In 2021, he also released his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes. Denver, Boulder, Longmont (stop by and say hi to Pete), and Fort Collins are all full of excellent breweries. Who Gets Institutional Merit Grants At Private Colleges? Im not so sure. And hopefully, Ill make it out to Denver one of these days and say hello. So, I definitely have some higher financial goals than kind of like lean FI for me and maybe like one significant other. I think its going to take me a good bit of time here. Like many people who are successful in the music industry, Storch became a wealthy man. I wish I had my act together as much as Scott does when I was his age. But you get to this $25,000 or this one year of runway, and now you have a lot more options. Or maybe you can just send them over, and Ill put them in the show notes in case people want to know more? While there, Scott served as a captain of Vanderbilt University Rugby Football Club. Mad Fientist: Alright, good. 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. So, those are two approaches for investing. I think that investors should avoid investments that are time bound. Scott Trench: Yeah, that was my first property. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. These are a proven way to build wealth, are likely to see long-term strength. even while working full-time, earning a median income, and making up for a negative net worth. 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. When I started on the road to financial dependence, thankfully, I was already in stage three. Congratulations again on the promotion and the book. Scott Trench is CEO of BiggerPockets, co-host of the BiggerPockets Money Podcast, a real estate investor, and a real estate broker.He is also the best-selling author of Set for Life and First-Time Home Buyer, which have sold more than 140,000 copies combined.Through a solid understanding of wealth management, calculated risks, and a lot of hard work, he created financial freedom for himself as . Its a powerful way to build wealth over the long term and accessible to most Americans earning a median or higher income. Listen to the Podcast Here Watch the Podcast Here Help Us Out! Scott is a lifelong learner of personal finance, real estate investing, sales, business, and personal management in the United States. 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. 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. The couple posts a lot of their pictures together on their social media account. Congratulations to you! In this book, author and investor As a fellow beer lover, I highly recommend you get to Colorado for a visit! Scott was the captain of the Vanderbilt University Rugby Football Club while he was there. I was listening to your podcast (which well obviously talk about here soon as well). 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. Scott Trenchs net worth is estimated to be $1.5 million. So I really like how you structured it. So you have no financial runway. 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. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. But theres also this whole realm of entrepreneurship. So, the Bigger Pockets Money Show started as kind of a spin-off, an alternative to the Bigger Pockets I guess real estate podcast. But you model it out, and you just throw all of your excess cash into a big pile. Oh, that was a bad decision to bet there. No, it was a good decision. Mad Fientist: And I really think you make your own luck too to an extent as well. Scott Trench: But yeah, that interest in personal finance is kind of what spurred my ability to save and the accumulation of my first $20,000 to $25,000 for me. Poker players, at least the ones that are really good, have this really good outlook on things where theyre like, Hey, heres the hand Ive been dealt. Its unlikely. And so, its all about increasing your odds of success I guess at this point. The first $25,000 was focused on frugality and cutting expenses. And in a good market, thats not so important. And thats hopefully when you make all your mistakes and learn all those lessons. I was able to reduce my monthly payments. Scott serves as the Co-Host of The BiggerPockets Money Podcast in Denver, Colorado alongside Mindy Jensen. You made the right choice. And yeah, youre 27 and youve done a ton of crazy, amazing stuff so far. Its been a whirlwind since then. But having that thing that youre working on as youre trying to reach financial independence, then hopefully, by the time you reach it, youll have something there that youre really passionate about and that you can spend a lot of time doing. Im very excited to be here. 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. But you wrote a great book called Set for Life. Trench joined BiggerPockets in 2014 and is the CEO and president. I think that this asset class and I broadly bucket large multifamily, NNN and other such real estate into this category is much more exposed to rising interest rates than people think, and there could well be some pain here. The author, Scott Trench, has some very wise . Melissa joined CNBC in 2004 where she serves as a reporter and an anchor. Scott Trench: Yeah, you know, I had the good privilegeand this is not like an intelligence thing. And what caused her to come to me and say, Hey, you needed to talk to this guy? So thats what I did! Im now working very long hours and trying to figure out how to grow the company and all that kind of stuff. Mad Fientist: Mindy has been like, Youve got to get him on the podcast. Thats going to reduce wealth inequality in this country. When Josh decided to step away to be with his family, Scott became CEO. Thats another good thing. Scott Trenchreal estate investor, . Read this book now. And I got a $236,000 loan, something like that after the fees and all that. You can click on the 'unsubscribe' link in the email at anytime. 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. 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. Scott Trench: Oh, Ive love it! So yeah, the Bigger Pockets Money Podcast, how has it been going? Mad Fientist: How is that going in Denver? 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! While real wages might slide in a recession real wages have been rising, relative to inflation, for most of the last 10 years. Mad Fientist: Nice! . He married his lovely wife, with whom he now lives in Denver, Colorado. And any time Mindy gives such a glowing recommendation for someone, I definitely check them out. So, I always end all my interviews with one piece of advice youd give to somebody whos starting on the path of FI. Ive received a lot of great answers over the years so I decided to compile all those answers into a PDF, which you can now download for free here! I cant really see a political advantage for him in doing that. 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. I was just curious if anyone has calculated there Real Net Worth as he describes it in the book. Now to strategize on which to sell and when to acquire my forever home. 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. 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. I believe I currently was able to getI remodeled and got one of the units up to $925. Mad Fientist: Yeah, absolutely. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. So, the goal of the show is to showcase these different perspectives on finance and enable people to think outside the box of Oh, real estate is the only way to go about this or even Index funds is the only way to go about investing or frugality is the only path to financial freedom.. Theres so many different ways to make money that dont cost anything but your time, and maybe a few hundred to a few thousand dollars to try out. Scott Trench: Yeah, absolutely. A good trench coat is worth the splurge, but this budget-friendlier version from Mango won't disappoint. So thats how I managed to lose money investing in stocks I guess. Its about a little over 10% of your savingsthat means you spend around $4000 a month. Dont get into real estate investing if you arent willing to invest the time up front to learn this business. What did Mindy see in you do you think? But that wasnt a huge mistake. So, people always think that thats where they need to focus on their finances in order to achieve a high savings rate and rapidly accelerate toward financial dependence, but thats wrong. 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. 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. Click Manage settings for more information and to manage your choices. Its really reassuring to hear Scotts story as it sounds so similar to my plans at the moment. On todays show, Im excited to introduce Scott Trench from BiggerPockets.com. What do most people not know about real estate investing that you wish they knew? 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. So theres a ton of great stuff there. And yeah, back in my poker-watching days, I remember Annie Duke very well. There needs to be more FI conversation for those with children. Personal Finance Forum Real Net Worth (Scott Trench model) Steve Schneider Investor Sherwood Park, Alberta Posted May 24 2017, 09:08 Hi everyone, I just finished up @Scott Trench book Set For Life. But I think a lot goes into putting yourself into position to be lucky. Alright, man, thanks a lot. So my first job was at a Fortune 500 company as a financial analyst 1. We've cultivated everything you need to get started, from long-term investing principles to increasing your overall net worth in big ways, with this list of the 20 best finance audiobooks from our catalog. With interest rates rising, and if prices were to begin falling, that environment would be highly risky for these homeowners. And Im going to hopefully get it out of the library as soon as I can because that sounds really good. 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. 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. Thats not fast enough. And theres nothing wrong with this plan of index fund investing. Start tracking your own financial progress with these money management apps. Are there any links in particular youd recommend? And thats kind of where we start getting into part two there which is $25,000 to $100,000. 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