The Only Financial Plan You'll Ever Need
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- Опубликовано: 9 июл 2024
- A financial plan puts you on the path to long-term wealth and a life rich in time freedom. So why don’t most Americans have one? Everyday workers are often so focused on paying bills and having a sliver of time to relax that they completely forget the whole reason many of us work-to one day do what we want, when we want, with who we want. So, if you’ve been on the grind, making money, wanting to build wealth, but don’t know where to start, this is the episode for you.
In it, Scott Trench walks through his “investment philosophy,” a simple, customizable plan that has allowed him to build wealth at record speed all in less than ten years. This document can be used by anyone in any position no matter how much you have invested or saved up. Once written, this simple financial plan gives you laser-focus on building wealth, so market crashes or corrections become a buying opportunity and slow months/years are something to cherish, not worry over.
Scott and Mindy walk through this document piece by piece, giving you the exact answers you need to build your investment plan today. Although this document may sound simple, it’s what will define your life’s effort for the foreseeable future and give you the structure you need to accomplish massive wealth-building goals that may have seemed almost impossible before!
00:00 Intro
02:27 Why Build an Investment Philosophy?
09:04 Goals and Core Tenets
18:53 Bonus Considerations
26:35 Do THIS First
27:50 Asset Classes and Emergency Funds
39:54 3 Steps to Take NOW
Get the Personal Investment Philosophy Template Here: BiggerPockets.com/InvestmentPlan
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Show Notes at:
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Episodes Mentioned in Today’s Show:
Money Date: www.biggerpockets.com/blog/bi...
Bill Bengen: www.biggerpockets.com/blog/bi...
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Consider This Before Defining Your Investment Philosophy:
www.biggerpockets.com/blog/de...
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Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
Guests: www.biggerpockets.com/guest?u...
Finance Friday: www.biggerpockets.com/finance...
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Connect with Scott and Mindy on BiggerPockets:
Scott: www.biggerpockets.com/users/s...
Mindy: www.biggerpockets.com/users/m...
Episode 362
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Huge respect for David. Super smart. However, more content is needed that focuses on the 50-somethings who now need to catch up and course correct. There are many of us out there. Time in the market and withstanding volatility is for young people. Would love to see David’s savvy help inform the older generation who need to plan for retirement with a short runway. Thank you!
I always love Mindy's excitement. I also love how well Mindy and Scott treat every guest they have on
No. It's annoying and comes off as inauthentic. Just stop
I absolutely love the messaging of this video. I always tell people one of the first steps to investing is to define your "why" and it can't be because it's the right thing to do. There are going to be times where investing is hard, things will go bad, and investment will fail, the market will go down, things in your rentals will break, etc.... If you don't have a higher meaning for why your investing it's easy to stop. The stronger your purpose and the more simplistic your system or process is the better luck you have of sticking to your plan. Thanks for sharing this video!
I really enjoyed this podcast. It would be great if you guys could do more guestless podcasts.
I love Scott and Mindy, been watching them since episode 2. TBH I don’t watch BP real estate and the other spin offs, no disrespect but they are a little out of touch e.g. how I build 1000 units with no money I’m also 17 😂 but BP Money remains solid. Love Scott and Mindy, real world application to achieve FIRE.
Scott is channeling his inner Liam Neeson with his "specific set of skills."
Ran into this while working and heard it in the background, really interesting topic. Wondering what etfs are some of your favorites
Wow! I’ve been having the same thoughts as Scott especially if you want to retire early! I know I’m not being tax efficient with a brokerage acct but the flexibility is awesome vs a tax deferred retirement acct. I always thought if I lost my job today and all my money is in retirement accts, it won’t be easy to access all of it. With a Roth, I can only get to my contributions or with the 401k, I would have to take a penalty. I still do my 401k match and put enough in my HSA to get the employer contributions.
I agree with your point. brokerage account is taxable. However, you can use it to create a stream of income through stock investing with the goal that you can access it anything time without the government telling you when and how you should pull money from it. it is taxable but it is the price to pay for your freedom. Like Scott put it, non taxable income is not spendable. Retirement account is great but we need to think about streams of income where you don't touch our capital and can access in case of temporary job loss or to quit your job and start working for yourself. Traditional IRAs are meant to be used up to $0. We can build wealth in them and in Roth IRA but you can touch your money before the government say so without a risk of penalty.
This was very helpful information Scott and Mindy. I am in the process of creating a plan. I like your ideas :)
Great information!! Love the pause and plan of personal desires in life.
Solo 401k options are also possibilities for business owners to benefit both sides of the tax market portion of the total portfolio.
Key Know What You Want In the season you will be in (keeping core values)
Great video, lots to think about. Thank you!
Exactly what I needed. Thank you. Loving your podcasts.
I love your videos I would like to know how I could be interviewed and you can listen to and tell me what you think of my plan and if I should retire at 49 ! Thanks Ryan
Great job team!
Now what do some of us do when we have retired and lost 1/8 of my assets. What options do we have to stop the hemorrhaging of money from our portfolio??? I want to invest in real estate, but with out a job, it would be difficult to get a loan.
Thanks for sharing your insights. Accidentally hit the dislike button. I can’t imagine disliking your philosophy. Thanks again!
Figured out all the financial needs and was able to retire at 37 comfortably😊
Target state, as in Ohio or Hawaii?
Spend less than you make - invest the surplus
Financial plan complete
Can we sit it? The list
We learn by seeing, reading not just listening. Ty
Are you guys still doing finance Friday interviews with normal people? I'd love to get on your show
You can apply to be on the podcast here! airtable.com/shrUj5YX0XwmJk1qb
@@BiggerPocketsMoney Thanks!
There are ways to retire early without investing and retire comfortably😊
It says J Scott's name in the intro instead of Scott Trench. Might want to have your editor fix that 🫣