Scott Trench: No, in May of 2012, I was graduating from college and getting ready tono, I graduated college in May of 2013. I just found your podcast and Im really enjoying it. Scotts estimated net worth is $1.5 million. But theres also this whole realm of entrepreneurship. She now has a net worth of $5 million, and her annual salary is estimated at $1 million. Thats MadFientist.com/advice. Scott Trench attended Vanderbilt University after high school, where he earned a Bachelor of Arts in Economics and History in 2013. 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. Scott Trench: Yeah, Josh has definitely kind of achieved the dream here. 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, 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. Its like a 1% interest rate. Scott Trench: Sure! 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. Instead, I think that we will simply see real wages fall relative to inflation. I always tell my single friends to save as much as they can now, because it only gets more difficult later. I cant really see a political advantage for him in doing that. I know its a really hot real estate market these days. 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. 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.. Thats true for the average and the median American, but not popular to point out. And Im plenty happy doing what Im doing and kind of continuing along with things. Total Audience Reach (Twitter, Instagram, YouTube and TikTok). Hes this young guy thats doing all these crazy things. So youre in your mid-twenties, right? 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. Im repaying the favor [00:06:47]. 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 able to reduce my monthly payments. Mad Fientist: Oh, nice. 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. By layering philosophy with practical knowledge, Set for Life gives young professionals the fiscal confidence they need to conquer financial goals early in life. 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. 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. I mean, that obviously worked out for you, Brandon. Mad Fientist: Cool! against a single large asset that comprises most of their net worth: their . 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. But do have any other questions about the. 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 shes a poker player. So, Im trying to buy one every 12 to 18 months and just sustain that system. And I think focusing on frugality at that stage absolutely is going to be the biggest impact you can have on your finances. Scott Trench: Yeah, sure. Scott Trench: No, I was just finding these weird financial ratios. 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. 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. And that is my question. Scott Trench: Oh, Ive love it! 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. Scott Trench: Yeah, and I think a dollar saved is better than a dollar earned because of that tax advantage. . 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. Ive listened to probably half of the episodes so far. I started my investing adventure as a pimple-faced 22 year old when I bought my first house/investment with $22k and that has laid the foundation of my FIRE journey in my 40s. So, the first time that I can figure out anybody actually using the term house hacking was by a guy that works here named Brandon Turner. 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. Set For Life: Dominate Life, Money, and The American Dream. 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. 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. So, you really have to start somewhere. Well, the reason is because Chinese companies all the timeI dont know about this one in particularlie about their financials. Well, thank you so much for coming on the show. Yeah, thats a great way to look at it. 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. His net worth is estimated to be $1.5 million. 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. Together, they reside in Denver, Colorado. What did Mindy see in you do you think? Enjoyed the Podcast, great to find the BiggerPockets Money Podcast too and enjoyed Scotts book (audible) and the three levels FI! And theyre just like, I dont know what Im going to do after I retire. The money is not the fear anymore. Are they easier to manage initially? Search by Name, Phone, Address, or Email 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. I just mention I have the three properties. But when youre putting yourself into a position to take advantage of opportunities, and you do have options, and you do have that buffer (like that first $25,000 that we talked about), and youre able to take advantage of things that other people cant, and then yeah it may look lucky after the fact. 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. It will also teach you how to live a happy, healthy, and fulfilling life . Dont get into real estate investing if you arent willing to invest the time up front to learn this business. But if your house hacking correctly, you have three options. But then we go into house hacking. Is Scott Trench Married Yes. 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. 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. And everybody knew this except for me. 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. 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. Scott's estimated net worth is $1.5 million. Why Frugal Living Will Only Get You So Far. So do you want to talk about that final step? So if youre following that, I was collecting $1700 in rent on $1550 mortgage. Thats great. 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. We were fortunate enough to get the good advice from someone who actually did this since 70s and retired a multi-millionaire in 90s (in bay area, which is quite a feat), and perfect timing too (he told us to buy in 2010, when no one would touch real-estate since the 2008 crisis). 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. And theres nothing wrong with this plan of index fund investing. Mad Fientist: So yeah, that could take a nice chunk of change. Scott Trench: Yes. Also, you have nothing to invest, so you cant get a higher return on your invested dollars if you have nothing to invest. I dont remember. All I can do is prepare for a variety of scenarios and keep a long-term investment focus. By clicking the 'Subscribe Now' button, you agree to our Terms of Use and Privacy Policy. Theres a lot more factors. Scott Trench: And particularly in terms of appreciation and real estate and stock markets. So, I always end all my interviews with one piece of advice youd give to somebody whos starting on the path of FI. Sarah Peck, Richard Epstein, Logan Sekulow, Jim Harold, Ameera David is an Arabian-American journalist, news reporter, and anchor. Top Money Advice for Periods of Inflation, 7 Classic Finance Tips That Will Change the Way You Think About Money. Education:He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. 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. If you dont have that option, then you are stuck. I downloaded an audio book version of his book, Set for Life, and I really enjoyed it. But you model it out, and you just throw all of your excess cash into a big pile. He was born and raised in the United States by his parents. 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. He is thirty-one years old. I picked stocks, and I tried to invest in stocks, and I lost money in 2013 and 2014 when everybody else was making money. And then, finally, the next phase is getting from $100,000 to financial freedom. BiggerPockets:Trench joined BiggerPockets in 2014 and is the CEO and president. Melissa joined CNBC in 2004 where she serves as a reporter and an anchor. Scott Storch is a record producer, songwriter, and former musician who began his career in 1991. 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. Required fields are marked *. And it currently rents for $1400. Early life and C. Amanda Moye Brown: Do you want to know about Wes Browns Wife? Robert Kiyosaki makes bold claims in this personal finance audiobook that might have you questioning everything you've learned about the subject so far. Mad Fientist: Yeah, absolutely. And yeah, back in my poker-watching days, I remember Annie Duke very well. 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. 529 Plans: The Ultimate College Savings Plan, Understanding And Using 529A ABLE Accounts, Using A Roth IRA To Save And Pay For College, Student Loan And Financial Aid Programs By State, The Guide To Military And VA Education Benefits, The Best College Scholarship Search Websites, Pell Grants: What They Are And How To Qualify, How To Use A 529 Plan If Your Child Doesnt Go To College, Best Student Loans And Rates In March 2023, 10 Best Private Student Loans Of March 2023, Best Student Loans To Pay For Graduate School, Best Student Loans To Pay For Medical School, Guide To Income Sharing Agreements (ISAs), Best Student Loan Refinance Companies In March 2023, Best Student Loan Refinancing Bonuses And Promotional Offers Of March 2023, Student Loan Forgiveness Programs (The Complete List), The Full List Of Student Loan Forgiveness Programs By State, How To Start Investing In Your Twenties For 22 29 Year Olds, How To Start Investing In Your 30s For 30 39 Year Olds, The Best Traditional And Roth IRA Accounts, The Best Places To Open A Health Savings Account, The Best Self-Directed IRA Providers Of 2023, 20 Best Side Hustles You Can Start Earning With In 2023, 54 Side Hustle Ideas To Make Money Fast In 2023, 100 Ways To Make Money In College In 2023, 5 Quick Money Making Ideas (That Take Less Than 1 Hour), 10 Interesting Ways You Can Make Money Driving, High-Paying Side Gigs That Earn $1,000 or More Per Month, Paid Surveys: Earn Money For Giving Your Opinion Online, 10 Crazy Ways To Make $10,000 Youve Never Heard Of, 40 Best Passive Income Ideas To Build Wealth In 2023, 3 Ways To Make $50,000 Per Year Without Working With Passive Income, How To Become A Real Estate Investor With Just $500, Residual Income: 7 Super Smart Ways to Build It, How To Become A Real Estate Mogul With Only $10,000, 10 Best High Yield Savings Accounts Of March 2023, 10 Best Money Market Accounts Of March 2023, 10 Best Free Checking Accounts In March 2023, 10 Best Business Checking Accounts In March 2023, Best Credit Unions Nationwide Of March 2023, Best College Student Checking Accounts Of March 2023. Credit Repair Explained: Should You Pay For Help? And my book is written for a very specific audience. 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 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. 180 days of social studies 5th grade answer key; florida high school track records; milwaukee packout mods; metallica madrid 2022; did doris hamner have polio; maple leaf farms owner; And then, one-thirdthat was two-thirds I just described there, housing, transportation and foodone third is everything else. This is a loan at the best rates available. The leap and I guess the freedom is almost kind of the scary thing. I really appreciate it. They help ordinary Americans build wealth and achieve financial freedom through real estate investing. Scott is married to his beautiful unidentified wife. The amount of savings I had, less my car loan payment, plus the value of my car. So you mentioned your first $25,000. And then, they both were co-hosts on my show with me on episode #38. And then, the rents are about $2600 a month. Scott Trench: Yeah. And thats why I really like how you laid out the book, is because its like, Okay, you may not have that much money to invest and you may feel like its a long way out. Thanks for the podcast! Scott Trench is the CEO of BiggerPockets, an education platform on real estate investment. Scott Trench: Oh, wow! We, AOL, are part of the Yahoo family of brands. And their market cap is $50 million. Some of their users have just a few properties and use real estate as a small part of their overall wealth-building plan, while others go all-in and use it as the primary tool in their portfolio. And theres nothing wrong with that plan. 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). Mad Fientist: Yeah, thats absolutely crazy! 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? Thats really important for investors, because the Feds dual mandate is to keep both inflation and unemployment low. Mad Fientist: Perfect! 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. Any investing information provided on this page is for educational purposes only. Mad Fientist: Very cool. But two, youre decreasing the amount of money that you need to produce financial runway. Andrew Ross Sorkin - $10 million 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. I was just curious if anyone has calculated there Real Net Worth as he describes it in the book. Wow thanks for sharing. . In this show, he talks with successful entrepreneurs, . This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Like many people who are successful in the music industry, Storch became a wealthy man. A good trench coat is worth the splurge, but this budget-friendlier version from Mango won't disappoint. Trench has focused his career on. Over the weekend, Adams appeared to double down on the remarks on Twitter. I was interested in that line of work, but I didnt want to be tied to it for 40 years. 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. Mad Fientist: Nice! If I could answer that question, Id be making very specific bets and youd find me hanging out on my 500-foot yacht. I published that episode way back in May of 2012. Id recommend people start from the source. In 2021, he also released his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes. 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. Once your account is created, you'll be logged-in to this account. 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. Joshua Dorkin, founder and CEO of BiggerPockets.com, joins me on the Financial Independence Podcast to talk real estate and entrepreneurship! That's $1 MILLION. Szane Scott Trench Coat. 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. What are the best types of real estate investments to make in 2022? Yet more reason for Powell and the Fed to go after inflation with a single-minded focus. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. Of course, that logic works both ways; and, if interest rates come back down quickly, these types of investments might perform even better. Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth. $305 at Sezane. He is also a real estate investor, an executive at a large online. The mortgage is currently $1400 because I refinanced. Well, my goal was financial freedom. Mad Fientist: Wait, let me interject. He has some family things that are going on. Im not so sure. Scott Trench: Yeah, Im 27. So thats not scalable. 'A lot of people are angry at me today but I haven't yet heard anyone disagree,' he told his 867,000 followers. I bought it in northeast Denver, and things worked out. 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. Scott breaks down the journey to financial independence into three stages and explains what you need to focus on at each step (and why)! There needs to be more FI conversation for those with children. 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. I bought my last property in June 2017. Its been a whirlwind since then. The next $75,000, youre looking at housing and income generation. Who Gets Institutional Merit Grants At Private Colleges? Scott Trench: So, I got interested in real estate as a byproduct of being interested in financial independence in the first place. marion dupont scott net worthNitro Acoustic. I think that investors should avoid investments that are time bound. The identity of Scotts wife is not known to the public. Another approach that I also use is real estate investing. Mad Fientist: Wow! You dont have to be a superstar investor when you dont have much to risk luckily. Mad Fientist: Yeah, exactly. Mad Fientist: Absolutely! Bigger Pockets Money podcast did a show about this recently. 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. He earns his wealth from his career, therefore, he has amassed a fortune over the years. And then, we kind of move into more niche topics with future guests. Lease Purchase, Lease Options, Tax Liens, Notes, Paper, and Cash Flow Discussions, Private Lending & Conventional Mortgage Advice, Real Estate Guru, Book & Course Reviews & Discussions. I have a very sizable chunk of my money in index funds for that exact reason. 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 Trench is married to his lovely unnamed wife. 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