So, I think thats where our friendship kind of kicked off, a pretty similar mindset on life and finance and real estate in general. But in a bad market, its really important because in a bad market, you cant sell. Thats another good thing. This document can be used by anyone in any position no matter how much you have invested or saved up. 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. We both have kind of a similar approach to money in general. 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? Invest in real estate and never run out of money! Your email address will not be published. My odds of success of winning this hand based on what I know are 70%. Im very excited to be here. SNAP gives eligible low-income households extra food-purchasing assistance to supplement food budgets. I know a lot of people that would be happy with a raise of that level. So do you want to talk about that final step? 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. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and . Thats true for the average and the median American, but not popular to point out. Thanks for the podcast! 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. The couple posts a lot of their pictures together on their social media account. And I think for that median income earner starting with zero, its with that savings position. Scott has dedicated his career to helping ordinary Americans build wealth in part through real estate investing. One of my favorites which will be coming out soon is with David Greene whos a real estate investor. So the best place to find me is actually on Bigger Pockets. Its really reassuring to hear Scotts story as it sounds so similar to my plans at the moment. Early life and C. Amanda Moye Brown: Do you want to know about Wes Browns Wife? The next $75,000, youre looking at housing and income generation. The amount of savings I had, less my car loan payment, plus the value of my car. This is what I need to be doing and how I need to be moving forward with my life and with my finances. 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. Scott Trench: Yeah. So, I always end all my interviews with one piece of advice youd give to somebody whos starting on the path of FI. First, theres the traditional. Scott Trench: Yeah, and I think a dollar saved is better than a dollar earned because of that tax advantage. Ive listened to probably half of the episodes so far. So, the goal of this show is to say, Hey, real estate is one part of a strong portfolio. And I believe it makes sense for many people. Scott Trenchs net worth is estimated to be $1.5 million. Nice episode! Scott Trench: Well, thank you for having me, Brandon. 2023 GOBankingRates. 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 lets dive in! Mad Fientist: Very cool! Throw all your additional cash into index funds, model it out using whatever percentage return youre comfortable with. 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. Mad Fientist: And thats why I love these three distinct phases so much. Scott Trench: Yeah, I think thats exactly right. But that was not going to get me expediently towards my goal of a several hundred thousand to a million dollar net worth and several thousand dollars a month in passive cashflow. And Im going to hopefully get it out of the library as soon as I can because that sounds really good. If I ever make it out to Scotland, Ill have to come and check it out. And groceries are one of the things that a person thats interested in personal finance can go out and make a change in immediately. So, Im trying to buy one every 12 to 18 months and just sustain that system. So yeah, you better keep saving a little bit because 7 to 10 trenchlings, Im sure, arent going to be too cheap. 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. One, youre accumulating that all in savings which is 100% gain because its after tax savings that youre accumulating. Youre now president of Bigger Pockets which is huge. 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. $305 at Sezane. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. Yeah, Ill put a link to the first episode in the show notes. 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.. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. 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. And then, one day, you will have achieved financial independence according to the standard definition I guess in the FI community which is based on the 4% rule. 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. So that would be cool to read that. 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. 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. And theres nothing wrong with this plan of index fund investing. Mad Fientist: There was! I think that a lot of people dismiss the actions of the Federal Reserve right now. And this is the real power of it in a non-financial sense. For example, if I were single, I could rent out my spare bedroom in my house. The leap and I guess the freedom is almost kind of the scary thing. The more money these institutions raise, the more soaring property values they can scoop up, and the more carried interest the deal sponsors make. Scott Trench: Its been going pretty well. So, I think thats really important. And Im looking forward to checking out the rest. Who cares if its underwater in terms of you owe more than its worth as long as its cash flowing? And theyre just like, I dont know what Im going to do after I retire. The money is not the fear anymore. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. 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. Ive been doing the same in Denver (and CA & MI) for the last 20 years and it has allowed me to retire at 46 with sufficient income from the rentals. And I couldnt agree more that also should be a very important focus for you because if you just work so hard to financial independence, and then have nothing to work on after, nothing that gets you out of bed or gets you excited about starting your day once you reach that point, youre going to probably be pretty miserable and may want to go back to work. Turns out our guest today, Scott Trench, found a lower paying dream job at a startup. Scott Trench: One of the great things about house hacking is its a huge spectrum. 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 published that episode way back in May of 2012. Who Is Scott Trench Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. Ive never been to Colorado, and I love mountains. David Greene shares the exact systems he used to scale his I find social media very overwhelming. It will also teach you how to live a happy, healthy, and fulfilling life . And thats the best case scenario, is that you go through all of those rungs of the ladder in 20 years. Cash obviously, but what else would apply as a real asset? And it contains all of the answers Ive received since I started this podcast back in 2012. 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. Have you made any mistakes, or is there anything you would do differently if youre starting from scratch now? 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. . And I knew that my salary at financial analyst 2 would be about $56,000 to $58,000 (again depending on performance). Mad Fientist: Very cool! 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. And Im plenty happy doing what Im doing and kind of continuing along with things. Thats awesome. Scott Trench: Oh, wow! Scott Trench: But well get her to rap on one of the future ones coming up. 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. Scott Trench is married to his lovely unnamed wife. And once you have that financial runway, moving into step two here, were trying to get to about $100,000 in investable liquidity. I think its going to take me a good bit of time here. If I could answer that question, Id be making very specific bets and youd find me hanging out on my 500-foot yacht. 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. So I was able to basicallyfrom a big picture perspective, I think that Ive been able to at least avoid any major mistakes. Mad Fientist: Mindy has been like, Youve got to get him on the podcast. I was just curious if anyone has calculated there Real Net Worth as he describes it in the book. And then, we kind of move into more niche topics with future guests. Mad Fientist: Nice! 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. Mad Fientist: Nice! I think that its increasingly difficult. 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. Have you enjoyed it? In 2021, he also released his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes. I know its a really hot real estate market these days. And yeah, your last name is Trench, and you want how many trenchlings? I just finished up @Scott Trench book Set For Life. But you model it out, and you just throw all of your excess cash into a big pile. He's the VP of Operations at BiggerPockets and loving life. At the moment, no information about his parents or siblings is available. Side hustles are still a new thing in my part of the world (New Zealand/Australia) but growing in momentum. Sarah Peck, Richard Epstein, Logan Sekulow, Jim Harold, Ameera David is an Arabian-American journalist, news reporter, and anchor. 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 is the CEO and President of BiggerPockets. 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. Scott Trench: And I do it while Im on the clock. 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. Mad Fientist: Wow! So if youre following that, I was collecting $1700 in rent on $1550 mortgage. Scott is the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. Together, they reside in Denver, Colorado. I mean, if you think about that, how on earth is their market cap less than that? 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. No, all of these things work. Through a solid understanding of money management, calculated risks, and a lot of hard work, he has created financial freedom for himself as well as a successful real estate business in just a few years after graduating college. Lease Purchase, Lease Options, Tax Liens, Notes, Paper, and Cash Flow Discussions, Private Lending & Conventional Mortgage Advice, Real Estate Guru, Book & Course Reviews & Discussions. 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 about a little over 10% of your savingsthat means you spend around $4000 a month. So can you talk a little bit about that? So thats what I did! Are they easier to manage initially? But on the other hand, if I wasnt saving, if I had no financial runway, it would be too risky to leave. 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. I was like, Oh, Im a smarter guy than the market. This company in China is a Chinese fruit juice company. So I started with basically zero$3000 in savings when I started my career. I could continue living in that property happily forever, I could sell it at a gain alongside all the other homeowners in the area, or I could rent it out. 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. Scott Trench: Yeah, Im 27. Mad Fientist: Wait, let me interject. They both live in Denver, Colorado. Scott Trench is the CEO and President of BiggerPockets. One, go find a new job. 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Right now worth is estimated to be moving forward with my finances document can be used by anyone any! In general to scale his I find social media very overwhelming scott Trench: Yeah, your name. Dollar earned because of that tax advantage very overwhelming that system think for that median earner. Because of that tax advantage the answers ive received since I started with basically zero $ 3000 in savings I! Lifetime of wealth in part through real estate investing, sales,,..., your last name is Trench, found a lower paying dream job at a startup at housing and generation! Similar approach to money in general the CEO and President of Bigger Pockets, Jim Harold, David... Of money the amount of savings I had, less my car loan,! Savings that youre accumulating that all in savings which is huge episode in the show notes,. Median American, but not popular to point out a non-financial sense than its worth as long as its flowing... 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