223: How to Become Set for Life Through House Hacking, Frugality, and Maximizing Your Income with Scott Trench

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 20 April 2017

⏱️ 96 minutes

🔗️ Recording | iTunes | RSS

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Summary

A lot of people want to achieve financial freedom—but many who start the journey never arrive. So what’s the best way to truly set yourself up for success in achieving financial independence and wealth? 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. In This Episode We Cover: A little bit on Scott‘s background The path to early financial freedom How to house hack your way to a portfolio of properties Tips for using the BRRRR method How to invest despite what the market situation is An introduction to the book Set for Life The three stages of wealth mentioned in the book What you should know about the “financial runway“ The bonuses that comes with the book A discussion on making more money The importance of finding a job you love How to get the set of skills you need to succeed Scott’s advice to those who are getting their first deal And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Podcast 099: 3 Personal Finance Bloggers & Their First Real Estate Investment with Scott, Lauren, and Philip (podcast) Ben Leybovich’s BP Profile Jered Sturm’s BP Profile How to “Hack” Your Housing and Get Paid to Live for Free (blog) BiggerPockets Podcast 217: How to Work Less and Earn More Using the 80/20 Rule with Perry Marshall (podcast) Your First Home Purchase Could Be a Horrendous Financial Decision. Unless… (blog) Investors: Don’t Shoot for 100+ Properties. Aim for Bigger & Better With THIS Strategy. (blog) How I Went From $0 Net Worth to Qualifying for $1M in Real Estate Financing in 2.5 Years (blog) Am I Missing Something, or Is Real Estate Investing Really Not That Hard? (blog) Books Mentioned in this Show Set for Life by Scott Trench (email [email protected]) The Book on Rental Property Investing by Brandon Turner The ONE Thing by Gary Keller and Jay Papasan Rich Dad Poor Dad by Robert T. Kiyosaki Tweetable Topics: “It’s not just about being thrifty or cheap; it’s about being smart.” (Tweet This!) “Because we were responsible financially, we were able to take risks.” (Tweet This!) “Understand that what I’m doing today is what I need to get to the next level.” (Tweet This!) Connect with Scott Scott’s BiggerPockets Profile Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pockets Podcast Show 223.
0:05.0	That's why I wrote Set for Life is because that is what I believe is, hey, here's the piece of like,
0:09.6	here's the step by step guide to reducing your expenses. Here's the philosophy around income
0:15.2	production and investing that will help you actually make that transition.
0:18.7	You're listening to Bigger Pockets Radio. Simplifying real estate for investors large and
0:24.9	small if you're here looking to learn about real estate investing without all the
0:29.2	height you're in the right place stay tuned and be sure to join the millions of others
0:34.8	who have benefited from bigger pockets.com.
0:37.8	Your home for real estate investing online.
0:40.6	What's going on everybody?
0:41.6	This is Josh Dorkin.
0:43.0	House of the Bigger Pockets Podcast here with my co-host, Mr. Brandon Turner.
0:48.0	What's up, man?
0:49.0	You know, things are going really, really well for me right now.
0:51.4	You know, I got a little baby girl who's
0:52.6	learning how to walk and you know it's great and you have to talk about your
0:57.1	baby girl when I was thinking of a hard time yeah exactly now you have
1:00.4	she is so cute how about you how's your and yours, your family and all that.
1:05.0	Oh, they're so cute, man. They're cute. You know it's really cool this week.
1:08.5	My eldest is eight in second grade. She built a wire sculpture.
1:13.7	And it was selected to go to this art exposition
1:18.8	and amongst artworks from lots lots of mostly older kids she was one of just like a
	...

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