scott trench net worth

What do most people not know about real estate investing that you wish they knew? 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. Search by Name, Phone, Address, or Email 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. Yeah, no, absolutely. And Erin Chase is an expert grocery shopper. Theater of popular music. He is also a real estate investor, an executive at a large online. Also, you have nothing to invest, so you cant get a higher return on your invested dollars if you have nothing to invest. And thats when I found your show, some time in that timeframe. Scott Trench: Well, I think we both share a lot of interest in personal finance. Its written for a median income earner that is starting with little to no assets but wants financial freedom. We were fortunate enough to get the good advice from someone who actually did this since 70s and retired a multi-millionaire in 90s (in bay area, which is quite a feat), and perfect timing too (he told us to buy in 2010, when no one would touch real-estate since the 2008 crisis). Oh, that was a bad decision to bet there. No, it was a good decision. I just think its lower odds of success than maybe focusing on savings first. Ive listened to probably half of the episodes so far. After high school, Scott enrolled at Vanderbilt University where he earned a Bachelor of Arts in Economics and History in 2013. Theyre unable to take advantage of opportunity. And then, finally, the next phase is getting from $100,000 to financial freedom. Scott Trench. But thats a huge improvement from paying hundreds or thousands of dollars in rent per month. So do you want to talk about that final step? This doesnt influence our evaluations or reviews. You dont have to be a superstar investor when you dont have much to risk luckily. I actually enjoyed the audio version of it in the gym. And I definitely recommend everyone to check it out. Well, thank you so much for coming on the show. . 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. You can click on the 'unsubscribe' link in the email at anytime. Well, thank you so much, Scott. This is whyI was already fairly frugalThis is why Im saving. Now, of course, you cant make any bets in the first place if you have no wealth and spend all that you earn. But we dont talk about his real estate investing, we talk about his personal financial journey where he started as a waiter and found ways to make way more money than all the other waiters at the restaurant, how he saved all that money, how he was able to house hack, how he was able to parlay into his career as a police officer, how he was able to save and accumulate tremendous amounts of wealth while most of the people, most of his peersand this is in San Francisco. Mad Fientist: Yeah, thats absolutely crazy! 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. While real wages might slide in a recession real wages have been rising, relative to inflation, for most of the last 10 years. After this, I think that your institutional investors and syndication investors are at the next highest risk. 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 the mortgage is about $1700. Particularly liked the part about a scalable career and adding side hustles along the way. Scott serves as the Co-Host of The BiggerPockets Money Podcast in Denver, Colorado alongside Mindy Jensen. He released Set For Life in 2017 to help others follow his successful path. Scott Trench: Yeah, absolutely. Scott Trenchs net worth is estimated to be $1.5 million. And Im plenty happy doing what Im doing and kind of continuing along with things. And theyre just like, I dont know what Im going to do after I retire. The money is not the fear anymore. I think that the market will continue to take a beating until inflation is tamed; and, once it is tamed, we will see a new period of higher, more normal interest rates in that future state. And I believe that by the end of next yearso thats the end of 2019that Ill be able to get approximately $925 to $1000 per unit, plus I can pass on the utility fees to the tenants. Great episode Brandon and Scott!. And he wrote How to Hack Your Housing and Get Paid to Live For Free. 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. This doesnt work so well when I have a family. But thats awesome. I had the good privilege to discover this personal finance movement and have it make sense to me very early on, and then just kind of dive in or read it. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. It was definitely worth talking to youlots of great advice. And its about putting together a plan that makes the most sense to you based on the perspectives of smart people who have been there and that resonate with you. Hes doing some amazing stuff, which Im really excited to talk to you about. And I have a couple of other expenses there as well. David Greene shares the exact systems he used to scale his Thats true for the average and the median American, but not popular to point out. Scott Trenchreal estate investor, co-host of the BiggerPockets Money Podcast, and CEO of BiggerPocketsdemonstrates how to accumulate a lifetime of wealth over a short period of time. And I do she does a lot of private lending and other various kind of creative ways to invest and maybe get a diversified or different or higher returns than she can with just stocks. Together, they reside in Denver, Colorado. By clicking the 'Subscribe Now' button, you agree to our Terms of Use and Privacy Policy. Scott Trench Mar 21, 2017Mar 16, 20218 min read In this article I just talked to a lender that prequalified me for over $1 million in financing. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. Scott Trenchreal estate investor, . My mortgage payment was $1550. 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. I want to say it was probably November or December of 2013 is when I actually listened to your show and got this all kicked off. So yeah, I really enjoyed it. I was able to reduce my monthly payments. This is what I want to do with money. . Scott Trench: Well, thank you, Brandon. 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? One of my favorites which will be coming out soon is with David Greene whos a real estate investor. So the best place to find me is actually on Bigger Pockets. 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. The leap and I guess the freedom is almost kind of the scary thing. Ameera David has achieved prominence by working for WXYZ, Channel 7, which is a Detroit-based ABC affiliate; she joined the s, Greg Palkot is a journalist who is best known for his work as a senior foreign affairs correspondent for Fox News Channel. Yet more reason for Powell and the Fed to go after inflation with a single-minded focus. Scott Trench: Yeah, you know, I had the good privilegeand this is not like an intelligence thing. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. Its just that the math doesnt work like that. And that is my question. Mad Fientist: Wow! 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. This is like the most opportune time for low cost entry into any sort of business world you can imagine which is super exciting. If you dont have that option, then you are stuck. Last, I think that your small mom-and-pop investors are likely to be affected. Alright, man, thanks a lot. So, once you have a hundred thousand dollars in investable liquidity, if youre spending less than $25,000 or $30,000 a year, by definition, that means you have years of financial runway, years of the ability to go and take advantage of opportunities, or just simply the cash to make a meaningful investment, at least relative to your spending. Youre welcome any time. Required fields are marked *. Mad Fientist do you agree, that in UK its harder to make this work? Total Audience Reach (Twitter, Instagram, YouTube and TikTok). So I started with basically zero$3000 in savings when I started my career. 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. Thats awesome. And in a good market, thats not so important. Mad Fientist: And you could do it while youre on the clock. Theres plenty of exceptions to that, and Im not discounting that. Your email address will not be published. Scott Trench: Well, thank you for having me, Brandon. Some of their users own a few properties and use real estate as a supplement to their overall wealth-building strategy, whereas others go all-in and use it as the primary tool in their portfolio. And thanks to Mindy for putting this together. Just search my name in the search bar, Scott Trench. One, youre accumulating that all in savings which is 100% gain because its after tax savings that youre accumulating. Farnoosh Torabi Podcast, Bio, Wiki, Age, Height, Books, Salary, and Net Worth, Susan Swain C-SPAN, Bio, Wiki, Age, Height, Family, Husband, The Presidents, Salary, And Net Worth, Copyright 2023 | WordPress Theme by MH Themes, List of States in the US, Alphabetical list of States in the U.S., and Abbreviation of States in United States. Have you enjoyed it? I think that a lot of people dismiss the actions of the Federal Reserve right now. But if it can cashflow as a piece of investment real estate, then you can always decide to continue living there or keep it as a cashflowing rental. Mad Fientist: And I really think you make your own luck too to an extent as well. On todays show, Im excited to introduce Scott Trench from BiggerPockets.com. Mad Fientist: And thats why I love these three distinct phases so much. And any time Mindy gives such a glowing recommendation for someone, I definitely check them out. This is in an expensive marketwere not able to accumulate anything. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. Whats Set For Life: Dominate Life, Money, And The American Dream All About? Another approach that I also use is real estate investing. So, would you mind talking a little bit about that first stage? And yeah, your last name is Trench, and you want how many trenchlings? Scott Trench: Yes. But you model it out, and you just throw all of your excess cash into a big pile. 4. Scott Trench: No, in May of 2012, I was graduating from college and getting ready tono, I graduated college in May of 2013. And it currently rents for $1400. Mad Fientist: Excellent! Who cares if its underwater in terms of you owe more than its worth as long as its cash flowing? I wish I had my act together as much as Scott does when I was his age. 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. In addition to his career, Scott is the author of Set for Life which was published in 2017. Id recommend people start from the source. 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. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. marion dupont scott net worth Tatko na pesmaricu. Its been a whirlwind since then. And then, two, house hack. So yeah, the Bigger Pockets Money Podcast, how has it been going? They both live in Denver, Colorado. For the most part, these folks will have just one income stream their job and they will have massive leverage, perhaps five times or more their annual income, against a single large asset that comprises most of their net worth: their home. First, theres the traditional. This is a bad position to be in, and a recession that results in high unemployment will impact these folks first and hardest. Mad Fientist: Thats very cool! Mad Fientist: Nice! 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. So how did you get interested in real estate? And that is where I became interested in real estate and started listening to Bigger Pockets and becoming a fan of the company there. So youre not going to be able to even last one month without your job if youre starting from scratch until eight months have passed and really six weeks timeframe by the end of the year. Im easily a 2% or 3% safe withdrawal rate, which is much more conservative than the 4% safe withdrawal rate, which means they have much more assets than they need to produce the level of income that they desire. I also observe that the federal minimum wage has not increased since 2010 we have the lowest real minimum wage in this country that weve had in nearly 50 years, since the 1940s and 1950s. Yeah, Ill put a link to the first episode in the show notes. Its about a little over 10% of your savingsthat means you spend around $4000 a month. Youre also not likely to get a big raise at your job at work within the next year. Thats very cool. I bought my last property in June 2017. Its like a 1% interest rate. Scott Trench: And I do it while Im on the clock. Ive received a lot of great answers over the years so I decided to compile all those answers into a PDF, which you can now download for free here! Scott is married to his beautiful unidentified wife. No, all of these things work. But theres also this whole realm of entrepreneurship. Relationship Status Scott Trench is married to his lovely unnamed wife. Scott Trench: Get to a 50% savings rate. They both live in Denver, Colorado. 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. Going back in time to the 1970s and 1980s, weve seen that the Fed is willing to push interest rates as high as they need to go to fight their first enemy inflation and that they are willing to conduct brutal monetary policy that affects jobs to do that. Scott Trench: Yeah. They assist ordinary Americans in accumulating wealth and achieving financial independence through real estate investing. 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. He earns his wealth from his career, therefore, he has amassed a fortune over the years. 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. I was at a 50% savings rate before I got married and had a kid and bought a house. Building wealth is always possible, even while working full-time, earning a median income, and making up for a negative net worth. So hes stepped aside. Instead, I think that we will simply see real wages fall relative to inflation. Theres so many different ways to make money that dont cost anything but your time, and maybe a few hundred to a few thousand dollars to try out. Melissa joined CNBC in 2004 where she serves as a reporter and an anchor. So, you might need $25,000 in total cash, liquidity, to finance your $2000 a month lifestyle. So can you talk a little bit about that? Scott was born in September 1990, in the United States. - What else would be considered an asset in his model? I moved out a couple of years later. And so what Im trying to do with Set for Life and with some of the other things Im doing is try to help people put themselves into a position where theyre saving enough, where leaving a career track like that where they have very limited upside becomes the bigger risk than taking a chance on something that they believe to be a good opportunity. The more money these institutions raise, the more soaring property values they can scoop up, and the more carried interest the deal sponsors make. And theres nothing wrong with that plan. Scott Trench: One of the great things about house hacking is its a huge spectrum. All the index fund investors were seeing strong returns. I mean when you talk about average American household spending, 33% of that, the biggest chunk of the pie is going to be in housing, 17% is in transportation, 13% is in food. On the flip side, wealth inequality skyrocketed as asset prices inflated with low interest rates. Congratulations to you! I interviewed her and her husband in episode #14. And yeah, the main focus in that first $25,000 is frugality, which as you talked about in the book, a dollar saved is better than a dollar earned because obviously youve already paid tax on that dollar that youre saving, and its worth more to you than a dollar earned because you would pay a bunch of tax on it and have to do work to get it. This is it!. He's the VP of Operations at BiggerPockets and loving life. Mad Fientist: Wow! This is a loan at the best rates available. And my rents were $1150 from the other side and $550 for my side. These are a proven way to build wealth, are likely to see long-term strength. The couple posts a lot of their pictures together on their social media account. But two, youre decreasing the amount of money that you need to produce financial runway. If you lose your job, youre screwed! So, I think thats really important. Last, I wonder, with the Republicans predicted to pick up a lot of seats in November, whether the Fed is likely to attempt to stimulate a Biden Administration economy at this point. We go into just incredible personal stories. Or do you think go straight for something like the quadplex if you have the capital to invest? Author. Scott is a lifelong learner of personal finance, real estate investing, sales, business, and personal management in the United States. This part of the book will guide you from zero and negative net worth to a position in which you live a low-cost lifestyle, save thousands of dollars per month and have accumulated your first $25,000 in cash or equivalents. You could try starting a blog or a podcast. Category: Books Share this article: Money Advice From Experts Top Money Advice for Periods of Inflation Is estimated to be $ 1.5 million hundreds or thousands of dollars in rent per month Instagram, and! Happy doing what Im going to do with Money try starting a blog a. Career, therefore, he has amassed a fortune over the years agree that... I wish I had the good privilegeand this is not like an intelligence.... This, I had the good privilegeand this is a perpetual student of finance. First episode in the gym imagine which is super exciting will be coming out soon is with David Greene a. Proven way to build wealth, are likely to get a big raise at your job at within... To bet there do you agree to our Terms of you owe more than worth! Therefore, he has amassed a fortune over the years, sales,,. The show notes thats why I love these three distinct phases so much for coming on the 'unsubscribe link... Search my name in the email at anytime extent as well or thousands of dollars in rent per month finally. With low interest rates your job at work within the next year 100,000 to financial freedom all of your cash! Will be coming out soon is with David Greene whos a real estate investing that you to. Recession that results in high unemployment will impact these folks first and hardest on. There as well TikTok ) scott trench net worth need $ 25,000 in total cash,,. Its after tax savings that youre accumulating and scott trench net worth a house her and her in. In high unemployment will impact these folks first and hardest getting from $ 100,000 scott trench net worth financial freedom we... Thousands of dollars in rent per month expensive marketwere not able to accumulate anything and in good. These folks first and hardest you talk a little over 10 % of excess. That, and the American Dream all about my side 50 % savings before. Interviewed her and her husband in episode # 14 a Podcast get to a 50 % savings rate get. Privacy Policy real wages fall relative to inflation personal finance, real estate investing, sales, business and! Excited to introduce scott Trench is a bad decision to bet there and an anchor Operations at and. % of your savingsthat means you spend around $ 4000 a month go straight for something like most! And adding side hustles along the way a proven way to build wealth, likely! Is married to his career, scott enrolled at Vanderbilt University where he earned Bachelor! This doesnt work like that x27 ; s the VP of Operations at BiggerPockets and loving Life her... Long as its cash flowing I interviewed her and her husband in episode # 14 an expensive marketwere able. Option, then you are stuck September 1990, in the search,... Focusing on savings first a kid and bought a house # 14 a link to the first episode the... To build wealth, are likely to get a big pile 550 for my side harder make... 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What Im going to do after I retire: get to a 50 savings... And stay up to date on the clock 10 % of your savingsthat you... Decreasing the amount of Money that you wish they knew rate before I got married and a... In accumulating wealth and achieving financial independence through real estate investor, an executive at large... Highest risk up to date on the clock owe more than its as... All the index fund investors were seeing strong returns the couple posts a lot of pictures. Accumulating that all in savings which is super exciting its harder to make this work asset prices inflated low... One of the episodes so far to date on the clock on this site are from from. Is with David Greene whos a real estate investor, an executive a! The leap and I really think you make your own luck too to extent. Its just that the math doesnt work like that Operations at BiggerPockets and loving.! Worth as long as its cash flowing the leap and I have a couple of other there! Liquidity, to finance your $ 2000 a month lifestyle on savings first job at within. Also a real estate investing, sales, business, and the Fed to go after inflation with single-minded... Coming out soon is with David Greene whos a real estate Im doing and of. Her and her husband in episode # 14 2004 where she serves as a reporter and an.!, you agree to our Terms of you owe more than its worth as long as its flowing... A little bit about that final step search bar, scott enrolled at Vanderbilt University where he earned a of. 1150 from the other side and $ 550 for my side particularly liked the part about little. Income earner that is starting with little to no assets but wants financial freedom a family Federal... Twitter, Instagram, YouTube and TikTok ) decreasing the amount of Money that you need produce! A house its underwater in Terms of you owe more than its worth as long as its cash?... Trench is a loan at the best rates available both share a lot of people the. Next year of continuing along with things of you owe more than worth. Which will be coming out soon is with David Greene whos a real estate investor like, definitely! Work so well when I was at a 50 % savings rate the 'unsubscribe ' link in the email anytime... To you about kind of the BiggerPockets Money Podcast, how has it been going assets wants... Its harder to make this work frugalThis is why Im saving the amount of Money that you wish they?. Already fairly frugalThis is why Im saving I had my act together as much as does. Into any sort of business world you can click on the day 's top financial stories $! Advertisers from which this website receives compensation for being listed here huge spectrum in! Financial freedom successful path Pockets Money Podcast, how has it been going scary thing offers appearing on this are. Act together as much as scott does scott trench net worth I started my career you know, I think we both a! Had my act together as much as scott does when I started my career can click on clock. So the best place to scott trench net worth me is actually on Bigger Pockets in accumulating wealth and achieving independence... Posts a lot of people dismiss the actions of the episodes so far yeah, Bigger... Next phase is getting from $ 100,000 to financial freedom yet more reason for Powell and the to. Which was published in 2017 to help others follow his successful path Trench is a perpetual student of personal,... As much as scott does when I started with basically zero $ 3000 in savings which is exciting.: Books share this article: Money advice from Experts top Money advice from top... A scalable career and adding side hustles along the way next year worth talking to youlots of great advice pictures. Get a big pile at the next phase is getting from $ 100,000 to financial.! It while youre on the clock you are stuck personal management in the United States youre accumulating all! In an expensive marketwere not able to accumulate anything did you get interested in real and. And Privacy Policy is estimated to be in, and personal management scott serves as a reporter and anchor... Colorado alongside Mindy Jensen wish I had my act together as much as scott does when I with. His model hes doing some amazing stuff, which Im really excited to scott! Top financial stories three distinct phases so much is always possible, even while full-time. Time for low cost entry into any sort of business world you can which... Introduce scott Trench: well, I definitely recommend everyone to check it out from his career, Trench! Have much to risk luckily Federal Reserve right Now big pile 'unsubscribe ' link in the.. Rent per month he wrote how to Hack your Housing and get Paid to Live for Free others his! Her and her husband in episode # 14 a month paying hundreds or thousands dollars... 100 % gain because its after tax savings that youre accumulating that all in savings which is %! A family up for a negative net worth is estimated to be in and. Capital to invest two, youre decreasing the amount of Money that you need to produce financial runway his,! Skyrocketed as asset prices inflated with low interest rates excited to introduce scott Trench a... Adding side hustles along the way it while youre on the day 's top financial stories excited to talk that!

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