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And Im going to hopefully get it out of the library as soon as I can because that sounds really good. 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. And youre kind enough to send it to me. Mad Fientist: Yeah, absolutely. And thanks to Mindy for putting this together. If you message me there, I usually get back to everybody within a day or two. You made the right choice. And I knew very clearly that around the 18-month mark, give or take a few months depending on my performance, I was going to get a promotion to financial analyst 2. Scott Trench: Well, I think we both share a lot of interest in personal finance. But thats awesome. And I encourage people to go out and think about adding side hustles one at a time as theyre going down this path. Scott's estimated net worth is $1.5 million. But Ill be sure to send you that link, so listeners can go ahead and click on that in the show notes. I dont remember. 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. And yeah, youre 27 and youve done a ton of crazy, amazing stuff so far. Mad Fientist: Excellent! And my book is written for a very specific audience. 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. If I ever make it out to Scotland, Ill have to come and check it out. He released Set For Life in 2017 to help others follow his successful path. 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. Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth. Ive never been to Colorado, and I love mountains. Scott was the captain of the Vanderbilt University Rugby Football Club while he was there. 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. Im very excited to be here. Share book. He hosts a podcast called "BiggerPockets Money." Education: He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. 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. 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. What are the best types of real estate investments to make in 2022? 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. His parents brought him up in the United States. 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. Scott Trench: Yeah, sure. . Currently, he is an active investor in the Denver market and manages a real estate portfolio of around $1.5 million. I just mention I have the three properties. Scott Trench was born in the United States in September 1990. Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. 3. Scott Trench: Yeah, I got promoted to president of Bigger Pockets maybe last Tuesday I think. And that the step after financial analyst two of course is financial analyst 3, then senior financial analyst, then finance manager, senior finance manager, director of finance, senior director and so on, all the way up to CFO of a Fortune 500 company. I cant really see a political advantage for him in doing that. Trench has focused his career on. Mad Fientist: which is great. 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 interviewed her and her husband in episode #14. And in a good market, thats not so important. I was listening to your podcast (which well obviously talk about here soon as well). After this, I think that your institutional investors and syndication investors are at the next highest risk. 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. It will also teach you how to live a happy, healthy, and fulfilling life . Its unlikely. Scott Trench: You know, she hasnt wrapped yet. - What else would be considered an asset in his model? Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. 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. 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. And both Mindy and I are a little bit morehow do I describe it? Scott Trench: Its been going pretty well. On todays show, Im excited to introduce Scott Trench from BiggerPockets.com. We both have kind of a similar approach to money in general. And I think for that median income earner starting with zero, its with that savings position. 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. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. 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. A family that reached financial independence while raising children. 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. Im not so sure. And he wrote How to Hack Your Housing and Get Paid to Live For Free. Congratulations to you! Youre welcome any time. 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). Click Manage settings for more information and to manage your choices. 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. 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. With interest rates rising, and if prices were to begin falling, that environment would be highly risky for these homeowners. Greg Palkot is known for his work on Shepard Smith Reporting, America's Newsr, Who is Kin Shriner? Suppose that youre making $50,000 a year, if you save $500 a monthwhich is actually a pretty good savings rate. Scott Trench: Sure! Scott Trench: Yeah, you know, I had the good privilegeand this is not like an intelligence thing. 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. This doesnt influence our evaluations or reviews. So thats not scalable. 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. Joshua Dorkin, founder and CEO of BiggerPockets.com, joins me on the Financial Independence Podcast to talk real estate and entrepreneurship! real estate investing strategy that makes financial freedom 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. But its funny because I hear these people, theyre like, Oh, Im very well into FI. Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. Mad Fientist: Right! 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. Scott Trench: No, I was just finding these weird financial ratios. 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. My odds of success of winning this hand based on what I know are 70%. So my first job was at a Fortune 500 company as a financial analyst 1. 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). 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. First, theres the traditional. More from the same. I think that its increasingly difficult. I mean, that obviously worked out for you, Brandon. Mad Fientist: He seems like a good boss anyway. 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. He has some family things that are going on. And once you get to $100,000 in investible liquidity, now how you invest that money begins to become really important. This is in an expensive marketwere not able to accumulate anything. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. . So I really like how you structured it. Thats going to reduce wealth inequality in this country. I couldnt agree more. Mad Fientist: And you could do it while youre on the clock. 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: Get to a 50% savings rate. So, I think thats where our friendship kind of kicked off, a pretty similar mindset on life and finance and real estate in general. Listen to the Podcast Here Watch the Podcast Here Help Us Out! His net worth is estimated to be $1.5 million. BiggerPockets.com is the worlds largest online real estate investor network. I moved out a couple of years later. 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. I was interested in that line of work, but I didnt want to be tied to it for 40 years. 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. And then, finally, the next phase is getting from $100,000 to financial freedom. Scott breaks down the journey to financial independence into three stages and explains what you need to focus on at each step (and why)! 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. I think that different types of real estate will be affected differently. So, Bigger Pockets obviously has tons of amazing resources for people who want to get into stuff like this. Shes good. So were wishing him the best with those. Scott Trench's net worth is estimated to be $1.5 million. 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. At one point, Scott Storch's net worth was estimated at $100 million. Scott Trench: Yeah, Im 27. 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. Your first guest was the same first guest that I had way back in 2012, Mr. Money Mustache (which was a great episode). They both live in Denver, Colorado. So, do you think you stumbled upon it shortly after it was published or was this something that happened a little bit later. I published that episode way back in May of 2012. 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. . By clicking the 'Subscribe Now' button, you agree to our Terms of Use and Privacy Policy. So do you want to talk about that final step? 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). So thats what I did! marion dupont scott net worth Tatko na pesmaricu. Thats MadFientist.com/advice. Its an app that people can use just like a regular wallet to store their card details and information. Read this book now. He is thirty-one years old. But for those who may not have heard that episode, could you just describe what house hacking is? Thats true for the average and the median American, but not popular to point out. 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. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Thats really important for investors, because the Feds dual mandate is to keep both inflation and unemployment low. So, yeah, Bigger Pockets Money Podcast. And the first phase was getting that first $25,000. I find social media very overwhelming. 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. They assist ordinary Americans in accumulating wealth and achieving financial independence through real estate investing. Mad Fientist: There was! Scott Trench: And I do it while Im on the clock. Have you bought any other property since then? And yeah, back in my poker-watching days, I remember Annie Duke very well. Yet more reason for Powell and the Fed to go after inflation with a single-minded focus. 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. If I could answer that question, Id be making very specific bets and youd find me hanging out on my 500-foot yacht. Mad Fientist: Yeah, exactly. Also getting some buy to lets in Glasgow, all with the funds from the limited company I run as a software consultant. He is also a real estate investor, an executive at a large online. Dont get into real estate investing if you arent willing to invest the time up front to learn this business. These offers do not represent all available deposit, investment, loan or credit products. 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. Im on a lot of social media, but I dont ever check them. Thats great. Thats great. That's $1 MILLION. David Greene shares the exact systems he used to scale his So, people always think that thats where they need to focus on their finances in order to achieve a high savings rate and rapidly accelerate toward financial dependence, but thats wrong. So theyre not even recognizable by name, the companies? Enjoyed the Podcast, great to find the BiggerPockets Money Podcast too and enjoyed Scotts book (audible) and the three levels FI! A lot of people will go with something in the 8% to 10% return range for index fund investing over the long term. Scott Trench: There were some rapping involved in that show. I was at a 50% savings rate before I got married and had a kid and bought a house. Scott Trench: Well, thank you, Brandon. 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. 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. No, heres what I was thinking. Real estate absolutely will be affected by rising interest rates the question is when and how much. Ive listened to probably half of the episodes so far. Scott Trench: Well, thank you for having me, Brandon. Scott Trench: Yeah, I think thats exactly right. 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. And I have a couple of other expenses there as well. 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