meta_pixel
Tapesearch Logo
Log in
BiggerPockets Money Podcast

417: Finance Friday: Why I Spent $100K+ on My Four-Legged Friend

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.62.9K Ratings

🗓️ 2 June 2023

⏱️ 60 minutes

🧾️ Download transcript

Summary

Pet insurance probably isn’t a top priority for you right now. Your budget might have health, car, and home insurance, but pet insurance? Is it really worth the cost? Today we talk to David, an engineer and part-time wilderness trip guide, who was hit with an astonishing amount of vet bills after his beloved four-legged friend, Blaze, was diagnosed with Lymphoma. This unexpected bill damaged David and his wife’s investing plans, but not all hope is lost. If you have a dog, cat, rabbit, lizard, or other non-human friend (sorry, your kids don't count) living at home, this is an episode for you! We’ll get into the nitty-gritty of what happens when your pet has an unexpected medical diagnosis, leaving you with a mortgage-sized bill to pay every month. While many of us have animal companions that make our life whole, few realize the cost of paying for treatment when a life-threatening disease comes into play. You’ll hear about thepros and cons of pet insurance, whether or not it’s actually worth it, and the hard choices you may have to make when adopting or purchasing a pet. But it’s not all bones and hairballs in this episode. Our guest David also has some exciting news about a six-figure business he and his wife are building. With David’s wife itching to start taking this income stream to new heights, David is debating whether or not giving up one of their stable incomes is worth the hit to their retirement accounts. Thankfully, Mindy and Scott find a workaround to keep them in a FIRE-first position! In This Episode We Cover The true cost of a sick pet and how to deal with six-figure vet bills Pet insurance pros and cons and what to look for when choosing a policy Serious side hustles and how to turn yours into a six-figure income stream Keeping your stable job vs. following your passion and starting a business Why reaching financial independence fast IS NOT for everyone (and what to do instead) Cash reserves and why keeping your expenses low will help you deal with medical emergencies Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Money Moment Take a Trip with Blaze Adventure Tours Pet Insurance Links: Healthypaws Trupanion Mid-Atlantic Federal Credit Union HELOCs Click here to check the full show notes: https://www.biggerpockets.com/blog/money-417 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to the Bigger Pockets Money Podcast, Finance Friday edition, where we interview David and talk about balancing pet medical bills, starting a new business, and repositioning your retirement contributions to make lifestyle bet.

0:13.2

Hello, hello, hello, my name is Mindy Jensen, and with me as always is my rock star kicker, co-host, Scott Trench.

0:21.0

You might be unaware that Scott is famous as a kicker for the football team of his high school.

0:28.0

That's right. I was on a great high school football team. We won states twice in a row in Maryland, which is not no slouch.

0:35.0

I came up today because our guest David is from Maryland and went to another local powerhouse football program, high school called Sherwood.

0:42.0

My high school is River Hill, and I was all state as a kicker without kicking really any field goals. I hit one field goal in my senior year.

0:50.0

I just could kick it into the end zone at a high percentage of the time and get a lot of touchbacks.

0:55.0

Mindy, thank you very much for the nice intro. And with me as always is my great always has an extra point to make, hook co-host Mindy Jensen.

1:05.0

That was a good one, Scott. Scott and I are here to make financial independence less scary, less just for somebody else to introduce you to every money story,

1:14.0

because we truly believe financial freedom is attainable for everyone, no matter when or where you are starting.

1:20.0

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 or start your own business,

1:27.0

taking fantastic trips around the country to beautiful places and around the world will help you reach your financial goals and get money out of the way.

1:34.0

So you can launch yourself towards your dreams.

1:36.0

I love that little foreshadowing you do at the beginning of every show. Scott, this one is very interesting.

1:42.0

We start off in one place in the show talking about the pet medical bills that our guest has, but quickly pivot to his side business,

1:55.0

which is actually rather exciting. I would love to take a trip with him. They run here in his wife run adventure tours, which sounds like so much fun.

2:06.0

Before we bring him in before we really get into that discussion, I have to tell you, per my attorney, the contents of this podcast are informational and nature and are not legal or tax advice.

2:16.0

And neither Scott nor I nor bigger pockets is engaged in the provision of legal tax or any other advice.

2:22.0

You should seek your own advice from professional advisors, including lawyers and accountants regarding the legal tax and financial implications of any financial decision you contemplate.

2:33.0

Before we bring in David, I do want to have one quick point that I want to make. We are going to talk the issue with his dog and the expense associated with that.

2:44.0

We would have been a devastating impact to many other people's financial positions. We are going to talk about that in detail in the outro, and we're excited to welcome our producer, Kaylen, who is an expert on pet insurance to come in and talk about some of those, some of the nuances there.

2:59.0

So if you're interested in that topic, stick around for the outro. We'll have a little segment on that that I think you'll find very interesting and helpful if you're a pet owner.

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2025.