373: The Money Show’s Guide to Personal Finance for Beginners
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 13 January 2023
⏱️ 46 minutes
🧾️ Download transcript
Summary
Mastering personal finance is one of the most important things anyone can do. If you know where your money is coming from, where it’s going, and how to make more of it, you can retire comfortably, retire early, or have less financial anxiety at the end of the day. But, the world of personal finance can be complicated for beginners. With so many spreadsheets, calculators, money methods, and mistakes to avoid, where does someone just getting started go to understand the basics?
We brought Scott and Mindy, our two masters of money, on for a solo show where they walk through some of the top tips in personal finance. They’ll touch on budgeting, saving, and expense tracking so you can know the ins and outs of your finances with far less effort than ever before. You’ll also hear about the different methods for paying off debt, good debt vs. bad debt explained, and the right way to think about interest rates. Finally, Scott and Mindy will go over investments, when the right time to invest is, how to prioritize what to invest in, and when you’re ready to invest in real estate.
No matter where you’re at on the personal finance spectrum, investing or not, debt-free or full of debt, this episode can help you prioritize the dollars and cents in your life so you can reach financial freedom faster. And if you still don’t know where to start, stick around, as this episode is chock full of links to debt payoff methods, investment plans, budgeting examples, and more to help you on your journey!
In This Episode We Cover
Personal expenses vs. business expenses and why you should never mix the two
Expenses explained and what does (and definitely does NOT) count in your budget
The two skills every investor or business owner needs to succeed
The different ways to pay off debt and how to know whether your interest rate is too high
Good debt vs. bad debt and why many investors are choosing to hold on to low-interest loans
The right and wrong way to use a HELOC (home equity line of credit) when investing in real estate
How to prioritize your investments and building a personalized investment plan that will help you build wealth
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
Finance Friday: My Home Renovation Put Me in a HELOC Hole
The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple
Finance Friday: Got Extra Cash? Here’s the Investment Plan for You
Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan
Rookie Podcast Episode 200: Scott Trench’s 10-Step Checklist to Buy Your First Rental Property
Scott Trench's Investment Investment Philosophy Worksheet
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-373
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Transcript
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| 0:00.0 | Welcome to the Bigger Pockets Money Podcast, Finance Friday edition, where we interview no one and instead talk about how to think about and set up your finances for success. |
| 0:10.7 | I think this is where we have to get really philosophical, but I think that's right. I think that my car is not an asset. |
| 0:16.9 | Nope. |
| 0:17.7 | It is a... I do not intend to sell it anytime in the near future. I should disregard the value of the car, essentially entirely, but the loan is real. |
| 0:28.1 | And I've got to pay it every month. And so that's a real... that's a drag against my monthly expenses and my ability to become financially independent, for example. |
| 0:37.3 | And so I should count the loan against me and not count the asset value for me if I'm really serious student or financial dependence and trying to get ahead. |
| 0:45.5 | Hello, hello, hello. My name is Nindi Jensen and with me as always is my spreadsheet loving co-host Scott Trench. |
| 0:51.2 | Being good with spreadsheets is a formula for success, Mindy. |
| 0:54.1 | Oh my god. That was horrible. |
| 0:56.8 | I excel at Rebuttals to your interest. |
| 1:00.1 | Oh, you do excel. Wow, that's terrible too. |
| 1:04.0 | Let's pivot to our intro. |
| 1:06.2 | Oh my goodness. Just keep him coming. See? I said he was a spreadsheet loving co-host. Holy can only. Do you have any more? |
| 1:13.2 | No, let's table this for now. |
| 1:14.4 | Oh my god. I quit. I quit. |
| 1:17.7 | Scott and I are here to make financial independence less scary, less just for somebody else to introduce you to every money story |
| 1:25.0 | because we truly believe financial freedom is attainable for everyone, no matter when or where you're starting. |
| 1:30.3 | That's right. Whether you want to retire early and travel the world, go on to make big-time investments and assets like real estate, |
| 1:34.7 | start your own business or just get better with money in a general sense. |
| 1:38.0 | We'll help you reach your financial goals and get money out of the way so you can launch yourself towards those dreams. |
| 1:42.8 | My attorney makes me say the contents of this podcast or informational in nature and are not legal or tax advice. |
| 1:48.0 | And neither Scott nor I nor bigger pockets is engaged in the provision of legal, tax or any other advice. |
... |
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