362: Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 12 December 2022

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

A financial plan puts you on the path to long-term wealth and a life rich in time freedom. So why don’t most Americans have one? Everyday workers are often so focused on paying bills and having a sliver of time to relax that they completely forget the whole reason many of us work—to one day do what we want, when we want, with who we want. So, if you’ve been on the grind, making money, wanting to build wealth, but don’t know where to start, this is the episode for you. In it, Scott Trench walks through his “investment philosophy,” a simple, customizable plan that has allowed him to build wealth at record speed all in less than ten years. This document can be used by anyone in any position no matter how much you have invested or saved up. Once written, this simple financial plan gives you laser-focus on building wealth, so market crashes or corrections become a buying opportunity and slow months/years are something to cherish, not worry over. Scott and Mindy walk through this document piece by piece, giving you the exact answers you need to build your investment plan today. Although this document may sound simple, it’s what will define your life’s effort for the foreseeable future and give you the structure you need to accomplish massive wealth-building goals that may have seemed almost impossible before! Get the Personal Investment Philosophy Template Here! In This Episode We Cover Why creating a financial plan/investment philosophy is so crucial when building wealth Goal setting and discovering the principles of investing that you follow How to set your “target state” and what to do after you’ve achieved your biggest goals How to choose which asset classes to invest in (even if you’re brand new to investing) Emergency funds, safety reserves, and when or when not to keep a large cash position The three steps you can do TODAY that will fast-track your wealth-building And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram 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 Get the Personal Investment Philosophy Template Here! Finance Friday: First Down Market? Here’s How to Stop Stressing The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Click here to check the full show notes: https://www.biggerpockets.com/blog/money-362 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! 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 where we discuss how to create an investment philosophy.
0:06.3	That's what we're trying to do here is get something simple that can take your,
0:11.0	the philosophies or the key things that you want to carry across many years in your investment plan.
0:17.8	On a piece of paper, you can align on it with your spouse for example or hold yourself accountable
0:23.0	and not do things that are crazy.
0:26.0	One, two, three, four, five years from now because you've already aligned with yourself, with your spouse, on what you want to do long term.
0:33.0	Hello, hello, hello, my name is Mindy Denson and with me as always is my investment philosophy plan creating co-hosts, Scott Trent.
0:40.0	Wow, thank you Mindy. It with me is always my financial planning and super master of finance. Mindy Denson.
0:47.0	I like that. Super master of finance. I'll take it. Scott and I are here to make financial independence less scary.
0:55.0	Less just for somebody else to introduce you to every money story because we truly believe financial freedom is attainable for everyone,
1:03.0	no matter when or where you're starting so long as you have a plan.
1:07.0	That's right. Whether you want to retire early and travel the world,
1:09.0	go on to make big-time investments in assets like real estate, start your own business, or build a financial empire.
1:14.0	We'll help you reach your financial goals and get money out of the way so you can launch yourself towards your dreams.
1:18.0	Well, I like that. Build a financial empire. Before we jump into today, I am going to say the contents of this podcast are informational and nature and are not legal or tax advice and neither Scott nor I,
1:29.0	nor bigger pockets is engaged in the provision of legal, tax or any other advice.
1:33.0	You should seek your own advice from professional advisors, including lawyers and accountants regarding the legal, tax and financial implications of any financial decisions you contemplate.
1:42.0	The reason I do that is because today we're going to talk about creating a financial investment philosophy.
1:50.0	I think that it's really important to have an investment philosophy before you start investing.
1:57.0	You're not just investing in this and investing in that and willy nilly and you're all over the place and scatterbraits.
2:03.0	So Scott, you created a lovely document called investment philosophy, one-pageer template, very clever. We talked about this on a recent episode with Zoe.
2:14.0	And we're going to go through it step by step because I think that if you are just getting started in your investment philosophy, you might need a little bit of help.
	...

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