You’re 27 years old and you don’t have to work any more. What do you do with all your time?
Turns out our guest today, Scott Trench, found a lower paying dream job at a startup. He’s the VP of Operations at BiggerPockets and loving life. He is an accomplished house hacker in the Denver area and lives to talk about Real Estate. Just in case you think that’s all he does, Scott shares his love of real estate with a love of Rugby. He’s got great dreams and plans for both areas!
Scott loaded this episode with tons of great advice and ideas anyone can follow!
We also chat about…
- Advantage of graduating college debt free
- How awesome Denver is (totally rad, dude)
- gentrification pros & cons
Thanks goes to Scott for joining us on the podcast!
Enjoy this chat with Scott Trench from BiggerPockets and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today’s episode
- Mr. Money Mustache himself
- The other MMM, Bobby Millennial Money Man
- Bobby’s episode on a cool podcast called Fire Drill Podcast
- Set for Life <— Scott’s awesome book!
Key takeaways from our chat with Scott from BiggerPockets
1 – You’re not going to get rich sitting in this chair
Normal paths for financial analysts looks like this:
48k- Financial Analyst
57k- Financial Analyst II
65k- Sr. Financial Analyst
75k- Finance Manager
What if your income could look more like this instead?
Year 1: $12k
Year 2: $30k
Year 3: $80k
Year 4: $300k
The chances of that happening when you’re working for someone else are next to zero. Go into business for yourself and things could accelerate beyond your wildest dreams!
2 – The value of a financial runway 🛫
Say you want to quit your job and go at it on your own. The best plan is to slash your expenses to the bone, save up a sweet stash o cash, and start your projects before you quit. The more effective you are at those steps, the longer you’ll have to get things off the ground.
Scott calls this “financial runway”. Your after-work life needs time to take off. Like an airplane. You don’t see a Boeing 747 taking off from a private plane runway for a reason.
3 – What on Earth are Trench-lings????
Scott is a man with a plan. Actually a man with many plans. One of these is what to do when he has a whole passel of kids and needs to pay for college. His current plan is to buy a real estate property on a 15 year note when Trenchling is born, hold onto it until the kiddo is in their teens, and either turn the property over to them for income or let them sell it to pay for college.
Pretty sweet plan, eh??
Questions? Like or dislike? Leave us a comment!
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