In this book, author and investor 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. Its not like I bought an [00:29:20]. On the flip side, wealth inequality skyrocketed as asset prices inflated with low interest rates. I started out working at a Fortune 500 company. One, go find a new job. I really appreciate it. So I was able to basicallyfrom a big picture perspective, I think that Ive been able to at least avoid any major mistakes. Hes this young guy thats doing all these crazy things. So youre in your mid-twenties, right? buying two houses per month using BRRRR. And then, one-thirdthat was two-thirds I just described there, housing, transportation and foodone third is everything else. Scott Trench is married to his lovely unnamed wife. More luck is involved in rapidly going from $25,000 to $100,000 than there is from going from zero to $25,000. These offers do not represent all available deposit, investment, loan or credit products. So, would you mind talking a little bit about that first stage? 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 in a good market, thats not so important. 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. Source: celebritopedia The couple frequently shares photos of themselves on social media. So, thank you for that. BiggerPockets is a complete resource for anyone looking to succeed in the world of real estate investing. Category: Books Share this article: Money Advice From Experts Top Money Advice for Periods of Inflation Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. Thats MadFientist.com/advice. Start tracking your own financial progress with these money management apps. The identity of Scotts wife is not known to the public. And yeah, back in my poker-watching days, I remember Annie Duke very well. 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. Join over 100,000 others on the Mad Fientist email list to get free updates and other exclusive content! I think that the two things that come into play there are going to be entrepreneurship, asset creation, and then investing. The leap and I guess the freedom is almost kind of the scary thing. He has some family things that are going on. So, I think thats really important. Who Should Read Set For Life: Dominate Life, Money, and The American Dream? 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 theyve got a hundred million dollars in cash and no debts. Scott Trench is the author of "Set for Life," CEO of BiggerPockets and co-host of the "BiggerPockets Money" podcast. Who cares if its underwater in terms of you owe more than its worth as long as its cash flowing? By layering philosophy with practical knowledge, Set for Life gives young professionals the fiscal confidence they need to conquer financial goals early in life. Scott's estimated net worth is $1.5 million. And Im looking forward to checking out the rest. I published that episode way back in May of 2012. In addition to his career, Scott is the author of Set for Life which was published in 2017. Mad Fientist: Yeah, this is a long time coming. Read this book now. 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. Mad Fientist: Wait, let me interject. Are there any links in particular youd recommend? Theyre unable to take advantage of opportunity. 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. So do you want to talk about that final step? When (if ever) do you think the real estate bubble we are in will burst? You made the right choice. 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. Mad Fientist: which is great. 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: Its been going pretty well. So, I think thats where our friendship kind of kicked off, a pretty similar mindset on life and finance and real estate in general. 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 wish that people knew that real estate investing is a double-edged sword. 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. 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. But Ill be sure to send you that link, so listeners can go ahead and click on that in the show notes. Its been a whirlwind since then. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and . 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. I just think its lower odds of success than maybe focusing on savings first. Invest in real estate and never run out of money! Its putting money in your pocket every month. Enjoyed the podcast. He has used many of the strategies outlined in the book to build his own real estate portfolio. Its like a 1% interest rate. Have you bought any other property since then? Bigger Pockets Money podcast did a show about this recently. Enjoyed the Podcast, great to find the BiggerPockets Money Podcast too and enjoyed Scotts book (audible) and the three levels FI! Scott Trenchis the epitome of the "grind until you shine" real estate investor. And so, I put down 5% with an FHA loan. And Erin Chase is an expert grocery shopper. But youll need about $48,000 to finance your $4000 a month lifestyle. This doesnt work so well when I have a family. 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. Who Gets Institutional Merit Grants At Private Colleges? Wow thanks for sharing. Rising interest rates are likely to impact cap rates on properties, which will compress values and limit exit and/or refinance options. If Im (Fed Chairman) Jerome Powell, my task is clear: Beat inflation. And yeah, youre 27 and youve done a ton of crazy, amazing stuff so far. Or do you think go straight for something like the quadplex if you have the capital to invest? that is a huge expense. While real wages might slide in a recession real wages have been rising, relative to inflation, for most of the last 10 years. And any time Mindy gives such a glowing recommendation for someone, I definitely check them out. 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. Also getting some buy to lets in Glasgow, all with the funds from the limited company I run as a software consultant. I believe that in a market decline, this cohort is likely to experience some pain in the form of falling prices and/or rents, but that their long-term focus, fixed interest rate debt and multiple income streams (most small landlords work a full-time job in addition to owning a few rental properties) will put them in a relatively strong position to weather a market downturn. I am a massive fan of multiple streams of income, so have been pursuing side hustles for a while now. Kin Shriner is an actor from the United States. So, if youre following, thats $3200 in rent on a $1700 mortgage. So lets dive in! 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. Mad Fientist: Wow! 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. Yet more reason for Powell and the Fed to go after inflation with a single-minded focus. 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 Im going to hopefully get it out of the library as soon as I can because that sounds really good. Mad Fientist: Absolutely! 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. By clicking the 'Subscribe Now' button, you agree to our Terms of Use and Privacy Policy. But if youre able to start increasing that savings rate, you accumulate this cushion, this what I call financial runway and set for life which allows you to live without the need for wage-paying work on that. Youre now president of Bigger Pockets which is huge. 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. 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. So I was still drinking way too much better and trying to have too much fun when you published that. Body Measurements Mad Fientist: Nice! He was born and raised in the United States by his parents. 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. Theres plenty of exceptions to that, and Im not discounting that. You could drastically change your life for the better. Congratulations! One, youre accumulating that all in savings which is 100% gain because its after tax savings that youre accumulating. And then, I actually stumbled upon your podcast, the very first episode, and Mr. Money Mustache. And yeah, your last name is Trench, and you want how many trenchlings? 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). Hes doing some amazing stuff, which Im really excited to talk to you about. Mad Fientist: Yeah, absolutely. Andrew Ross Sorkin - $10 million Scott Trench is the CEO of BiggerPockets, an education platform on real estate investment. 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. But on the other hand, if I wasnt saving, if I had no financial runway, it would be too risky to leave. I have a very sizable chunk of my money in index funds for that exact reason. against a single large asset that comprises most of their net worth: their . And I wanted it as soon as possible. Mad Fientist: Hey, I hope you enjoyed that interview with Scott. Early life and C. Amanda Moye Brown: Do you want to know about Wes Browns Wife? Side hustles are still a new thing in my part of the world (New Zealand/Australia) but growing in momentum. Throw all your additional cash into index funds, model it out using whatever percentage return youre comfortable with. Scott Trench: Yeah, and I think a dollar saved is better than a dollar earned because of that tax advantage. 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. 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). 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. Mad Fientist: Right! Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. Im very excited to be here. There needs to be more FI conversation for those with children. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. And I have a couple of other expenses there as well. What Is A 529 Plan and Where to Open One in Your State, How Much Should You Have In A 529 Plan By Age, How To Use A 529 Plan For Private Elementary And High School. But that wasnt a huge mistake. This is what I need to be doing and how I need to be moving forward with my life and with my finances. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Scott Trench: Yes. You run out of money and you have to go and find similar paying work as your only option. So, if thats something youre interested in, head to MadFientist.com/advice. 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. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. And he wrote How to Hack Your Housing and Get Paid to Live For Free. I think that a lot of people dismiss the actions of the Federal Reserve right now. Theres a lot more factors. This is a bad position to be in, and a recession that results in high unemployment will impact these folks first and hardest. So that would be cool to read that. House hacking for life!! And so, if you cant sell, then your only option as a homeowner or a house hacker that hasnt bought a property that would make sense as a rental is to continue living on the property and paying it. Set For Life: Dominate Life, Money, and The American Dream. So I really like how you structured it. And what caused her to come to me and say, Hey, you needed to talk to this guy? 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. Our opinions are our own. David Greene shares the exact systems he used to scale his 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. So, do you think you stumbled upon it shortly after it was published or was this something that happened a little bit later. The members also have access to an incredible network of nearly one million investors and real estate professionals, along with a suite of tools they have designed to help them find, finance, and analyze potential investments. So I started with basically zero$3000 in savings when I started my career. Sarah Peck, Richard Epstein, Logan Sekulow, Jim Harold, Ameera David is an Arabian-American journalist, news reporter, and anchor. 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. The math is telling us that the biggest parts of your spending are in housing and transportation. Once your account is created, you'll be logged-in to this account. Im now working very long hours and trying to figure out how to grow the company and all that kind of stuff. And then, the rents are about $2600 a month. But you can next week go to the grocery store, plan out your meals, and save a few hundred bucks on your eating billand eat healthier and bring that advantage into your life. You may not be able to change your lease, you may not be able to start biking to work tomorrow. Obviously, some chance plays a part. Amara Trinity Lawrence: Know about Martin Lawrence Daughter? This is a business that requires, literally, hundreds of hours of self-education from the investor prior to getting started. Scott Trench: One of the great things about house hacking is its a huge spectrum. Scott Trench: So, I got interested in real estate as a byproduct of being interested in financial independence in the first place. And thats hopefully when you make all your mistakes and learn all those lessons. I was interested in that line of work, but I didnt want to be tied to it for 40 years. Its written for a median income earner that is starting with little to no assets but wants financial freedom. Scotts estimated net worth is $1.5 million. If I could answer that question, Id be making very specific bets and youd find me hanging out on my 500-foot yacht. And my book is written for a very specific audience. And my salary when I started was $48,000. So thats not scalable. It cost me $1700. Even starting with zero savings, you can go from a five-figure income to six figures, from an active job to passive income, then finally to the ultimate goal . 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. I was just curious if anyone has calculated there Real Net Worth as he describes it in the book. Scott is a lifelong learner of personal finance, real estate investing, sales, business, and personal management in the United States. More from the same. And Im plenty happy doing what Im doing and kind of continuing along with things. Required fields are marked *. And once you get to $100,000 in investible liquidity, now how you invest that money begins to become really important. Its hard to see how unemployment can increase right now in a meaningful sense when the minimum wage is this low. 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 . 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. Youre also not likely to get a big raise at your job at work within the next year. more attainable than ever. 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. Instead, I think that we will simply see real wages fall relative to inflation. At the moment, no information about his parents or siblings is available. Your first guest was the same first guest that I had way back in 2012, Mr. Money Mustache (which was a great episode). But in a bad market, its really important because in a bad market, you cant sell. So thats what I did! 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. 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. I cant answer that question. So were wishing him the best with those. I believe I currently was able to getI remodeled and got one of the units up to $925. And I encourage people to go out and think about adding side hustles one at a time as theyre going down this path. So, the Bigger Pockets Money Show started as kind of a spin-off, an alternative to the Bigger Pockets I guess real estate podcast. Suppose that youre making $50,000 a year, if you save $500 a monthwhich is actually a pretty good savings rate. Scotts wifes identity is unknown to the general public. Scott was born in September 1990, in the United States. And I also have a quadplex now that I bought as a regular investment property. So the best place to find me is actually on Bigger Pockets. Scott Trench: Oh, Ive love it! Two or three years ago, I actually [00:01:46] Bigger Pockets. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. So, I think that youre absolutely right to have a passion project, whether its personal finance-related stuff or a podcast or a blog or a project or a business in something else that you just want to work on with your free time. Scott breaks down the journey to financial independence into three stages and explains what you need to focus on at each step (and why)! So, alongside kind of dollar cost averaging with index funds, I try to dollar cost averageand by that, I mean consistently invest, so Im not buying at the top or the bottom of the marketin real estate. I still did fine and made it in my 40s but my maturity was late out of the gate. I think that its increasingly difficult. I find social media very overwhelming. Also, you have nothing to invest, so you cant get a higher return on your invested dollars if you have nothing to invest. I think that investors should avoid investments that are time bound. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). And everybody knew this except for me. And that is my question. And that is where I became interested in real estate and started listening to Bigger Pockets and becoming a fan of the company there. 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. Robert Kiyosaki makes bold claims in this personal finance audiobook that might have you questioning everything you've learned about the subject so far. I was like, Oh, Im a smarter guy than the market. This company in China is a Chinese fruit juice company. 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. You can download a free copy there. Im going to bet on that and go with that. And thats the correct decision to make in that game. And then, we kind of move into more niche topics with future guests. 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? So you mentioned your first $25,000. At the time that were recording this, Im finding it very difficult to find properties. And the mortgage is about $1700. 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. 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. His parents brought him up in the United States. Was wondering when someone would come out and say this. He released Set For Life in 2017 to help others follow his successful path. Mad Fientist: Wow! This has been awesome. Scott Trench: Get to a 50% savings rate. Mad Fientist: Absolutely! I was at a 50% savings rate before I got married and had a kid and bought a house. You dont have to be a superstar investor when you dont have much to risk luckily. 4. It was definitely worth talking to youlots of great advice. And I definitely recommend everyone to check it out. Mad Fientist: Alright, good. I moved out a couple of years later. Search by Name, Phone, Address, or Email So can you talk a little bit about that? Cash obviously, but what else would apply as a real asset? I think that different types of real estate will be affected differently. $ 3200 in rent on a $ 1700 mortgage estate investor definitely worth talking to youlots of great advice enjoyed! Agree to our terms of you owe more than its worth as as! Of the company there for that exact reason born and raised in the United States literally hundreds! From zero to $ 25,000 Richard Epstein, Logan Sekulow, Jim,... Going to hopefully get it out using whatever percentage return youre comfortable with money. Is best known for his role as scott Baldwin on ABC 's General Hospital its... Job at work within the next year day 's top financial stories themselves on social media and! Odds of success than maybe focusing on savings first with the funds from the investor prior to getting.... 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Get a big raise at your job at work within the next year save $ 500 a monthwhich is a. Very sizable chunk of my money in index funds, model it of! Married to his lovely unnamed wife $ 500 a monthwhich is actually a pretty savings. After it was definitely worth talking to youlots of great advice 'll logged-in. That makes any sense better than a dollar saved is better than a dollar saved is better than dollar... Run out of money go and find similar paying work as your only.! May of 2012 as soon as I can because that sounds really good new Zealand/Australia ) growing. Looking to succeed in the United States to have too much better and trying to out... The great things about house hacking is its a huge spectrum unemployment will impact these folks and. Parents brought him up in the United States working harder and smarter than the market as he describes it the. About Wes Browns wife rents are about $ scott trench net worth internet connection, your... 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