Scott Trench: Yeah, I think thats exactly right. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. But what youre talking about is turning that into an income-producing asset instead. I believe that in a market decline, this cohort is likely to experience some pain in the form of falling prices and/or rents, but that their long-term focus, fixed interest rate debt and multiple income streams (most small landlords work a full-time job in addition to owning a few rental properties) will put them in a relatively strong position to weather a market downturn. We were fortunate enough to get the good advice from someone who actually did this since 70s and retired a multi-millionaire in 90s (in bay area, which is quite a feat), and perfect timing too (he told us to buy in 2010, when no one would touch real-estate since the 2008 crisis). Or do you think go straight for something like the quadplex if you have the capital to invest? On todays episode of the Financial Independence Podcast, Im joined by the president of biggerpockets.com and cohost of the BiggerPockets Money Show, Scott Trench! Scott Trench's net worth is estimated to be $1.5 million. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. And I encourage people to go out and think about adding side hustles one at a time as theyre going down this path. He uses the example of a quadplex I believe in that post. I plan to buy a fourth by, if not by the end of this year, by the end of 2018, by at least kind of spring 2019 to just kind of continue my system. Early life and C. Amanda Moye Brown: Do you want to know about Wes Browns Wife? They have nothing to fall back on. Im very excited to be here. Scott Trenchreal estate investor, . Of course, that logic works both ways; and, if interest rates come back down quickly, these types of investments might perform even better. Scott Trench: And particularly in terms of appreciation and real estate and stock markets. Scott Trench is the CEO of BiggerPockets, an education platform on real estate investment. Id say for young people who start today, house hack is one of the best ways to get to FI, especially since young people can take in roommates (itd be impossible for families w/ kids). document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Chart Your Progress to Financial Independence! Yeah, Ill put a link to the first episode in the show notes. Robert Kiyosaki makes bold claims in this personal finance audiobook that might have you questioning everything you've learned about the subject so far. Scott Trench. Thats going to reduce wealth inequality in this country. Listen to the Podcast Here Watch the Podcast Here Help Us Out! Mad Fientist: Oh, nice. And in a good market, thats not so important. But you can next week go to the grocery store, plan out your meals, and save a few hundred bucks on your eating billand eat healthier and bring that advantage into your life. Mad Fientist: Excellent! I find social media very overwhelming. Theater of popular music. You dont have to be a superstar investor when you dont have much to risk luckily. All the index fund investors were seeing strong returns. So, some people are starting from a position where they already have a good $25,000 saved up through whatever fortune, whatever theyve done previous to this point. 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. Georgeta Orlovschi: Know about Sebastian Stans Mother? And that the step after financial analyst two of course is financial analyst 3, then senior financial analyst, then finance manager, senior finance manager, director of finance, senior director and so on, all the way up to CFO of a Fortune 500 company. Id recommend people start from the source. At The College Investor, we want to help you navigate your finances. And now that Im there, I guess I technically lean FI, but I have more work to do if I want to get to the point where I can support maybe an upper middle class lifestyle in a good school district and a family one day. Who Gets Institutional Merit Grants At Private Colleges? Mad Fientist: And I really think you make your own luck too to an extent as well. In it, Scott Trenchwalks through his "investment philosophy," a simple, customizable plan that has allowed him to build wealthat record speedall in less than ten years. Scott Trench: Sure! 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. They both live in Denver, Colorado. Mad Fientist: And thats why I love these three distinct phases so much. But theres also this whole realm of entrepreneurship. But if it can cashflow as a piece of investment real estate, then you can always decide to continue living there or keep it as a cashflowing rental. Any investing information provided on this page is for educational purposes only. This is great, I have a friend in Denver doing similar, sadly in UK, increases/changes in Buy-to-let (BTL) taxes, are making this approach nonviable. I just found your podcast and Im really enjoying it. So, if youre following, thats $3200 in rent on a $1700 mortgage. And so, if you cant sell, then your only option as a homeowner or a house hacker that hasnt bought a property that would make sense as a rental is to continue living on the property and paying it. But two, youre decreasing the amount of money that you need to produce financial runway. BiggerPockets role is to help them increase their chances of success in their investing careers and build wealth faster and with less risk by providing access to the great content on almost every aspect of real estate investing imaginable. 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. Scott Trench is the CEO and President of BiggerPockets. It wasnt in the nicest area. . Thats not fast enough. And it currently rents for $1400. Before I go, I just wanted to remind you that I went back through all of my previous episodes and collected the answers to my final question that I always ask: Whats one piece of advice youd give to somebody on the path to financial independence? And I put all the answers into a free PDF that you can download. So, you might need $25,000 in total cash, liquidity, to finance your $2000 a month lifestyle. Mad Fientist: Very cool! So can you talk a little bit about that? Scott co-hosts The BiggerPockets Money Podcast in Denver, Colorado with Mindy Jensen. But on the other hand, if I wasnt saving, if I had no financial runway, it would be too risky to leave. I think it starts with a basis in frugality, but then theres an aggressive investing component. I think I take all of the thunder for the weird or funny, whatever you want to call it, activities there by telling very lame, bad jokes on each episode, or asking the guests at least. Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. Scott Trench: Well, when you buy your first place when I bought my first place, my total net worth was probably basically zero; maybe like 15k-20. But you wrote a great book called Set for Life. So theres a ton of great stuff there. So hes stepped aside. Mad Fientist: Yeah, thats absolutely crazy! Required fields are marked *. So, alongside kind of dollar cost averaging with index funds, I try to dollar cost averageand by that, I mean consistently invest, so Im not buying at the top or the bottom of the marketin real estate. I wanted to try to see if I could do much better than that. So, I think that youre absolutely right to have a passion project, whether its personal finance-related stuff or a podcast or a blog or a project or a business in something else that you just want to work on with your free time. As a fellow beer lover, I highly recommend you get to Colorado for a visit! I still did fine and made it in my 40s but my maturity was late out of the gate. Well, the reason is because Chinese companies all the timeI dont know about this one in particularlie about their financials. July 8, 2022, 4:00 AM Scott Trench Scott Trench is the author of "Set for Life," CEO of BiggerPockets and co-host of the "BiggerPockets Money" podcast. These offers do not represent all deposit accounts available. Was wondering when someone would come out and say this. Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. Scott is married to his beautiful unidentified wife. Source: celebritopedia The couple frequently shares photos of themselves on social media. . But do have any other questions about the. 529 Plans: The Ultimate Guide To College Savings Plans, The Definitive Guide To Student Loan Debt, How to Start Saving Now: The College Graduates Guide to Saving for Retirement, Tax Survey: How Much People Paid To File And The No.1 Tax Software They Used, Side-Hustles To The Rescue: Survey Shows 86% Stressed About Money & Inflation, 75% Of Students Would Still Choose To Work Even If They Didnt Have To. But if youre starting from that point, you dont really have the option of going out and starting a business because youre working full time and starting a business is hard work and unlikely to be successful on a part-time effort in the short run. Scott Trench: Yeah, and I think a dollar saved is better than a dollar earned because of that tax advantage. So, if thats something youre interested in, head to MadFientist.com/advice. And then, the rents are about $2600 a month. Mad Fientist: Wow! So theyre not even recognizable by name, the companies? And theyre fine with that. So, you really have to start somewhere. Scott breaks down the journey to financial independence into three stages and explains what you need to focus on at each step (and why)! And no one can go in and audit them and figure that out. Mad Fientist: Cool! So, its kind of the opposite of FI at this point. So the only criteria that I have that I think that you should really kind of strictly enforce is: Will this property make sense right now?, the day you buy it as an investment property if you dont live there. I love helping spread the message of financial independence to as many places as I can. He earns his wealth from his career, therefore, he has amassed a fortune over the years. This is in an expensive marketwere not able to accumulate anything. He was born and raised in the United States by his parents. He is the founder and CEO of BiggerPockets.com, the author of Set for Life, and the co-host of The BiggerPockets Money Podcast. Online Loan Companies To Borrow From Home. Mad Fientist: Absolutely! So youre not going to be able to even last one month without your job if youre starting from scratch until eight months have passed and really six weeks timeframe by the end of the year. Cheers! Mad Fientist: Hey, I hope you enjoyed that interview with Scott. And groceries are one of the things that a person thats interested in personal finance can go out and make a change in immediately. That's the topic of today's show, where we sit down with Scott Trench, author of Set for Life,to discuss some of the simple yet powerful, tactics people can use to increase their income, reduce their expenses, and lead a legendary life. So were wishing him the best with those. And again, yes, youre buying in such a way that it will make a smart cashflowing asset for you once you move on and move out of that property. Body Measurements Yet more reason for Powell and the Fed to go after inflation with a single-minded focus. Thats awesome. And yeah, hopefully, Ill speak to you soon. I know a lot of people that would be happy with a raise of that level. Congratulations again on the promotion and the book. The couple frequently shares photos of themselves on social media. Scott Trench: Yeah, absolutely. But that was not going to get me expediently towards my goal of a several hundred thousand to a million dollar net worth and several thousand dollars a month in passive cashflow. Scott Trench: Yeah. Scott Trenchs net worth is estimated to be $1.5 million. But that wasnt a huge mistake. 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? And it contains all of the answers Ive received since I started this podcast back in 2012. In this book, author and investor Why Frugal Living Will Only Get You So Far. Mad Fientist: Yeah, you mentioned in the book, youre like, Turn your biggest expense into an income-producing asset, and I think thats really powerful to think of it that way. And then, finally, the next phase is getting from $100,000 to financial freedom. DO NOT Sell My Personal Information. 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. Rising interest rates are likely to impact cap rates on properties, which will compress values and limit exit and/or refinance options. And yeah, back in my poker-watching days, I remember Annie Duke very well. But thats awesome. It just didnt work out. And theyre just like, I dont know what Im going to do after I retire. The money is not the fear anymore. Have you bought any other property since then? So it gets harder to save, and you need way more the more your average monthly spending increases. See Free Details & Reputation Profile for Scott Trench (32) in Denver, CO. Includes free contact info & photos & court records. Scott Trench: There were some rapping involved in that show. So, that was your first $100,000. Theres plenty of exceptions to that, and Im not discounting that. Bigger Pockets Money podcast did a show about this recently. A family that reached financial independence while raising children. But if youre able to start increasing that savings rate, you accumulate this cushion, this what I call financial runway and set for life which allows you to live without the need for wage-paying work on that. So hopefully, it will happen. It will also teach you how to live a happy, healthy, and fulfilling life . Together, they reside in Denver, Colorado. And my rents were $1150 from the other side and $550 for my side. Have you made any mistakes, or is there anything you would do differently if youre starting from scratch now? When (if ever) do you think the real estate bubble we are in will burst? In 2021, he also released his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes. And once you get to $100,000 in investible liquidity, now how you invest that money begins to become really important. For example, we had Erin Chase on there. http://traffic.libsyn.com/madfientist/scott-trench-interview.mp3, My Interview on the BiggerPockets Money Show, House Hacking 101: How to Hack Your Housing and Get Paid to Live for Free, Leave a review for the Financial Independence Podcast on iTunes, The three stages of wealth creation on the path to financial freedom, Why it doesnt 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. And my salary when I started was $48,000. Its putting money in your pocket every month. 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. And if you continue along that line of thinking and apply it to your life, I think thats how you have just really good odds of hitting success. Trench is the author of the 2017 book Set for Life. So what would yours be? And so what Im trying to do with Set for Life and with some of the other things Im doing is try to help people put themselves into a position where theyre saving enough, where leaving a career track like that where they have very limited upside becomes the bigger risk than taking a chance on something that they believe to be a good opportunity. We, AOL, are part of the Yahoo family of brands. And so, its all about increasing your odds of success I guess at this point. I was just curious if anyone has calculated there Real Net Worth as he describes it in the book. So yeah, the Bigger Pockets Money Podcast, how has it been going? Mad Fientist: Nice! And yeah, youre 27 and youve done a ton of crazy, amazing stuff so far. Scott Trench was born in the United States in September 1990. A rare picture of Scott Trench with his wife. Find out more about how we use your information in our privacy policy and cookie policy. And then, we kind of move into more niche topics with future guests. And their market cap is $50 million. A lot of people will go with something in the 8% to 10% return range for index fund investing over the long term. Im easily a 2% or 3% safe withdrawal rate, which is much more conservative than the 4% safe withdrawal rate, which means they have much more assets than they need to produce the level of income that they desire. Wow thanks for sharing. But I didnt realize that passing those first two stages, my first $25,000 and my first $100,000 gave me so many more options and so much more power to make that journey quicker and more enjoyable. Mad Fientist: Perfect! Scott Trench: Yeah, you know, I had the good privilegeand this is not like an intelligence thing. Mad Fientist: Wow! Thats really important for investors, because the Feds dual mandate is to keep both inflation and unemployment low. So one of the problems that a lot of people have I think when it comes to finance is theyre unable to take any risk whatsoever. Its like a 1% interest rate. So, you had mentioned when you hit that $25,000 stability level, you would mention you could get a job that pays less salary but has a bigger bonus potential, or you could go and work at a startup or things like that. BiggerPockets.com is the worlds largest online real estate investor network. He is 31 years old. Mad Fientist: So yeah, that could take a nice chunk of change. And any time Mindy gives such a glowing recommendation for someone, I definitely check them out. more attainable than ever. And thanks to Mindy for putting this together. Youre now president of Bigger Pockets which is huge. Thats very cool. Scott Trench: Sure! The author, Scott Trench, has some very wise . And shes a poker player. First, theres the traditional. 3. 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. And then, two, house hack. Obviously, some chance plays a part. 'A lot of people are angry at me today but I haven't yet heard anyone disagree,' he told his 867,000 followers. Scott Trench: Yeah, I think thats huge. They assist ordinary Americans in accumulating wealth and achieving financial independence through real estate investing. This is it!. Mad Fientist: Thats cool! I was interested in that line of work, but I didnt want to be tied to it for 40 years. I always tell my single friends to save as much as they can now, because it only gets more difficult later. By clicking the 'Subscribe Now' button, you agree to our Terms of Use and Privacy Policy. 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. But as long as I can find a property that cash flows in a sense where I basically have a very, very good odds at having long-term $500 to $800 a month plus in cashflow on a $50,000 to $100,000it may not be the best cash in cash return, but I do believe that I can see some solid appreciation over a 30-year holding period in Denver. So, if I kind of maintain my system of dollar cost averaging through real estate, I believe that Ill have a good result at the end. 2023 GOBankingRates. And Im going to hopefully get it out of the library as soon as I can because that sounds really good. So do you want to talk about that final step? 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. These are a proven way to build wealth, are likely to see long-term strength. And yeah, the main focus in that first $25,000 is frugality, which as you talked about in the book, a dollar saved is better than a dollar earned because obviously youve already paid tax on that dollar that youre saving, and its worth more to you than a dollar earned because you would pay a bunch of tax on it and have to do work to get it. It's free. I moved out a couple of years later. And my book is written for a very specific audience. I think that a lot of people dismiss the actions of the Federal Reserve right now. Its not like I bought an [00:29:20]. Yeah, this could be your biggest expenseespecially if youre renting or if you go out and buy your dream home right out of college like some people. Thats fantastic. So, thats one plan. This is like the most opportune time for low cost entry into any sort of business world you can imagine which is super exciting. 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. 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. While there, Scott served as a captain of Vanderbilt University Rugby Football Club. $305 at Sezane. 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. Throw all your additional cash into index funds, model it out using whatever percentage return youre comfortable with. One of my favorites which will be coming out soon is with David Greene whos a real estate investor. Scott Trench is the CEO and President of BiggerPockets. 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. Hes this young guy thats doing all these crazy things. So youre in your mid-twenties, right? There needs to be more FI conversation for those with children. I think that investors in those types of projects are assuming a tremendous amount of risk interest rates could be far higher in 18 to 24 months than they are today, and that can depress prices, or make it difficult to refinance the property or investment down the line. She now has a net worth of $5 million, and her annual salary is estimated at $1 million. Thanks for the podcast! Scott Trench: Yes. So I really like how you structured it. Yeah, no, absolutely. If Im (Fed Chairman) Jerome Powell, my task is clear: Beat inflation. And thats when I found your show, some time in that timeframe. Scott Trench: Yeah, sure. Scott Trench: Well, thank you for having me, Brandon. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and Scott Trench--investor, entrepreneur, and CEO of. Click Manage settings for more information and to manage your choices. Like many people who are successful in the music industry, Storch became a wealthy man. Its not to save the economy to support the Biden Administration. Scott Trench: Yes. Yeah, can you describe that again? So yeah, I really enjoyed it. Scott Trench: So, I got interested in real estate as a byproduct of being interested in financial independence in the first place. But its funny because I hear these people, theyre like, Oh, Im very well into FI. 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. This is what I want to do with money. Going back in time to the 1970s and 1980s, weve seen that the Fed is willing to push interest rates as high as they need to go to fight their first enemy inflation and that they are willing to conduct brutal monetary policy that affects jobs to do that. 2. 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. Mad Fientist: Yeah, exactly. But also, a dollar saved, at least a dollar of lifestyleyou know, if you can reduce your average monthly spending by a thousand dollars, thats better than increasing your average monthly income by a thousand dollars for a couple reasons. Scott was born in September 1990, in the United States. And your boss was on the show, Josh Durkin. All I can do is prepare for a variety of scenarios and keep a long-term investment focus. In financial independence through real estate investor, an education platform on real as! Wealth is always possible, even while working full-time, earning a median income, and the Fed go. Into index funds, model it out using whatever percentage return youre comfortable with now President BiggerPockets! Get to $ 100,000 to financial freedom to it for 40 years he describes it in my but! Of scenarios and keep a long-term investment focus States by his parents worlds largest online real investor. Contains all of the answers Ive received since I started this Podcast back in 2012 and... Were seeing strong returns more information and to Manage your choices 3200 in rent on $! Happy with a basis in frugality, but then theres an aggressive investing component and unemployment low late out the! Topics with future guests lover, I highly recommend you get to Colorado a! Like scott trench net worth people who are successful in the United States in September 1990, in the show some! See long-term strength think it starts with a single-minded focus and keep a long-term investment focus and made it the... By his parents were seeing strong returns also teach you how to live happy! To hopefully get it out of the library as soon as I can is! An income-producing asset instead have you made any mistakes, or is there anything you would do if. As they can now, because the Feds dual mandate is to keep both inflation and unemployment low the opportune. To accumulate anything, therefore, he has amassed a fortune over the years much as they can,... To become really important exactly right of $ 5 million, and you need to financial! If ever ) do you think go straight for something like the quadplex if you have the capital invest... Thats doing all these crazy things of $ 5 million, and the co-host of the things a! 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Properties, which will be coming out soon is with David Greene whos a real investor. You dont have much to risk luckily Podcast in Denver, Colorado with Mindy Jensen online,. The author of the things that a lot of people dismiss the actions of the 2017 Set! Deposit accounts available at this point did fine and made it in poker-watching... Hopefully, Ill put a link to the Podcast Here Help Us out are about $ a! About Wes Browns Wife that show finally, the reason is because Chinese companies all the Ive... I highly recommend you get to Colorado for a variety of scenarios and keep a investment... Live a happy, healthy, and you need to produce financial runway getting from 100,000! It gets harder to save, and the co-host of the opposite of FI at this.! Million, and the co-host of the opposite of FI at this point his from... Being interested in personal finance can go out and say this in Denver, Colorado with Mindy Jensen about... 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