326: Finance Friday: Still Feeling "Money Anxious" After Hitting FI

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.5 • 3K Ratings

🗓️ 12 August 2022

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

The path to financial freedom is different for everyone. Some invest in stocks, others flip houses, but one couple breeds rats, trains horses, and buys rentals in cash. Before you get squeamish, this isn’t a show about flipping rats for profit. But, it is a show about horse training, unique investments, and how to ease off the gas when building wealth. Even if you’re far from your FI number, thinking about this concept will help you tremendously once you’ve retired. Alexis and Max have an interesting situation, and they aren’t your everyday workers. Both of them work out in the field, up against the elements, making some serious money to help train horses. Max was a self-taught trainer who built an impressive resume while only in his teenage years. He has a passion for finding, training, and flipping horses that will one day be champions. This is his life’s work and it’s allowed him to charge a pretty hefty price tag. But, the couple hasn’t just been investing in horses. They also have nine paid-off rental properties, subsidizing the entirety of their monthly spending. But, even with their high net worth, they’re struggling to feel comfortable with their financial situation. They’d like to buy a house of their own, take a break from work, and allow themselves more time freedom. But do they really need more money, or do they simply need to rethink their already solid situation? In This Episode We Cover Flipping horses and the astounding money this unique investment can make Rental property investing and why being debt-free isn’t such a bad thing Sheltering business taxes so you can keep more income at the end of the year When to use leverage to buy real estate vs. buying rentals in cash What to do with your “lazy money” even if you’ve already hit financial freedom Getting clear on your financial goals so you can work less and enjoy your wealth And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable Finance Friday: How to Avoid the “Middle Class Trap” When Building Wealth How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast Episode 200 Special: A Personal Finance Masterclass with Kyle Mast XY Planning Advisor Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Click here to check the full show notes: https://www.biggerpockets.com/blog/money-326 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 326, Finance Friday edition,
0:05.6	where we interview Alexis and Max and talk about horses, high income, taxes, and because we're
0:13.7	bigger pockets, real estate. One reason we're doing that is because we do want to continue, you know,
0:20.3	we've been in this mindset of like we got to save for the next house, we got to save for the next
0:24.8	house, so we've been just working so much to be able to just, we got to keep everything steady,
0:30.7	so we can continue to save for this passive income. But now we are looking at the numbers and we're
0:36.0	like okay we've kind of reached our our fine number or whatever, but we're still, I guess we're
0:45.4	still just afraid and there's lots of things we would do. Hello, hello, hello, my name is Mindy Jensen
0:51.1	and with me as always is my so excited about everything all the time co-host Scott Trench.
0:55.6	Is that me Mindy or is that you? That's me. Okay, with me as always is Scott. Thank you Mindy,
1:00.7	that's much more realistic. Scott and I are here to make financial independence less scary,
1:08.0	less just for somebody else to introduce you to every money story because we truly believe
1:12.7	financial freedom is attainable for everyone, no matter when or where you're starting. That's
1:18.0	right, whether you want to retire early and travel the world, go on to make big time investments
1:21.3	in assets like horses or start your own business. We'll help you reach your financial goals and
1:25.0	get money out of the way so you can launch yourself towards those dreams. Scott, I am super excited
1:29.5	about today's episode because we talk about something I've never heard, well I've heard of,
1:33.6	something I've never done before investing in horses with somebody who knows what he's doing.
1:39.1	I will say that if you think this is a fun story, note when Max actually started with his horse
1:47.3	ventures. This is a lifelong pursuit literally and I think that he's got a great story. I think he
1:55.8	and his wife have a fabulous financial position and this is an interesting look into I have money,
2:04.4	but I also hate debt and personal finance is personal. I think comes shining through in this
	...

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