Best of Bigger Pockets Money Podcast with Summaries

This is more for my girlfriend since she’s not into podcasts.

Cutting Your Grocery Bill in Half with Erin Chase from $5 Dinners | BP Money 03

– Since food and house are the ones where mosts costs go. Food is where you can make the biggest dent.

– If you’re not bringing in money, you need to spend less money (or find ways to contribute).

– Have a plan before going to the grocery store. Just 10 minutes before and know what is on sale. Always look at the store ads, download the app to see what they have on sales etc. Just plan your meals by all the things you bought on sales.

– She talks about stuff that sounds like you can only do in America with coupons. She prefers buying weekly for fresh stuff and buying bulk meat.

– Pick one, say you want to become good at making shopping lists, start with that 10 minutes before you go shopping.

– Measure and track if you want to improve. Goes for time management, weight, fitness, etc.

– Books mentioned:
Set for Life by Scott Trench
America’s Cheapest Family Gets You Right on the Money by Steve and Annette Economides
Profit First by Mike Michalowicz
The $5 Dinner Mom Cookbook by Erin Chase

From Disorganized to Debt Free Through Budgeting and Routine with Rosemarie Groner | BP Money 04

– Stopped buying books, changed shampoo brands, buying at Aldi, set up dishes/laundry/kitchen routine.

– Only get the things that you’d go out of your way to go buy if you ran out.

– Try not to go to the store and have only exactly what you want delivered to you for usually free.

– They have a conversation every week about money and don’t fight over it.

– When you budget you free up money and make it easier to increase your income. Surprisingly easy to free up so much more money.

– Look for ways to get what you want. It’s never too late to start so even start now!

– Number 1 thing you can impact is on groceries. It makes a massive difference.

– Books mentioned:
Set for Life by Scott Trench
How to Sell Your Home by Mindy Jensen
The Total Money Makeover Dave Ramsey
Rich Dad Poor Dad by Robert Kiyosaki
The Book on Rental Property Investing by Brandon Turner

How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper | BP Money Podcast 28

– If you have a low dollar per hour side hustle then have an exit plan. Things like Uber/Lyft, you just turn on the app when you want to make money.

– Easy side hustles are things you can find or do online. Tier 2 would be freelancing or consulting. Tier 3 would be buy low sell high hustle. You can check out clearance items say like in Target or K-mart and sell it on the Amazon seller app. Some other guy does pallet flipping, get them from someone who doesn’t want it and drive round the corner to where someone wants them.

– Offer to proofread peoples writing on fiverr. Guest post on others blogs.

– Framework 2. Rip, pivot, jam. Rip, pivot, and jam is basically taking somebody else’s business model, pivoting it to a different industry, different vertical. Putting your own unique spin on it and then jam, just you know hustle going to work and doing the execution on that. Rip the idea you like, pivot with your own angle and make money.

– Also recommends Amazon Merch.

– Sniper method: Go after only a tiny market say in something Amazon is really doing well. Sunglasses, dance clothing, etc.

– Story of the parking lot cleaning business. He saw a market and just started picking up trash and set up a business for it. Mobile notaries doing after hours signing and paperwork for others. One lady made dough teaching others to make dough.

– Books Mentioned:
Good to Great by Jim Collins
The 4-Hour Workweek by Timothy Ferriss
Rich Dad Poor Dad by Robert Kiyosaki
Side Hustle by Chris Guillebeau
Buy Buttons by Nick Loper
The 7 Habits of Highly Effective People by Stephen Covey

How to Boost Your Income & Investments for a Faster Route to Financial Freedom | BP Money 31

– Increasing income should be second on your list to FI (Financial Independence) because income can be infinite.

– Understand what your boss likes and do more of it. If you have extra time at a restaurant or go 10 minutes early just to shine wine glasses. Don’t just punch in and punch out and do bare minimum. (Paras note: I ended up getting more hours than the manager because I did 3 peoples jobs).

– READ. What ever you want to get better in, read about it.

– Side hustles, see above. Buy low, sell high. Understand what you need to do right now. Do you need to pay off a debt?

– Also have an exit plan as you don’t want to be an Uber driver forever. Or maybe you do.

– What’s easier earning $1000 a year or saving it. You can grow it by investing.

– 2 main types is stock-market and real estate.

– If you don’t know how to stock pick you can just invest in Index funds like DOW JONES. They pick the cream of the crop companies.

– With real estate you can make more than the stock-market. There is a 1% rule where your monthly rent should be 1% of the purchase price. That’s around a 12% return which is more than a stock-market investment. Your return on equity declines as you pay off debt. There is the first 7 to 10 years where you can generate more wealth in real estate. Better explanation at the 50 minute mark of the video.

– Books mentioned:
Poor Charlie’s Almanack by Charlie T. Munger
The Simple Path to Wealth by JL Collins
Security Analysis by Benjamin Graham
Beating the Street by Peter Lynch
A Random Walk Down Wall Street by Burton Malkiel

Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio | BP Money 32

– Couples Mr. and Mrs. Planting our Pennies (PoP) have different life goals and views on money.

– Mr. PoP started out with getting luck on the job and came across Early Retirement Extreme and Mr. Money Mustache and had the idea of saving 50% of their income.

– Don’t link spending money with happiness.

– Becoming good at sales will benefit greatly. It’s a meritocracy.

– They bought duplexes. And then a saltwater lot and talk about ideas like parking lot for boats. The importance is being leveraged as far as you’re comfortable.

– They’re not very strict as Mr. PoP enjoys his cars and he also got a loan from his parents.

– Have a partner who complements you and doesn’t complement you. They fill in your gaps. Also track your income. Budgets can be optional but you need to know where the money is coming and going.

– They went by the 4% rule where their assets are such that they were living off of about 4%.

– Books mentioned:
Set For Life by Scott Trench
Millionaire Next Door by Thomas J. Stanley and William D. Danko

From Childhood Poverty to Financial Freedom by Age 32 with Jillian Johnsrud | BP Money Podcast 36

– Money = choices.

– You can negotiate so much and creditors don’t want to lose your money so would rather you still pay regularly even if it’s less.

– There is so much joy in the money you don’t spend.

– Do the best you can, be creative in not spending and earning more. Suffer well.

– Invested in a vanguard stock account.

– Bought a 50k house which needed a lot of work done and figured it out while losing a son. Fixed half the house and bought another disaster house.

– Adopted again. Ended up with 5 children and 3 houses. Basement water issues to sort.

– They wanted to be financially independent by age 50-60.

– All their bills total up to several hundred dollars.

– Know your goals and differentiate with mindsets passes down to you.
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– Books mentioned:
Smart Couples Finish Rich by David Bach
The Year of Less by Cait Flanders

Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California | BP Money 37

– Paying off debt, focusing on long term goals.

– Sold a house and used the equity to reduce the student loans. Decided to rent so that they could get their portfolio in order.

– They did a budget and old envelope style. Write down what the envelope was for and put in cash in the envelope, saving $700 a month just by doing that.

– Tracking spending and has a conversation on money with his wife every month. How did they do, what was over, what could they save on. How are they doing on short and long term goals.

– Learning through podcasts and books is so important to him. He wants to read 100 books in 2018 and says studying is completely different to reading. One of his educations he could have done without and could have learned online or through books. So he doesn’t recommend formal education.

– He welcomes failure now and encourages it. Make sure you see some growth from it.

– Books mentioned:
Rich Dad Poor Dad by Robert Kiyosaki
Failing Forward by John Maxwell
The Richest Man in Babylon by George S. Clason
The Soul of Money by Lynne Twist