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BiggerPockets Money Podcast

269: From Filing Bankruptcy to $1.4 Million in Income Producing Assets

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.53K Ratings

🗓️ 24 January 2022

⏱️ 91 minutes

🧾️ Download transcript

Summary

Today’s guest, Jennifer Grimson, is a prime example that every problem has a solution.  Jennifer has always been a hard worker so she had no problem working through college as she aspired to be a foreign service officer, but her life took a turn when she fell in love and married her (now) ex-husband. Her dynamic with money completely changed as he spent money frivolously while she spent conservatively. When things ended poorly 8 years later he sued her 25 times, not including when he sued her mother and brother, and left her with $500,000 worth of attorney fees.  At this point, she was left with nothing and had two children to raise on her own. While most would be completely devastated, Jennifer focused on finding a way out. Jennifer had never been scared of a little hard work so she found a job with a steady paycheck and filed for bankruptcy to help with her attorney fees. She continued to file for bankruptcy and start  from scratch until she could build herself back up financially. She was then able to rebuild her credit through various methods and gain financial autonomy.  Her overall goal was to experience financial peace— but she didn’t stop there. She started building small pockets of wealth and always had at least three streams of income at all times. Once Jennifer found out about short-term rentals, she saw an opportunity and started buying houses to convert into Airbnb properties and turn a profit. After 4 years she created an astounding $1.4 million in income-producing assets!  In This Episode We Cover How to properly intertwine money and romantic relationships (and how to protect your personal wealth)  Filing for bankruptcy and how it can be your saving grace from future lawsuits Borrowing against a 401k and investing with retirement funds  Rebuilding your credit from scratch (and even bankruptcy!)  Short term rentals, passive investments, buying land and other ways to build long-lasting wealth  Cost Segregation and how to greatly reduce your tax burden  And So Much More!  Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hey there, before we get to the show, I wanted to mention

0:02.6

Bigger Pockets is hiring a full-time supervising producer

0:05.9

for our podcast network.

0:07.8

This is a remote position, and it's a great opportunity

0:10.5

if you have the right skill set.

0:12.2

We're looking for someone with at least a couple of years

0:14.6

experienced managing production teams,

0:16.6

and someone who will feel confident taking the lead

0:19.3

when launching new podcasts.

0:21.0

So would you or someone you know be a great fit?

0:24.1

You can find the full job description

0:25.6

at biggerpockets.com slash jobs.

0:27.9

That's biggerpockets.com slash jobs to apply

0:31.0

for our open podcast supervising producer job.

0:34.1

Okay, now enjoy the show.

0:36.8

Welcome to the Bigger Pockets Money Podcast Show number 269,

0:40.5

where we interview Jennifer Grimson from Microempires

0:43.3

and talk about financial chaos, filing bankruptcy,

0:46.6

and building wealth, even when everything quite literally

0:50.0

seems lost.

0:51.4

I don't think it really matters how people end up

0:53.8

at the bottom, you know, rock bottom,

...

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