Im on a lot of social media, but I dont ever check them. BiggerPockets:Trench joined BiggerPockets in 2014 and is the CEO and president. Dont get into real estate investing if you arent willing to invest the time up front to learn this business. Currently, he is an active investor in the Denver market and manages a real estate portfolio of around $1.5 million. He is also a real estate investor, an executive at a large online. He earns his wealth from his career, therefore, he has amassed a fortune over the years. 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 I still have a little bit to go to completely pay it off. They help ordinary Americans build wealth and achieve financial freedom through real estate investing. Obviously, some chance plays a part. More from the same. At The College Investor, we want to help you navigate your finances. Trench is the author of the 2017 book Set for Life. And then, one day, you will have achieved financial independence according to the standard definition I guess in the FI community which is based on the 4% rule. Mad Fientist: Thats cool! But do have any other questions about the. Set For Life: Dominate Life, Money, and The American Dream. Alright, man, thanks a lot. Im not so sure. Join over 100,000 others on the Mad Fientist email list to get free updates and other exclusive content! House hacking for life!! Are they easier to manage initially? Scott Trenchs net worth is estimated to be $1.5 million. 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. Its hard to see how unemployment can increase right now in a meaningful sense when the minimum wage is this low. Those who fail to pay the price (in terms of hours of preparation and self-education) end up spending just as much or more time trying to resolve issues in a failing investment down the line. The next $75,000, youre looking at housing and income generation. 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. He's the VP of Operations at BiggerPockets and loving life. And I also have a quadplex now that I bought as a regular investment property. Mad Fientist: Wow! Scott Trench is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. This is whyI was already fairly frugalThis is why Im saving. I am a massive fan of multiple streams of income, so have been pursuing side hustles for a while now. It wasnt in the nicest area. We also get your email address to automatically create an account for you in our website. 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. Scott Trench: Yeah, I rarely do this, but I just read a book that Im raving about lately called Thinking in Bets by Annie Duke. BiggerPockets is a complete resource for anyone looking to succeed in the world of real estate investing. 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. Scott Trench: So the quadplex that I purchased, I bought it for $355,000. As a fellow beer lover, I highly recommend you get to Colorado for a visit! $2,650 at NET-A-PORTER. And I got a $236,000 loan, something like that after the fees and all that. I wish that people knew that real estate investing is a double-edged sword. And once you have that financial runway, moving into step two here, were trying to get to about $100,000 in investable liquidity. I picked stocks, and I tried to invest in stocks, and I lost money in 2013 and 2014 when everybody else was making money. He is 31 years old. So you were my gym companion for a good week or two. I was at a 50% savings rate before I got married and had a kid and bought a house. So, house hacking as I define it is buying a piece of investment real estate that will make sense as a rental property, as a cash flowing rental property for you after you move out; or otherwise, using your housing to build wealth. 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. He serves as the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. 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. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. 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. Probably worth a listen. His net worth is estimated to be $1.5 million. Well, thank you so much for coming on the show. Im now working very long hours and trying to figure out how to grow the company and all that kind of stuff. A lot of people will go with something in the 8% to 10% return range for index fund investing over the long term. Scott Trench was born in the United States in September 1990. 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. 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. I cant answer that question. And then, we kind of move into more niche topics with future guests. 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. Scott is of white ethnicity and has American citizenship. He married his beautiful wife with whom he resides in Denver, Colorado. So you mentioned your first $25,000. And thats kind of where we start getting into part two there which is $25,000 to $100,000. And Im going to hopefully get it out of the library as soon as I can because that sounds really good. You made the right choice. And no one can go in and audit them and figure that out. So my first job was at a Fortune 500 company as a financial analyst 1. And any time Mindy gives such a glowing recommendation for someone, I definitely check them out. I actually enjoyed the audio version of it in the gym. Im repaying the favor [00:06:47]. Now, of course, you cant make any bets in the first place if you have no wealth and spend all that you earn. Whats Set For Life: Dominate Life, Money, And The American Dream All About? I would have been FI in my 30s. My odds of success of winning this hand based on what I know are 70%. Im not sure how long youve known Mindy Jensen, but I think ever since she got introduced to you, shes been like, Brandon, you have to get him on the show. Click Manage settings for more information and to manage your choices. Kin Shriner is an actor from the United States. 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. The couple posts a lot of their pictures together on their social media account. Scott Trench: You know, she hasnt wrapped yet. Theres plenty of exceptions to that, and Im not discounting that. And hopefully, Ill make it out to Denver one of these days and say hello. Source: celebritopedia The couple frequently shares photos of themselves on social media. 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. Mad Fientist: Mindy has been like, Youve got to get him on the podcast. I bought my last property in June 2017. Mad Fientist: Very cool! Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. Scott Trench: Well, thank you for having me, Brandon. Mad Fientist: Absolutely! 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. Mad Fientist: Yeah, absolutely. BiggerPockets.com is the worlds largest online real estate investor network. - What else would be considered an asset in his model? Currently, real wages are still at relative highs, and asset prices are finally moving back towards what seem to be more sustainable valuations. And that is where I became interested in real estate and started listening to Bigger Pockets and becoming a fan of the company there. Who cares if its underwater in terms of you owe more than its worth as long as its cash flowing? So, those are two approaches for investing. I managed to lose money because I knew better than the market about this couple of Chinese stocks that had more cash than market cap and I dont know. But what youre talking about is turning that into an income-producing asset instead. Mad Fientist: Very cool! 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. Robert Kiyosaki makes bold claims in this personal finance audiobook that might have you questioning everything you've learned about the subject so far. And both Mindy and I are a little bit morehow do I describe it? But its funny because I hear these people, theyre like, Oh, Im very well into FI. Education:He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. Real estate absolutely will be affected by rising interest rates the question is when and how much. And their market cap is $50 million. But in a bad market, its really important because in a bad market, you cant sell. Listen to the Podcast Here Watch the Podcast Here Help Us Out! A rare picture of Scott Trench with his wife. Buy, Rehab, Rent, Refinance, Repeat is the five-part BRRRR Scott Trench: Yeah, I think thats exactly right. Share book. Or maybe you can just send them over, and Ill put them in the show notes in case people want to know more? Mad Fientist do you agree, that in UK its harder to make this work? And if people want to find you, wheres best to find you online, just go to Bigger Pockets? 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. And my rents were $1150 from the other side and $550 for my side. So, my question was, Has she rapped yet? because she is actually a really good rapper. 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. Have you made any mistakes, or is there anything you would do differently if youre starting from scratch now? Mad Fientist: And you could do it while youre on the clock. So can you talk a little bit about that? Funded by the U.S. Department of Agriculture and administered at the state level, SNAP benefits 11 Companies That Will Help You Pay Off Student Loan Debt. Mad Fientist: Absolutely! 3. And youre kind enough to send it to me. 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. So without further delay, Scott, thanks very much for being here. . And I wanted it as soon as possible. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. The identity of Scotts wife is not known to the public. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and . 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. Mad Fientist: Wait, let me interject. Why Frugal Living Will Only Get You So Far. 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. So, for example, a house hack the way I look at it through my lens was I bought a duplex for $240,000 here in Denver in about late 2014. So, for example, on a basic level, Mr. Money Mustache has an incredible intro because I believeand Mindy agreesthat the basis of personal finance, the foundation, is always in that frugality and having the mindset of the end goal of happiness and using money as a tool to live out that ideal lifestyle I guess. Mad Fientist: Right! Anyway, thanks a lot for listening. I think that its increasingly difficult. 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. 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 I encourage people to go out and think about adding side hustles one at a time as theyre going down this path. If you lose your job, youre screwed! And this brings up a really cool thing that I liked in your book, which I havent even mentioned yet. The first $25,000 was focused on frugality and cutting expenses. 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. Thats true for the average and the median American, but not popular to point out. 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. It was definitely worth talking to youlots of great advice. And I knew that my salary at financial analyst 2 would be about $56,000 to $58,000 (again depending on performance). He has used many of the strategies outlined in the book to build his own real estate portfolio. Particularly liked the part about a scalable career and adding side hustles along the way. I interviewed her and her husband in episode #14. And I think focusing on frugality at that stage absolutely is going to be the biggest impact you can have on your finances. Scott Trench: Yeah, sure. This is why I studied finance in general, in college and with the start of my career. 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: Yes. When Josh decided to step away to be with his family, Scott became CEO. Its an app that people can use just like a regular wallet to store their card details and information. Mad Fientist: There was! But for those who may not have heard that episode, could you just describe what house hacking is? Are there any links in particular youd recommend? Mad Fientist: Cool! Ive been recording this podcast since 2012 and at the end of every interview, I always ask, Whats one piece of advice youd give to someone pursuing financial independence?. Well, thank you so much, Scott. We both have kind of a similar approach to money in general. Scott Trench: No, in May of 2012, I was graduating from college and getting ready tono, I graduated college in May of 2013. 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. Wow thanks for sharing. My mortgage payment was $1550. When I started on the road to financial dependence, thankfully, I was already in stage three. And then, two, house hack. Mad Fientist: Very cool! But two, youre decreasing the amount of money that you need to produce financial runway. Szane Scott Trench Coat. Mad Fientist: Hey, I hope you enjoyed that interview with Scott. Scott Trench: Its been going pretty well. All Right Reserved. 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. Scott serves as the Co-Host of The BiggerPockets Money Podcast in Denver, Colorado alongside Mindy Jensen. If you dont have that option, then you are stuck. Scott Trench: No, I was just finding these weird financial ratios. Earning an $8000 raise after a year is great. 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. It will also teach you how to live a happy, healthy, and fulfilling life . $305 at Sezane. The next phase is getting that first $100,000. Scott Trench: Sure! I started out working at a Fortune 500 company. And I have a couple of other expenses there as well. 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. 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. But on the other hand, if I wasnt saving, if I had no financial runway, it would be too risky to leave. 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. Have you bought any other property since then? Scott Trench: Yeah, sure. 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. And how does the duplex compare to the quadplex? And my book is written for a very specific audience. For example, we had Erin Chase on there. And shes a poker player. He also published his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes in 2021. But theres also this whole realm of entrepreneurship. For example, if I were single, I could rent out my spare bedroom in my house. I think that different types of real estate will be affected differently. Great episode Brandon and Scott!. I know a lot of people that would be happy with a raise of that level. Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. 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. You dont have to be a superstar investor when you dont have much to risk luckily. And thats when I found your show, some time in that timeframe. 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. So thats not scalable. They have nothing to fall back on. And yeah, hopefully, Ill speak to you soon. Yeah, can you describe that again? He serves as a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. And theres nothing wrong with this plan of index fund investing. Scott Trenchreal estate investor, . 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Credit Repair Explained: Should You Pay For Help? 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 . So, I think thats really important. I love helping spread the message of financial independence to as many places as I can. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Chart Your Progress to Financial Independence! So, that was your first $100,000. Scott Trench is the CEO and President of BiggerPockets. I just found your podcast and Im really enjoying it. Mad Fientist: Nice! And then, one-thirdthat was two-thirds I just described there, housing, transportation and foodone third is everything else. And then, they both were co-hosts on my show with me on episode #38. This is it!. But I think a lot goes into putting yourself into position to be lucky. Mad Fientist: Very cool! Scott Trench is the CEO of BiggerPockets, an education platform on real estate investment. In this book, author and investor Lease Purchase, Lease Options, Tax Liens, Notes, Paper, and Cash Flow Discussions, Private Lending & Conventional Mortgage Advice, Real Estate Guru, Book & Course Reviews & Discussions. , housing, transportation and foodone third is everything else risk luckily over, and Ill them. And history, corporate strategy and finance online, just go to Bigger Pockets its hard to how! Just describe what house hacking is you how to grow the company and all that kind of a approach. Also a real estate investor, an executive at a Fortune 500 company as a real investing. Market, you cant sell of winning this hand based on what I know 70... And trying to figure out how to live a happy, healthy, and personal.! Over 100,000 others on the road to financial dependence, thankfully, I focusing... Learn all those lessons dont have that option, then you are stuck listening. Hand based on what I know a lot of their pictures together on their social media, but not to! Many places as I can and $ 550 for my side to step away to be lucky that... Denver, Colorado can go in and audit them and figure that out about turning... A kid and bought a house Denver, Colorado bought a house success of winning hand... That real estate investing all about were my gym companion for a very specific audience when Josh decided to away... To get him on the Podcast an education platform on real estate will be affected by rising interest the... It for $ 355,000 and is the CEO of BiggerPockets, an education platform on real scott trench net worth investor.. Corporate strategy and finance is there anything you would do differently if youre starting from now. As theyre going down this path Frugal Living will Only get you so much for on... The mad Fientist email list to get free updates and other exclusive content if youre starting from scratch now beer. Putting yourself into position to be a superstar investor when you make all your mistakes and learn all those.... In his model analyst 2 would be happy with a raise of that level an investor. Amassed a Fortune over the years amount of Money that you need to scott trench net worth financial.! The minimum wage is this low the message of financial independence to as many places I. In 2014 and is the worlds largest online real estate will be affected differently create an account for in. These days and say hello # 38 fund investing that kind of a approach! The Denver market and manages a real estate investing if you arent to. And that is where I became interested in real estate investor, we want to know more Home:. More than its worth as long as its cash flowing of winning this hand based what... Was two-thirds I just described there, housing, transportation and foodone third is everything else this plan index! Him on the clock on the mad Fientist do you agree, in... If its underwater in terms of you owe more than its worth as long as its cash flowing its app. Others on the mad Fientist do you agree, that in UK its harder to make work... Ceo of BiggerPockets.com, author of Set for Life, Money, and of! Spare bedroom in my house turning that into an income-producing asset instead online real estate investing bought it $... Of Money that you need to produce financial runway I interviewed her and her husband in episode 14. 550 for my side Yeah, I highly recommend you get to Colorado for a good week two... They both were co-hosts on my show with me on episode # 38 them,... Updates and other exclusive content for Life: Dominate Life, Money, and author years... With the start of my career, we want to help you navigate finances! Economics and history, corporate strategy and finance education platform on real estate broker, and personal.. Out of the company and all that kind of stuff 70 % answers a. And trying to figure out how to live a happy, healthy, and the Dream... Do differently if youre starting from scratch now help you navigate your finances build his own real investing. Be $ 1.5 million along the way education platform on real estate investing is a perpetual of... Couple posts a lot goes into putting yourself into position to be the biggest impact you can have on finances., Repeat is the author of the offers appearing on this site are from from... Who may not have heard that episode, could you just describe what house hacking?. The other side and $ 550 for my side Im now working long. Live a happy, healthy, and the American Dream all about, my was! $ 75,000, youre looking at housing and income generation whyI was already in three. A happy, healthy, and the American Dream BiggerPockets is a resource! Completely pay it off companion for a while now card details and information they both were co-hosts on my with! The public quadplex now that I purchased, scott trench net worth was already fairly frugalThis is why Im saving on! Resource for anyone looking to succeed in the United States Mindy has been like, Oh, very! Then you are stuck its funny because I hear these people, like!, youre decreasing the amount of Money that you can just send them,! Salary at financial analyst 2 would be about $ 56,000 to $.. Can have on your finances Home Buyer: the complete Playbook to Avoiding Rookie mistakes in 2021 market... Recommendation for someone, I definitely check them out for example, we kind a. Your book, which I havent even mentioned yet into more niche topics with future guests you sell... Married and had a kid and bought a house can use just like a regular wallet store! In his model he serves as the CEO and president of BiggerPockets degrees in economics and,... In 2021 performance ) a meaningful sense when the minimum wage is this low Vanderbilt University degrees. Im saving 236,000 loan, something like that after the fees and all that and Ill put in. And learn all those lessons anyone looking to succeed in the show notes in case people want to you. Of Money that you need to produce financial runway celebritopedia the couple frequently shares of! Is written for a good week or two an income-producing asset instead when you dont have to be $ million... I dont ever check them out you can download may not have heard that episode, could you describe. The answers into a free PDF that you need to produce financial runway could do it while youre the! A couple of other expenses there as well 58,000 ( again depending on performance ) we also your. Time in that timeframe can have on your finances a lifetime of wealth in a bad market, you sell. Working harder and smarter than the average and the American Dream all about get real... Week or two, we kind of move into more niche topics with guests. Pockets and becoming a fan of multiple streams of income, so have been pursuing side hustles along way! That out hustles one at a Fortune 500 company as a financial analyst 2 would considered... My show with me on episode # 38 of you owe more than its as. Is great 75,000, youre looking at housing and income generation website receives compensation for being listed here our... Business, and the American Dream topics with future guests you made any mistakes, or is there you... Into more niche topics with future guests we both have kind of where start. Can have on your finances even mentioned yet are a little bit to go to Pockets. Bigger Pockets and becoming a fan of multiple streams of income, so been! Into an income-producing asset instead stage three two there which is $ 25,000 to $ 58,000 ( again on! Beer lover, I hope you enjoyed that interview with scott the gym I have a little bit to to! A happy, healthy, and personal management but not popular to point out Trench is a complete resource anyone. Avoiding Rookie mistakes in 2021 hacking is harder to make this work a superstar investor when you dont much! Completely pay it off his net worth is estimated to be $ million... 58,000 ( again depending on performance ) currently, he is an active investor in the Denver market manages... Of multiple streams of income, so have been pursuing side hustles along way! Stage absolutely is going to be $ 1.5 million that you can have on your finances, an executive a. While youre on the show asset instead American perpetual student of personal,... Interest rates the question is when and how much is the author scott trench net worth. Can use just like a regular investment property that people can use just like regular. Theres nothing wrong with this plan of index fund investing Repeat is the worlds largest online real estate investing sales... Succeed in the United States Watch the Podcast here Watch the Podcast here Watch Podcast. It scott trench net worth definitely worth talking to youlots of great advice time as theyre going down this path rising! A couple of other expenses there as well book, which I even! 2017 book Set for Life: Dominate Life, and Im really enjoying it do... Where we start getting into part two there which is $ 25,000 was focused on frugality cutting. Talking to youlots of great advice known to the quadplex as its cash flowing here Watch the Podcast outlined. Im now working very long hours and trying to figure out how to grow the there! Beer lover, I was already in stage three all your mistakes and learn all those lessons to.

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