202: Finance Friday: How Should I Plan Ahead to Leave College Debt-Free?

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.5 • 3K Ratings

🗓️ 4 June 2021

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

Most 21-year-olds aren’t thinking about Roth IRAs, early retirement, house hacking, or graduating college debt-free. But today’s guest, Anthony, is! Anthony is currently a student in community college, preparing to transfer to a four-year college next year. He has a paid-off car, no credit card debt, and makes around $2,000 a month, with $800 or so as extra income each month. Anthony is wondering where the best place to put his extra income is. Should he invest in his Roth or should he save up money for college costs? Alternatively, he could house hack which could cash flow him through college and allow him to leave with a degree and a profitable rental property. Scott and Mindy walk through the multiple different options Anthony has and push him to see what he can achieve within the next few years to put him on a path towards financial independence! In This Episode We Cover Planning for retirement at a very early age Maxing out your Roth IRA and 401(k) match every year you can Paying off credit card debt and car loans Finding side income streams like driving for Uber House hacking during college and leaving with a cash-flowing rental Keeping your spending habits low (especially as you’re starting out) And So Much More! 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 200 and 2 Finance Friday episode
0:06.5	where we interview Anthony and talk about getting started on the road to financial independence.
0:11.8	I don't see myself retiring like probably before 30.
0:15.4	I think what I would really want to do is just not really struggle with money as I start
0:20.8	getting into bigger debts like you know $18,000 of school or moving out and stuff like that.
0:27.5	Hello, hello, hello. My name is Mindy Jensen and with me as always is my North Star co-host
0:33.1	Scott Trent.
0:34.5	You're always charting out a new great intro for us Mindy, thank you.
0:40.5	Scott and I are here to make financial independence less scary, less just for somebody else.
0:45.5	To introduce you to every money story including those that are at the beginning of their financial
0:50.8	independence journey. To show you that financial independence is available for everybody no matter
0:55.8	when or where you're starting.
0:57.8	That's right, whether you want to retire early and travel the world, go on to make big
1:01.2	time investments in assets like real estate, start your own business or simply just graduate
1:05.5	college in the best starting financial position that you can.
1:09.3	We'll help you reach your financial goals and get money out of the way so you can launch
1:12.4	yourself towards those dreams.
1:18.9	Scott, I'm super excited to talk to Anthony today because he is a young gun living
1:25.0	at home with his parents who is just starting out on the road to financial independence,
1:31.4	but he's asking all the right questions and I'm so excited for what his journey entails.
1:37.6	And I really think that he is going to crush life.
1:40.7	I was really impressed with Anthony and the questions he's asking at this stage in life
	...

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