BiggerPockets Money Podcast

On this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench sit down with Cody Berman to uncover how he achieved financial independence before age 30 and built a $5 million net worth through entrepreneurship, side hustles, real estate investing, stock market investing, and multiple income streams. Cody shares the mindset, strategies, and lessons that accelerated his path to FIRE, from leveraging unfair advantages and embracing failure to building passive income.  Whether you're pursuing financial independence, looking to grow your income, or searching for practical wealth-building strategies, this episode is packed with actionable advice to help you reach financial freedom faster. Connect with Cody: Website: https://codydberman.com/ Buy ‘Retire by 30’: https://www.amazon.com/dp/B0GVPVB2KJ Instagram: https://www.instagram.com/codydberman To go beyond the podcast: Take the guesswork out of investing, taxes, and retirement. Book a free consultation with Domain Money Today: www.biggerpocketsmoney.com/cfp  Get 50% Off Your First Year of Monarch by using code ‘Pockets’: https://www.monarch.com/pockets Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

What is the Middle Class Trap, and how can high earners avoid it on the path to financial independence? In this episode of the BiggerPockets Money podcast hosts, Mindy Jensen and Scott Trench explain why maximizing income isn't always enough and how smart tax planning can dramatically improve your after-tax wealth. They explore how strategies like Roth conversions, maximizing your 401(k), and thoughtful tax planning can create more flexibility in early retirement. Along the way, they explain how real estate, liquidity, and focusing on your after-tax net worth can play a critical role in reaching financial independence. Whether you're pursuing FIRE or simply want to retire with more flexibility, this episode offers practical strategies to keep more of your money and build lasting wealth. To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

Trump Accounts are one of the newest tax-advantaged investment accounts for children, but where do they fit in your financial plan? In this episode of the BiggerPockets Money podcast, Jeremy Schneider of Personal Finance Club explains how Trump Accounts work, who should open one, how they compare to 529 plans and custodial accounts (UGMA/UTMA), and why they may become an important long-term wealth-building tool for families. You'll learn the rules, contribution limits, Roth IRA rollover opportunities, investment restrictions, financial aid implications, and practical strategies for parents and grandparents looking to build generational wealth. Connect with Jeremy Schneider: Instagram: https://www.instagram.com/personalfinanceclub/ Website: https://personalfinanceclub.com/ Nectarine: https://hellonectarine.com/ To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

What did Mindy and Carl Jensen learn from The Money Guys after they reviewed their portfolio? In this recap episode, Mindy and Carl share their biggest takeaways on retirement planning, cash reserves, Roth conversions, tax strategy, and portfolio diversification. They discuss what advice they're putting into action, what they're still debating, and how these lessons could help anyone pursuing financial independence and long-term wealth. To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

Is Coast FI the smarter path to financial independence in today's economy? In this episode, Scott Trench and Evan Lawler compare Coast FI vs. traditional FIRE, breaking down the trade-offs between reaching financial freedom as fast as possible or building enough wealth to let compound growth do the heavy lifting. They discuss investing, side hustles, real estate, lifestyle design, and the strategies young professionals can use to achieve financial independence while maintaining flexibility. To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney Connect with Evan Lawler: Instagram: https://www.instagram.com/the_financialfoundation/ Email: The.FinancialFoundation00@gmail.com YouTube: https://www.youtube.com/@The_FinancialFoundation We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

Are you actually spending too much, or does it just feel that way because of where you live? In this episode of the BiggerPockets Money Podcast, Mindy Jensen and Scott Trench break down a new budget benchmarking tool that compares your spending to households like yours using real government data, regional cost-of-living adjustments, fair market rents, childcare costs, and local pricing. They explain the difference between cost of living and affordability, compare high-cost and low-cost cities, and show how housing, transportation, and income all impact your path to financial independence. You'll learn how to benchmark your own budget, identify areas where you may be overspending, and use data, AI, and your own transaction history to make smarter financial decisions. Whether you live in a high-cost city or a low-cost market, this episode will help you optimize your spending, increase your savings rate, and reach financial independence faster. To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

Military service offers more financial advantages than most Americans realize, but is staying for a 20-year pension always the smartest move? In this episode of the BiggerPockets Money Podcast, Mindy Jensen and Scott Trench sit down with Carol and Doug to discuss how military benefits can accelerate financial independence. They cover military pensions, VA disability compensation, TRICARE, reserve retirement, and the opportunity cost of leaving active duty for a civilian career. Carol shares how she left active duty after five years, joined the reserves, and built wealth through disciplined investing. Doug explains why military compensation is worth more than base pay alone, how to think about pensions as a probabilistic asset, and why quality of life should be part of every financial decision. Whether you're active duty, a reservist, a veteran, or pursuing Financial Independence (FIRE), this episode is packed with practical strategies for building long term wealth. To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney Connect with Carol and Doug: Carol: https://www.facebook.com/NextGenFinance Doug: militaryfinancialindependence.com AND Nordsnords@gmail.com Resources from Todays Episode: https://themilitarywallet.com/leave-active-duty-for-reserves/ https://militarypay.defense.gov/Calculators.aspx https://militarypay.defense.gov/calculators/rmc-calculator/ https://tricare.mil/Plans/HealthPlans https://militaryfinancialindependence.com/2024/06/27/why-you-file-your-veterans-disability-claim-not-just-how/ We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

Reaching financial independence is only half the battle, knowing how to withdraw your money in early retirement is just as important. The right withdrawal strategy can help you minimize taxes, avoid unnecessary penalties, and make your portfolio last longer. In this episode of the BiggerPockets Money podcast, Mindy Jensen and Scott Trench break down six early retirement withdrawal frameworks. Whether you're planning to retire before age 59.5 or you're already financially independent, you'll learn how to access your retirement savings, reduce your tax bill, and create a withdrawal plan that fits your goals. If you're pursuing FIRE (financial independence retire early), this episode will help you make smarter decisions with the money you've worked so hard to build. Resources from this episode: To access the slides from this episode: www.biggerpocketsmoney.com/withdraw To use the Healthcare Costs Projection App: https://biggerpocketsmoney.com/healthcarecosts/ To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

Is investing ethical? Can you build wealth, pursue financial independence, and still invest according to your values? Scott and Mindy tackle one of the biggest questions in personal finance, exploring ethical investing, ESG investing, capitalism, index funds, and the moral trade-offs that come with building long-term wealth. They discuss whether investing in companies like Tesla, Costco, or tobacco companies can ever be ethical and how to think critically about aligning your portfolio with your beliefs. The conversation also examines whether pursuing financial independence is itself an ethical goal. This episode offers a thoughtful framework for making investment decisions that reflect your principles. To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

Healthcare is one of the biggest unknowns in any FIRE plan. If you're considering early retirement, self-employment, or leaving a traditional job, understanding health insurance costs could save you thousands of dollars per year and prevent costly planning mistakes. In this episode, we break down the Affordable Care Act (ACA) health insurance, premium tax credits, MAGI planning, and how healthcare costs vary by state. We also walk through a healthcare cost estimator tool that can help you project future expenses and build a more resilient financial independence plan. Resources Featured in the Episode: Healthcare Cost Projection: https://biggerpocketsmoney.com/healthcarecosts/ 2026 Tax Projection: https://biggerpocketsmoney.com/income-tax-projection/ How Health Insurance Works in Early Retirement Blog Post: https://biggerpocketsmoney.com/how-health-insurance-works-in-early-retirement-and-self-employment-2026/ How to Plan for Healthcare Over Early Retirement Blog Post: https://biggerpocketsmoney.com/planning-for-healthcare-costs-over-a-decades-long-early-retirement/ To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of the BiggerPockets Money podcast hosts Mindy Jensen and Scott Trench break down practical strategies for doubling your net worth and accelerating your path to financial independence. From reducing fixed expenses and increasing cash flow to investing consistently and growing your income, we cover the core habits and wealth-building systems that can dramatically speed up net worth growth, even if you’re starting from a modest financial position. Whether you’re pursuing FIRE, early retirement, or simply trying to grow your wealth faster, this episode provides a practical roadmap for increasing your net worth and building lasting financial security. To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of the BiggerPockets Money podcast, Bob Haines joins hosts Mindy Jensen and Scott Trench to explain how to build an investor policy statement and create a long-term investment philosophy for financial independence and early retirement. We break down how FIRE investors can design a personalized investing framework that aligns with their goals, risk tolerance, lifestyle, and withdrawal strategy while avoiding emotional investing during market volatility. To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of the BiggerPockets Money podcast, hosts Mindy Jensen and Scott Trench break down the biggest mistakes people make when calculating their FIRE number and planning for financial independence. Many early retirement calculators rely on simplified assumptions like the 4% rule or current spending levels, but real-life retirement planning is far more complicated. This episode covers how healthcare costs, inflation, one-time expenses, and changing lifestyle spending can dramatically impact your true FI number and long-term retirement success. We also discuss safe withdrawal rates, stress testing your retirement plan flexible income streams, and why many FIRE investors underestimate future spending during early retirement. Whether you’re pursuing FIRE, early retirement, Coast FIRE, or traditional financial independence, this episode will help you build a more realistic retirement strategy and avoid common mistakes that can derail long-term wealth and portfolio sustainability. To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench sit down with Ben Felix to break down one of the most debated topics in long-term investing: small cap value investing. Ben explains the research behind factor investing, the Fama-French multi-factor model, and why investors continue to look at small cap value ETFs like AVUV and Dimensional funds as potential upgrades to traditional index fund portfolios.  If you've ever wondered whether AVUV, Dimensional ETFs, or small cap value funds can outperform broad market index funds like VTI over the long run, this episode gives you a deep evidence-based framework for deciding. Connect with Ben Felix! Website: https://www.pwlcapital.com/?ki-cf-botcl=1 YouTube: https://www.youtube.com/@BenFelixCSI Podcast: https://rationalreminder.ca/podcast Resources from today's episode: https://zbib.org/669127c48e994c818f42b4354a84ed21 To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

Kim Hunter Borst didn’t start her financial independence journey in New York City—but it’s where everything changed. After building a high-income life, she and her husband found themselves $69,000 in debt from lifestyle inflation. Instead of leaving NYC, they got intentional—cutting expenses, leveraging a rent-stabilized apartment, and maxing out retirement accounts. Now, they’ve achieved financial independence and retired early—proving you don’t have to leave a high-cost city to build real wealth. To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney Connect with Kim Hunter Borst: Website: https://khbfinancial.com/ We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

Paula quit her $32,000 job in 2008—before she’d ever heard of the FIRE movement—with just $25,000 saved to travel the world. When she came back, she started freelancing and made a pivotal decision: buying a triplex and house hacking. That one move changed everything. Today, she’s fully financially independent in New York City through real estate—all without ever earning more than $32K at her day job. In this episode, we break down how she did it, the risks she took early on, and the strategy that turned a modest income into long-term financial freedom. To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney Connect with Paula Pant: Website: https://affordanything.com/ Instagram: https://www.instagram.com/paulapant We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of the BiggerPockets Money Podcast, Mindy Jensen and Carl Jensen (our guest host for the week!) break down 9 financial independence (FIRE) lessons most people don’t discover until it’s too late. From the hidden downsides of early retirement to spending, purpose, and relationships, this episode covers what actually changes after you reach FI—and how to avoid the mistakes that can quietly derail your life. Whether you're pursuing FIRE or already financially independent, these insights will help you build a more sustainable, fulfilling life. To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

Corby Goade went from a modest teacher salary to financial independence through real estate investing—and he did it by mastering the fundamentals. In this episode, he shares how house hacking, long-term rentals, and smart leverage helped him build wealth over 25 years, even through the 2008 housing crash. Learn practical strategies for navigating market cycles, scaling a rental portfolio, and achieving financial freedom without a high income. To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney Connect with Corby Goade:  Website: https://boise-turnkey.appointlet.com/b/corby-goade BiggerPockets: https://www.biggerpockets.com/users/cgoade#0 We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices

Are you a high earner in your 30s or 40s with a growing net worth — but somehow still feel financially stuck? You might be caught in the "boring middle" — a phase where your wealth is locked in home equity and retirement accounts, leaving you cash-poor, inflexible, and far from the financial freedom you've been working toward. In this episode of the BiggerPockets Money podcast, Scott Trench and Mindy Jensen sit down with CFP David Jackson of  Domain Money to break down the middle-class trap and reveal why the conventional advice to max out your 401(k) may actually be slowing your path to financial independence. David shares three powerful strategic options for DEWK households (dual-income, employed, with kids) to build liquidity, optionality, and tax efficiency — without sacrificing long-term growth. You'll learn the Liquidity First Optionality Framework (LaFaF), how to think about diversifying across Roth, pre-tax, and brokerage accounts, and why psychological freedom matters just as much as portfolio size. Whether you're chasing FIRE, reassessing your retirement strategy, or simply tired of feeling trapped by your own financial success — this episode is your blueprint. To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney Interested in learning more Domain Money and working with David Jackson? Visit: https://biggerpocketsmoney.com/cfp/ Early Retirement Group, LLC (“BiggerPockets Money”), is acting as a promoter for Domain Money Advisors, LLC (“Domain”) and receives a flat fee for each client who enrolls in or purchases the promoted services. In addition to the compensation provided to Bigger Pockets Money, Scott Trench is a current client of Domain and received non-cash compensation related to his promotional activity. This compensation creates a conflict of interest because the promoter has a financial incentive to recommend the service. Clients should independently evaluate whether the service is appropriate for their needs. Learn more about your ad choices. Visit megaphone.fm/adchoices

What’s the real relationship between money and happiness? In this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench sit down with leading happiness researcher Matt Killingsworth to unpack what the science actually says about income and happiness. Drawing from real-time data collected through Track Your Happiness, Matt explains why happiness does not plateau at $75,000, how income and emotional well-being are logarithmically connected, and why control over your time may matter more than any specific dollar amount. Beyond debunking the famous happiness ceiling, this conversation dives into defining “enough,” avoiding the FIRE community’s “one more year” trap, and understanding how relationships, engagement, and community drive lasting fulfillment. If you’re pursuing financial independence and wondering whether more money will truly make you happier, this episode delivers research-backed clarity and practical frameworks to evaluate your own happiness metrics—so you can design a life that feels rich long before (and after) retirement. To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney Connect with Matt Killingsworth: Website: https://www.mattkillingsworth.com/ Track Your Happiness: https://trackyourhappiness.org/ We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices