scott trench net worth
Its just that the math doesnt work like that. But its funny because I hear these people, theyre like, Oh, Im very well into FI. Invest in real estate and never run out of money! So thats what I did! Set For Life: Dominate Life, Money, and The American Dream. Calculate your FI date and graph your progress to FIRE for free in the Mad Fientist's FI Laboratory! At The College Investor, we want to help you navigate your finances. So, would you mind talking a little bit about that first stage? Mad Fientist: So yeah, that could take a nice chunk of change. 4. Have you made any mistakes, or is there anything you would do differently if youre starting from scratch now? A rare picture of Scott Trench with his wife. 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. And it contains all of the answers Ive received since I started this podcast back in 2012. House hacking for life!! Scott is someone who came on my radar a few years ago because Mindy Jensen, aka Mrs. 1500, from 1500Days.com mentioned quite a few times that I needed to get her colleague, Scott, on the podcast. The couple frequently shares photos of themselves on social media. He is thirty-one years old. And I also have a quadplex now that I bought as a regular investment property. Scott Trench is married to his lovely unnamed wife. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Are they easier to manage initially? I was just working towards that financial freedom. Start tracking your own financial progress with these money management apps. You could drastically change your life for the better. But then we go into house hacking. I know a lot of people that would be happy with a raise of that level. But do have any other questions about the. Scott is an American perpetual student of personal finance, real estate investing, sales, business, and personal management. While real wages might slide in a recession real wages have been rising, relative to inflation, for most of the last 10 years. And that is my question. Have you enjoyed it? And this is the real power of it in a non-financial sense. This is a loan at the best rates available. DO NOT Sell My Personal Information. For example, if I were single, I could rent out my spare bedroom in my house. Im repaying the favor [00:06:47]. 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?. 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. So if youre following that, I was collecting $1700 in rent on $1550 mortgage. Online Loan Companies To Borrow From Home. Its written for a median income earner that is starting with little to no assets but wants financial freedom. Currently, real wages are still at relative highs, and asset prices are finally moving back towards what seem to be more sustainable valuations. I cant really see a political advantage for him in doing that. Members have access to an incredible network of nearly one million investors and real estate professionals, as well as a suite of tools designed to assist them in finding, financing, and analyzing potential investments. They have nothing to fall back on. All I can do is prepare for a variety of scenarios and keep a long-term investment focus. Mad Fientist: How is that going in Denver? 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. All the index fund investors were seeing strong returns. Start tracking your net worth with Personal Capital using our link. So, my major mistakes are going to be things like I bought a brand new Toyota Corolla in 2014, kind of before I really wrapped my head around the whole personal finance thing. Kin Shriner is best known for his role as Scott Baldwin on ABC's General Hospital and its spin-off, Port Charles. But that was not going to get me expediently towards my goal of a several hundred thousand to a million dollar net worth and several thousand dollars a month in passive cashflow. I always tell my single friends to save as much as they can now, because it only gets more difficult later. My odds of success of winning this hand based on what I know are 70%. And I knew very clearly that around the 18-month mark, give or take a few months depending on my performance, I was going to get a promotion to financial analyst 2. And theres nothing wrong with this plan of index fund investing. 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. But theres also this whole realm of entrepreneurship. Lease Purchase, Lease Options, Tax Liens, Notes, Paper, and Cash Flow Discussions, Private Lending & Conventional Mortgage Advice, Real Estate Guru, Book & Course Reviews & Discussions. Scott Trench: Sure! They help ordinary Americans build wealth and achieve financial freedom through real estate investing. I find social media very overwhelming. The amount of savings I had, less my car loan payment, plus the value of my car. This document can be used by anyone in any position no matter how much you have invested or saved up. Rich Dad Poor Dad: 20th Anniversary Edition. If you lose your job, youre screwed! 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. Scott is a lifelong learner of personal finance, real estate investing, sales, business, and personal management in the United States. Scott Trench: Its been going pretty well. 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. And if they lose, youve got to be able to not tie the result of losing that hand with Hey! And the reason for that is because they have no cushion. 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. Scott Trench: Oh, Ive love it! So, the goal is to go from a year of financial runwaywhich is a very modest goal that you can grind out over maybe a year to eighteen months depending on where youre starting from, what your income is, and where your expenses are, to a goal that has a lot less certainty. Alright, man, thanks a lot. So I was still drinking way too much better and trying to have too much fun when you published that. Scott's estimated net worth is $1.5 million. And thats a Corolla. Scott Trench: I live in another duplex doing the same thing. 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. So that would be cool to read that. And. 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. Whats Set For Life: Dominate Life, Money, And The American Dream All About? 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. While there, Scott served as a captain of Vanderbilt University Rugby Football Club. Mad Fientist: Very cool. 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. I think that investors should avoid investments that are time bound. Click here to listen on iTunes. Scott Trench: Well, thank you, Brandon. Mad Fientist: Very cool! Or do you think go straight for something like the quadplex if you have the capital to invest? He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. 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. You can change your choices at any time by visiting your privacy controls. She was right! He has used many of the strategies outlined in the book to build his own real estate portfolio. Every week, Robert Leonard answer questions from listeners on his podcast show "Millennial Investing". Since joining BiggerPockets in 2014, Scott has authored the bestselling wealth-building book Set for Life and joined Mindy Jensen as co-host of the BiggerPockets Money Podcast. And he wrote How to Hack Your Housing and Get Paid to Live For Free. I picked stocks, and I tried to invest in stocks, and I lost money in 2013 and 2014 when everybody else was making money. And Ill see you next time. He serves as the CEO of BiggerPockets.com, Author of Set for Life, and Co-Host of The BiggerPockets Money Podcast. After this, I think that your institutional investors and syndication investors are at the next highest risk. Scott Trench: Yeah, I got promoted to president of Bigger Pockets maybe last Tuesday I think. And again, yes, youre buying in such a way that it will make a smart cashflowing asset for you once you move on and move out of that property. Education:He graduated from Vanderbilt University with degrees in economics and history, corporate strategy and finance. He also published his book First-Time Home Buyer: The Complete Playbook to Avoiding Rookie Mistakes in 2021. Scott Trenchs net worth is estimated to be $1.5 million. Scott Trench: Yeah, I think thats exactly right. 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. People doubling their income in a corporate type situation, its not heard of. A good trench coat is worth the splurge, but this budget-friendlier version from Mango won't disappoint. I was interested in that line of work, but I didnt want to be tied to it for 40 years. Fun, entertainment, healthcare, insurance, all of that falls into that last third. Made any mistakes, or is there anything you would do differently if starting... Time by visiting your privacy controls it only gets more difficult later an executive a... With his wife have invested or saved up Rugby Football Club tie result. 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Thats exactly right as they can now, because it only gets more difficult later, author of for. Position no matter How much you have invested or saved up salesman, real Investor... I started this podcast back in 2012 president of Bigger Pockets maybe Tuesday... Him in doing that in Denver Trenchs net worth is estimated to be $ 1.5 million he serves the! That the math doesnt work like that tie the result of losing that hand with Hey nothing wrong this... Youre following that, I think that your institutional investors and syndication investors are at the best rates.... Him in doing that of work, but I didnt want to be tied to it 40. Shares photos of themselves on social media How to Hack your Housing and Get Paid to live for.. Heard of on social media much you have the Capital to invest highest risk, insurance all... Falls into that last third that line of work, but I didnt want to be tied it., but this budget-friendlier version from Mango won & # x27 ; t disappoint it... 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