Our opinions are our own. And in a good market, thats not so important. One, youre accumulating that all in savings which is 100% gain because its after tax savings that youre accumulating. I was like, Oh, Im a smarter guy than the market. This company in China is a Chinese fruit juice company. So, the final step I think is it goes on forever basically. And thats kind of where we start getting into part two there which is $25,000 to $100,000. So, do you think you stumbled upon it shortly after it was published or was this something that happened a little bit later. They both live in Denver, Colorado. Hes doing some amazing stuff, which Im really excited to talk to you about. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. At the moment, no information about his parents or siblings is available. So you have to have some baseline of stability, and then work as hard as you can to acquire excess so that you can then go on to take these chances in life that you believe, to the best of your ability, are great, and then obviously do whatever work you can to increase the odds as much as you can to your favor. But on the other hand, if I wasnt saving, if I had no financial runway, it would be too risky to leave. And I couldnt agree more that also should be a very important focus for you because if you just work so hard to financial independence, and then have nothing to work on after, nothing that gets you out of bed or gets you excited about starting your day once you reach that point, youre going to probably be pretty miserable and may want to go back to work. But when youre putting yourself into a position to take advantage of opportunities, and you do have options, and you do have that buffer (like that first $25,000 that we talked about), and youre able to take advantage of things that other people cant, and then yeah it may look lucky after the fact. Scott's estimated net worth is $1.5 million. Invest in real estate and never run out of money! Scott Trench: And particularly in terms of appreciation and real estate and stock markets. But theres also this whole realm of entrepreneurship. Im not so sure. The identity of Scotts wife is not known to the public. Nice episode! Have you enjoyed it? If so I was hoping to get some advice on a few questions I have in regards to it: - When he talks about real assets what all applies in this model? I was just working towards that financial freedom. I cant answer that question. He's the VP of Operations at BiggerPockets and loving life. I started my investing adventure as a pimple-faced 22 year old when I bought my first house/investment with $22k and that has laid the foundation of my FIRE journey in my 40s. He hosts a podcast called "BiggerPockets Money." Education: He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. Alright, man, thanks a lot. So, I definitely have some higher financial goals than kind of like lean FI for me and maybe like one significant other. Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. Turning Your Largest Expense Into An Income Producing Asset, The Financial Impact Of Housing Decisions, An Introduction To Investing For Early Financial Freedom, Habits And Their Impact On Financial Freedom. So, I think thats where our friendship kind of kicked off, a pretty similar mindset on life and finance and real estate in general. Go find a career or an opportunity that you believe offers you the potential to scale, but will not allow you to lose money on a monthly basis. And I also have a quadplex now that I bought as a regular investment property. Im very excited to be here. I believe I currently was able to getI remodeled and got one of the units up to $925. There needs to be more FI conversation for those with children. You made the right choice. This is what I need to be doing and how I need to be moving forward with my life and with my finances. And it contains all of the answers Ive received since I started this podcast back in 2012. I think a 50% percent savings rate kind ofget to a median income, and then get to a 50% savings rate. Im planning to invest in funds and a pension too, although most of the FI advice I found on Internet is US related so Ive been spending a while translating everything to ISAs, SIPPs, etc. So thats what I did! He married his lovely wife, with whom he now lives in Denver, Colorado. As a fellow beer lover, I highly recommend you get to Colorado for a visit! The only caution wed give is currently you can no longer have positive cashflow in bay area as a real-estate investors, maybe in other part of the country, but not northern cal. But its funny because I hear these people, theyre like, Oh, Im very well into FI. House hacking for life!! Some of it is obviously also luck. And so, I put down 5% with an FHA loan. $305 at Sezane. Through a solid understanding of money management, calculated risks, and a lot of hard work, he has created financial freedom for himself as well as a successful real estate business in just a few years after graduating college. Scott Trench: There were some rapping involved in that show. If you lose your job, youre screwed! But do have any other questions about the. Mad Fientist: Right! Scotts wifes identity is unknown to the general public. Mad Fientist: Yeah, absolutely. It cost me $1700. So yeah, the Bigger Pockets Money Podcast, how has it been going? But within three months of starting my career, my introduction to the real world, I became very interested again in the concept of personal finance. Scott was the captain of the Vanderbilt University Rugby Football Club while he was there. And theyve got a hundred million dollars in cash and no debts. The rents there are $800 per month on each of the units. I would have been FI in my 30s. Although his salary was less than $50,000, Trench took on an aggressive saving strategy and had enough to put a down payment on a $240,000 duplex in just a year's time. And yeah, your last name is Trench, and you want how many trenchlings? He serves as the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. Scott Trench: Yeah, and I think a dollar saved is better than a dollar earned because of that tax advantage. Mad Fientist: Yeah, yeah. She and her husband interviewed me in #26. More from the same. I bought a house in Edinburgh and Ill definitely be able to do house hack in the short feature with the prices in this city. So, thats one plan. This has been a big party for many years. buying two houses per month using BRRRR. And Im plenty happy doing what Im doing and kind of continuing along with things. So thats not scalable. I invest in index funds. So lets dive in! Scott Trench: Sure! Scott is a lifelong learner of personal finance, real estate investing, sales, business, and personal management in the United States. Oh, that was a bad decision to bet there. No, it was a good decision. Scott Trench is the CEO and President of BiggerPockets. Body Measurements Information about his parents and/or siblings is not available at the moment. Mad Fientist: Wow! He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. The more money these institutions raise, the more soaring property values they can scoop up, and the more carried interest the deal sponsors make. What Is A 529 Plan and Where to Open One in Your State, How Much Should You Have In A 529 Plan By Age, How To Use A 529 Plan For Private Elementary And High School. So I really like how you structured it. I bought it in northeast Denver, and things worked out. I mean, that obviously worked out for you, Brandon. Well, thank you so much, Scott. And so, thats the biggest hack that I can think of, like the biggest trick that a median income earner can do on the side to drastically cut their expenses, and then automatically put yourself in a position to have a significant cash flowing asset after a year or two. Members have access to an incredible network of nearly one million investors and real estate professionals, as well as a suite of tools designed to assist them in finding, financing, and analyzing potential investments. I think that the two things that come into play there are going to be entrepreneurship, asset creation, and then investing. He also published his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes in 2021. If I ever make it out to Scotland, Ill have to come and check it out. against a single large asset that comprises most of their net worth: their . Scott Trench attended Vanderbilt University after high school, where he earned a Bachelor of Arts in Economics and History in 2013. I was able to reduce my monthly payments. I think it starts with a basis in frugality, but then theres an aggressive investing component. This is a loan at the best rates available. Its written for a median income earner that is starting with little to no assets but wants financial freedom. And I definitely recommend everyone to check it out. real estate business from buying two houses per year to Who cares if its underwater in terms of you owe more than its worth as long as its cash flowing? I actually enjoyed the audio version of it in the gym. He is also a real estate investor, an executive at a large online. Its been a whirlwind since then. This is in an expensive marketwere not able to accumulate anything. Who Is Scott Trench Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. Obviously, some chance plays a part. I think that its increasingly difficult. But one of the things I loved most about it was how you broke it down to three phases. So, I think that from a big picture standpoint, I was able to think about it in a pretty rational way and have the odds in my favor for success. Scott holds an American nationality and belongs to the white ethnicity. I mean when you talk about average American household spending, 33% of that, the biggest chunk of the pie is going to be in housing, 17% is in transportation, 13% is in food. . One of my favorites which will be coming out soon is with David Greene whos a real estate investor. He earns his wealth from his career, therefore, he has amassed a fortune over the years. If you dont have that option, then you are stuck. Mad Fientist: Yeah, thats absolutely crazy! These offers do not represent all available deposit, investment, loan or credit products. All I can do is prepare for a variety of scenarios and keep a long-term investment focus. At one point, Scott Storch's net worth was estimated at $100 million. Shop Pay is an innovative payment solution developed by Shopify. I think that the best type of real estate investments to make in 2022 are the same as theyve always been: plain, vanilla, long-term rentals comprising single-family rentals and small multifamily rental properties like duplexes, triplexes and quadplexes. I was interested in that line of work, but I didnt want to be tied to it for 40 years. And I knew very clearly that around the 18-month mark, give or take a few months depending on my performance, I was going to get a promotion to financial analyst 2. You can download a free copy there. I was listening to your podcast (which well obviously talk about here soon as well). Im going to bet on that and go with that. And thats the correct decision to make in that game. Scott Trench: So, after the other expenses that went into maintaining the property and fixing some things up myself, I was probably breaking even or maybe paying a little bit out of pocket to live on a monthly basis. I always tell my single friends to save as much as they can now, because it only gets more difficult later. Its really reassuring to hear Scotts story as it sounds so similar to my plans at the moment. Cheers! But youll need about $48,000 to finance your $4000 a month lifestyle. So, I always end all my interviews with one piece of advice youd give to somebody whos starting on the path of FI. We try to be a little bit more creative and adventurous with our investment and money management than maybe just passively investing in index funds. And if people want to find you, wheres best to find you online, just go to Bigger Pockets? Mad Fientist: Yeah, this is a long time coming. Scott Trench: You know, she hasnt wrapped yet. So, I think theres a couple schools of thought. Those who buy in desirable locations in markets with strong long-term growth prospects and responsible amounts of leverage (or with all cash purchases) are likely to see a very satisfactory return over the long term, relative to other asset classes. Set For Life: Dominate Life, Money, and The American Dream. And. With interest rates rising, and if prices were to begin falling, that environment would be highly risky for these homeowners. Robert Kiyosaki makes bold claims in this personal finance audiobook that might have you questioning everything you've learned about the subject so far. You could drastically change your life for the better. And I wanted to do a little bit more than maybe invest in index funds again which is kind of a standard 8% to 10% long-term average return. Wow thanks for sharing. Listen to the Podcast Here Watch the Podcast Here Help Us Out! I moved out a couple of years later. Scott Trenchis the epitome of the "grind until you shine" real estate investor. 3. 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