250: Finance Friday: Laying a Strong Financial Foundation in Only a Few Years

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 19 November 2021

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

Everyone knows that tech salaries tend to be on the higher end. In tech, you could be working as an engineer, programmer, or statistician, like today’s guest Matthew. But, Matthew never planned to go to school for this type of work. Half a decade ago, Matthew was wearing a chef’s apron, working forty to sixty-hour weeks, making slightly above minimum wage. He loved the work (and the food) but realized he couldn’t keep living with the long hours, low wages, and high stress. Mathew went back to school to study statistics and landed a job in tech, which he’s just recently moved on from, and accepted a far higher salary. This all sounds like good news, so what exactly is Matthew having trouble with? After maxing out many of his retirement accounts, Matthew is wondering where else he should be putting his money. He’s already saving a significant amount every month, thanks to his frugal lifestyle, but wants to be sure he’s standing on a strong financial foundation. Should he look into rental properties, taxable brokerage accounts, or higher-risk assets like tech stocks and crypto? If you’re lucky enough to have a little extra change left over at the end of every month, you may be in Matthew’s position too! In This Episode We Cover Changing careers even after you’ve been working in the industry for years What to do if you’re young and don’t know which field to study Keeping your expenses low, regardless of how well your job pays Starting side businesses that can help you float expenses Investing in after-tax retirement accounts vs. investing in post-tax retirement accounts Live in flip tips from the master herself (Mindy Jensen) Calculating out your estimated retirement nest egg using the ‘Rule of 72’ 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 Pog and Smiley Pie cash show number 250 where we talk to Matthew about pulling a 180 and switching careers to generate more income and reaching a point where you are at coast five plus
0:13.1	Since then it's obviously compounded right so I've been being in five years in analytics. I've nearly doubled since then so like looking back and kind of hitting my 10 year mark right looking back and saying
0:24.0	10 years ago working in a restaurant making $10 an hour. I'm now making you know 100 times that
0:29.0	Well, 100 maybe exaggerative, but yeah
0:33.7	Hello, hello. Hello. My name is Mindy Jensen and with me today is my switch flipping cohosts got changed
0:40.6	You are always generating currents
0:43.7	Introductions Mindy. Thank you so much. Oh God
0:47.5	God and I are here
0:51.4	God and I are here to make financial independence less scary
0:54.2	Less just for somebody else to introduce you to every money story because we truly believe financial freedom is attainable for everyone
1:01.1	No matter when or where you're starting
1:02.9	That's right whether you want to retire early and travel the world go on to make big-time investments in assets
1:07.2	Like real estate start your own business or just figure out what you want to do with the flexible financial position
1:12.4	We'll help you reach your financial goals and get money out of the way so you can launch yourself towards those dreams
1:31.7	Scott I am really excited about our guest today because Matthew used to be a chef and while he is very passionate about food
1:38.9	He is also very passionate about not being poor and when he was a chef his hourly wage was
1:46.0	slightly above minimum wage and
1:48.0	When he transitioned to IT what do you know his income went up and now he is in a financial position that is
1:55.0	Quite enviable for his young age. Yeah, I mean this is this is a guy who's made a
2:01.1	a number of really
2:02.9	Good I think financial decisions over the course of his his
2:06.5	You know late teens in early 20s with this and his inner really really good position with all this kind of stuff
	...

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