The math is telling us that the biggest parts of your spending are in housing and transportation. And again, yes, youre buying in such a way that it will make a smart cashflowing asset for you once you move on and move out of that property. 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?. Scott Trench: Yeah, sure. Why Frugal Living Will Only Get You So Far. I was interested in that line of work, but I didnt want to be tied to it for 40 years. Who Gets Institutional Merit Grants At Private Colleges? I appreciate it. But also, a dollar saved, at least a dollar of lifestyleyou know, if you can reduce your average monthly spending by a thousand dollars, thats better than increasing your average monthly income by a thousand dollars for a couple reasons. 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. I think it starts with a basis in frugality, but then theres an aggressive investing component. Melissa joined CNBC in 2004 where she serves as a reporter and an anchor. People doubling their income in a corporate type situation, its not heard of. Congratulations! 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. Thanks to both of you and him. 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. Mad Fientist: Excellent! I moved out a couple of years later. Some of their users have just a few properties and use real estate as a small part of their overall wealth-building plan, while others go all-in and use it as the primary tool in their portfolio. 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. After this, I think that your institutional investors and syndication investors are at the next highest risk. In 2021, he also released his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes. Mad Fientist: And thats why I love these three distinct phases so much. Throw all your additional cash into index funds, model it out using whatever percentage return youre comfortable with. Currently, he is an active investor in the Denver market and manages a real estate portfolio of around $1.5 million. Search by Name, Phone, Address, or Email And youre kind enough to send it to me. Its in my opinion as a saver who was able to accumulate a year of financial runway within a year, that was a risky career because I knew that I was not going to have any chance to live up to what I deemed my potential to be. Sarah Peck, Richard Epstein, Logan Sekulow, Jim Harold, Ameera David is an Arabian-American journalist, news reporter, and anchor. Scott Trench is CEO of BiggerPockets, co-host of the BiggerPockets Money Podcast, a real estate investor, and a real estate broker.He is also the best-selling author of Set for Life and First-Time Home Buyer, which have sold more than 140,000 copies combined.Through a solid understanding of wealth management, calculated risks, and a lot of hard work, he created financial freedom for himself as . Scott Trench: Sure! So thats how I managed to lose money investing in stocks I guess. Yeah, no, absolutely. The corners that you can cut when you are single are way more than if you have other people you are caring for. Scott Trench: Yes. And then, I actually stumbled upon your podcast, the very first episode, and Mr. Money Mustache. Thats great. A good trench coat is worth the splurge, but this budget-friendlier version from Mango won't disappoint. 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. Yeah, thats a great way to look at it. Although his salary was less than $50,000, Trench took on an aggressive saving strategy and had enough to put a down payment on a $240,000 duplex in just a year's time. And Im going to hopefully get it out of the library as soon as I can because that sounds really good. My odds of success of winning this hand based on what I know are 70%. Scott Trench: Well, when you buy your first place when I bought my first place, my total net worth was probably basically zero; maybe like 15k-20. At the time that were recording this, Im finding it very difficult to find properties. So theyre not even recognizable by name, the companies? Thats another good thing. I think that the best type of real estate investments to make in 2022 are the same as theyve always been: plain, vanilla, long-term rentals comprising single-family rentals and small multifamily rental properties like duplexes, triplexes and quadplexes. And my salary when I started was $48,000. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 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. Or maybe you can just send them over, and Ill put them in the show notes in case people want to know more? Mad Fientist: Very cool! He is also a real estate investor, an executive at a large online. You made the right choice. Your email address will not be published. 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. Also getting some buy to lets in Glasgow, all with the funds from the limited company I run as a software consultant. If you lose your job, youre screwed! So, its kind of the opposite of FI at this point. 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). Cash obviously, but what else would apply as a real asset? Scott is a lifelong learner of personal finance, real estate investing, sales, business, and personal management in the United States. I cant answer that question. Mad Fientist: And I really think you make your own luck too to an extent as well. Required fields are marked *. I think thats why were attracted to real estate. Thats awesome. So, do you think you stumbled upon it shortly after it was published or was this something that happened a little bit later. Find out more about how we use your information in our privacy policy and cookie policy. It has really motivated my fiance and I to take the next steps towards financial freedom. The only caution wed give is currently you can no longer have positive cashflow in bay area as a real-estate investors, maybe in other part of the country, but not northern cal. 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. So, Bigger Pockets obviously has tons of amazing resources for people who want to get into stuff like this. They both live in Denver, Colorado. $305 at Sezane. Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. Well, the reason is because Chinese companies all the timeI dont know about this one in particularlie about their financials. Shes good. Now to strategize on which to sell and when to acquire my forever home. Total Audience Reach (Twitter, Instagram, YouTube and TikTok). And any time Mindy gives such a glowing recommendation for someone, I definitely check them out. 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. At the moment, no information about his parents or siblings is available. And then, we kind of move into more niche topics with future guests. All the index fund investors were seeing strong returns. But theres also this whole realm of entrepreneurship. I was just working towards that financial freedom. But having that thing that youre working on as youre trying to reach financial independence, then hopefully, by the time you reach it, youll have something there that youre really passionate about and that you can spend a lot of time doing. 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. Oh, that was a bad decision to bet there. No, it was a good decision. Scott is the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. In this show, he talks with successful entrepreneurs, . This is a loan at the best rates available. Enjoyed the Podcast, great to find the BiggerPockets Money Podcast too and enjoyed Scotts book (audible) and the three levels FI! I always tell my single friends to save as much as they can now, because it only gets more difficult later. Scott Trench: Yes. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. More luck is involved in rapidly going from $25,000 to $100,000 than there is from going from zero to $25,000. Scott Trench: Yeah, absolutely. Im very excited to be here. So, thank you for that. Scott Trench: Well, thank you for having me, Brandon. 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. That's $1 MILLION. 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. In addition to his career, Scott is the author of Set for Life which was published in 2017. Turns out our guest today, Scott Trench, found a lower paying dream job at a startup. He is the founder and CEO of BiggerPockets.com, the author of Set for Life, and the co-host of The BiggerPockets Money Podcast. Im now working very long hours and trying to figure out how to grow the company and all that kind of stuff. Have you made any mistakes, or is there anything you would do differently if youre starting from scratch now? Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. I couldnt agree more. Lease Purchase, Lease Options, Tax Liens, Notes, Paper, and Cash Flow Discussions, Private Lending & Conventional Mortgage Advice, Real Estate Guru, Book & Course Reviews & Discussions. And I knew that my salary at financial analyst 2 would be about $56,000 to $58,000 (again depending on performance). Scott Trench: There were some rapping involved in that show. - What else would be considered an asset in his model? . So the best place to find me is actually on Bigger Pockets. So hopefully, it will happen. So, that was your first $100,000. He released Set For Life in 2017 to help others follow his successful path. Any time Mindy gives such a glowing recommendation for someone, I think that your institutional investors syndication. From $ 25,000 hopefully get it out of the BiggerPockets Money Podcast phases so much personal. $ 48,000 started was $ 48,000 know about this one in particularlie about their.... 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