93: Financial Mistakes and How to Avoid Them with Scott & Mindy

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 7 October 2019

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

Financial mistakes can have a HUGE impact on your future retirement savings - the opportunity costs can be enormous! In this episode, Scott and Mindy discuss some of the biggest mistakes you can make financially, and ways to avoid them so you can give yourself the highest potential for financial independence. Mindy and Scott move past previously discussed mistakes such as housing and transportation, and dive deep into relationship money mistakes, travel, spending, retirement planning and tax issues that can cost you tens of thousands of dollars in your retirement accounts. Scott and Mindy shed light on some of the “low-hanging fruit” money missteps as well as touching on spending and lack-of-planning issues that can have an even larger impact on your financial future. This episode truly is for anyone who has money AND wants to have more. In This Episode We Cover: What house hacking is On buying a car Challenges that come up in relationships What to buy on engagement rings Concept to apply on weddings On having kids and pets The importance of being on the same team in your relationship Ways to save money on travel Travel hacking Tax Mistakes The right time to talk to a CPA Talking about retirement accounts Withdrawing money early inappropriately Not understanding fees Not taking the match Track and analyzing your spending Signs that you have miscellaneous spending problem On investing Links: The $51,000 mistake thousands of retirement savers have already made BiggerPockets Money Podcast 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Money Podcast 87: How to Save Money for Your Down Payment with Scott & Mindy BiggerPockets Money Podcast 83: Buying Your First House with Scott & Mindy BiggerPockets Money Podcast 81: The Basics of Investing with Erin Lowry from Broke Millennial BiggerPockets Money Podcast 09: Financial Independence at Age 30 (by House Hacking + Side Hustles) with Drew from Guy On Fire BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins BiggerPockets Money Podcast 86: Choosing the Right Investment Type for Your Goals with David Stein BiggerPockets Money Podcast 07: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday Make Your Own Free Mobile Expense Tracking App in 30 Minutes BiggerPockets Career Opportunities BiggerPockets YouTube Channel Connect with Scott and Mindy: Mindy's email Scott's email BiggerPockets Money's email Scott's Instagram Mindy's Instagram BiggerPockets Money's Instagram 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, Show Number 93, where Mindy and I talk about financial mistakes and how to avoid them.
0:07.0	Being in a relationship shouldn't be an adversarial experience, and if that's what you're having, you need to really review and see if this is really the right
0:14.1	relationship for you. But be on the same team with pets, be on the same team with kids, be on the same team with
0:19.3	your wedding. Get on the same team by having a pre-nup.
0:23.6	It's time for a new American dream,
0:26.0	one that doesn't involve working in a cubicle for 40 years,
0:29.0	barely scraping by.
0:30.0	Whether you're looking to get your financial house in order,
0:32.0	invest the money you already have, or discover new paths for wealth creation, you're in the right place.
0:38.0	This show is for anyone who has money or wants more.
0:41.0	This is the BiggerPockets Money Podcast.
0:44.0	How's good everybody? I'm Scott Trench and I'm here with my co-host Mindy Jensen.
0:47.0	How are you doing today, Mindy?
0:48.0	Scott, I'm having a fantastic day. I'm very excited about today's episode because it was inspired by an article that I read online.
0:58.0	It's called the $51,000 mistake that thousands of retirement savers have already made and we'll link to that in
1:04.2	the show notes today which can be found at bigger pockets.com slash money show 93 but what
1:08.8	that article basically says is when you raid your retirement account to pay off debt, the small amount of money that you're taking
1:16.0	out now no longer has the chance to grow and can cost you exponential funds in the future by not being able to grow. So basically don't raid your
1:26.4	retirement account when you're trying to pay down debt instead find another way because you know the power of
1:31.6	compound interest and I don't really think we need to get
1:33.8	into that so much but that inspired me to post in our inter office communications channel
1:41.0	and say hey I crowdsource from our
	...

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