Suppose that youre making $50,000 a year, if you save $500 a monthwhich is actually a pretty good savings rate. Its hard to see how unemployment can increase right now in a meaningful sense when the minimum wage is this low. It cost me $1700. But what youre talking about is turning that into an income-producing asset instead. Youre also not likely to get a big raise at your job at work within the next year. 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. And youre kind enough to send it to me. I picked stocks, and I tried to invest in stocks, and I lost money in 2013 and 2014 when everybody else was making money. If you lose your job, youre screwed! But within three months of starting my career, my introduction to the real world, I became very interested again in the concept of personal finance. Theater of popular music. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. 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! And so what Im trying to do with Set for Life and with some of the other things Im doing is try to help people put themselves into a position where theyre saving enough, where leaving a career track like that where they have very limited upside becomes the bigger risk than taking a chance on something that they believe to be a good opportunity. House hacking for life!! So, those are two approaches for investing. Scott Trench is the author of "Set for Life," CEO of BiggerPockets and co-host of the "BiggerPockets Money" podcast. Scott Trench: Oh, wow! Denver, Boulder, Longmont (stop by and say hi to Pete), and Fort Collins are all full of excellent breweries. But we dont talk about his real estate investing, we talk about his personal financial journey where he started as a waiter and found ways to make way more money than all the other waiters at the restaurant, how he saved all that money, how he was able to house hack, how he was able to parlay into his career as a police officer, how he was able to save and accumulate tremendous amounts of wealth while most of the people, most of his peersand this is in San Francisco. Thats very cool. Scott Trench: Sure! Scott Trench: Yeah, you know, I had the good privilegeand this is not like an intelligence thing. Scotts estimated net worth is $1.5 million. 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. Particularly liked the part about a scalable career and adding side hustles along the way. Click here to listen on iTunes. Mad Fientist: Right! Being a parent changes the game. In this book, author and investor 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. So theyre not even recognizable by name, the companies? Scott is a lifelong learner of personal finance, real estate investing, sales, business, and personal management in the United States. And my book is written for a very specific audience. Mad Fientist: Yeah, you mentioned in the book, youre like, Turn your biggest expense into an income-producing asset, and I think thats really powerful to think of it that way. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. 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. He has used many of the strategies outlined in the book to build his own real estate portfolio. And everybody knew this except for me. Mad Fientist: Mindy has been like, Youve got to get him on the podcast. Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. And groceries are one of the things that a person thats interested in personal finance can go out and make a change in immediately. This is a business that requires, literally, hundreds of hours of self-education from the investor prior to getting started. Or maybe you can just send them over, and Ill put them in the show notes in case people want to know more? A good trench coat is worth the splurge, but this budget-friendlier version from Mango won't disappoint. He hosts a podcast called "BiggerPockets Money." Education: He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. Thats MadFientist.com/advice. It's free. We go into just incredible personal stories. Great episode Brandon and Scott!. Thats fantastic. July 8, 2022, 4:00 AM Scott Trench Scott Trench is the author of "Set for Life," CEO of BiggerPockets and co-host of the "BiggerPockets Money" podcast. But theres also this whole realm of entrepreneurship. 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? Those who buy in desirable locations in markets with strong long-term growth prospects and responsible amounts of leverage (or with all cash purchases) are likely to see a very satisfactory return over the long term, relative to other asset classes. So the only criteria that I have that I think that you should really kind of strictly enforce is: Will this property make sense right now?, the day you buy it as an investment property if you dont live there. I moved out a couple of years later. And Im plenty happy doing what Im doing and kind of continuing along with things. So, if you spend $40,000 per year, if thats your target goal, and you have $1 million in index funds or wealth in general in your portfolio, youre likely to sustain that in perpetuity. Scott Trenchreal estate investor, co-host of the BiggerPockets Money Podcast, and CEO of BiggerPocketsdemonstrates how to accumulate a lifetime of wealth over a short period of time. Scott Trench CEO of BiggerPockets.com, Author of Set for Life, Co-Host of The BiggerPockets Money Podcast Denver, Colorado, United States 5K followers 500+ connections Join to follow. At The College Investor, we want to help you navigate your finances. BiggerPockets.com is the worlds largest online network of real estate investors. So, if I kind of maintain my system of dollar cost averaging through real estate, I believe that Ill have a good result at the end. Also getting some buy to lets in Glasgow, all with the funds from the limited company I run as a software consultant. Its an app that people can use just like a regular wallet to store their card details and information. And yeah, the main focus in that first $25,000 is frugality, which as you talked about in the book, a dollar saved is better than a dollar earned because obviously youve already paid tax on that dollar that youre saving, and its worth more to you than a dollar earned because you would pay a bunch of tax on it and have to do work to get it. I would have been FI in my 30s. Scott co-hosts The BiggerPockets Money Podcast in Denver, Colorado with Mindy Jensen. Mad Fientist: Hey, I hope you enjoyed that interview with Scott. SNAP gives eligible low-income households extra food-purchasing assistance to supplement food budgets. Scott Trench: Yes. Or do you think go straight for something like the quadplex if you have the capital to invest? What are the best types of real estate investments to make in 2022? I had the good privilege to discover this personal finance movement and have it make sense to me very early on, and then just kind of dive in or read it. So thats what I did! 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?. For the most part, these folks will have just one income stream their job and they will have massive leverage, perhaps five times or more their annual income, against a single large asset that comprises most of their net worth: their home. He serves as a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. Click Manage settings for more information and to manage your choices. Obviously, some chance plays a part. Its kind of a funny phenomenon to me because when I was starting out on this journey, all I could think about was getting to a point where financial independence seemed like a realistic possibility. And I think for that median income earner starting with zero, its with that savings position. I downloaded an audio book version of his book, Set for Life, and I really enjoyed it. I invest in index funds. Scott Trench: Yeah. You dont have to be a superstar investor when you dont have much to risk luckily. Trench is the author of the 2017 book Set for Life. So, that was your first $100,000. Scott is of white ethnicity and has American citizenship. Its unlikely. And he wrote How to Hack Your Housing and Get Paid to Live For Free. Mad Fientist: Very cool! But Ill be sure to send you that link, so listeners can go ahead and click on that in the show notes. When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. And both Mindy and I are a little bit morehow do I describe it? 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 any time Mindy gives such a glowing recommendation for someone, I definitely check them out. It just didnt work out. But you wrote a great book called Set for Life. 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. Author. What did Mindy see in you do you think? By layering philosophy with practical knowledge, Set for Life gives young professionals the fiscal confidence they need to conquer financial goals early in life. Mad Fientist: Yeah, exactly. Funded by the U.S. Department of Agriculture and administered at the state level, SNAP benefits 11 Companies That Will Help You Pay Off Student Loan Debt. SNAP Benefits: Can You Use EBT Card/Food Stamps To Purchase Hot Food. But for those who may not have heard that episode, could you just describe what house hacking is? So without further delay, Scott, thanks very much for being here. And it currently rents for $1400. Its really reassuring to hear Scotts story as it sounds so similar to my plans at the moment. And thats hopefully when you make all your mistakes and learn all those lessons. Scott Trench: There were some rapping involved in that show. Id say for young people who start today, house hack is one of the best ways to get to FI, especially since young people can take in roommates (itd be impossible for families w/ kids). Congratulations again on the promotion and the book. People doubling their income in a corporate type situation, its not heard of. He's the VP of Operations at BiggerPockets and loving life. Scott Trench: Yeah, I think thats huge. Fun, entertainment, healthcare, insurance, all of that falls into that last third. I definitely still have some work to do to get to there. And then, the rents are about $2600 a month. Set For Life: Dominate Life, Money, and The American Dream. Mad Fientist: Very cool! I believe I currently was able to getI remodeled and got one of the units up to $925. Youre now president of Bigger Pockets which is huge. And my rents were $1150 from the other side and $550 for my side. And how does the duplex compare to the quadplex? I started out working at a Fortune 500 company. Scott Trench: And particularly in terms of appreciation and real estate and stock markets. The couple frequently shares photos of themselves on social media. The mortgage is currently $1400 because I refinanced. It has really motivated my fiance and I to take the next steps towards financial freedom. Two or three years ago, I actually [00:01:46] Bigger Pockets. BiggerPockets.com is the worlds largest online real estate investor network. Scott Trench: So the quadplex that I purchased, I bought it for $355,000. 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. So, for example, on a basic level, Mr. Money Mustache has an incredible intro because I believeand Mindy agreesthat the basis of personal finance, the foundation, is always in that frugality and having the mindset of the end goal of happiness and using money as a tool to live out that ideal lifestyle I guess. This part of the book will guide you from zero and negative net worth to a position in which you live a low-cost lifestyle, save thousands of dollars per month and have accumulated your first $25,000 in cash or equivalents. At the moment, no information about his parents or siblings is available. I believe that in a market decline, this cohort is likely to experience some pain in the form of falling prices and/or rents, but that their long-term focus, fixed interest rate debt and multiple income streams (most small landlords work a full-time job in addition to owning a few rental properties) will put them in a relatively strong position to weather a market downturn. Yet more reason for Powell and the Fed to go after inflation with a single-minded focus. This is what I want to do with money. Youre welcome any time. I couldnt agree more. Im going to bet on that and go with that. And thats the correct decision to make in that game. Who Should Read Set For Life: Dominate Life, Money, and The American Dream? Rising interest rates are likely to impact cap rates on properties, which will compress values and limit exit and/or refinance options. I actually enjoyed the audio version of it in the gym. So was that your first property then, the duplex in Denver? In addition to his career, Scott is the author of Set for Life which was published in 2017. I have a very sizable chunk of my money in index funds for that exact reason. But I think a lot goes into putting yourself into position to be lucky. Well, thank you so much for coming on the show. I really appreciate it. Scott Trench: Yeah, absolutely. Together, they reside in Denver, Colorado. Are they easier to manage initially? . But youll need about $48,000 to finance your $4000 a month lifestyle. And once I heard that, everything clicked for me, and I was like, This is it. Its just that the math doesnt work like that. These offers do not represent all available deposit, investment, loan or credit products. Another approach that I also use is real estate investing. I always tell my single friends to save as much as they can now, because it only gets more difficult later. Mad Fientist: Yeah, absolutely. You run out of money and you have to go and find similar paying work as your only option. Scott Trench: No, in May of 2012, I was graduating from college and getting ready tono, I graduated college in May of 2013. . They help ordinary Americans build wealth and achieve financial freedom through real estate investing. Why Frugal Living Will Only Get You So Far. But two, youre decreasing the amount of money that you need to produce financial runway. We were fortunate enough to get the good advice from someone who actually did this since 70s and retired a multi-millionaire in 90s (in bay area, which is quite a feat), and perfect timing too (he told us to buy in 2010, when no one would touch real-estate since the 2008 crisis). And theyre profitable. My mortgage payment was $1550. I wanted to try to see if I could do much better than that. Scott serves as the Co-Host of The BiggerPockets Money Podcast in Denver, Colorado alongside Mindy Jensen. I was able to reduce my monthly payments. But its very exciting, and its like the perfect world for me because I just love Bigger Pockets. While there, Scott served as a captain of Vanderbilt University Rugby Football Club. He was born and raised in the United States by his parents. This has been a big party for many years. This has been awesome. 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. Scott Trench: So, I got interested in real estate as a byproduct of being interested in financial independence in the first place. Mad Fientist: Absolutely! And yeah, back in my poker-watching days, I remember Annie Duke very well. The next phase is getting that first $100,000. 2. Some of their users own a few properties and use real estate as a supplement to their overall wealth-building strategy, whereas others go all-in and use it as the primary tool in their portfolio. I think its going to take me a good bit of time here. One, youre accumulating that all in savings which is 100% gain because its after tax savings that youre accumulating. The identity of Scotts wife is not known to the public. All the index fund investors were seeing strong returns. Thanks for the podcast! Mad Fientist: Wow! Its written for a median income earner that is starting with little to no assets but wants financial freedom. marion dupont scott net worth Tatko na pesmaricu. I mean, that obviously worked out for you, Brandon. So, the goal of the show is to showcase these different perspectives on finance and enable people to think outside the box of Oh, real estate is the only way to go about this or even Index funds is the only way to go about investing or frugality is the only path to financial freedom.. I bought it in northeast Denver, and things worked out. even while working full-time, earning a median income, and making up for a negative net worth. Mad Fientist: And you could do it while youre on the clock. 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? And that is where I became interested in real estate and started listening to Bigger Pockets and becoming a fan of the company there. Scott was the captain of the Vanderbilt University Rugby Football Club while he was there. And then, they both were co-hosts on my show with me on episode #38. Yeah, can you describe that again? 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. $305 at Sezane. Body Measurements Its about a little over 10% of your savingsthat means you spend around $4000 a month. Theres a lot more factors. Yeah, thats a great way to look at it. What about equity in rental properties or home equity lines of credit (extremely cheap money that can be used as a down payment for more properties). Scott breaks down the journey to financial independence into three stages and explains what you need to focus on at each step (and why)! Mad Fientist: Yeah, absolutely. Its not to save the economy to support the Biden Administration. This document can be used by anyone in any position no matter how much you have invested or saved up. Like many people who are successful in the music industry, Storch became a wealthy man. He hosts a podcast called BiggerPockets Money.. He is 31 years old. But once Ive got that stabilized after a year or two, I think Ill have a very, very nice cash flow on top of what is already a satisfactory cashflow. This is what I need to be doing and how I need to be moving forward with my life and with my finances. So if youre following that, I was collecting $1700 in rent on $1550 mortgage. Im now working very long hours and trying to figure out how to grow the company and all that kind of stuff. Top Money Advice for Periods of Inflation, 7 Classic Finance Tips That Will Change the Way You Think About Money. I wish that people knew that real estate investing is a double-edged sword. He uses the example of a quadplex I believe in that post. I think that once you have a 50% savings rate on a median income or greater, thats when all of this kind of really starts falling into place and the opportunities begin multiplying in so many different directions for you. Congratulations! See Free Details & Reputation Profile for Scott Trench (32) in Denver, CO. Includes free contact info & photos & court records. Scott Trench: No, I was just finding these weird financial ratios. He married his beautiful wife with whom he resides in Denver, Colorado. Calculate your FI date and graph your progress to FIRE for free in the Mad Fientist's FI Laboratory! I know its a really hot real estate market these days. He earns his wealth from his career, therefore, he has amassed a fortune over the years. So it gets harder to save, and you need way more the more your average monthly spending increases. Every week, Robert Leonard answer questions from listeners on his podcast show "Millennial Investing". But in a bad market, its really important because in a bad market, you cant sell. Kin Shriner is an actor from the United States. I dont remember. 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. Scott Trench: One of the great things about house hacking is its a huge spectrum. And theyve got a hundred million dollars in cash and no debts. Instead, I think that we will simply see real wages fall relative to inflation. So, I spent all my money throughout the rest of my college, all the money I saved up working in summers and all thatall fun in college, and then a three-month backpacking trip when I graduated. Mad Fientist: And I really think you make your own luck too to an extent as well. This is a conventional mortgage brokernot a friend, not a family member. Yeah, this could be your biggest expenseespecially if youre renting or if you go out and buy your dream home right out of college like some people. 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. So thats how I managed to lose money investing in stocks I guess. And it contains all of the answers Ive received since I started this podcast back in 2012. If I ever make it out to Scotland, Ill have to come and check it out. Greg Palkot is known for his work on Shepard Smith Reporting, America's Newsr, Who is Kin Shriner? And Im looking forward to checking out the rest. And if they lose, youve got to be able to not tie the result of losing that hand with Hey! And I have a couple of other expenses there as well. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. Turns out our guest today, Scott Trench, found a lower paying dream job at a startup. BiggerPockets:Trench joined BiggerPockets in 2014 and is the CEO and president. I started my investing adventure as a pimple-faced 22 year old when I bought my first house/investment with $22k and that has laid the foundation of my FIRE journey in my 40s. And thats kind of where we start getting into part two there which is $25,000 to $100,000. Survey: Even With Higher Expenses, Most Student Loan Borrowers Are Ready To Resume Payments, Learn the three phases of financial freedom, Discover the secrets to creating an efficient lifestyle, Create your strategy to replace your wages with passive income streams. And I think focusing on frugality at that stage absolutely is going to be the biggest impact you can have on your finances. Scotts wifes identity is unknown to the general public. First, theres the traditional. And that is my question. With interest rates rising, and if prices were to begin falling, that environment would be highly risky for these homeowners. Scott Trench: Its been going pretty well. All I can do is prepare for a variety of scenarios and keep a long-term investment focus. Scott Trench is the CEO of BiggerPockets, an education platform on real estate investment. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. Thats going to reduce wealth inequality in this country. But if youre able to start increasing that savings rate, you accumulate this cushion, this what I call financial runway and set for life which allows you to live without the need for wage-paying work on that. Im on a lot of social media, but I dont ever check them. Mad Fientist: Perfect! A lot of these investors have enjoyed well over a decade of rising prices. And this brings up a really cool thing that I liked in your book, which I havent even mentioned yet. If I could answer that question, Id be making very specific bets and youd find me hanging out on my 500-foot yacht. Mad Fientist: Wait, let me interject. Mad Fientist: Nice! I put down $12,000. Scott Trench's net worth is estimated to be $1.5 million. Scott Trench: But well get her to rap on one of the future ones coming up. Scott Trench is the CEO and President of BiggerPockets. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Of self-education from the limited company I run as a byproduct of being interested in financial in... I was collecting $ 1700 in rent on $ 1550 mortgage Scotland, have! That you can download another approach that I purchased, I think a lot of these investors enjoyed... Glowing recommendation for someone, I definitely check them I guess the best types of estate... Book is written for a very specific bets and youd find me hanging out on my show with on... Theyve got a hundred million dollars in cash and no debts and $ 550 my. Was able to getI remodeled and got one of the great things about house hacking its... 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