178: Finance Friday: From $33k in Debt to $100k+ in Net Worth Through House Hacking & Smart Saving with Budget Girl

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 12 March 2021

⏱️ 77 minutes

🔗️ Recording | iTunes | RSS

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Summary

Last time we talked to Sarah, AKA Budget Girl, she was on Episode 6 of the Money Show. If you haven’t listened to that episode, here’s a quick recap. Sarah was $33,000 in debt from student loans, but she was able to pay it off while making less than $30,000 year! For most people, this would have taken decades to pay off, but Sarah was able to crush her debt in only a few years! Now it’s time to check in on Sarah, and see what she’s been doing since clearing herself from debt. Currently, Sarah has a net worth of over $100,000, she took some advice from the BiggerPockets community and bought a duplex to house hack! She purchased the duplex within the “path of progress” around Texas A&M University. She’s seen some solid appreciation over the past 10 months and cash flows a small amount off the property. She’s not only living for free, she’s getting paid to live in her own property! Sarah has also hoarded a serious sum of cash and investments sitting on the side. She has retirement accounts, brokerage accounts, and a large surplus of cash that is slowly building so she can buy her next property. Sarah is able to do this by keeping her expenses very low, while making money from her full-time job and her side hustle as Budget Girl. She proved that even with a low income, you can get out of debt and hit financial milestones! In This Episode We Cover Getting out of debt fast, even with low income Creating multiple streams of income so you can save and invest heavily Buying properties within the “path of progress” House hacking to live for free (or getting paid to live) TSPs, Roth IRAs, and other retirement accounts Keeping your spending conservative so you can go all in on investments And So Much More! Check the full show notes here: https://www.biggerpockets.com/moneyshow178 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Pockets Money Podcast, show number 178, Finance Friday edition,
0:05.5	where we check in with Sarah Wilson, the budget girl, and talk finances and real estate investments.
0:10.9	My basic plan above that was to save for the next property because I would like to keep buying
0:15.6	myself more sources of income. That's really fun. I didn't know about that when I started all this,
0:21.2	trying to pay off debt a few years ago. I really enjoy it.
0:24.8	Hello, hello, hello. My name is Mindy Jensen and with me as always is my calculator loving cohost
0:29.5	Scott Trunch. That about sums it up Mindy. Scott and I are here to make financial independence
0:37.4	less scary, less just for somebody else to introduce you to every money story because we truly
0:42.8	believe that financial freedom is attainable for everyone no matter when or where you're starting
0:48.2	and today's episode proves us right. Whether you want to retire early and travel the world,
0:53.5	go on to make big-time investments in assets like real estate, start your own business,
0:57.3	or get out of the conservative mindset and start playing to win.
1:01.6	We'll help you reach your financial goals and get money out of the way so you can launch
1:04.9	yourself towards those dreams.
1:11.5	Scott, today we welcome back Sarah Wilson, the budget girl, and we talked to her and catch up with
1:16.3	what she's been doing and look at what she's doing with her finances. Remember when we had her
1:21.6	back on episode six, she had just paid off $33,000 in student loan debt while making $30,000 a year.
1:30.4	And that scarcity mindset has really affected her opinion of money, not opinion, her relationship
1:38.0	with money, which I find very fascinating. And now she finds herself in an enviable position,
1:43.2	but she didn't realize it, I think, until she spoke with us.
1:45.6	Yeah, this was a great episode and I just can't wait to get to it because she's just so impressive.
1:52.2	I said it, she started off in a really tough spot, $30,000 in debt, $30,000 in income, paid it off,
	...

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