387: Finance Friday: Is Staying At Your Job Costing You More Than You Think?

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 24 February 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Most people assume that buying rental properties is only for those making six-figure salaries. How can the average American afford the sizeable down payment and high interest rates of today’s housing market? Let us introduce you to Tiffany, a twenty-three-year-old from Colorado who’s using her $41,000 salary to build wealth at an early age. Tiffany is doing this all while bringing in just a few thousand dollars a month without a four-year degree. She’s ready to buy her second property this year but wants to speed up her timeline. With a smaller salary, Tiffany has had to be smart with her expenses. She’s already house hacking, allowing her to wipe out a significant portion of her mortgage. She also has side hustles and keeps her costs low to save as much as she can every month. But, with years of experience in her social media management job, she could be leaving money on the table by not job hopping to greener pastures with bigger paychecks. This could make a HUGE difference on her bottom line every month. Tiffany is also debating whether a college degree is worth it as she looks to bring home a business degree. With “YouTube University” and numerous free and low-cost education platforms online, Tiffany doesn’t know whether a college degree is what it once was and wants to be sure the investment she’s making will pay dividends, not just present her with a glorified piece of paper. So, if you’re starting your investing journey or want to invest on a lower income, this is the episode for you! In This Episode We Cover House hacking explained and how you can live mortgage-free by renting out extra rooms Raises, boosting your income, and when to leave your job for a higher-paying employer The 203(k) loan and using it to “live in BRRRR” your way to a significant real estate portfolio The ROI of college and whether or not a degree is even worth the effort in 2023 401(k) matching and how having an employer with benefits can be a BIG boost to your wealth Starting your side hustle and turning your skills into income by sacrificing a few hours a week 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 Money Moment House Hacking 101: What It Is and How to Get Started Is College Worth the Cost? This 30,000 Variable Study Says “Sometimes…”: Click here to check the full show notes: https://www.biggerpockets.com/blog/money-387 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, Finance Friday edition.
0:03.5	We're interviewing and talk about increasing your income and rental real estate.
0:09.8	Hello, hello, hello, my name is Mindy Jensen and with me as always is my
0:14.0	Disappointed Eagles fan co-host, Scott Trunch.
0:17.6	That's right Mindy, the Eagles could not hold on to that Super Bowl win, huh?
0:22.9	They couldn't. That was, uh, that was a little sad Scott. I'm very sorry for your loss.
0:28.0	They couldn't hold on. All right, let's move on. Oh, is that a comment about that garbage holding
0:34.4	call at the very end of the, I didn't say anything.
0:39.3	Scott, I hear it's make financial independence less scary, less just for somebody else to introduce
0:44.7	you to every money story because we truly believe financial freedom is attainable for everyone,
0:49.2	no matter when or where you're starting. That's right. Whether you want to retire early and travel
0:53.3	the world, you want to make big time investments and assets like real estate, start your own business,
0:57.6	or consider changing careers and marching on with a real estate portfolio with the next live
1:02.8	and flip will help you reach your financial goals and get money out of the way so you can launch
1:06.4	yourself towards your dreams. Scott, I am super excited to talk with Tiffany today. She has a great
1:12.6	financial picture. She is younger than I thought she was when we first started talking to her.
1:18.0	So that makes her financial picture even better. And she has no debt, which is I think her biggest
1:25.3	strength having absolutely no debt and pursuing financial independence from a position of
1:31.2	financial strength. Before we bring her in, we have a new segment called money moment where we
1:36.4	share a money hack tip or trick to help you on your financial journey. Today's money moment is,
1:42.4	do you need a vacation? Consider a cruise. Unlike air travel, cruises actually decrease in price
1:49.1	the closer to the launch date, which makes them great for last minute travel. Cruises also include
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