444: Financial Advisor Fees, LLCs, and Stock Investing 101 | Ask Mindy and Scott

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 25 August 2023

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

Financial advisors are supposed to look after your money, but sometimes, their profits come first. We’ve had many questions about which type of financial advisors to use, which aren’t worth the fee, and whether you even need one in the first place. On this Finance Friday episode, Mindy and Scott are taking questions directly from listeners like you, and one of the top ones finally answers the question: what are these “fees” financial advisors are charging me!? You’ve got money questions. Scott and Mindy have answers. In this episode, they’ll touch on topics like which type of financial advisor to hire, whether cashing out your 401(k) early is ever worth it, what to do when your bank messed up your interest rate, when (and when not) to use LLCs for real estate investing, and how to start investing in stocks when you’ve only got $1,000! Got a money question you want to ask Mindy and Scott? Head over to the BiggerPockets Money Facebook group, or click here to submit your question on our next Q&A episode! In This Episode We Cover How to start investing in the stock market with $1,000 (or less!) Rental property LLCs and why you’re probably wrong about “tax write-offs” Financial advisor fees and the ONLY type of financial advisor we’d recommend Cashing out your 401(k) early when you need to pay off credit card debt Return on equity explained and signs it’s time to sell/refinance a property And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets 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! Register for an Upcoming InvestHER Event Money Moment Hear Our Last Q&A Episode The Simple Path to Wealth—Index Funds Explained with JL Collins The Simple Path to Wealth (Book) Work with a Fee-ONLY Financial Advisor Click here to check the full show notes: https://www.biggerpockets.com/blog/money-444 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

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0:00.0	Welcome to the Bigger Pog its Money Podcast, Finance Friday Edition, where we answer your
0:05.2	tough listener questions about CFP's 401k's, car loans, LLC's, cash versus equity, and investing
0:12.7	in the stock market. Hello, hello, hello, my name is Mindy Jensen, and with me, as always,
0:17.7	is my has the answers to all the tough questions co-host, Scott Trent.
0:22.5	Great to be here with my tells it like it is, co-host Mindy Jensen.
0:26.4	Scott and I are here to make financial independence less scary,
0:29.6	less just for somebody else to introduce you to every money story because we truly believe
0:34.1	financial freedom is attainable for everyone no matter when or where you're starting.
0:38.6	That's right, whether you want to retire early and travel the world going to make big-time
0:41.8	investments in assets like real estate, start your own business, or debate the intricate nuances
0:47.7	of whether or not to form an LLC, several LLCs or no LLCs, will help you reach your financial
0:53.1	goals and get money out of the way so you can launch yourself towards those dreams.
0:56.5	Scott, before we jump in today, we have a new segment on the show called The Money Moment.
1:02.0	This is where we share a money hack, tip, or trick to help you on your financial journey,
1:06.8	and today's money moment is, have you thought about cycling your subscriptions?
1:12.4	You love that one show on Netflix or Apple, but it only comes on yearly or every couple of years.
1:18.9	Cancel your subscription until it comes back on. If you're not using the app
1:22.6	after the show is over, turn it off and reactivate when it comes back on.
1:27.6	This way, you can try several apps and not pay crazy amounts to keep them all.
1:32.4	I actually do this when I am watching a show that is only available on that one app.
1:37.6	I'll watch it and then I'm done and I cancel at the end of the month because I,
1:42.2	it's getting to the point where there's one thing on this episode and one thing on that show
	...

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