Scott Trench - Set for Life

Financial Independence Podcast

The Mad Fientist

Taxavoidance, Business, Geographicarbitrage, Investing, Tax, Earlyretirement, Travelhacking, Entrepreneurship, Travel, Personalfinance, Stocks, Minimalism, Realestate, Frugality, Retirement, Financialindependence

4.8 • 1.7K Ratings

🗓️ 20 June 2018

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On today’s episode of the Financial Independence Podcast, I’m joined by the president of biggerpockets.com and cohost of the BiggerPockets Money Show, Scott Trench!

Scott breaks down the journey to financial independence into three stages and explains what you need to focus on at each step (and why)!

Highlights:

The three stages of wealth creation on the path to financial freedom
Why it doesn’t make sense to worry about investing right away
How to create a “financial runway” and use it to your advantage
Why you should try to find a “scalable career”
How to turn your biggest expense into an income-producing asset
The one question to ask before buying your first house hack
The multiple benefits of adding side hustles along your journey

Transcript

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0:00.0	I'm blind.
0:02.0	I'm blind to give you a true.
0:04.0	Finance.
0:05.0	Hey, welcome everyone to the Financial Independence Podcast, the podcast where I interview some of the
0:10.0	best and brightest in personal finance to find out how they achieved financial independence.
0:14.3	On today's show, I'm excited to introduce Scott trench from BiggerPockets.com.
0:18.6	Scott's someone who came on my radar a few years ago because Mindy Jensen, aka Mrs. 1500 from 1500 days.com, mentioned
0:26.5	quite a few times that I needed to get her colleague Scott on the podcast.
0:32.1	She said he's 20-something who's doing incredible things with real
0:35.4	estate and investing and finances in general so I needed to talk to him and
0:40.3	any time Mindy gives such a glowing recommendation for someone, I definitely check them out.
0:45.2	So that's what I did.
0:46.4	I downloaded an audiobook version of his book set for life, and I really enjoyed it.
0:51.2	The thing I liked most about the book was that he broke the journey to financial independence down into three distinct stages each with their own focus.
0:59.0	And this is something that I really am looking forward to diving into today in the interview because I think it's a really powerful way to
1:06.9	Make the journey to financial independence not as daunting and I'm also looking forward to exploring some of the strategies that he used personally to get to the stage that he's at today
1:16.0	Like house hacking and real estate investing so without further delay
1:20.3	Scott. Thanks very much for being being here I really appreciate it.
1:22.8	Well thank you for having me Brandon I'm very excited to be here.
1:25.6	Yeah this is a long time coming so I'm not sure how long you've known Mindy Jensen
1:30.6	but I think ever since she got introduced to you she's been like
1:35.0	Brandon you have to get him on the show he's this young guy that's doing all these
	...

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