Mad Fientist: And you could do it while youre on the clock. So thats what I did! I just found your podcast and Im really enjoying it. As a fellow beer lover, I highly recommend you get to Colorado for a visit! It was definitely worth talking to youlots of great advice. Wow thanks for sharing. 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. 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. It will also teach you how to live a happy, healthy, and fulfilling life . I couldnt agree more. Turning Your Largest Expense Into An Income Producing Asset, The Financial Impact Of Housing Decisions, An Introduction To Investing For Early Financial Freedom, Habits And Their Impact On Financial Freedom. I just think its lower odds of success than maybe focusing on savings first. The author, Scott Trench, has some very wise . 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. Also getting some buy to lets in Glasgow, all with the funds from the limited company I run as a software consultant. Mad Fientist: And thats why I love these three distinct phases so much. 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 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. He married his beautiful wife with whom he resides in Denver, Colorado. No, all of these things work. I dont remember. Also, you have nothing to invest, so you cant get a higher return on your invested dollars if you have nothing to invest. 'A lot of people are angry at me today but I haven't yet heard anyone disagree,' he told his 867,000 followers. For example, we had Erin Chase on there. Mad Fientist: So yeah, that could take a nice chunk of change. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. And it currently rents for $1400. And my book is written for a very specific audience. Im very excited to be here. Greg Palkot is known for his work on Shepard Smith Reporting, America's Newsr, Who is Kin Shriner? Scott Trench: So, I got interested in real estate as a byproduct of being interested in financial independence in the first place. And I got a $236,000 loan, something like that after the fees and all that. The next $75,000, youre looking at housing and income generation. Mad Fientist: Yeah, this is a long time coming. 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. 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. I plan to buy a fourth by, if not by the end of this year, by the end of 2018, by at least kind of spring 2019 to just kind of continue my system. What Are Qualified Expenses For A 529 Plan (And What Doesnt Count)? And if people want to find you, wheres best to find you online, just go to Bigger Pockets? I know its a really hot real estate market these days. 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. Listen to the Podcast Here Watch the Podcast Here Help Us Out! Now to strategize on which to sell and when to acquire my forever home. Mad Fientist: Wow! And you mentioned in the book something called scalable careers, which thats a great phrase that I dont think Ive really heard before. Its hard to see how unemployment can increase right now in a meaningful sense when the minimum wage is this low. What are the best types of real estate investments to make in 2022? Scotts estimated net worth is $1.5 million. And youre kind enough to send it to me. Scott Trench attended Vanderbilt University after high school, where he earned a Bachelor of Arts in Economics and History in 2013. 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. If you message me there, I usually get back to everybody within a day or two. But also, a dollar saved, at least a dollar of lifestyleyou know, if you can reduce your average monthly spending by a thousand dollars, thats better than increasing your average monthly income by a thousand dollars for a couple reasons. I just mention I have the three properties. I have a very sizable chunk of my money in index funds for that exact reason. The identity of Scotts wife is not known to the public. He serves as a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). . I was like, Oh, Im a smarter guy than the market. This company in China is a Chinese fruit juice company. When (if ever) do you think the real estate bubble we are in will burst? Shes good. If you lose your job, youre screwed! At one point, Scott Storch's net worth was estimated at $100 million. 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. So it gets harder to save, and you need way more the more your average monthly spending increases. The first $25,000 was focused on frugality and cutting expenses. So without further delay, Scott, thanks very much for being here. And I think I can read my opponents as well as I can to feel comfortable with those odds and set myself up. He is thirty-one years old. I was just working towards that financial freedom. Together, they reside in Denver, Colorado. But what youre talking about is turning that into an income-producing asset instead. 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. Scott Trenchreal estate investor, . Mad Fientist: Yeah, absolutely. 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. Id recommend people start from the source. So thats how I managed to lose money investing in stocks I guess. 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. 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. If Im (Fed Chairman) Jerome Powell, my task is clear: Beat inflation. Obviously, some chance plays a part. 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. First, theres the traditional. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. 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. I wish that people knew that real estate investing is a double-edged sword. I also observe that the federal minimum wage has not increased since 2010 we have the lowest real minimum wage in this country that weve had in nearly 50 years, since the 1940s and 1950s. Being a parent changes the game. Side hustles are still a new thing in my part of the world (New Zealand/Australia) but growing in momentum. Thats true for the average and the median American, but not popular to point out. Mad Fientist: Right! And yeah, hopefully, Ill speak to you soon. And hopefully, Ill make it out to Denver one of these days and say hello. Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. Thanks for the podcast! Scott Trench is the CEO of BiggerPockets, an education platform on real estate investment. This is a business that requires, literally, hundreds of hours of self-education from the investor prior to getting started. And this is something that I really am looking forward to diving into today in the interview because I think its a really powerful way to make the journey to financial independence not as daunting. Theres so many different ways to make money that dont cost anything but your time, and maybe a few hundred to a few thousand dollars to try out. He's the VP of Operations at BiggerPockets and loving life. 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. 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. 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. And that is where I became interested in real estate and started listening to Bigger Pockets and becoming a fan of the company there. 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. 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. A lot of people will go with something in the 8% to 10% return range for index fund investing over the long term. Its unlikely. . I cant answer that question. But thats awesome. And that is my question. Scott Trench: Well, thank you for having me, Brandon. And so, I put down 5% with an FHA loan. Robert Kiyosaki makes bold claims in this personal finance audiobook that might have you questioning everything you've learned about the subject so far. Scott Trench: Yeah, I think thats huge. And theres nothing wrong with this plan of index fund investing. Author. Scott Trench: Yeah, I rarely do this, but I just read a book that Im raving about lately called Thinking in Bets by Annie Duke. . So, that was your first $100,000. After high school, Scott enrolled at Vanderbilt University where he earned a Bachelor of Arts in Economics and History in 2013. 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. Body Measurements Scott is the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. And then, one-thirdthat was two-thirds I just described there, housing, transportation and foodone third is everything else. Its a powerful way to build wealth over the long term and accessible to most Americans earning a median or higher income. And I think focusing on frugality at that stage absolutely is going to be the biggest impact you can have on your finances. So, I think thats where our friendship kind of kicked off, a pretty similar mindset on life and finance and real estate in general. 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. On the flip side, wealth inequality skyrocketed as asset prices inflated with low interest rates. And both Mindy and I are a little bit morehow do I describe it? 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. Category: Books Share this article: Money Advice From Experts Top Money Advice for Periods of Inflation So I really like how you structured it. 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. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. So hes stepped aside. I actually enjoyed the audio version of it in the gym. And Ill see you next time. 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. Dont get into real estate investing if you arent willing to invest the time up front to learn this business. But you wrote a great book called Set for Life. Scott Trench: Oh, wow! And how does the duplex compare to the quadplex? They help ordinary Americans build wealth and achieve financial freedom through real estate investing. I am a massive fan of multiple streams of income, so have been pursuing side hustles for a while now. 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. Youre now president of Bigger Pockets which is huge. Scott Trench: Yes. 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. Congratulations to you! Or do you think go straight for something like the quadplex if you have the capital to invest? He has used many of the strategies outlined in the book to build his own real estate portfolio. Thats great. They both live in Denver, Colorado. BiggerPockets is a complete resource for anyone looking to succeed in the world of real estate investing. Join over 100,000 others on the Mad Fientist email list to get free updates and other exclusive content! So were wishing him the best with those. Personal Finance Forum Real Net Worth (Scott Trench model) Steve Schneider Investor Sherwood Park, Alberta Posted May 24 2017, 09:08 Hi everyone, I just finished up @Scott Trench book Set For Life. I think that the two things that come into play there are going to be entrepreneurship, asset creation, and then investing. I published that episode way back in May of 2012. But you model it out, and you just throw all of your excess cash into a big pile. Another approach that I also use is real estate investing. Any investing information provided on this page is for educational purposes only. BiggerPockets.com is the worlds largest online network of real estate investors. 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. It wasnt in the nicest area. This is in an expensive marketwere not able to accumulate anything. Mad Fientist: Nice! So, I think that from a big picture standpoint, I was able to think about it in a pretty rational way and have the odds in my favor for success. Or maybe you can just send them over, and Ill put them in the show notes in case people want to know more? So yeah, you better keep saving a little bit because 7 to 10 trenchlings, Im sure, arent going to be too cheap. Scott Trench: No, I was just finding these weird financial ratios. House hacking for life!! So, for example, a house hack the way I look at it through my lens was I bought a duplex for $240,000 here in Denver in about late 2014. I think a 50% percent savings rate kind ofget to a median income, and then get to a 50% savings rate. There needs to be more FI conversation for those with children. My odds of success of winning this hand based on what I know are 70%. 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. He spent a few months and some more of his savings to renovate the building before moving in and finding tenants, officially beginning his house hacking journey. Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. SNAP Benefits: Can You Use EBT Card/Food Stamps To Purchase Hot Food. All Right Reserved. Mad Fientist: Cool! Whats Set For Life: Dominate Life, Money, And The American Dream All About? Last, I think that your small mom-and-pop investors are likely to be affected. I mean, if you think about that, how on earth is their market cap less than that? Yet more reason for Powell and the Fed to go after inflation with a single-minded focus. 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. So, Im trying to buy one every 12 to 18 months and just sustain that system. Once your account is created, you'll be logged-in to this account. So, if youre following, thats $3200 in rent on a $1700 mortgage. Mad Fientist: Wow! Scott Trench: Yeah. You may not be able to change your lease, you may not be able to start biking to work tomorrow. So if youre following that, I was collecting $1700 in rent on $1550 mortgage. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). marion dupont scott net worth Tatko na pesmaricu. My mortgage payment was $1550. BiggerPockets role is to help them increase the odds of success in their investing careers and help them build wealth faster and with less risk by giving them access to great content about nearly every aspect of real estate investing imaginable. So thats not scalable. . Early life and C. Amanda Moye Brown: Do you want to know about Wes Browns Wife? These are a proven way to build wealth, are likely to see long-term strength. He hosts a podcast called "BiggerPockets Money." Education: He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. 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