Link to the Show: 002 – An All-Out Approach to Financial Independence at an Early Age with Scott Trench.
I started listening to the Bigger Pockets Money Podcast at the beginning of 2020. I listened to the first ten episodes sometime between January and June. Fast forward to Father’s day June 21st I started backtracking and writing my thoughts.
My memory sucks so having a place on this blog to keep my notes was perfect. I also learn better by writing AND listening.
Highlights
I like to listen to the full episode and then write what sticks out for me. There is always a lot of useful information and discussion that occurs during the podcast, but the following bullet points are what stick out for me.
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- Scott read Rich Dad poor dad early and this provided inspiration for financial independence and another way of thinking about finances.
- He initially stared investing in index funds with Scott Trade.
- How to hack your housing to live for free was a big influence and step he used to build financial independence. He was introduced to Bigger Pockets through Brandon Turner’s house hacking article.
Famous 4
Question: What is your favorite financial book?
Answer: The Millionaire Next Door.
Question: What was your biggest money mistake?
Answer: 1. Credit card traveling hacking and 2. purchasing a new car.
Question: What is your best piece of advise for someone starting out?
Answer: Get to a 50% savings rate as quickly as possible, After tax pay.
Question: What is your favorite joke to tell at parties?
Answer: What happened when the red ship, collided with the blue ship? Both of the crews were marooned.
Review
Very inspiring story from the VP of BP Scott Trench, pleasure to listen to and amazing because of his age and when he started. Used house hacking to start and boost his financial status. The take away from this episode is that he is not married, does not have kids and started investing at an early age.
I’m listening to this in my mid 40’s so its difficult to relate, but I love his story and look forward to listening or hearing from individuals who are closer to my age and situation. At the time of this writing, I’m married, have one kid and almost a free and clear home.
