Advice From Experts Top Money Advice for Periods of Inflation Im going to bet on that and go with that. And thats the correct decision to make in that game. Any investing information provided on this page is for educational purposes only. Being a parent changes the game. The mortgage is currently $1400 because I refinanced. Scott Trench: You know, she hasnt wrapped yet. So without further delay, Scott, thanks very much for being here. Mad Fientist: There was! Of course, that logic works both ways; and, if interest rates come back down quickly, these types of investments might perform even better. So I started with basically zero$3000 in savings when I started my career. I think that this asset class and I broadly bucket large multifamily, NNN and other such real estate into this category is much more exposed to rising interest rates than people think, and there could well be some pain here. . Going back in time to the 1970s and 1980s, weve seen that the Fed is willing to push interest rates as high as they need to go to fight their first enemy inflation and that they are willing to conduct brutal monetary policy that affects jobs to do that. Denver, Boulder, Longmont (stop by and say hi to Pete), and Fort Collins are all full of excellent breweries. Its written for a median income earner that is starting with little to no assets but wants financial freedom. Also getting some buy to lets in Glasgow, all with the funds from the limited company I run as a software consultant. Scott Trench: No, in May of 2012, I was graduating from college and getting ready tono, I graduated college in May of 2013. And I wanted to do a little bit more than maybe invest in index funds again which is kind of a standard 8% to 10% long-term average return. But when youre putting yourself into a position to take advantage of opportunities, and you do have options, and you do have that buffer (like that first $25,000 that we talked about), and youre able to take advantage of things that other people cant, and then yeah it may look lucky after the fact. Ive been recording this podcast since 2012 and at the end of every interview, I always ask, Whats one piece of advice youd give to someone pursuing financial independence?. Questions About BiggerPockets & Official Site Announcements, Home Owner Association (HOA) Issues & Problems, Real Estate Technology, Social Media, and Blogging, BRRRR - Buy, Rehab, Rent, Refinance, Repeat, Real Estate Development & New Home Construction, Real Estate Wholesaling Questions & Answers, Rent to Own a.k.a. We go into just incredible personal stories. I published that episode way back in May of 2012. Online Loan Companies To Borrow From Home. So, those are two approaches for investing. Mad Fientist: Very cool. She and her husband interviewed me in #26. He married his lovely wife, with whom he now lives in Denver, Colorado. I was just working towards that financial freedom. Before I go, I just wanted to remind you that I went back through all of my previous episodes and collected the answers to my final question that I always ask: Whats one piece of advice youd give to somebody on the path to financial independence? And I put all the answers into a free PDF that you can download. But thats a huge improvement from paying hundreds or thousands of dollars in rent per month. Scott Trench: Oh, wow! And their market cap is $50 million. So, thats one plan. This is what I need to be doing and how I need to be moving forward with my life and with my finances. So, it sounds like you havent made any sort of mistakes or youve been on such a very amazing path seemingly as soon as you got your career? No, heres what I was thinking. The next phase is getting that first $100,000. 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Credit Repair Explained: Should You Pay For Help? Some of it is obviously also luck. http://traffic.libsyn.com/madfientist/scott-trench-interview.mp3, My Interview on the BiggerPockets Money Show, House Hacking 101: How to Hack Your Housing and Get Paid to Live for Free, Leave a review for the Financial Independence Podcast on iTunes, The three stages of wealth creation on the path to financial freedom, Why it doesnt make sense to worry about investing right away, How to create a financial runway and use it to your advantage, Why you should try to find a scalable career, How to turn your biggest expense into an income-producing asset, The one question to ask before buying your first house hack, The multiple benefits of adding side hustles along your journey. In it, Scott Trenchwalks through his "investment philosophy," a simple, customizable plan that has allowed him to build wealthat record speedall in less than ten years. Are they easier to manage initially? Mad Fientist: Mindy has been like, Youve got to get him on the podcast. It was definitely worth talking to youlots of great advice. Ive received a lot of great answers over the years so I decided to compile all those answers into a PDF, which you can now download for free here! SNAP gives eligible low-income households extra food-purchasing assistance to supplement food budgets. I really appreciate it. And theyre profitable. So hopefully, it will happen. Yet more reason for Powell and the Fed to go after inflation with a single-minded focus. So, you had mentioned when you hit that $25,000 stability level, you would mention you could get a job that pays less salary but has a bigger bonus potential, or you could go and work at a startup or things like that. Lastly, one paradox of all that is happening now is that income inequality and wealth inequality are likely finally taking the first big steps towards normalizing. I think that investors in those types of projects are assuming a tremendous amount of risk interest rates could be far higher in 18 to 24 months than they are today, and that can depress prices, or make it difficult to refinance the property or investment down the line. Dont get into real estate investing if you arent willing to invest the time up front to learn this business. So, as part of my effort actually to become a better financial analyst at my job, I started listening to and reading all these content on finance and kind of discovered the concept of personal finance at some point. He also published his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes in 2021. Ive never been to Colorado, and I love mountains. Side hustles are still a new thing in my part of the world (New Zealand/Australia) but growing in momentum. And Im going to hopefully get it out of the library as soon as I can because that sounds really good. $305 at Sezane. Mad Fientist: Hey, I hope you enjoyed that interview with Scott. So, we are interviewing people that have expertise in one of these areas or niches in these areas or stories that embody this kind of approach, so that people are not pigeonholed into one type of investing or one type of real estate. Mad Fientist: Very cool! Yet, it is also a dangerous game where, as investors, we play with big numbers and assume legal, operational and financial risks. I appreciate it. So what would yours be? And now that Im there, I guess I technically lean FI, but I have more work to do if I want to get to the point where I can support maybe an upper middle class lifestyle in a good school district and a family one day. . But one of the things I loved most about it was how you broke it down to three phases. Mad Fientist: Yeah, absolutely. And you mentioned in the book something called scalable careers, which thats a great phrase that I dont think Ive really heard before. Now, of course, you cant make any bets in the first place if you have no wealth and spend all that you earn. But if it can cashflow as a piece of investment real estate, then you can always decide to continue living there or keep it as a cashflowing rental. Scott Trench: Sure! Youre welcome any time. - What else would be considered an asset in his model? Scott co-hosts The BiggerPockets Money Podcast in Denver, Colorado with Mindy Jensen. So, thank you for that. On todays episode of the Financial Independence Podcast, Im joined by the president of biggerpockets.com and cohost of the BiggerPockets Money Show, Scott Trench! He hosts a podcast called "BiggerPockets Money." Education: He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. that is a huge expense. And the mortgage is about $1700. This is what I want to do with money. I would have been FI in my 30s. I think that different types of real estate will be affected differently. If so I was hoping to get some advice on a few questions I have in regards to it: - When he talks about real assets what all applies in this model? Rising interest rates are likely to impact cap rates on properties, which will compress values and limit exit and/or refinance options. So the best place to find me is actually on Bigger Pockets. 2. And in a good market, thats not so important. So yeah, I really enjoyed it. He earns his wealth from his career, therefore, he has amassed a fortune over the years. So, you might need $25,000 in total cash, liquidity, to finance your $2000 a month lifestyle. It has really motivated my fiance and I to take the next steps towards financial freedom. Theres so many different ways to make money that dont cost anything but your time, and maybe a few hundred to a few thousand dollars to try out. I wish that people knew that real estate investing is a double-edged sword. Szane Scott Trench Coat. At The College Investor, we want to help you navigate your finances. Scott Trench: Yeah, I rarely do this, but I just read a book that Im raving about lately called Thinking in Bets by Annie Duke. I put down $12,000. Mad Fientist: Alright, good. So, do you think you stumbled upon it shortly after it was published or was this something that happened a little bit later. I plan to buy a fourth by, if not by the end of this year, by the end of 2018, by at least kind of spring 2019 to just kind of continue my system. Scott Trench: Yeah, Josh has definitely kind of achieved the dream here. Or maybe you can just send them over, and Ill put them in the show notes in case people want to know more? My odds of success of winning this hand based on what I know are 70%. It's free. Congratulations again on the promotion and the book. $305 at Sezane. And so, its all about increasing your odds of success I guess at this point. Scott Trench: Yeah, I think thats exactly right. Its an app that people can use just like a regular wallet to store their card details and information. So lets dive in! Scott Trench: But well get her to rap on one of the future ones coming up. So you were my gym companion for a good week or two. against a single large asset that comprises most of their net worth: their . I moved out a couple of years later. I was like, Oh, Im a smarter guy than the market. This company in China is a Chinese fruit juice company. The rents there are $800 per month on each of the units. These offers do not represent all available deposit, investment, loan or credit products. Its like a 1% interest rate. And so, if you cant sell, then your only option as a homeowner or a house hacker that hasnt bought a property that would make sense as a rental is to continue living on the property and paying it. Scott Trench: One of the great things about house hacking is its a huge spectrum. We try to be a little bit more creative and adventurous with our investment and money management than maybe just passively investing in index funds. Mad Fientist: He seems like a good boss anyway. This is a conventional mortgage brokernot a friend, not a family member. So, if thats something youre interested in, head to MadFientist.com/advice. Thats really important for investors, because the Feds dual mandate is to keep both inflation and unemployment low. I always tell my single friends to save as much as they can now, because it only gets more difficult later. When I started on the road to financial dependence, thankfully, I was already in stage three. Thanks for the podcast! Ameera David has achieved prominence by working for WXYZ, Channel 7, which is a Detroit-based ABC affiliate; she joined the s, Greg Palkot is a journalist who is best known for his work as a senior foreign affairs correspondent for Fox News Channel. Scott Trenchis the epitome of the "grind until you shine" real estate investor. I managed to lose money because I knew better than the market about this couple of Chinese stocks that had more cash than market cap and I dont know. And Erin Chase is an expert grocery shopper. In this show, he talks with successful entrepreneurs, . Bigger Pockets Money podcast did a show about this recently. I have my eye on maybe branching out into some other types of investments. Share book. Here I am today after a string of I think good decisions and good fortune accompanying them, but I look back, and Im like, Im not sure which one of those was a bad decision where I got lucky. I think they were good decisions and I got lucky if that makes any sense. If you dont have that option, then you are stuck. And then, finally, the next phase is getting from $100,000 to financial freedom. Scott Trench: Yeah, I got promoted to president of Bigger Pockets maybe last Tuesday I think. Its a powerful way to build wealth over the long term and accessible to most Americans earning a median or higher income. Required fields are marked *. So was that your first property then, the duplex in Denver? Cash obviously, but what else would apply as a real asset? Now, once you achieve a high savings rate and accumulate maybe six months to a year or more of this financial runway, options begin to present themselves in your life, things like you can go and take a job that pays you $40,000 instead of $50,000, but offers you a chance at a big bonus at the end of the year, or you can go work for free for an entrepreneur that you really admire and go learn a valuable skill set, or you can just take that $25,000 and invest or house hack the way I did. And I knew very clearly that around the 18-month mark, give or take a few months depending on my performance, I was going to get a promotion to financial analyst 2. This is a bad position to be in, and a recession that results in high unemployment will impact these folks first and hardest. So, you really have to start somewhere. Shop Pay is an innovative payment solution developed by Shopify. He married his beautiful wife with whom he resides in Denver, Colorado. Once your account is created, you'll be logged-in to this account. But really, what were after here is a strong personal financial position with a good savings rate, a strong income, strong investment returns, and then the opportunity, if desired, to go take advantage of entrepreneurial pursuits. Was wondering when someone would come out and say this. Its putting money in your pocket every month. Go find a career or an opportunity that you believe offers you the potential to scale, but will not allow you to lose money on a monthly basis. And no one can go in and audit them and figure that out. This is a business that requires, literally, hundreds of hours of self-education from the investor prior to getting started. Im not sure how long youve known Mindy Jensen, but I think ever since she got introduced to you, shes been like, Brandon, you have to get him on the show. He serves as the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. He was episode #23. And youre kind enough to send it to me. And my salary when I started was $48,000. Mad Fientist do you agree, that in UK its harder to make this work? Read this book now. Enjoyed the Podcast, great to find the BiggerPockets Money Podcast too and enjoyed Scotts book (audible) and the three levels FI! Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. Scott is someone who came on my radar a few years ago because Mindy Jensen, aka Mrs. 1500, from 1500Days.com mentioned quite a few times that I needed to get her colleague, Scott, on the podcast. Mad Fientist: Yeah, thats absolutely crazy! Theres a lot more factors. And the reason for that is because they have no cushion. Information about his parents and/or siblings is not available at the moment. Joshua Dorkin, founder and CEO of BiggerPockets.com, joins me on the Financial Independence Podcast to talk real estate and entrepreneurship! Ive listened to probably half of the episodes so far. So that would be cool to read that. So thats how I managed to lose money investing in stocks I guess. You have to live there until things appreciate or rents go up, or the property goes up and you either have to be able to sell it or live there happily. But I think a lot goes into putting yourself into position to be lucky. I know its a really hot real estate market these days. And if you continue along that line of thinking and apply it to your life, I think thats how you have just really good odds of hitting success. So, I think that from a big picture standpoint, I was able to think about it in a pretty rational way and have the odds in my favor for success. Last, I wonder, with the Republicans predicted to pick up a lot of seats in November, whether the Fed is likely to attempt to stimulate a Biden Administration economy at this point. Im not so sure. Your email address will not be published. He has some family things that are going on. We also get your email address to automatically create an account for you in our website. Its not to save the economy to support the Biden Administration. Melissa hence worked as a reporter for the Great Neck Record and later on began her television career working for CNN Financial News and Bloomberg. I still did fine and made it in my 40s but my maturity was late out of the gate. He uses the example of a quadplex I believe in that post. Scott Trench: But yeah, that interest in personal finance is kind of what spurred my ability to save and the accumulation of my first $20,000 to $25,000 for me. This has been a big party for many years. Youre now president of Bigger Pockets which is huge. And thats when I found your show, some time in that timeframe. Our opinions are our own. Well, thank you so much for coming on the show. I also observe that the federal minimum wage has not increased since 2010 we have the lowest real minimum wage in this country that weve had in nearly 50 years, since the 1940s and 1950s. So one of the problems that a lot of people have I think when it comes to finance is theyre unable to take any risk whatsoever. And that is where I became interested in real estate and started listening to Bigger Pockets and becoming a fan of the company there. 4. I am a massive fan of multiple streams of income, so have been pursuing side hustles for a while now. Throw all your additional cash into index funds, model it out using whatever percentage return youre comfortable with. So were wishing him the best with those. I could continue living in that property happily forever, I could sell it at a gain alongside all the other homeowners in the area, or I could rent it out. For investors, because it only gets more difficult later financial dependence, thankfully I... Thanks very much for being here started was $ 48,000 a regular wallet store... Educational purposes only probably half of the library as soon as I because... Gets more difficult later finance, real estate investor network get your email address automatically... His wealth from his career, therefore, he talks with successful,! Be affected differently photos of themselves on social media largest online real estate will be affected differently this.! 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