352: Common Money Fears That Are Costing You BIG
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 11 November 2022
⏱️ 64 minutes
🧾️ Download transcript
Summary
With so much going on—a recession, rampant inflation, rising interest rates—overcoming your money fears can be more challenging than ever before. The world is changing, and many of us feel like we’re being swept along with it. Our dollars are worth less, our retirement accounts have fallen sharply, and our cash is wasting away. What should we do when it feels like every financial move has a benefit and drawback attached to it? Should we even be making moves right now?
Don’t get overwhelmed with financial anxiety because today we’re bringing you an episode full of financial fixes for the everyday investor! We posted on the BiggerPockets Money Facebook Group a few months back, asking you which money fears keep you up at night. Now, we’ve got answers! Back on the show are J Scott and Kyle Mast! They join Mindy in giving solutions to your greatest financial fears.
J and Kyle give suggestions on topics ranging from rising home prices and the inability to become a homeowner to being nervous about how inflation is eating away at the dollar. We also touch on the age-old question of whether or not we’redoing enough right now to set us up for retirement and how a recession could affect our hard-earned assets. J, Kyle, and Mindy all give their suggestions on these situations and spill some of their own financial fears to show you that even the experts still worry like everyone else.
In This Episode We Cover
Our biggest financial fears and what we’re doing to mitigate them in turbulent times
Growing up with very little and why the “never enough” mentality always lingers
Why buying a home isn’t your only option for building wealth in this market
Setting yourself up for a plentiful retirement even if you got a late start
Whether or not keeping a large cash position is a smart move to make
Changing jobs to get more personal time and when flexibility trumps finances
Inflation, interest rates, and how to stay sane during a recession
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
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 Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple
7 Tips for Successfully Investing in ANY Market Condition With J Scott
Syndications: Everything You Need to Know BEFORE You Invest
Episode 200 Special: A Personal Finance Masterclass with Kyle Mast
How to Find the Best Possible Certified Financial Planner (CFP) for Your Needs with Kyle Mast
BiggerPockets FIRE Planning Worksheet
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-352
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Transcript
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| 0:00.0 | Welcome to the Bigger Pockets Money Podcast where I am joined today by J. Scott and Kyle |
| 0:05.5 | Mast to talk about your biggest money fears. |
| 0:08.4 | Owning a home is a wonderful thing, but it shouldn't define you. |
| 0:13.6 | You shouldn't necessarily make the decision to own a home just so you can say, I have a |
| 0:19.1 | house. |
| 0:20.1 | But for a lot of people, it may be a better decision right now to rent a house, to |
| 0:27.0 | save up money and to actually put that money towards an investment property or put |
| 0:31.0 | that money towards a property like a duplex or a threeplex where you can live in one |
| 0:35.0 | unit and rent the others to supplement your income. |
| 0:38.9 | Hello, hello, hello, my name is Mindy Jensen. |
| 0:41.1 | J. Scott, welcome back to the Bigger Pockets Money Podcast. |
| 0:44.5 | I am thrilled to be here. |
| 0:46.4 | Thanks for having me again, Mindy. |
| 0:47.7 | Thanks for coming. |
| 0:48.8 | And Kyle Mast joining us in the host seat for the first time. |
| 0:53.2 | Welcome Kyle. |
| 0:54.2 | Hey, thanks for having me back. |
| 0:55.2 | It's great to be here. |
| 0:56.2 | We are here to make financial independence less scary, less just for somebody else to |
| 1:00.8 | introduce you to every money story because we truly believe financial freedom is attainable |
| 1:04.9 | for everyone, no matter when or where you're starting. |
| 1:08.2 | Whether you want to retire early and travel the world, go on to make big time investments |
... |
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