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. Mad Fientist: Absolutely! Funded by the U.S. Department of Agriculture and administered at the state level, SNAP benefits 11 Companies That Will Help You Pay Off Student Loan Debt. 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. No, all of these things work. Scott Trench is married to his lovely unnamed wife. 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. I know a lot of people that would be happy with a raise of that level. Go find a career or an opportunity that you believe offers you the potential to scale, but will not allow you to lose money on a monthly basis. Thats really important for investors, because the Feds dual mandate is to keep both inflation and unemployment low. So, you might need $25,000 in total cash, liquidity, to finance your $2000 a month lifestyle. But within three months of starting my career, my introduction to the real world, I became very interested again in the concept of personal finance. Why Frugal Living Will Only Get You So Far. So hes stepped aside. Scott was the captain of the Vanderbilt University Rugby Football Club while he was there. And he wrote How to Hack Your Housing and Get Paid to Live For Free. I started my investing adventure as a pimple-faced 22 year old when I bought my first house/investment with $22k and that has laid the foundation of my FIRE journey in my 40s. 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, it is also a dangerous game where, as investors, we play with big numbers and assume legal, operational and financial risks. 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. Any investing information provided on this page is for educational purposes only. Greg Palkot is known for his work on Shepard Smith Reporting, America's Newsr, Who is Kin Shriner? And the mortgage is about $1700. He was episode #23. So, not only are you not spending money on that big, major expense, but youre actually earning money from it which obviously is going to get you to that $100,000 a lot quicker than the normal person. So yeah, you better keep saving a little bit because 7 to 10 trenchlings, Im sure, arent going to be too cheap. Yeah, no, absolutely. So, my question was, Has she rapped yet? because she is actually a really good rapper. And thats hopefully when you make all your mistakes and learn all those lessons. He released Set For Life in 2017 to help others follow his successful path. Mad Fientist: Alright, good. Scott Trench: Yes. And thats when I found your show, some time in that timeframe. If you message me there, I usually get back to everybody within a day or two. So, I think theres a couple schools of thought. I invest in index funds. I cant really see a political advantage for him in doing that. All the index fund investors were seeing strong returns. Scott Trench: Yes. I published that episode way back in May of 2012. Mad Fientist: Absolutely! So, I think thats where our friendship kind of kicked off, a pretty similar mindset on life and finance and real estate in general. What Scott did was exactly what we did since 2010, except we did it differently (regular 2bd condos, not multi-dwelling places) and location (SF, bay area). For example, if I were single, I could rent out my spare bedroom in my house. His net worth is estimated to be $1.5 million. And theres nothing wrong with this plan of index fund investing. And I knew that my salary at financial analyst 2 would be about $56,000 to $58,000 (again depending on performance). And hopefully, Ill make it out to Denver one of these days and say hello. This has been a big party for many years. So theyre investing from a position of financial weakness and using some form of creative finance which is kind of, for a new investor, often a code word for extremely risky leverage and not investing from a position of financial strength. Personal Finance Forum Real Net Worth (Scott Trench model) Steve Schneider Investor Sherwood Park, Alberta Posted May 24 2017, 09:08 Hi everyone, I just finished up @Scott Trench book Set For Life. Scott is of white ethnicity and has American citizenship. I plan to buy a fourth by, if not by the end of this year, by the end of 2018, by at least kind of spring 2019 to just kind of continue my system. So hopefully, it will happen. Andrew Ross Sorkin - $10 million I think a 50% percent savings rate kind ofget to a median income, and then get to a 50% savings rate. In it, Scott Trenchwalks through his "investment philosophy," a simple, customizable plan that has allowed him to build wealthat record speedall in less than ten years. I think it starts with a basis in frugality, but then theres an aggressive investing component. And it currently rents for $1400. Throw all your additional cash into index funds, model it out using whatever percentage return youre comfortable with. And Im also looking forward to exploring some of the strategies that he used personally to get to the stage that hes at today like house hacking and real estate investing. Scott started acquiring more properties as he worked with Josh and later became such a crucial part of the BiggerPockets family, he was promoted to president. She was right! Scott Trench: Well, I think we both share a lot of interest in personal finance. But what youre talking about is turning that into an income-producing asset instead. I think thats why were attracted to real estate. They both live in Denver, Colorado. Scotts estimated net worth is $1.5 million. We, AOL, are part of the Yahoo family of brands. You made the right choice. Scott is a lifelong learner of personal finance, real estate investing, sales, business, and personal management in the United States. I definitely still have some work to do to get to there. Ive been doing the same in Denver (and CA & MI) for the last 20 years and it has allowed me to retire at 46 with sufficient income from the rentals. So it gets harder to save, and you need way more the more your average monthly spending increases. 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. 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. What Are Qualified Expenses For A 529 Plan (And What Doesnt Count)? Scott Trench: No, I was just finding these weird financial ratios. Well, thank you so much, Scott. 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. This is in an expensive marketwere not able to accumulate anything. Your email address will not be published. So, I think that from a big picture standpoint, I was able to think about it in a pretty rational way and have the odds in my favor for success. These are a proven way to build wealth, are likely to see long-term strength. Rich Dad Poor Dad: 20th Anniversary Edition. Over the weekend, Adams appeared to double down on the remarks on Twitter. It cost me $1700. So what would yours be? 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. Scott Trench is a perpetual student of personal finance, real estate investing, sales, business, and personal management. So, that was your first $100,000. Turning Your Largest Expense Into An Income Producing Asset, The Financial Impact Of Housing Decisions, An Introduction To Investing For Early Financial Freedom, Habits And Their Impact On Financial Freedom. And what caused her to come to me and say, Hey, you needed to talk to this guy? 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. Its good to make those mistakes early. But you get to this $25,000 or this one year of runway, and now you have a lot more options. Thanks for the podcast! Real estate absolutely will be affected by rising interest rates the question is when and how much. So, if I kind of maintain my system of dollar cost averaging through real estate, I believe that Ill have a good result at the end. And yeah, your last name is Trench, and you want how many trenchlings? And Erin Chase is an expert grocery shopper. He's the VP of Operations at BiggerPockets and loving life. Thats awesome. Through a solid understanding of money management, calculated risks, and a lot of hard work, he has created financial freedom for himself as well as a successful real estate business in just a few years after graduating college. Mad Fientist: Thats very cool! document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Chart Your Progress to Financial Independence! And so, its all about increasing your odds of success I guess at this point. Melissa hence worked as a reporter for the Great Neck Record and later on began her television career working for CNN Financial News and Bloomberg. 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. Bigger Pockets Money podcast did a show about this recently. Ive listened to probably half of the episodes so far. So, you really have to start somewhere. Start tracking your net worth with Personal Capital using our link. When Josh decided to step away to be with his family, Scott became CEO. Anyway, thanks a lot for listening. According to the author, children who don't grow up rich learn different things about managing money than wealthy children, and this may be a . Scott holds an American nationality and belongs to the white ethnicity. Scott Trench: Yeah, I think thats exactly right. Thats another good thing. I dont remember. I think that different types of real estate will be affected differently. He is also a real estate investor, an executive at a large online corporation, salesman, real estate broker, and author. Accumulating a lifetime of wealth in a short period of time involves working harder and smarter than the average person, and Scott Trench--investor, entrepreneur, and CEO of. And once you have that financial runway, moving into step two here, were trying to get to about $100,000 in investable liquidity. 3. I could continue living in that property happily forever, I could sell it at a gain alongside all the other homeowners in the area, or I could rent it out. Share book. I think that the best type of real estate investments to make in 2022 are the same as theyve always been: plain, vanilla, long-term rentals comprising single-family rentals and small multifamily rental properties like duplexes, triplexes and quadplexes. I couldnt agree more. I was just working towards that financial freedom. I wanted to try to see if I could do much better than that. At the time that were recording this, Im finding it very difficult to find properties. So thats what I did! But you can next week go to the grocery store, plan out your meals, and save a few hundred bucks on your eating billand eat healthier and bring that advantage into your life. Scott Trench: One of the great things about house hacking is its a huge spectrum. He earns his wealth from his career, therefore, he has amassed a fortune over the years. I believe that in a market decline, this cohort is likely to experience some pain in the form of falling prices and/or rents, but that their long-term focus, fixed interest rate debt and multiple income streams (most small landlords work a full-time job in addition to owning a few rental properties) will put them in a relatively strong position to weather a market downturn. At The College Investor, we want to help you navigate your finances. 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