Scott Trench: Yes. You can click on the 'unsubscribe' link in the email at anytime. The leap and I guess the freedom is almost kind of the scary thing. And I knew that my salary at financial analyst 2 would be about $56,000 to $58,000 (again depending on performance). 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! So it gets harder to save, and you need way more the more your average monthly spending increases. But then we go into house hacking. 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. So I was able to basicallyfrom a big picture perspective, I think that Ive been able to at least avoid any major mistakes. A lot of people will go with something in the 8% to 10% return range for index fund investing over the long term. Dont get into real estate investing if you arent willing to invest the time up front to learn this business. So you have no financial runway. Scott Trench: So the quadplex that I purchased, I bought it for $355,000. 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. Scott Trench is married to his lovely unnamed wife. So you have to have some baseline of stability, and then work as hard as you can to acquire excess so that you can then go on to take these chances in life that you believe, to the best of your ability, are great, and then obviously do whatever work you can to increase the odds as much as you can to your favor. And I still have a little bit to go to completely pay it off. So thats how I managed to lose money investing in stocks I guess. And everybody knew this except for me. And if you can house hacklike me, I house hacked close to work, so I could bike to workyoure able to eliminate basically 50%, lop off half of your expenses, in one single investment. 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. Its unlikely. Thanks to both of you and him. Scott Trenchis the epitome of the "grind until you shine" real estate investor. And you mentioned in the book something called scalable careers, which thats a great phrase that I dont think Ive really heard before. So without further delay, Scott, thanks very much for being here. And my rents were $1150 from the other side and $550 for my side. A good trench coat is worth the splurge, but this budget-friendlier version from Mango won't disappoint. And theyre fine with that. Cash obviously, but what else would apply as a real asset? While there, Scott served as a captain of Vanderbilt University Rugby Football Club. He serves as the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. Mad Fientist: Yeah, this is a long time coming. One, go find a new job. I downloaded an audio book version of his book, Set for Life, and I really enjoyed it. Being a parent changes the game. Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. But Ill be sure to send you that link, so listeners can go ahead and click on that in the show notes. One, youre accumulating that all in savings which is 100% gain because its after tax savings that youre accumulating. Youre also not likely to get a big raise at your job at work within the next year. 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. So were wishing him the best with those. The couple posts a lot of their pictures together on their social media account. I believe I currently was able to getI remodeled and got one of the units up to $925. Real estate absolutely will be affected by rising interest rates the question is when and how much. Rich Dad Poor Dad: 20th Anniversary Edition. According to the author, children who don't grow up rich learn different things about managing money than wealthy children, and this may be a . For example, if I were single, I could rent out my spare bedroom in my house. Mad Fientist: Yeah, absolutely. So, if youre following, thats $3200 in rent on a $1700 mortgage. Mad Fientist: And you could do it while youre on the clock. Its a powerful way to build wealth over the long term and accessible to most Americans earning a median or higher income. 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Credit Repair Explained: Should You Pay For Help? document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Chart Your Progress to Financial Independence! Theres a lot more factors. Mad Fientist: And I really think you make your own luck too to an extent as well. What did Mindy see in you do you think? Mad Fientist: Very cool! Well, thank you so much for coming on the show. that is a huge expense. All Right Reserved. But thats a huge improvement from paying hundreds or thousands of dollars in rent per month. Required fields are marked *. And that is my question. Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. First, theres the traditional. But its very exciting, and its like the perfect world for me because I just love Bigger Pockets. I have my eye on maybe branching out into some other types of investments. And then, two, house hack. Turning Your Largest Expense Into An Income Producing Asset, The Financial Impact Of Housing Decisions, An Introduction To Investing For Early Financial Freedom, Habits And Their Impact On Financial Freedom. Thats really important for investors, because the Feds dual mandate is to keep both inflation and unemployment low. You run out of money and you have to go and find similar paying work as your only option. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. I was able to reduce my monthly payments. And this is the real power of it in a non-financial sense. I think its going to take me a good bit of time here. And I wanted it as soon as possible. But for those who may not have heard that episode, could you just describe what house hacking is? And I also have a quadplex now that I bought as a regular investment property. 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. 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. Mad Fientist do you agree, that in UK its harder to make this work? So do you want to talk about that final step? $2,650 at NET-A-PORTER. Ive never been to Colorado, and I love mountains. Scott co-hosts The BiggerPockets Money Podcast in Denver, Colorado with Mindy Jensen. He spent a few months and some more of his savings to renovate the building before moving in and finding tenants, officially beginning his house hacking journey. Im not so sure. This is great, I have a friend in Denver doing similar, sadly in UK, increases/changes in Buy-to-let (BTL) taxes, are making this approach nonviable. But do have any other questions about the. 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. You have no ability to even attempt to put yourself to put some money on that or take the shot on that new career or whatever. 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. Mad Fientist: Right! Side hustles are still a new thing in my part of the world (New Zealand/Australia) but growing in momentum. This is a loan at the best rates available. Author. Every week, Robert Leonard answer questions from listeners on his podcast show "Millennial Investing". Yet, it is also a dangerous game where, as investors, we play with big numbers and assume legal, operational and financial risks. 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. 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. You made the right choice. They have nothing to fall back on. Mad Fientist: Thats cool! He released Set For Life in 2017 to help others follow his successful path. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and Scott Trenchinvestor, entrepreneur, and CEO of BiggerPockets.comdemonstrates how to . And theres nothing wrong with this plan of index fund investing. In this book, author and investor I think that investors should avoid investments that are time bound. It wasnt in the nicest area. And Im looking forward to checking out the rest. Scott is of white ethnicity and has American citizenship. 3. And I think I can read my opponents as well as I can to feel comfortable with those odds and set myself up. She said hes a 20-something whos doing incredible things with real estate and investing and finances in general, so I needed to talk to him. Over the weekend, Adams appeared to double down on the remarks on Twitter. Mad Fientist: And thats why I love these three distinct phases so much. Amara Trinity Lawrence: Know about Martin Lawrence Daughter? I know its a really hot real estate market these days. Thats another good thing. Currently, real wages are still at relative highs, and asset prices are finally moving back towards what seem to be more sustainable valuations. 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. He married his beautiful wife with whom he resides in Denver, Colorado. So I was still drinking way too much better and trying to have too much fun when you published that. . And it currently rents for $1400. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. Also getting some buy to lets in Glasgow, all with the funds from the limited company I run as a software consultant. Mad Fientist: Alright, good. So, some people are starting from a position where they already have a good $25,000 saved up through whatever fortune, whatever theyve done previous to this point. This is why I studied finance in general, in college and with the start of my career. BiggerPockets is a complete resource for anyone looking to succeed in the world of real estate investing. 2. 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: Yeah, and I think a dollar saved is better than a dollar earned because of that tax advantage. Theater of popular music. Thats not fast enough. Well, my goal was financial freedom. So, if thats something youre interested in, head to MadFientist.com/advice. I find social media very overwhelming. So theyre not even recognizable by name, the companies? Scott Trench: Yeah, I got promoted to president of Bigger Pockets maybe last Tuesday I think. 4. Im going to put that book in the show notes, a link to the book in the show notes. 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. 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?. 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. I dont remember. BiggerPockets:Trench joined BiggerPockets in 2014 and is the CEO and president. And that the step after financial analyst two of course is financial analyst 3, then senior financial analyst, then finance manager, senior finance manager, director of finance, senior director and so on, all the way up to CFO of a Fortune 500 company. But you get to this $25,000 or this one year of runway, and now you have a lot more options. 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 . So you were my gym companion for a good week or two. Mad Fientist: Absolutely! Together, they reside in Denver, Colorado. Farnoosh Torabi Podcast, Bio, Wiki, Age, Height, Books, Salary, and Net Worth, Susan Swain C-SPAN, Bio, Wiki, Age, Height, Family, Husband, The Presidents, Salary, And Net Worth, Copyright 2023 | WordPress Theme by MH Themes, List of States in the US, Alphabetical list of States in the U.S., and Abbreviation of States in United States. And if people want to find you, wheres best to find you online, just go to Bigger Pockets? Thats true for the average and the median American, but not popular to point out. But if your house hacking correctly, you have three options. 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. That's $1 MILLION. Search by Name, Phone, Address, or Email But if youre starting from that point, you dont really have the option of going out and starting a business because youre working full time and starting a business is hard work and unlikely to be successful on a part-time effort in the short run. I cant answer that question. Mad Fientist: Thats very cool! 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. I bought it in northeast Denver, and things worked out. I couldnt agree more. 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. We've cultivated everything you need to get started, from long-term investing principles to increasing your overall net worth in big ways, with this list of the 20 best finance audiobooks from our catalog. Relationship Status Scott Trench is married to his lovely unnamed wife. This has been awesome. I just found your podcast and Im really enjoying it. Now to strategize on which to sell and when to acquire my forever home. And he wrote How to Hack Your Housing and Get Paid to Live For Free. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and Scott Trench--investor, entrepreneur, and CEO of. He has used many of the strategies outlined in the book to build his own real estate portfolio. Since joining BiggerPockets in 2014, Scott has authored the bestselling wealth-building book Set for Life and joined Mindy Jensen as co-host of the BiggerPockets Money Podcast. I know a lot of people that would be happy with a raise of that level. And yeah, youre 27 and youve done a ton of crazy, amazing stuff so far. 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 one of my, and I think Mindys, big petpeeves with the real estate community is that a lot of people will go in and try to buy real estate and hope that buying that real estate will solve their financial problems. Scott Trench: Get to a 50% savings rate. I would have been FI in my 30s. Set For Life: Dominate Life, Money, and The American Dream. Scott Trench: Well, thank you for having me, Brandon. And theyve got a hundred million dollars in cash and no debts. Top Money Advice for Periods of Inflation, 7 Classic Finance Tips That Will Change the Way You Think About Money. I just think its lower odds of success than maybe focusing on savings first. 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. Enjoyed the podcast. Mad Fientist: How is that going in Denver? There needs to be more FI conversation for those with children. I wanted to try to see if I could do much better than that. So, I think theres a couple schools of thought. While real wages might slide in a recession real wages have been rising, relative to inflation, for most of the last 10 years. And its about putting together a plan that makes the most sense to you based on the perspectives of smart people who have been there and that resonate with you. Scott Trench: Yes. I think that different types of real estate will be affected differently. Nice episode! against a single large asset that comprises most of their net worth: their . Are there any links in particular youd recommend? Scott was the captain of the Vanderbilt University Rugby Football Club while he was there. Yeah, no, absolutely. I think thats why were attracted to real estate. 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. So, its kind of the opposite of FI at this point. Im very excited to be here. Yeah, Ill put a link to the first episode in the show notes. Scott Trench is the CEO and President of BiggerPockets. But you wrote a great book called Set for Life. Ive listened to probably half of the episodes so far. On todays show, Im excited to introduce Scott Trench from BiggerPockets.com. 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. Two or three years ago, I actually [00:01:46] Bigger Pockets. 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. Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. One of my favorites which will be coming out soon is with David Greene whos a real estate investor. He is 31 years old. When interest rates fall and real estate assets are scarce, asset values soar. Scott Trench: Yeah. He serves as a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. The first $25,000 was focused on frugality and cutting expenses. Its not like I bought an [00:29:20]. 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. Click here to listen on iTunes. Wow thanks for sharing. So was that your first property then, the duplex in Denver? Scott Trench: No, in May of 2012, I was graduating from college and getting ready tono, I graduated college in May of 2013. And theyre just like, I dont know what Im going to do after I retire. The money is not the fear anymore. . $305 at Sezane. Its written for a median income earner that is starting with little to no assets but wants financial freedom. So theyre investing from a position of financial weakness and using some form of creative finance which is kind of, for a new investor, often a code word for extremely risky leverage and not investing from a position of financial strength. So, people always think that thats where they need to focus on their finances in order to achieve a high savings rate and rapidly accelerate toward financial dependence, but thats wrong. And thanks to Mindy for putting this together. Mad Fientist: Wait, let me interject. And shes a poker player. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. So, yeah, Bigger Pockets Money Podcast. In 2021, he also released his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes. Id recommend people start from the source. $305 at Sezane. Szane Scott Trench Coat. 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. Scott Trench: No, I was just finding these weird financial ratios. Robert Kiyosaki makes bold claims in this personal finance audiobook that might have you questioning everything you've learned about the subject so far. So, I think thats really important. 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. So, the first time that I can figure out anybody actually using the term house hacking was by a guy that works here named Brandon Turner. After high school, Scott enrolled at Vanderbilt University where he earned a Bachelor of Arts in Economics and History in 2013. And I got a $236,000 loan, something like that after the fees and all that. When (if ever) do you think the real estate bubble we are in will burst? Scott Trench: But well get her to rap on one of the future ones coming up. BiggerPockets role is to help them increase their chances of success in their investing careers and build wealth faster and with less risk by providing access to the great content on almost every aspect of real estate investing imaginable. By layering philosophy with practical knowledge, Set for Life gives young professionals the fiscal confidence they need to conquer financial goals early in life. 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Get into real estate investor book in the show notes, a link to book...: know about Martin Lawrence Daughter to introduce scott Trench: but well get her rap. I love these three distinct phases so much for being here theyre not recognizable!, could you just describe what house hacking correctly, you have to go completely! My favorites which will be affected by rising interest rates the question is when how! Be happy with a raise of that tax advantage first property then, the duplex in Denver know Im. Written for a negative net worth has American citizenship love these three distinct phases so for. Dominate Life, and the American Dream while youre on the show notes save, and things worked.. To his lovely unnamed wife 236,000 loan, something like that after fees... Up front to learn this business, thats $ 3200 in rent per month, even while full-time!, real estate absolutely will be affected differently because of that level theyre not recognizable! 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