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BiggerPockets Money Podcast

260: Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less)

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.53K Ratings

🗓️ 24 December 2021

⏱️ 68 minutes

🧾️ Download transcript

Summary

Stocks vs. real estate is a regular feud among many financially savvy forums on the internet. While some investors love the passive aspect of stocks, other investors love the tax savings and flexibility of real estate. Regardless of your preferred asset, it’s better to stick your hard-earned money in something that makes money for you, instead of spending it or letting it sit. Our guest today, Madison, is having trouble deciding which asset class she and her husband are best suited for. They have high-income jobs, a great net worth for their age, and just moved from the expensive San Francisco Bay Area to far more reasonable Texas. They’ll have a lot more money to stash away without the high rent, gas prices, or child care they had in California. But neither Madison nor her husband have plans to retire early, so should they even plan for early retirement? Scott and Mindy walk Madison through her multiple different investing options, along with giving her the structure to formulate a three, five, and ten-year plan for wealth building and financial freedom. We may hear back from Madison very soon on the progress she’s made! In This Episode We Cover Why relocating to another state can be a massive savings lever  Understanding when you want to retire and how your assets play a part in retirement  Putting in your “500 hours” to any asset you truly have an interest in  Turning your primary residence into a rental property after you upgrade  Stock investing vs. real estate and the pros and cons of both Reducing your spending so you can save (and invest) much more And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hey there!

0:01.3

As the bigger pockets podcast network grows, we're always on the lookout for talented people

0:05.5

who think they have what it takes to co-host a show.

0:08.2

Is that you?

0:09.2

Do you want to be just like me?

0:11.1

Well, you can make a submission to our system at biggerpockets.com slash talent so we

0:16.6

can get to know you.

0:18.2

That's biggerpockets.com slash talent.

0:20.6

You'll see a few questions and a place to submit a video reel.

0:23.8

Again, that's biggerpockets.com slash talent.

0:27.4

If you'd like to lend your voice to the growing biggerpockets podcast network.

0:33.3

Welcome to the biggerpockets money podcast show number 260 Finance Friday edition, where

0:38.2

Scott and I talked to Madison about too many great options.

0:43.9

So it's kind of like what kind of ROI are we going to get on which routes?

0:49.4

And I think that we have so many opportunities and possibilities.

0:52.5

But for me, it's which direction we want to go in studying it and understanding those

0:59.3

directions is where I'm kind of at my crossroads right now.

1:03.6

Hello, hello, hello, my name is Mindy Jensen.

1:05.8

And with me, as always, is my most charming smile award winning co-hosts.

1:11.3

Got trench.

1:12.3

That's right.

1:13.3

Co-hosts are the bigger pockets money podcast and five times winner of the most charming

...

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