Scott Trench: Sure! And yeah, your last name is Trench, and you want how many trenchlings? But you wrote a great book called Set for Life. But I think a lot goes into putting yourself into position to be lucky. Mad Fientist: Yeah, absolutely. It was definitely worth talking to youlots of great advice. This is whyI was already fairly frugalThis is why Im saving. So, as part of my effort actually to become a better financial analyst at my job, I started listening to and reading all these content on finance and kind of discovered the concept of personal finance at some point. And if they lose, youve got to be able to not tie the result of losing that hand with Hey! While there, Scott served as a captain of Vanderbilt University Rugby Football Club. Thats fantastic. And thats when I found your show, some time in that timeframe. 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. 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. I was just working towards that financial freedom. I just found your podcast and Im really enjoying it. And you mentioned in the book something called scalable careers, which thats a great phrase that I dont think Ive really heard before. Thanks for the podcast! So, the goal of this show is to say, Hey, real estate is one part of a strong portfolio. And I believe it makes sense for many people. Now, once you achieve a high savings rate and accumulate maybe six months to a year or more of this financial runway, options begin to present themselves in your life, things like you can go and take a job that pays you $40,000 instead of $50,000, but offers you a chance at a big bonus at the end of the year, or you can go work for free for an entrepreneur that you really admire and go learn a valuable skill set, or you can just take that $25,000 and invest or house hack the way I did. 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. Scott Trenchis the epitome of the "grind until you shine" real estate investor. I think that once you have a 50% savings rate on a median income or greater, thats when all of this kind of really starts falling into place and the opportunities begin multiplying in so many different directions for you. I started out working at a Fortune 500 company. 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 theres nothing wrong with that plan. And thats why I really like how you laid out the book, is because its like, Okay, you may not have that much money to invest and you may feel like its a long way out. You can change your choices at any time by visiting your privacy controls. The author, Scott Trench, has some very wise . They have nothing to fall back on. 180 days of social studies 5th grade answer key; florida high school track records; milwaukee packout mods; metallica madrid 2022; did doris hamner have polio; maple leaf farms owner; I think its going to take me a good bit of time here. Scott Trench: Yeah, sure. Its unlikely. Side hustles are still a new thing in my part of the world (New Zealand/Australia) but growing in momentum. So I was still drinking way too much better and trying to have too much fun when you published that. 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. He has some family things that are going on. Is Scott Trench Married Yes. So, if you spend $40,000 per year, if thats your target goal, and you have $1 million in index funds or wealth in general in your portfolio, youre likely to sustain that in perpetuity. He married his lovely wife, with whom he now lives in Denver, Colorado. So, I spent all my money throughout the rest of my college, all the money I saved up working in summers and all thatall fun in college, and then a three-month backpacking trip when I graduated. 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. Probably worth a listen. Mad Fientist: Yeah, this is a long time coming. This is in an expensive marketwere not able to accumulate anything. House hacking for life!! Alright, man, thanks a lot. Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. So if youre following that, I was collecting $1700 in rent on $1550 mortgage. So thats what I did! I think that, sadly, those at the highest risk are middle-class American homeowners. I had the good privilege to discover this personal finance movement and have it make sense to me very early on, and then just kind of dive in or read it. When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. 3. And that is where I became interested in real estate and started listening to Bigger Pockets and becoming a fan of the company there. Scott Trench is the author of "Set for Life," CEO of BiggerPockets and co-host of the "BiggerPockets Money" podcast. Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. You can click on the 'unsubscribe' link in the email at anytime. Im going to put that book in the show notes, a link to the book in the show notes. Scotts estimated net worth is $1.5 million. And the reason for that is because they have no cushion. You have no ability to even attempt to put yourself to put some money on that or take the shot on that new career or whatever. real estate business from buying two houses per year to Survey: Even With Higher Expenses, Most Student Loan Borrowers Are Ready To Resume Payments, Learn the three phases of financial freedom, Discover the secrets to creating an efficient lifestyle, Create your strategy to replace your wages with passive income streams. $305 at Sezane. But hes definitely in a position where hes able to step aside and step out of the day-to-day and have a young upstart like me kind of do some [00:04:01] for him. 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. But once Ive got that stabilized after a year or two, I think Ill have a very, very nice cash flow on top of what is already a satisfactory cashflow. 4. But in a bad market, its really important because in a bad market, you cant sell. And then, one-thirdthat was two-thirds I just described there, housing, transportation and foodone third is everything else. And if you can house hacklike me, I house hacked close to work, so I could bike to workyoure able to eliminate basically 50%, lop off half of your expenses, in one single investment. And Ill see you next time. Im not so sure. By clicking the 'Subscribe Now' button, you agree to our Terms of Use and Privacy Policy. I also observe that the federal minimum wage has not increased since 2010 we have the lowest real minimum wage in this country that weve had in nearly 50 years, since the 1940s and 1950s. Who Is Scott Trench Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. What did Mindy see in you do you think? His parents brought him up in the United States. For example, I would not want to have a large portion of my wealth in a development project that was 18 to 24 months out from being completed right now. But one of the things I loved most about it was how you broke it down to three phases. Mad Fientist: Very cool. Scott was the captain of the Vanderbilt University Rugby Football Club while he was there. Hes this young guy thats doing all these crazy things. So youre in your mid-twenties, right? This is what I need to be doing and how I need to be moving forward with my life and with my finances. Currently, real wages are still at relative highs, and asset prices are finally moving back towards what seem to be more sustainable valuations. Scott Trench: You know, she hasnt wrapped yet. And that is my question. Im on a lot of social media, but I dont ever check them. Scott Trench: There were some rapping involved in that show. 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. He released Set For Life in 2017 to help others follow his successful path. Scott breaks down the journey to financial independence into three stages and explains what you need to focus on at each step (and why)! Scott Trench: I live in another duplex doing the same thing. 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). Shop Pay is an innovative payment solution developed by Shopify. Mad Fientist: which is great. Thats awesome. So, my question was, Has she rapped yet? because she is actually a really good rapper. Set For Life: Dominate Life, Money, and The American Dream. Once your account is created, you'll be logged-in to this account. Scott Trench: Yeah, I think thats huge. And I think focusing on frugality at that stage absolutely is going to be the biggest impact you can have on your finances. 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. Mad Fientist: Absolutely! Mad Fientist: Very cool! Cheers! Early life and C. Amanda Moye Brown: Do you want to know about Wes Browns Wife? Scott Trench: Well, I think we both share a lot of interest in personal finance. Theres plenty of exceptions to that, and Im not discounting that. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. If Im (Fed Chairman) Jerome Powell, my task is clear: Beat inflation. Scott Trench CEO of BiggerPockets.com, Author of Set for Life, Co-Host of The BiggerPockets Money Podcast Denver, Colorado, United States 5K followers 500+ connections Join to follow. Im going to bet on that and go with that. And thats the correct decision to make in that game. And Erin Chase is an expert grocery shopper. . And it currently rents for $1400. Whats Set For Life: Dominate Life, Money, And The American Dream All About? Instead, I think that we will simply see real wages fall relative to inflation. And groceries are one of the things that a person thats interested in personal finance can go out and make a change in immediately. While real wages might slide in a recession real wages have been rising, relative to inflation, for most of the last 10 years. I know its a really hot real estate market these days. This has been awesome. Questions About BiggerPockets & Official Site Announcements, Home Owner Association (HOA) Issues & Problems, Real Estate Technology, Social Media, and Blogging, BRRRR - Buy, Rehab, Rent, Refinance, Repeat, Real Estate Development & New Home Construction, Real Estate Wholesaling Questions & Answers, Rent to Own a.k.a. Anyway, thanks a lot for listening. I published that episode way back in May of 2012. Theres a lot more factors. I was just curious if anyone has calculated there Real Net Worth as he describes it in the book. David Greene shares the exact systems he used to scale his He's the VP of Operations at BiggerPockets and loving life. Sarah Peck, Richard Epstein, Logan Sekulow, Jim Harold, Ameera David is an Arabian-American journalist, news reporter, and anchor. So theres a ton of great stuff there. I think that the two things that come into play there are going to be entrepreneurship, asset creation, and then investing. 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. And I have a couple of other expenses there as well. This document can be used by anyone in any position no matter how much you have invested or saved up. Scott Trench: Sure! - What else would be considered an asset in his model? So, do you think you stumbled upon it shortly after it was published or was this something that happened a little bit later. You have to live there until things appreciate or rents go up, or the property goes up and you either have to be able to sell it or live there happily. Read this book now. So theyre not even recognizable by name, the companies? And I do she does a lot of private lending and other various kind of creative ways to invest and maybe get a diversified or different or higher returns than she can with just stocks. And my book is written for a very specific audience. First, theres the traditional. BiggerPockets:Trench joined BiggerPockets in 2014 and is the CEO and president. So, we are interviewing people that have expertise in one of these areas or niches in these areas or stories that embody this kind of approach, so that people are not pigeonholed into one type of investing or one type of real estate. But youll need about $48,000 to finance your $4000 a month lifestyle. The math is telling us that the biggest parts of your spending are in housing and transportation. $305 at Sezane. Scott started acquiring more properties as he worked with Josh and later became such a crucial part of the BiggerPockets family, he was promoted to president. So yeah, I really enjoyed it. . One, go find a new job. 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. The next $75,000, youre looking at housing and income generation. When Josh decided to step away to be with his family, Scott became CEO. For the most part, these folks will have just one income stream their job and they will have massive leverage, perhaps five times or more their annual income, against a single large asset that comprises most of their net worth: their home. Its in my opinion as a saver who was able to accumulate a year of financial runway within a year, that was a risky career because I knew that I was not going to have any chance to live up to what I deemed my potential to be. So yeah, you better keep saving a little bit because 7 to 10 trenchlings, Im sure, arent going to be too cheap. 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. And any time Mindy gives such a glowing recommendation for someone, I definitely check them out. BiggerPockets is a complete resource for anyone looking to succeed in the world of real estate investing. Scott Trench: Oh, Ive love it! 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). Mad Fientist: Thats cool! 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. 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. So, I think theres a couple schools of thought. I just think its lower odds of success than maybe focusing on savings first. Scott Trench: Its been going pretty well. 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. Mad Fientist: Yeah, yeah. And one of my, and I think Mindys, big petpeeves with the real estate community is that a lot of people will go in and try to buy real estate and hope that buying that real estate will solve their financial problems. And thanks to Mindy for putting this together. Here I am today after a string of I think good decisions and good fortune accompanying them, but I look back, and Im like, Im not sure which one of those was a bad decision where I got lucky. I think they were good decisions and I got lucky if that makes any sense. Any investing information provided on this page is for educational purposes only. So you have no financial runway. that is a huge expense. I have a very sizable chunk of my money in index funds for that exact reason. 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. Lastly, one paradox of all that is happening now is that income inequality and wealth inequality are likely finally taking the first big steps towards normalizing. This is it!. So, once you have a hundred thousand dollars in investable liquidity, if youre spending less than $25,000 or $30,000 a year, by definition, that means you have years of financial runway, years of the ability to go and take advantage of opportunities, or just simply the cash to make a meaningful investment, at least relative to your spending. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. Mad Fientist: There was! I invest in index funds. Scott Trench is the CEO and President of BiggerPockets. 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. I mean, if you think about that, how on earth is their market cap less than that? Scott Trench: Yeah, absolutely. And theyre just like, I dont know what Im going to do after I retire. The money is not the fear anymore. When interest rates fall and real estate assets are scarce, asset values soar. Starting with little-to-no savings, he was able to work his way up to his first rental, his second, and now his thirteenth. Calculate your FI date and graph your progress to FIRE for free in the Mad Fientist's FI Laboratory! Who Should Read Set For Life: Dominate Life, Money, and The American Dream? If somebody is interested in getting started in house hacking, what would you recommend as far as getting duplexes? 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 you mentioned your first $25,000. Mad Fientist: And I really think you make your own luck too to an extent as well. This is a business that requires, literally, hundreds of hours of self-education from the investor prior to getting started. It has really motivated my fiance and I to take the next steps towards financial freedom. 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. And hopefully, Ill make it out to Denver one of these days and say hello. Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. I think that a lot of people dismiss the actions of the Federal Reserve right now. Rich Dad Poor Dad: 20th Anniversary Edition. Category: Books Share this article: Money Advice From Experts Top Money Advice for Periods of Inflation 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. Id recommend people start from the source. So how did you get interested in real estate? Youre welcome any time. Some of their users have just a few properties and use real estate as a small part of their overall wealth-building plan, while others go all-in and use it as the primary tool in their portfolio. Thats really important for investors, because the Feds dual mandate is to keep both inflation and unemployment low. Yeah, thats a great way to look at it. Scott Trench: Oh, wow! Even starting with zero savings, you can go from a five-figure income to six figures, from an active job to passive income, then finally to the ultimate goal . There needs to be more FI conversation for those with children. Scott Trench is the CEO and President of BiggerPockets. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. However, like Scott said, it is absolutely critical to keep positive cash-flows (rents must cover mortgage payments + HOA + property tax, with backup plans, like moving in to the property yourself), weve seen people end up having to sell in down market when losing the job or can no longer subsidize the negative cash flow, therefore cannot reap the long term appreciation or refinance to lower rate, etc.. So were wishing him the best with those. Scott is the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. Mad Fientist: So yeah, that could take a nice chunk of change. In this show, he talks with successful entrepreneurs, . I cant answer that question. 2. I still did fine and made it in my 40s but my maturity was late out of the gate. Mad Fientist: Wait, let me interject. Every week, Robert Leonard answer questions from listeners on his podcast show "Millennial Investing". Why Frugal Living Will Only Get You So Far. Obviously, some chance plays a part. And yeah, hopefully, Ill speak to you soon. I bought it in northeast Denver, and things worked out. Its really reassuring to hear Scotts story as it sounds so similar to my plans at the moment. Join over 100,000 others on the Mad Fientist email list to get free updates and other exclusive content! It wasnt in the nicest area. Mad Fientist: And you could do it while youre on the clock. I know a lot of people that would be happy with a raise of that level. Scott Trench: Yeah. Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. So thats not scalable. So, if youre following, thats $3200 in rent on a $1700 mortgage. Have you enjoyed it? So thats how I managed to lose money investing in stocks I guess. 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. Scott Trench: No, I was just finding these weird financial ratios. BiggerPockets role is to help them increase the odds of success in their investing careers and help them build wealth faster and with less risk by giving them access to great content about nearly every aspect of real estate investing imaginable. But then we go into house hacking. It just didnt work out. The next phase is getting that first $100,000. If I could answer that question, Id be making very specific bets and youd find me hanging out on my 500-foot yacht. And what caused her to come to me and say, Hey, you needed to talk to this guy? So can you talk a little bit about that? I could continue living in that property happily forever, I could sell it at a gain alongside all the other homeowners in the area, or I could rent it out. What do most people not know about real estate investing that you wish they knew? So was that your first property then, the duplex in Denver? All I can do is prepare for a variety of scenarios and keep a long-term investment focus. Yeah, Ill put a link to the first episode in the show notes. Rising interest rates are likely to impact cap rates on properties, which will compress values and limit exit and/or refinance options. 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. 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. And then, we kind of move into more niche topics with future guests. Im now working very long hours and trying to figure out how to grow the company and all that kind of stuff. So, I always end all my interviews with one piece of advice youd give to somebody whos starting on the path of FI. Scott Trench: Well, thank you, Brandon. 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. The couple posts a lot of their pictures together on their social media account. They help ordinary Americans build wealth and achieve financial freedom through real estate investing. Ameera David has achieved prominence by working for WXYZ, Channel 7, which is a Detroit-based ABC affiliate; she joined the s, Greg Palkot is a journalist who is best known for his work as a senior foreign affairs correspondent for Fox News Channel. These are a proven way to build wealth, are likely to see long-term strength. Scott Trench: But well get her to rap on one of the future ones coming up. So, thats one plan. Two or three years ago, I actually [00:01:46] Bigger Pockets. 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. And then, they both were co-hosts on my show with me on episode #38. And my rents were $1150 from the other side and $550 for my side. Scott is of white ethnicity and has American citizenship. And I encourage people to go out and think about adding side hustles one at a time as theyre going down this path. If you message me there, I usually get back to everybody within a day or two. I know Ive had Chad Carson on the show, and weve talked about it in the 1500s. So, itll take me a year or two to get to that point because I dont want to kick any tenants out or anything or raise the rent too quickly on them. I mean, that obviously worked out for you, Brandon. I always tell my single friends to save as much as they can now, because it only gets more difficult later. Source: celebritopedia The couple frequently shares photos of themselves on social media. An expensive marketwere not able to not tie the result of losing that hand with!... Thats interested in real estate his family, scott Trench is the and. ; grind until you shine & quot ; real estate and started listening to Pockets... University Rugby Football Club Im going to put that book in the book called! Mandate is to keep both inflation and unemployment low wages fall relative to inflation why Living... The correct decision to make in that game sense for many people an innovative solution... Making up for a very specific audience I to take the next is! 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