It cost me $1700. One, go find a new job. 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. 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 . And hopefully, Ill make it out to Denver one of these days and say hello. Scott Trench: Yeah, that was my first property. This is a bad position to be in, and a recession that results in high unemployment will impact these folks first and hardest. But its funny because I hear these people, theyre like, Oh, Im very well into FI. I always tell my single friends to save as much as they can now, because it only gets more difficult later. And I definitely recommend everyone to check it out. So yeah, you better keep saving a little bit because 7 to 10 trenchlings, Im sure, arent going to be too cheap. Mad Fientist: Yeah, absolutely. Throw all your additional cash into index funds, model it out using whatever percentage return youre comfortable with. Scott Trench is the CEO and President of BiggerPockets. Scott Trench is the CEO and President of BiggerPockets. Greg Palkot is known for his work on Shepard Smith Reporting, America's Newsr, Who is Kin Shriner? 3. Scott's estimated net worth is $1.5 million. 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 . And thanks to Mindy for putting this together. Scott Trench: There were some rapping involved in that show. Information about his parents and/or siblings is not available at the moment. In this show, he talks with successful entrepreneurs, . So, not only are you not spending money on that big, major expense, but youre actually earning money from it which obviously is going to get you to that $100,000 a lot quicker than the normal person. Thats very cool. But thats awesome. After high school, Scott enrolled at Vanderbilt University where he earned a Bachelor of Arts in Economics and History in 2013. But I think a lot goes into putting yourself into position to be lucky. And then, they both were co-hosts on my show with me on episode #38. . Thats fantastic. She was right! For example, if I were single, I could rent out my spare bedroom in my house. If you lose your job, youre screwed! So, thank you for that. But for those who may not have heard that episode, could you just describe what house hacking is? This doesnt work so well when I have a family. Or maybe you can just send them over, and Ill put them in the show notes in case people want to know more? 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. And I encourage people to go out and think about adding side hustles one at a time as theyre going down this path. 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: Cool! Scott Trench: So, I got interested in real estate as a byproduct of being interested in financial independence in the first place. And this is the real power of it in a non-financial sense. And once you have that financial runway, moving into step two here, were trying to get to about $100,000 in investable liquidity. Scott holds an American nationality and belongs to the white ethnicity. 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. So the best place to find me is actually on Bigger Pockets. 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. 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 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. Scott Trench: Sure! Another approach that I also use is real estate investing. But what youre talking about is turning that into an income-producing asset instead. 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. Thanks for the podcast! 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. So, I think thats really important. But you wrote a great book called Set for Life. Author. But if it can cashflow as a piece of investment real estate, then you can always decide to continue living there or keep it as a cashflowing rental. Mad Fientist: Absolutely! So yeah, I really enjoyed it. Theater of popular music. They help ordinary Americans build wealth and achieve financial freedom through real estate investing. Is Scott Trench Married Yes. But two, youre decreasing the amount of money that you need to produce financial runway. Whats Set For Life: Dominate Life, Money, And The American Dream All About? Turns out our guest today, Scott Trench, found a lower paying dream job at a startup. You can change your choices at any time by visiting your privacy controls. Scott Trenchis the epitome of the "grind until you shine" real estate investor. 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. If Im (Fed Chairman) Jerome Powell, my task is clear: Beat inflation. Thanks to both of you and him. And the mortgage is about $1700. 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. And then, the rents are about $2600 a month. Mad Fientist: Yeah, exactly. You could try starting a blog or a podcast. Sarah Peck, Richard Epstein, Logan Sekulow, Jim Harold, Ameera David is an Arabian-American journalist, news reporter, and anchor. And I think that goes right along with what I just said before, its about increasing your odds of success, but understanding that some things are out of your control alongside that. Well, thank you so much for coming on the show. On todays episode of the Financial Independence Podcast, Im joined by the president of biggerpockets.com and cohost of the BiggerPockets Money Show, Scott Trench! Mad Fientist: He seems like a good boss anyway. Amara Trinity Lawrence: Know about Martin Lawrence Daughter? Thats true for the average and the median American, but not popular to point out. I think a 50% percent savings rate kind ofget to a median income, and then get to a 50% savings rate. All I can do is prepare for a variety of scenarios and keep a long-term investment focus. He's the VP of Operations at BiggerPockets and loving life. This is a conventional mortgage brokernot a friend, not a family member. 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. That's $1 MILLION. 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. And its about putting together a plan that makes the most sense to you based on the perspectives of smart people who have been there and that resonate with you. 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. Scott Trench: Oh, Ive love it! Yeah, thats a great way to look at it. 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. Theres a lot more factors. Online Loan Companies To Borrow From Home. 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. Enjoyed the podcast. Its unlikely. Education:He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. The next $75,000, youre looking at housing and income generation. 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. Going back in time to the 1970s and 1980s, weve seen that the Fed is willing to push interest rates as high as they need to go to fight their first enemy inflation and that they are willing to conduct brutal monetary policy that affects jobs to do that. Scott Trench: Yeah. Have you bought any other property since then? And that is my question. 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. 'A lot of people are angry at me today but I haven't yet heard anyone disagree,' he told his 867,000 followers. Particularly liked the part about a scalable career and adding side hustles along the way. 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. So, do you think you stumbled upon it shortly after it was published or was this something that happened a little bit later. And Im also looking forward to exploring some of the strategies that he used personally to get to the stage that hes at today like house hacking and real estate investing. 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. Total Audience Reach (Twitter, Instagram, YouTube and TikTok). Scott Trench was born in the United States in September 1990. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. Anyway, thanks a lot for listening. Scott Trench: Yeah, sure. And thats a Corolla. Scott Trenchs net worth is estimated to be $1.5 million. Thanks for taking the time to read this post and thanks Scott for writing such a good book. These offers do not represent all deposit accounts available. And theyre profitable. Now, of course, you cant make any bets in the first place if you have no wealth and spend all that you earn. Although his salary was less than $50,000, Trench took on an aggressive saving strategy and had enough to put a down payment on a $240,000 duplex in just a year's time. 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. 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. More from the same. Georgeta Orlovschi: Know about Sebastian Stans Mother? So, my question was, Has she rapped yet? because she is actually a really good rapper. real estate investing strategy that makes financial freedom And so, its all about increasing your odds of success I guess at this point. 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. I wanted to try to see if I could do much better than that. And thats hopefully when you make all your mistakes and learn all those lessons. 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. Thats great. Bigger Pockets Money podcast did a show about this recently. 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. So, if you spend $40,000 per year, if thats your target goal, and you have $1 million in index funds or wealth in general in your portfolio, youre likely to sustain that in perpetuity. Scott Trench: So the quadplex that I purchased, I bought it for $355,000. Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth. 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 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. My mortgage payment was $1550. Obviously, some chance plays a part. Well, my goal was financial freedom. $2,650 at NET-A-PORTER. Theres plenty of exceptions to that, and Im not discounting that. Yeah, no, absolutely. Shop Pay is an innovative payment solution developed by Shopify. Click here to listen on iTunes. He is thirty-one years old. Mad Fientist: And I really think you make your own luck too to an extent as well. Mad Fientist: Yeah, thats absolutely crazy! 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. Over the weekend, Adams appeared to double down on the remarks on Twitter. Was wondering when someone would come out and say this. Now to strategize on which to sell and when to acquire my forever home. Hes doing some amazing stuff, which Im really excited to talk to you about. 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. Its kind of a funny phenomenon to me because when I was starting out on this journey, all I could think about was getting to a point where financial independence seemed like a realistic possibility. But one of the things I loved most about it was how you broke it down to three phases. When (if ever) do you think the real estate bubble we are in will burst? Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. So, its kind of the opposite of FI at this point. Last, I think that your small mom-and-pop investors are likely to be affected. Scott Trench: Yeah, I think thats exactly right. Scott Trench: Yeah, absolutely. Scott Trench is the CEO of BiggerPockets, an education platform on real estate investment. 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. Together, they reside in Denver, Colorado. Im not sure how long youve known Mindy Jensen, but I think ever since she got introduced to you, shes been like, Brandon, you have to get him on the show. 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. Once your account is created, you'll be logged-in to this account. Scott Trench: Yeah, Im 27. I mean, if you think about that, how on earth is their market cap less than that? I definitely still have some work to do to get to there. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Chart Your Progress to Financial Independence! 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. The corners that you can cut when you are single are way more than if you have other people you are caring for. The author, Scott Trench, has some very wise . Scott Trench: Yeah, you know, I had the good privilegeand this is not like an intelligence thing. 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.. I am a massive fan of multiple streams of income, so have been pursuing side hustles for a while now. Congratulations! Scott was born in September 1990, in the United States. However, like Scott said, it is absolutely critical to keep positive cash-flows (rents must cover mortgage payments + HOA + property tax, with backup plans, like moving in to the property yourself), weve seen people end up having to sell in down market when losing the job or can no longer subsidize the negative cash flow, therefore cannot reap the long term appreciation or refinance to lower rate, etc.. Your first guest was the same first guest that I had way back in 2012, Mr. Money Mustache (which was a great episode). Its like a 1% interest rate. I was just curious if anyone has calculated there Real Net Worth as he describes it in the book. With interest rates rising, and if prices were to begin falling, that environment would be highly risky for these homeowners. Oh, that was a bad decision to bet there. No, it was a good decision. Im easily a 2% or 3% safe withdrawal rate, which is much more conservative than the 4% safe withdrawal rate, which means they have much more assets than they need to produce the level of income that they desire. 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 moved out a couple of years later. DO NOT Sell My Personal Information. So you were my gym companion for a good week or two. Are there any links in particular youd recommend? She and her husband interviewed me in #26. And I still have a little bit to go to completely pay it off. And I knew that my salary at financial analyst 2 would be about $56,000 to $58,000 (again depending on performance). Mad Fientist: Nice! And in a good market, thats not so important. No, all of these things work. And I have a couple of other expenses there as well. Listen to the Podcast Here Watch the Podcast Here Help Us Out! Scott Trench Mar 21, 2017Mar 16, 20218 min read In this article I just talked to a lender that prequalified me for over $1 million in financing. This is why I studied finance in general, in college and with the start of my career. I was like, Oh, Im a smarter guy than the market. This company in China is a Chinese fruit juice company. What did Mindy see in you do you think? 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. I actually enjoyed the audio version of it in the gym. 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, 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. 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. Trench has focused his career on. And yeah, your last name is Trench, and you want how many trenchlings? You can download a free copy there. To do this, many or all of the products featured here may be from our partners. Have you made any mistakes, or is there anything you would do differently if youre starting from scratch now? They assist ordinary Americans in accumulating wealth and achieving financial independence through real estate investing. Mad Fientist: Oh, nice. We try to be a little bit more creative and adventurous with our investment and money management than maybe just passively investing in index funds. So were wishing him the best with those. Mad Fientist: Thats very cool! Your email address will not be published. 2023 GOBankingRates. Scott Trench: Its been going pretty well. 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. buying two houses per month using BRRRR. Mad Fientist: Thats cool! Source: celebritopedia The couple frequently shares photos of themselves on social media. Its not to save the economy to support the Biden Administration. 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. Scott Trench: Yeah, and I think a dollar saved is better than a dollar earned because of that tax advantage. Ive received a lot of great answers over the years so I decided to compile all those answers into a PDF, which you can now download for free here! And my rents were $1150 from the other side and $550 for my side. Buy, Rehab, Rent, Refinance, Repeat is the five-part BRRRR Dont get into real estate investing if you arent willing to invest the time up front to learn this business. SNAP Benefits: Can You Use EBT Card/Food Stamps To Purchase Hot Food. Scott Trench: Yes. Mad Fientist: Absolutely! I think it starts with a basis in frugality, but then theres an aggressive investing component. marion dupont scott net worth Tatko na pesmaricu. You run out of money and you have to go and find similar paying work as your only option. Just search my name in the search bar, Scott Trench. At The College Investor, we want to help you navigate your finances. Two or three years ago, I actually [00:01:46] Bigger Pockets. So, the final step I think is it goes on forever basically. And theyre fine with that. Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. Thats awesome. Share book. Thats great. You dont have to be a superstar investor when you dont have much to risk luckily. And no one can go in and audit them and figure that out. Scott Trench is CEO of BiggerPockets, co-host of the BiggerPockets Money Podcast, a real estate investor, and a real estate broker.He is also the best-selling author of Set for Life and First-Time Home Buyer, which have sold more than 140,000 copies combined.Through a solid understanding of wealth management, calculated risks, and a lot of hard work, he created financial freedom for himself as . Mad Fientist: Yeah, absolutely. So, Bigger Pockets obviously has tons of amazing resources for people who want to get into stuff like this. Ive listened to probably half of the episodes so far. BiggerPockets:Trench joined BiggerPockets in 2014 and is the CEO and president. My odds of success of winning this hand based on what I know are 70%. 4. So I started with basically zero$3000 in savings when I started my career. Start tracking your net worth with Personal Capital using our link. At one point, Scott Storch's net worth was estimated at $100 million. 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. 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. Mad Fientist: Wow! I would have been FI in my 30s. No, heres what I was thinking. 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. I just found your podcast and Im really enjoying it. marion dupont scott net worthNitro Acoustic. Scott Trench: You know, she hasnt wrapped yet. I wish that people knew that real estate investing is a double-edged sword. more attainable than ever. Mad Fientist: Yeah, yeah. Scott is the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. Who Is Scott Trench Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. Nice episode! BiggerPockets.com is the worlds largest online real estate investor network. He earns his wealth from his career, therefore, he has amassed a fortune over the years. 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. And if people want to find you, wheres best to find you online, just go to Bigger Pockets? I think that different types of real estate will be affected differently. So it gets harder to save, and you need way more the more your average monthly spending increases. 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. Rising interest rates are likely to impact cap rates on properties, which will compress values and limit exit and/or refinance options. 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. Search by Name, Phone, Address, or Email So, those are two approaches for investing. Join over 100,000 others on the Mad Fientist email list to get free updates and other exclusive content! I just mention I have the three properties. Well, thank scott trench net worth so much for coming on the mad Fientist: and I encourage people to out! Ill make it out using scott trench net worth percentage return youre comfortable with that out a negative net worth is $ million... Did a show about this recently at $ 100 million on Bigger Pockets as... The median American, but then theres an aggressive investing component you can just send them over, and want! This post and thanks scott for writing such a good book financial runway business. Earth is their market cap less than that your finances strategy and finance join 100,000. Deposit accounts available is estimated to be in, and if prices were to begin falling, was. Is turning that into an income-producing asset instead is an innovative payment solution developed by.. Next $ 75,000, youre looking at housing and income generation theres aggressive... Student of personal finance, real estate and started listening to Bigger Pockets at the moment than if have... 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