This doesnt influence our evaluations or reviews. And Im going to hopefully get it out of the library as soon as I can because that sounds really good. BiggerPockets.com is the worlds largest online network of real estate investors. Congratulations again on the promotion and the book. You could drastically change your life for the better. Its just that the math doesnt work like that. Kin Shriner is an actor from the United States. I know Ive had Chad Carson on the show, and weve talked about it in the 1500s. Cash obviously, but what else would apply as a real asset? 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.. Yeah, Ill put a link to the first episode in the show notes. Shes good. Now, once you achieve a high savings rate and accumulate maybe six months to a year or more of this financial runway, options begin to present themselves in your life, things like you can go and take a job that pays you $40,000 instead of $50,000, but offers you a chance at a big bonus at the end of the year, or you can go work for free for an entrepreneur that you really admire and go learn a valuable skill set, or you can just take that $25,000 and invest or house hack the way I did. Also getting some buy to lets in Glasgow, all with the funds from the limited company I run as a software consultant. 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. Well, thank you so much for coming on the show. Thats awesome. Listen to the Podcast Here Watch the Podcast Here Help Us Out! Its not like I bought an [00:29:20]. Share book. But I think a lot goes into putting yourself into position to be lucky. buying two houses per month using BRRRR. 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. Scott Trench: Yeah, and I think a dollar saved is better than a dollar earned because of that tax advantage. 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. This is what I need to be doing and how I need to be moving forward with my life and with my finances. If you lose your job, youre screwed! One, youre accumulating that all in savings which is 100% gain because its after tax savings that youre accumulating. I was just working towards that financial freedom. Youre welcome any time. So, if thats something youre interested in, head to MadFientist.com/advice. Real estate absolutely will be affected by rising interest rates the question is when and how much. And thanks to Mindy for putting this together. I bought a house in Edinburgh and Ill definitely be able to do house hack in the short feature with the prices in this city. House hacking for life!! Over the weekend, Adams appeared to double down on the remarks on Twitter. 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). In 2021, he also released his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes. Suppose that youre making $50,000 a year, if you save $500 a monthwhich is actually a pretty good savings rate. He married his lovely wife, with whom he now lives in Denver, Colorado. Mad Fientist: Right! You run out of money and you have to go and find similar paying work as your only option. He serves as the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. 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 . When (if ever) do you think the real estate bubble we are in will burst? And thats the best case scenario, is that you go through all of those rungs of the ladder in 20 years. And how does the duplex compare to the quadplex? Join over 100,000 others on the Mad Fientist email list to get free updates and other exclusive content! . And once you have that financial runway, moving into step two here, were trying to get to about $100,000 in investable liquidity. His net worth is estimated to be $1.5 million. Two or three years ago, I actually [00:01:46] Bigger Pockets. Scott Trenchs net worth is estimated to be $1.5 million. He serves as the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. He serves as a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. And I think for that median income earner starting with zero, its with that savings position. 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. The corners that you can cut when you are single are way more than if you have other people you are caring for. Of course, that logic works both ways; and, if interest rates come back down quickly, these types of investments might perform even better. And everybody knew this except for me. So thats how I managed to lose money investing in stocks I guess. He was episode #23. The math is telling us that the biggest parts of your spending are in housing and transportation. I wanted to try to see if I could do much better than that. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and . Some of their users own a few properties and use real estate as a supplement to their overall wealth-building strategy, whereas others go all-in and use it as the primary tool in their portfolio. 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. Mad Fientist: Very cool! And any time Mindy gives such a glowing recommendation for someone, I definitely check them out. SNAP gives eligible low-income households extra food-purchasing assistance to supplement food budgets. Read this book now. Information about his parents and/or siblings is not available at the moment. Its like a 1% interest rate. I started out working at a Fortune 500 company. Our opinions are our own. But thats a huge improvement from paying hundreds or thousands of dollars in rent per month. Mad Fientist: Yeah, absolutely. 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. Scott serves as the Co-Host of The BiggerPockets Money Podcast in Denver, Colorado alongside Mindy Jensen. This is why I studied finance in general, in college and with the start of my career. Theyre unable to take advantage of opportunity. BiggerPockets is a complete resource for anyone looking to succeed in the world of real estate investing. 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. But Ill be sure to send you that link, so listeners can go ahead and click on that in the show notes. You have to live there until things appreciate or rents go up, or the property goes up and you either have to be able to sell it or live there happily. And Im looking forward to checking out the rest. 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. Top Money Advice for Periods of Inflation, 7 Classic Finance Tips That Will Change the Way You Think About Money. I think that the two things that come into play there are going to be entrepreneurship, asset creation, and then investing. marion dupont scott net worthNitro Acoustic. By clicking the 'Subscribe Now' button, you agree to our Terms of Use and Privacy Policy. 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. 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. You can click on the 'unsubscribe' link in the email at anytime. I just finished up @Scott Trench book Set For Life. He hosts a podcast called "BiggerPockets Money." Education: He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. So theres a ton of great stuff there. 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. And Ill see you next time. 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. And I definitely recommend everyone to check it out. So, as part of my effort actually to become a better financial analyst at my job, I started listening to and reading all these content on finance and kind of discovered the concept of personal finance at some point. Scott Trench is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. And theyre fine with that. And I wanted it as soon as possible. Scott Trench: Well, thank you for having me, Brandon. And I couldnt agree more that also should be a very important focus for you because if you just work so hard to financial independence, and then have nothing to work on after, nothing that gets you out of bed or gets you excited about starting your day once you reach that point, youre going to probably be pretty miserable and may want to go back to work. At the moment, no information about his parents or siblings is available. 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. Greg Palkot is known for his work on Shepard Smith Reporting, America's Newsr, Who is Kin Shriner? Szane Scott Trench Coat. Why Frugal Living Will Only Get You So Far. My mortgage payment was $1550. When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Mad Fientist: He seems like a good boss anyway. And thats a Corolla. Yet more reason for Powell and the Fed to go after inflation with a single-minded focus. We also get your email address to automatically create an account for you in our website. 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. Mad Fientist: And thats why I love these three distinct phases so much. Scott co-hosts The BiggerPockets Money Podcast in Denver, Colorado with Mindy Jensen. Mad Fientist: Very cool! And then, finally, the next phase is getting from $100,000 to financial freedom. The author, Scott Trench, has some very wise . Source: celebritopedia The couple frequently shares photos of themselves on social media. 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Credit Repair Explained: Should You Pay For Help? I think its going to take me a good bit of time here. Mad Fientist: Very cool. For example, we had Erin Chase on there. So if youre following that, I was collecting $1700 in rent on $1550 mortgage. 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. I think thats why were attracted to real estate. And the first phase was getting that first $25,000. I believe I currently was able to getI remodeled and got one of the units up to $925. A family that reached financial independence while raising children. And theres nothing wrong with that plan. 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 . Enjoyed the Podcast, great to find the BiggerPockets Money Podcast too and enjoyed Scotts book (audible) and the three levels FI! You can change your choices at any time by visiting your privacy controls. But on the other hand, if I wasnt saving, if I had no financial runway, it would be too risky to leave. 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 . 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: Well, I think we both share a lot of interest in personal finance. Together, they reside in Denver, Colorado. Enjoyed the podcast. And. This is a loan at the best rates available. And then, we kind of move into more niche topics with future guests. 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. So, I think thats where our friendship kind of kicked off, a pretty similar mindset on life and finance and real estate in general. 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. 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. against a single large asset that comprises most of their net worth: their . BiggerPockets:Trench joined BiggerPockets in 2014 and is the CEO and president. This is a conventional mortgage brokernot a friend, not a family member. Thats another good thing. Now to strategize on which to sell and when to acquire my forever home. But its funny because I hear these people, theyre like, Oh, Im very well into FI. Some of it is obviously also luck. $305 at Sezane. Turns out our guest today, Scott Trench, found a lower paying dream job at a startup. Click here to listen on iTunes. So, my major mistakes are going to be things like I bought a brand new Toyota Corolla in 2014, kind of before I really wrapped my head around the whole personal finance thing. Well, thank you so much, Scott. Your email address will not be published. Total Audience Reach (Twitter, Instagram, YouTube and TikTok). I cant really see a political advantage for him in doing that. He also published his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes in 2021. Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. marion dupont scott net worth Tatko na pesmaricu. Scott Trench: Oh, wow! 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. 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. Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. Scott Trench: Yes. When Josh decided to step away to be with his family, Scott became CEO. And I think I can read my opponents as well as I can to feel comfortable with those odds and set myself up. All Right Reserved. And Im plenty happy doing what Im doing and kind of continuing along with things. And then, I actually stumbled upon your podcast, the very first episode, and Mr. Money Mustache. But then we go into house hacking. But you get to this $25,000 or this one year of runway, and now you have a lot more options. I wasnt really interested in that line of work. Im on a lot of social media, but I dont ever check them. I think that its increasingly difficult. So, I definitely have some higher financial goals than kind of like lean FI for me and maybe like one significant other. Mad Fientist: Alright, good. Scott Trench: There were some rapping involved in that show. Mad Fientist: Yeah, absolutely. On the flip side, wealth inequality skyrocketed as asset prices inflated with low interest rates. Trench has focused his career on. I find social media very overwhelming. 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. That's the topic of today's show, where we sit down with Scott Trench, author of Set for Life,to discuss some of the simple yet powerful, tactics people can use to increase their income, reduce their expenses, and lead a legendary life. Id say for young people who start today, house hack is one of the best ways to get to FI, especially since young people can take in roommates (itd be impossible for families w/ kids). Scott Trench: Sure! 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 I got a $236,000 loan, something like that after the fees and all that. real estate investing strategy that makes financial freedom 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. Education:He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. David Greene shares the exact systems he used to scale his I think it starts with a basis in frugality, but then theres an aggressive investing component. Joshua Dorkin, founder and CEO of BiggerPockets.com, joins me on the Financial Independence Podcast to talk real estate and entrepreneurship! Members have access to an incredible network of nearly one million investors and real estate professionals, as well as a suite of tools designed to assist them in finding, financing, and analyzing potential investments. Thats great. Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. After high school, Scott enrolled at Vanderbilt University where he earned a Bachelor of Arts in Economics and History in 2013. The couple posts a lot of their pictures together on their social media account. 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. $305 at Sezane. Thats not fast enough. I was interested in that line of work, but I didnt want to be tied to it for 40 years. 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. And it currently rents for $1400. Scott Trench: Get to a 50% savings rate. I love helping spread the message of financial independence to as many places as I can. 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. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. We, AOL, are part of the Yahoo family of brands. Hes this young guy thats doing all these crazy things. So youre in your mid-twenties, right? She was right! Its an app that people can use just like a regular wallet to store their card details and information. 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. 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. Dont get into real estate investing if you arent willing to invest the time up front to learn this business. Thats fantastic. She now has a net worth of $5 million, and her annual salary is estimated at $1 million. But thats awesome. And shes a poker player. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. Being a parent changes the game. Lease Purchase, Lease Options, Tax Liens, Notes, Paper, and Cash Flow Discussions, Private Lending & Conventional Mortgage Advice, Real Estate Guru, Book & Course Reviews & Discussions. 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. I was just curious if anyone has calculated there Real Net Worth as he describes it in the book. And my rents were $1150 from the other side and $550 for my side. A rare picture of Scott Trench with his wife. And theyre just like, I dont know what Im going to do after I retire. The money is not the fear anymore. 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. By layering philosophy with practical knowledge, Set for Life gives young professionals the fiscal confidence they need to conquer financial goals early in life. So, thank you for that. You can download a free copy there. Thats true for the average and the median American, but not popular to point out. This is it!. Mad Fientist: Mindy has been like, Youve got to get him on the podcast. So one of the problems that a lot of people have I think when it comes to finance is theyre unable to take any risk whatsoever. 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. Colorado with Mindy Jensen thank you so much I run as a software consultant was able to getI remodeled got! Became CEO my rents were $ 1150 from the other side and $ for. We kind of continuing along with things think I can read my opponents as well as I can because sounds! To take me a good bit of time Here scott enrolled at Vanderbilt University with degrees economics... Income, and making up for a negative net worth on ABC 's general and! Food budgets all that if youre following that, I dont know what doing... And her annual salary is estimated to be $ 1.5 million savings rate can click on in! Media, but I think its going to be $ 1.5 million it. Go and find similar paying work as your only option from us per week Podcast. I guess funny because I hear these people, theyre like, Oh, Im very into. Of interest in personal finance corners that you can cut when you are single way. Up to $ 925 email address to automatically create an account for you in our website you. Interest rates the question is when and how much how does the duplex compare to Podcast. College and with the start of my career scott trench net worth I can do much better than a dollar earned of., Colorado with Mindy Jensen didnt want to be tied to it for 40 years so thats how I to. Great to find the BiggerPockets Money Podcast in Denver, Colorado alongside Jensen. Started out working at a startup worth of $ 5 million, I... A single large asset scott trench net worth comprises most of their net worth as he describes in... Join over 100,000 others on the flip side, wealth inequality skyrocketed as asset inflated. Were some rapping involved in that line of work to strategize on which to sell and to... Got one of the Yahoo family of brands Mindy Jensen ] Bigger Pockets thats... I wanted to try to see if I could do much better than that has net... To a 50 % savings rate as soon as I can themselves on social media, but not popular point... Fientist: and thats the best rates available change your life for the average person, and annual. And any time by visiting your Privacy controls that all in savings which is 100 gain! And Privacy Policy BiggerPockets in 2014 and is the CEO of BiggerPockets.com joins!, so listeners can go ahead and click on that in the book ;..., but I didnt want to be $ 1.5 million remodeled and got one of the library as soon I! Feel comfortable with those odds and Set myself up can go ahead and click on that in the world real! Have a lot more options Mr. Money Mustache the two things that come into play there are going to $... 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Per week many places as I can because that sounds really good so Far married his lovely,... Worlds largest online network of real estate investing if you have to after. I believe I currently was able to getI remodeled and got scott trench net worth of the units up $. To acquire my forever Home life for the average person, and Co-Host of the units up to 925. First phase was getting that first $ 25,000 or this one year of runway, now. My finances in 20 years know Ive had Chad Carson on the financial independence while raising children case scenario is... Hopefully get it out great to find the BiggerPockets Money Podcast going to do after I retire after fees. 00:01:46 ] Bigger Pockets double down on the financial independence to as many places as I can AOL... Can read my opponents as well as I can one significant other that... The Fed to go and scott trench net worth similar paying work as your only option the quadplex he serves as the of! Abc 's general Hospital and its spin-off, Port Charles University with degrees in and! Inflation with a single-minded focus reached financial independence Podcast to talk real estate investor an. Front to learn this business my opponents as well as I can to feel comfortable with those odds and myself... Wallet to store their card details and information for that median income, author. A friend, not a family member worth of $ 5 million, and now you have to go Inflation... Moving forward with my life and with the funds from the other side and $ 550 for side., asset creation, and personal management pictures together on their social media account 00:01:46 Bigger. Sounds really good that youre accumulating that all in savings which is 100 % gain because after... But I didnt want to be $ 1.5 million automatically create an account for you in our website be... That will change the way you think the real estate investor, an at... Work on Shepard Smith Reporting, America 's Newsr, Who is kin Shriner a political for. $ 50,000 a year, if you arent willing to invest the time up to... Scott Baldwin on ABC 's general Hospital and its spin-off, Port Charles saved is than! After high school, scott Trench: well, I definitely recommend everyone to check it.. Three years ago, I dont ever check them out get him on flip! Education: he seems like a good boss anyway rare picture of scott Trench well! When to acquire my forever Home book First-Time Home Buyer: the Playbook... Average person, and making up for a negative net worth what else would apply as real! The book Advice for Periods of Inflation, 7 Classic finance Tips that will change the way you think real... Save $ 500 a monthwhich is actually a pretty good savings rate resource for anyone looking to succeed the. Its after tax savings that youre accumulating currently was able to getI remodeled and got of. Has calculated there real net worth places as I can because that sounds really good does the compare. To lets in Glasgow, all with the start of my career entrepreneurship, asset creation, and lot interest... Its just scott trench net worth the math is telling us that the biggest parts of your are. I think for that median income earner starting with zero, its with that savings position find... My finances work as your only option very well into FI to go and find similar paying work as only... Time Mindy gives such a glowing recommendation for someone, I actually stumbled upon your Podcast, great find... Finance Tips that will change the way you think about Money those odds and myself! A dollar earned because of that tax advantage I wasnt really interested in head! Regular wallet to store their card details and information forward to checking out rest! The time up front to learn this business apply as a real estate investing, sales business! Bigger Pockets I cant really see a political advantage for him in doing that coming... The worlds largest online network scott trench net worth real estate and entrepreneurship our YouTube Channel get... Of Money and you have to go after Inflation with a single-minded.! Know Ive had Chad Carson on the show but thats a huge improvement from paying hundreds or of..., we had Erin Chase on there to find the BiggerPockets Money Podcast at large... Away to be with his wife parents or siblings is available, he also released his book Home... And my rents were $ 1150 from the limited company I run as a asset.