Yet, it is also a dangerous game where, as investors, we play with big numbers and assume legal, operational and financial risks. So thats what I did! And I also have a quadplex now that I bought as a regular investment property. Mad Fientist: Excellent! Scott Trench: There were some rapping involved in that show. Hes this young guy thats doing all these crazy things. So youre in your mid-twenties, right? real estate investing strategy that makes financial freedom 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. Ive listened to probably half of the episodes so far. Category: Books Share this article: Money Advice From Experts Top Money Advice for Periods of Inflation And I got a $236,000 loan, something like that after the fees and all that. But then we go into house hacking. Just search my name in the search bar, Scott Trench. Thanks for taking the time to read this post and thanks Scott for writing such a good book. Thanks for the podcast! I just mention I have the three properties. Im easily a 2% or 3% safe withdrawal rate, which is much more conservative than the 4% safe withdrawal rate, which means they have much more assets than they need to produce the level of income that they desire. I would have been FI in my 30s. Mad Fientist: Yeah, thats absolutely crazy! And theyre profitable. And hopefully, Ill make it out to Denver one of these days and say hello. Scott Trench: Its been going pretty well. So, if thats something youre interested in, head to MadFientist.com/advice. I definitely still have some work to do to get to there. Why Frugal Living Will Only Get You So Far. 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. 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 . Have you bought any other property since then? So I really like how you structured it. I interviewed her and her husband in episode #14. The couple posts a lot of their pictures together on their social media account. 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! real estate business from buying two houses per year to I think I take all of the thunder for the weird or funny, whatever you want to call it, activities there by telling very lame, bad jokes on each episode, or asking the guests at least. It has really motivated my fiance and I to take the next steps towards financial freedom. So, you really have to start somewhere. And thats kind of where we start getting into part two there which is $25,000 to $100,000. And Im going to hopefully get it out of the library as soon as I can because that sounds really good. 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. Mad Fientist: Wow! So if youre following that, I was collecting $1700 in rent on $1550 mortgage. BiggerPockets:Trench joined BiggerPockets in 2014 and is the CEO and president. 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 the first phase was getting that first $25,000. Shop Pay is an innovative payment solution developed by Shopify. Scott Trench is the CEO and President of BiggerPockets. Whats Set For Life: Dominate Life, Money, And The American Dream All About? even while working full-time, earning a median income, and making up for a negative net worth. It cost me $1700. So I started with basically zero$3000 in savings when I started my career. 4. Being a parent changes the game. These offers do not represent all deposit accounts available. 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. 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?. I bought a house in Edinburgh and Ill definitely be able to do house hack in the short feature with the prices in this city. 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, you might need $25,000 in total cash, liquidity, to finance your $2000 a month lifestyle. Sarah Peck, Richard Epstein, Logan Sekulow, Jim Harold, Ameera David is an Arabian-American journalist, news reporter, and anchor. 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. Top Money Advice for Periods of Inflation, 7 Classic Finance Tips That Will Change the Way You Think About Money. Well, thank you so much for coming on the show. For example, I would not want to have a large portion of my wealth in a development project that was 18 to 24 months out from being completed right now. Mad Fientist: Wow! So thats not scalable. 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. And yeah, back in my poker-watching days, I remember Annie Duke very well. Over the weekend, Adams appeared to double down on the remarks on Twitter. Your first guest was the same first guest that I had way back in 2012, Mr. Money Mustache (which was a great episode). And Erin Chase is an expert grocery shopper. Scott Trench: I live in another duplex doing the same thing. Now, of course, you cant make any bets in the first place if you have no wealth and spend all that you earn. Scott Trench: Well, I think we both share a lot of interest in personal finance. So, would you mind talking a little bit about that first stage? So I was still drinking way too much better and trying to have too much fun when you published that. But its funny because I hear these people, theyre like, Oh, Im very well into FI. Scott Trench: You know, she hasnt wrapped yet. No, all of these things work. Well, thank you so much, Scott. DO NOT Sell My Personal Information. Nice episode! Scott Trenchs net worth is estimated to be $1.5 million. 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, 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? Mad Fientist: So yeah, that could take a nice chunk of change. This document can be used by anyone in any position no matter how much you have invested or saved up. Youre welcome any time. Its putting money in your pocket every month. When (if ever) do you think the real estate bubble we are in will burst? Its about a little over 10% of your savingsthat means you spend around $4000 a month. What did Mindy see in you do you think? And no one can go in and audit them and figure that out. Mad Fientist: Yeah, absolutely. 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. 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. Trench has focused his career on. So thats how I managed to lose money investing in stocks I guess. Scott Trench: Sure! Of course, that logic works both ways; and, if interest rates come back down quickly, these types of investments might perform even better. So you were my gym companion for a good week or two. And then, the rents are about $2600 a month. Mad Fientist: Absolutely! 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. She now has a net worth of $5 million, and her annual salary is estimated at $1 million. Scott Trench: No, in May of 2012, I was graduating from college and getting ready tono, I graduated college in May of 2013. I was just curious if anyone has calculated there Real Net Worth as he describes it in the book. Join over 100,000 others on the Mad Fientist email list to get free updates and other exclusive content! 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. If somebody is interested in getting started in house hacking, what would you recommend as far as getting duplexes? This is whyI was already fairly frugalThis is why Im saving. And once I heard that, everything clicked for me, and I was like, This is it. Melissa joined CNBC in 2004 where she serves as a reporter and an anchor. One, youre accumulating that all in savings which is 100% gain because its after tax savings that youre accumulating. Scott Trench: Yeah, absolutely. Scott holds an American nationality and belongs to the white ethnicity. To do this, many or all of the products featured here may be from our partners. Scott Trench is the CEO of BiggerPockets, an education platform on real estate investment. That's $1 MILLION. Enjoyed the Podcast, great to find the BiggerPockets Money Podcast too and enjoyed Scotts book (audible) and the three levels FI! 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. Its unlikely. Well, the reason is because Chinese companies all the timeI dont know about this one in particularlie about their financials. 3. 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. Mad Fientist: Oh, nice. Im repaying the favor [00:06:47]. I appreciate it. Mad Fientist: Cool! 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. The mortgage is currently $1400 because I refinanced. Its like a 1% interest rate. Trench is the author of the 2017 book Set for Life. Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. He married his beautiful wife with whom he resides in Denver, Colorado. 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). I just finished up @Scott Trench book Set For Life. Thats another good thing. 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. 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. Unemployment is likely to remain low simply due to the fact that the minimum wage is so low, giving the Fed wide room to run in tackling inflation again, what I like to refer to as their first enemy. Probably worth a listen. What are the best types of real estate investments to make in 2022? Well, my goal was financial freedom. Robert Kiyosaki makes bold claims in this personal finance audiobook that might have you questioning everything you've learned about the subject so far. You run out of money and you have to go and find similar paying work as your only option. Also, you have nothing to invest, so you cant get a higher return on your invested dollars if you have nothing to invest. Mad Fientist do you agree, that in UK its harder to make this work? 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? Its hard to see how unemployment can increase right now in a meaningful sense when the minimum wage is this low. He's the VP of Operations at BiggerPockets and loving life. Im going to bet on that and go with that. And thats the correct decision to make in that game. Scott Trench is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. 'A lot of people are angry at me today but I haven't yet heard anyone disagree,' he told his 867,000 followers. Scott Trench: One of the great things about house hacking is its a huge spectrum. I always tell my single friends to save as much as they can now, because it only gets more difficult later. And my rents were $1150 from the other side and $550 for my side. Information about his parents and/or siblings is not available at the moment. marion dupont scott net worthNitro Acoustic. At The College Investor, we want to help you navigate your finances. 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. 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. And theyre fine with that. He hosts a podcast called BiggerPockets Money.. Scott Trench: And particularly in terms of appreciation and real estate and stock markets. So theyre not even recognizable by name, the companies? We, AOL, are part of the Yahoo family of brands. And once you get to $100,000 in investible liquidity, now how you invest that money begins to become really important. For example, we had Erin Chase on there. Scott Trench: Well, thank you for having me, Brandon. Scott Trench Mar 21, 2017Mar 16, 20218 min read In this article I just talked to a lender that prequalified me for over $1 million in financing. Scott Trench: So the quadplex that I purchased, I bought it for $355,000. Mad Fientist: Very cool! I mean, that obviously worked out for you, Brandon. Its a powerful way to build wealth over the long term and accessible to most Americans earning a median or higher income. Our opinions are our own. So yeah, I really enjoyed it. And thanks to Mindy for putting this together. The next $75,000, youre looking at housing and income generation. The thing I liked most about the book was that he broke the journey to financial independence down into three distinct stages, each with their own focus. But if your house hacking correctly, you have three options. I downloaded an audio book version of his book, Set for Life, and I really enjoyed it. I moved out a couple of years later. Thats true for the average and the median American, but not popular to point out. Mad Fientist: And you could do it while youre on the clock. Alright, man, thanks a lot. This is what I need to be doing and how I need to be moving forward with my life and with my finances. So, Bigger Pockets obviously has tons of amazing resources for people who want to get into stuff like this. And then, I actually stumbled upon your podcast, the very first episode, and Mr. Money Mustache. Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. 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. It just didnt work out. This is a loan at the best rates available. And my book is written for a very specific audience. 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. 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. 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. A family that reached financial independence while raising children. So lets dive in! 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. And it contains all of the answers Ive received since I started this podcast back in 2012. You can click on the 'unsubscribe' link in the email at anytime. 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. So do you want to talk about that final step? And so, thats the biggest hack that I can think of, like the biggest trick that a median income earner can do on the side to drastically cut their expenses, and then automatically put yourself in a position to have a significant cash flowing asset after a year or two. Who cares if its underwater in terms of you owe more than its worth as long as its cash flowing? So that would be cool to read that. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This is a bad position to be in, and a recession that results in high unemployment will impact these folks first and hardest. They both live in Denver, Colorado. Congratulations again on the promotion and 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. 2023 GOBankingRates. And I have a couple of other expenses there as well. So can you talk a little bit about that? While real wages might slide in a recession real wages have been rising, relative to inflation, for most of the last 10 years. But hes definitely in a position where hes able to step aside and step out of the day-to-day and have a young upstart like me kind of do some [00:04:01] for him. 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. One, go find a new job. Scotts estimated net worth is $1.5 million. Yeah, can you describe that again? Calculate your FI date and graph your progress to FIRE for free in the Mad Fientist's FI Laboratory! And your boss was on the show, Josh Durkin. Scott Trench is the author of "Set for Life," CEO of BiggerPockets and co-host of the "BiggerPockets Money" podcast. One of my favorites which will be coming out soon is with David Greene whos a real estate investor. So, not only are you not spending money on that big, major expense, but youre actually earning money from it which obviously is going to get you to that $100,000 a lot quicker than the normal person. So what would yours be? 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. Its really reassuring to hear Scotts story as it sounds so similar to my plans at the moment. And that is my question. So yeah, you better keep saving a little bit because 7 to 10 trenchlings, Im sure, arent going to be too cheap. I put down $12,000. Scott Trench: And I do it while Im on the clock. And I wanted it as soon as possible. And I think I can read my opponents as well as I can to feel comfortable with those odds and set myself up. So it gets harder to save, and you need way more the more your average monthly spending increases. Im planning to invest in funds and a pension too, although most of the FI advice I found on Internet is US related so Ive been spending a while translating everything to ISAs, SIPPs, etc. Some of it is obviously also luck. He serves as a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. Congratulations! They feel that they are all politicians and wont allow the economy to slide. Scott Trench: Yeah, I got promoted to president of Bigger Pockets maybe last Tuesday I think. Start tracking your net worth with Personal Capital using our link. Throw all your additional cash into index funds, model it out using whatever percentage return youre comfortable with. I published that episode way back in May of 2012. Mad Fientist: Hey, I hope you enjoyed that interview with Scott. Scott Trench: Yeah, I think thats huge. No, heres what I was thinking. 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. And any time Mindy gives such a glowing recommendation for someone, I definitely check them out. I invest in index funds. Scott Trench: Yes. Members have access to an incredible network of nearly one million investors and real estate professionals, as well as a suite of tools designed to assist them in finding, financing, and analyzing potential investments. And if people want to find you, wheres best to find you online, just go to Bigger Pockets? Mad Fientist: He seems like a good boss anyway. 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. . Amara Trinity Lawrence: Know about Martin Lawrence Daughter? Are they easier to manage initially? 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. Your email address will not be published. Im on a lot of social media, but I dont ever check them. 529 Plans: The Ultimate Guide To College Savings Plans, The Definitive Guide To Student Loan Debt, How to Start Saving Now: The College Graduates Guide to Saving for Retirement, Tax Survey: How Much People Paid To File And The No.1 Tax Software They Used, Side-Hustles To The Rescue: Survey Shows 86% Stressed About Money & Inflation, 75% Of Students Would Still Choose To Work Even If They Didnt Have To. 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