A family that reached financial independence while raising children. Amara Trinity Lawrence: Know about Martin Lawrence Daughter? But having that thing that youre working on as youre trying to reach financial independence, then hopefully, by the time you reach it, youll have something there that youre really passionate about and that you can spend a lot of time doing. He married his beautiful wife with whom he resides in Denver, Colorado. Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. 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. He is also a real estate investor, an executive at a large online. Ive listened to probably half of the episodes so far. The identity of Scotts wife is not known to the public. So, do you think you stumbled upon it shortly after it was published or was this something that happened a little bit later. Thats very cool. Who Is Scott Trench Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. So you were my gym companion for a good week or two. 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. 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. Scott Trench: Yeah, I got promoted to president of Bigger Pockets maybe last Tuesday I think. Mad Fientist: Yeah, this is a long time coming. I wish I had my act together as much as Scott does when I was his age. Over the weekend, Adams appeared to double down on the remarks on Twitter. 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. Thats not fast enough. He serves as the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. 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. So, that was your first $100,000. Scott Trench: Yeah, Josh has definitely kind of achieved the dream here. 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. Its written for a median income earner that is starting with little to no assets but wants financial freedom. 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 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. 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. Its hard to see how unemployment can increase right now in a meaningful sense when the minimum wage is this low. Mad Fientist: Thats cool! 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. 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. Scott Trench: Yeah. Invest in real estate and never run out of money! 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. Another approach that I also use is real estate investing. Mad Fientist: So yeah, that could take a nice chunk of change. 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. Its good to make those mistakes early. 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. 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. Im going to bet on that and go with that. And thats the correct decision to make in that game. Scott is a lifelong learner of personal finance, real estate investing, sales, business, and personal management in the United States. 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. Body Measurements I am a massive fan of multiple streams of income, so have been pursuing side hustles for a while now. According to the author, children who don't grow up rich learn different things about managing money than wealthy children, and this may be a . I still did fine and made it in my 40s but my maturity was late out of the gate. The mortgage is currently $1400 because I refinanced. Its like a 1% interest rate. I wanted to try to see if I could do much better than that. Ive never been to Colorado, and I love mountains. Scott Trench: No, I was just finding these weird financial ratios. Scott Trench is the author of "Set for Life," CEO of BiggerPockets and co-host of the "BiggerPockets Money" podcast. Your email address will not be published. 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. But one of the things I loved most about it was how you broke it down to three phases. And Erin Chase is an expert grocery shopper. So, the Bigger Pockets Money Show started as kind of a spin-off, an alternative to the Bigger Pockets I guess real estate podcast. Theres a lot more factors. Im going to put that book in the show notes, a link to the book in the show notes. And in a good market, thats not so important. Scott Trench is married to his lovely unnamed wife. Scott is married to his beautiful unidentified wife. His parents brought him up in the United States. SNAP gives eligible low-income households extra food-purchasing assistance to supplement food budgets. So, if I kind of maintain my system of dollar cost averaging through real estate, I believe that Ill have a good result at the end. Mad Fientist: Yeah, thats absolutely crazy! And then, finally, the next phase is getting from $100,000 to financial freedom. And so, its all about increasing your odds of success I guess at this point. So, if thats something youre interested in, head to MadFientist.com/advice. And both Mindy and I are a little bit morehow do I describe it? What Are Qualified Expenses For A 529 Plan (And What Doesnt Count)? Scott Trench: Well, thank you, Brandon. I think that investors should avoid investments that are time bound. And theres nothing wrong with that plan. And this brings up a really cool thing that I liked in your book, which I havent even mentioned yet. 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 a 50% percent savings rate kind ofget to a median income, and then get to a 50% savings rate. 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. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. And I also have a quadplex now that I bought as a regular investment property. Enjoyed the podcast. Melissa hence worked as a reporter for the Great Neck Record and later on began her television career working for CNN Financial News and Bloomberg. But Ill be sure to send you that link, so listeners can go ahead and click on that in the show notes. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). It cost me $1700. Whats Set For Life: Dominate Life, Money, And The American Dream All About? 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. Suppose that youre making $50,000 a year, if you save $500 a monthwhich is actually a pretty good savings rate. Currently, he is an active investor in the Denver market and manages a real estate portfolio of around $1.5 million. Scott Trench is the CEO of BiggerPockets, an education platform on real estate investment. Who cares if its underwater in terms of you owe more than its worth as long as its cash flowing? Mad Fientist do you agree, that in UK its harder to make this work? So, Im trying to buy one every 12 to 18 months and just sustain that system. And I still have a little bit to go to completely pay it off. What Scott did was exactly what we did since 2010, except we did it differently (regular 2bd condos, not multi-dwelling places) and location (SF, bay area). 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. We both have kind of a similar approach to money in general. So it gets harder to save, and you need way more the more your average monthly spending increases. So, you had mentioned when you hit that $25,000 stability level, you would mention you could get a job that pays less salary but has a bigger bonus potential, or you could go and work at a startup or things like that. I wish that people knew that real estate investing is a double-edged sword. Mad Fientist: Very cool! Georgeta Orlovschi: Know about Sebastian Stans Mother? 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. Search by Name, Phone, Address, or Email Scotts estimated net worth is $1.5 million. - What else would be considered an asset in his model? Scott Storch is a record producer, songwriter, and former musician who began his career in 1991. Scott Trench: Yes. I wasnt really interested in that line of work. I started out working at a Fortune 500 company. Mad Fientist: And I really think you make your own luck too to an extent as well. Scott breaks down the journey to financial independence into three stages and explains what you need to focus on at each step (and why)! And yeah, back in my poker-watching days, I remember Annie Duke very well. You run out of money and you have to go and find similar paying work as your only option. And yeah, your last name is Trench, and you want how many trenchlings? It's free. But thats a huge improvement from paying hundreds or thousands of dollars in rent per month. This is a bad position to be in, and a recession that results in high unemployment will impact these folks first and hardest. Scott Trench: Yeah, you know, I had the good privilegeand this is not like an intelligence thing. Mad Fientist: Wow! Last, I think that your small mom-and-pop investors are likely to be affected. Scott Trench: Its been going pretty well. Scott Trench: Yeah, I think thats huge. And thats a Corolla. And thats hopefully when you make all your mistakes and learn all those lessons. Find out more about how we use your information in our privacy policy and cookie policy. This doesnt influence our evaluations or reviews. You dont have to be a superstar investor when you dont have much to risk luckily. That's $1 MILLION. Buy, Rehab, Rent, Refinance, Repeat is the five-part BRRRR So I was able to basicallyfrom a big picture perspective, I think that Ive been able to at least avoid any major mistakes. And I do she does a lot of private lending and other various kind of creative ways to invest and maybe get a diversified or different or higher returns than she can with just stocks. 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. This is what I need to be doing and how I need to be moving forward with my life and with my finances. So, those are two approaches for investing. His net worth is estimated to be $1.5 million. Scott Trench: Yeah, that was my first property. Scott Trench was born in the United States in September 1990. Click Manage settings for more information and to manage your choices. I cant really see a political advantage for him in doing that. So, once you have a hundred thousand dollars in investable liquidity, if youre spending less than $25,000 or $30,000 a year, by definition, that means you have years of financial runway, years of the ability to go and take advantage of opportunities, or just simply the cash to make a meaningful investment, at least relative to your spending. So, thats one plan. 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. Kin Shriner is an actor from the United States. And once I heard that, everything clicked for me, and I was like, This is it. Scott Trench: There were some rapping involved in that show. And I got a $236,000 loan, something like that after the fees and all that. 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. Just search my name in the search bar, Scott Trench. Denver, Boulder, Longmont (stop by and say hi to Pete), and Fort Collins are all full of excellent breweries. I was interested in that line of work, but I didnt want to be tied to it for 40 years. What did Mindy see in you do you think? Set For Life: Dominate Life, Money, and The American Dream. 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. No, all of these things work. And it contains all of the answers Ive received since I started this podcast back in 2012. He released Set For Life in 2017 to help others follow his successful path. And I knew that my salary at financial analyst 2 would be about $56,000 to $58,000 (again depending on performance). A lot of these investors have enjoyed well over a decade of rising prices. 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. And it currently rents for $1400. And Ill see you next time. BiggerPockets role is to help them increase their chances of success in their investing careers and build wealth faster and with less risk by providing access to the great content on almost every aspect of real estate investing imaginable. I cant answer that question. In addition to his career, Scott is the author of Set for Life which was published in 2017. And thats when I found your show, some time in that timeframe. 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. SNAP Benefits: Can You Use EBT Card/Food Stamps To Purchase Hot Food. 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