The next phase is getting that first $100,000. But I didnt realize that passing those first two stages, my first $25,000 and my first $100,000 gave me so many more options and so much more power to make that journey quicker and more enjoyable. This doesnt work so well when I have a family. 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. So, the goal is to go from a year of financial runwaywhich is a very modest goal that you can grind out over maybe a year to eighteen months depending on where youre starting from, what your income is, and where your expenses are, to a goal that has a lot less certainty. His net worth is estimated to be $1.5 million. Also getting some buy to lets in Glasgow, all with the funds from the limited company I run as a software consultant. 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. Its just that the math doesnt work like that. Scott Trench attended Vanderbilt University after high school, where he earned a Bachelor of Arts in Economics and History in 2013. Mad Fientist: Thats cool! She was right! Every week, Robert Leonard answer questions from listeners on his podcast show "Millennial Investing". Scott started acquiring more properties as he worked with Josh and later became such a crucial part of the BiggerPockets family, he was promoted to president. Mad Fientist: Mindy has been like, Youve got to get him on the podcast. A lot of these investors have enjoyed well over a decade of rising prices. And I think focusing on frugality at that stage absolutely is going to be the biggest impact you can have on your finances. 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. So, my question was, Has she rapped yet? because she is actually a really good rapper. 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. 2023 GOBankingRates. 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. Yeah, can you describe that again? Thats great. Mad Fientist: Yeah, absolutely. But that wasnt a huge mistake. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. The mortgage is currently $1400 because I refinanced. Mad Fientist: Wow! I would have been FI in my 30s. Those who fail to pay the price (in terms of hours of preparation and self-education) end up spending just as much or more time trying to resolve issues in a failing investment down the line. I think that, sadly, those at the highest risk are middle-class American homeowners. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. . Thanks to both of you and him. 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. So, thats one plan. And shes a poker player. And I got a $236,000 loan, something like that after the fees and all that. 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. I mean, that obviously worked out for you, Brandon. 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. Scotts estimated net worth is $1.5 million. 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. In addition to his career, Scott is the author of Set for Life which was published in 2017. So thats how I managed to lose money investing in stocks I guess. 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. buying two houses per month using BRRRR. The couple frequently shares photos of themselves on social media. And the reason for that is because they have no cushion. I love helping spread the message of financial independence to as many places as I can. Was wondering when someone would come out and say this. So, the Bigger Pockets Money Show started as kind of a spin-off, an alternative to the Bigger Pockets I guess real estate podcast. So, I think theres a couple schools of thought. I think it starts with a basis in frugality, but then theres an aggressive investing component. Earning an $8000 raise after a year is great. I started out working at a Fortune 500 company. The math is telling us that the biggest parts of your spending are in housing and transportation. Youre welcome any time. Trench joined BiggerPockets in 2014 and is the CEO and president. We, AOL, are part of the Yahoo family of brands. Scott Trench: Yeah, I think thats exactly right. He is the founder and CEO of BiggerPockets.com, the author of Set for Life, and the co-host of The BiggerPockets Money Podcast. Alright, man, thanks a lot. $305 at Sezane. Scott Trench: Sure! And theyve got a hundred million dollars in cash and no debts. Scott's estimated net worth is $1.5 million. Thats great. And then, two, house hack. Mad Fientist: Alright, good. 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. Trench has focused his career on. And thats a Corolla. I dont remember. So my first job was at a Fortune 500 company as a financial analyst 1. 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). So was that your first property then, the duplex in Denver? Or do you think go straight for something like the quadplex if you have the capital to invest? Mad Fientist: Hey, I hope you enjoyed that interview with Scott. That's the topic of today's show, where we sit down with Scott Trench, author of Set for Life,to discuss some of the simple yet powerful, tactics people can use to increase their income, reduce their expenses, and lead a legendary life. Congratulations to you! Scott Trench is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. But thats awesome. This document can be used by anyone in any position no matter how much you have invested or saved up. Two or three years ago, I actually [00:01:46] Bigger Pockets. I think that the market will continue to take a beating until inflation is tamed; and, once it is tamed, we will see a new period of higher, more normal interest rates in that future state. I cant really see a political advantage for him in doing that. This has been awesome. Thats awesome. Mad Fientist do you agree, that in UK its harder to make this work? 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 Trenchis the epitome of the "grind until you shine" real estate investor. Scott Trench: No, in May of 2012, I was graduating from college and getting ready tono, I graduated college in May of 2013. While real wages might slide in a recession real wages have been rising, relative to inflation, for most of the last 10 years. And yeah, hopefully, Ill speak to you soon. You dont have to be a superstar investor when you dont have much to risk luckily. Mad Fientist: Very cool! More luck is involved in rapidly going from $25,000 to $100,000 than there is from going from zero to $25,000. And my rents were $1150 from the other side and $550 for my side. Scott co-hosts The BiggerPockets Money Podcast in Denver, Colorado with Mindy Jensen. Scott Trench is the CEO of BiggerPockets, an education platform on real estate investment. So you were my gym companion for a good week or two. BiggerPockets.com is the worlds largest online network of real estate investors. And what caused her to come to me and say, Hey, you needed to talk to this guy? Im repaying the favor [00:06:47]. So, if thats something youre interested in, head to MadFientist.com/advice. Yet more reason for Powell and the Fed to go after inflation with a single-minded focus. 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. I was like, Oh, Im a smarter guy than the market. This company in China is a Chinese fruit juice company. 'A lot of people are angry at me today but I haven't yet heard anyone disagree,' he told his 867,000 followers. So, Bigger Pockets obviously has tons of amazing resources for people who want to get into stuff like this. He released Set For Life in 2017 to help others follow his successful path. Once your account is created, you'll be logged-in to this account. He also published his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes in 2021. 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. I believe I currently was able to getI remodeled and got one of the units up to $925. Mad Fientist: Yeah, absolutely. Thats another good thing. I find social media very overwhelming. So that would be cool to read that. And my book is written for a very specific audience. So theyre not even recognizable by name, the companies? I appreciate it. 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. So, house hacking as I define it is buying a piece of investment real estate that will make sense as a rental property, as a cash flowing rental property for you after you move out; or otherwise, using your housing to build wealth. First, theres the traditional. 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. Thanks for the podcast! In 2021, he also released his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes. Yeah, thats a great way to look at it. She now has a net worth of $5 million, and her annual salary is estimated at $1 million. Scott is married to his beautiful unidentified wife. I want to say it was probably November or December of 2013 is when I actually listened to your show and got this all kicked off. Scott is a lifelong learner of personal finance, real estate investing, sales, business, and personal management in the United States. Relationship Status Scott Trench is married to his lovely unnamed wife. 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. 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. The corners that you can cut when you are single are way more than if you have other people you are caring for. 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. So I really like how you structured it. Poker players, at least the ones that are really good, have this really good outlook on things where theyre like, Hey, heres the hand Ive been dealt. But as long as I can find a property that cash flows in a sense where I basically have a very, very good odds at having long-term $500 to $800 a month plus in cashflow on a $50,000 to $100,000it may not be the best cash in cash return, but I do believe that I can see some solid appreciation over a 30-year holding period in Denver. 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. He is thirty-one years old. 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. They feel that they are all politicians and wont allow the economy to slide. Joshua Dorkin, founder and CEO of BiggerPockets.com, joins me on the Financial Independence Podcast to talk real estate and entrepreneurship! At The College Investor, we want to help you navigate your finances. I was just curious if anyone has calculated there Real Net Worth as he describes it in the book. I bought it in northeast Denver, and things worked out. And this brings up a really cool thing that I liked in your book, which I havent even mentioned yet. 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. Im not so sure. So you have no financial runway. Your email address will not be published. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. And theres nothing wrong with this plan of index fund investing. Education:He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. When (if ever) do you think the real estate bubble we are in will burst? 3. Side hustles are still a new thing in my part of the world (New Zealand/Australia) but growing in momentum. The rents there are $800 per month on each of the units. Ive never been to Colorado, and I love mountains. Amara Trinity Lawrence: Know about Martin Lawrence Daughter? One, go find a new job. Thats MadFientist.com/advice. Im going to bet on that and go with that. And thats the correct decision to make in that game. I just mention I have the three properties. I have my eye on maybe branching out into some other types of investments. I cant answer that question. 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. If you lose your job, youre screwed! Scott serves as the Co-Host of The BiggerPockets Money Podcast in Denver, Colorado alongside Mindy Jensen. You made the right choice. Scott Trench: Yeah, sure. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. A lot of people will go with something in the 8% to 10% return range for index fund investing over the long term. And groceries are one of the things that a person thats interested in personal finance can go out and make a change in immediately. Click here to listen on iTunes. Thats fantastic. When I started on the road to financial dependence, thankfully, I was already in stage three. So lets dive in! 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. Yeah, no, absolutely. Trench is the author of the 2017 book Set for Life. So the best place to find me is actually on Bigger Pockets. And Im plenty happy doing what Im doing and kind of continuing along with things. Scott Trench: Yeah, you know, I had the good privilegeand this is not like an intelligence thing. Congratulations! 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 doesnt influence our evaluations or reviews. Why Frugal Living Will Only Get You So Far. 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. 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 was born in September 1990, in the United States. And thanks to Mindy for putting this together. But its very exciting, and its like the perfect world for me because I just love Bigger Pockets. And their market cap is $50 million. When interest rates fall and real estate assets are scarce, asset values soar. So theres a ton of great stuff there. And theyre just like, I dont know what Im going to do after I retire. The money is not the fear anymore. 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. 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. 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). The leap and I guess the freedom is almost kind of the scary thing. And it contains all of the answers Ive received since I started this podcast back in 2012. I couldnt agree more. And Ill see you next time. By clicking Accept all you agree that Yahoo and our partners will process your personal information, and use technologies such as cookies, to display personalised ads and content, for ad and content measurement, audience insights, and product development. So, itll take me a year or two to get to that point because I dont want to kick any tenants out or anything or raise the rent too quickly on them. I downloaded an audio book version of his book, Set for Life, and I really enjoyed it. Scott Trench: There were some rapping involved in that show. So hopefully, it will happen. Thats really important for investors, because the Feds dual mandate is to keep both inflation and unemployment low. more attainable than ever. But you get to this $25,000 or this one year of runway, and now you have a lot more options. I think that its increasingly difficult. The more money these institutions raise, the more soaring property values they can scoop up, and the more carried interest the deal sponsors make. I mean, if you think about that, how on earth is their market cap less than that? Mad Fientist: Excellent! So, I always end all my interviews with one piece of advice youd give to somebody whos starting on the path of FI. Scott Trench: Yes. So I started with basically zero$3000 in savings when I started my career. That's $1 MILLION. Scott Trench's net worth is estimated to be $1.5 million. 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. Bigger Pockets Money podcast did a show about this recently. Ive listened to probably half of the episodes so far. Mad Fientist: Wow! Id recommend people start from the source. And so, I believe that two things are likely to help people increase their odds of success going rapidly from $25,000 net worth to $100,000. 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. He serves as the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. 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. Enjoyed the podcast. You could drastically change your life for the better. Youre also not likely to get a big raise at your job at work within the next year. 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? And so, its all about increasing your odds of success I guess at this point. Scott Trench was born in the United States in September 1990. The author, Scott Trench, has some very wise . I still did fine and made it in my 40s but my maturity was late out of the gate. So, yeah, Bigger Pockets Money Podcast. real estate investing strategy that makes financial freedom 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. People doubling their income in a corporate type situation, its not heard of. Scott Trenchs net worth is estimated to be $1.5 million. On the flip side, wealth inequality skyrocketed as asset prices inflated with low interest rates. So, would you mind talking a little bit about that first stage? 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. Scott is of white ethnicity and has American citizenship. DO NOT Sell My Personal Information. Kin Shriner is an actor from the United States. Body Measurements And I believe that by the end of next yearso thats the end of 2019that Ill be able to get approximately $925 to $1000 per unit, plus I can pass on the utility fees to the tenants. This is what I need to be doing and how I need to be moving forward with my life and with my finances. And hopefully, Ill make it out to Denver one of these days and say hello. Last, I think that your small mom-and-pop investors are likely to be affected. Yet, it is also a dangerous game where, as investors, we play with big numbers and assume legal, operational and financial risks. Its really reassuring to hear Scotts story as it sounds so similar to my plans at the moment. Involved in rapidly going from zero to $ 25,000 to $ 100,000 there! ) but growing in momentum the book to this account the road to financial dependence, thankfully I... Spending are in housing and transportation book First-Time Home Buyer: the Complete Playbook to Rookie! 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White ethnicity and has American citizenship talk to this $ 25,000 or this one of... Of financial independence to as Many places as I can raise after a year great! Three years ago, I was like, Oh, Im a smarter guy than the....
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