063 | Scott Trench | Set For Life

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063 Scott Trench Set for Life

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ChooseFI Favorite: top rewards card for beginners

Chase Sapphire Preferred Card​

Looking for the best credit card to start earning travel rewards points? The Chase Sapphire Preferred is our pick. With a 50,000 point signup bonus (after spending $4,000 in the first 3 months), the $95 annual fee waived the first year, and ultra-flexible points (transfers to 13 airlines & hotels!), this is our top choice!

An interview with Scott Trench from Bigger Pockets on the creation of good luck, his background and journey to FI and using house hacks to reach wealth.

On today’s show we cover:

  • Interview with Scott Trench from Bigger Pockets
  • His book: Set for life
  • Scott’s background
  • How he discovered the concepts of personal finance
  • Why he wanted to bridge the gap between real estate and personal finance
  • The tons of different ways to reach FI

    Trenchinator
    The “Trenchinator”
  • Becoming a life long learner
  • His definition of luck: an intersection between preparation and opportunity
  • How he started the chain of good luck
  • How he constantly looked and found opportunities
  • The three stages of wealth creation
  • The core FI message
  • How real estate is about buying an investment, not a house
  • The different frameworks for to getting started with real estate
  • Where to include investment contributions
  • The different stages of house hacking
  • Risk, reward and leverage
  • How to get young people on board with FI
  • The message behind Bigger Pockets
  • Hotseat Questions

 

Links from the show:

 

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6 thoughts on “063 | Scott Trench | Set For Life

  1. I particularly liked Scott’s comment that it is important to find differing opinions from really smart people. I think this applies overall to life and not just personal finance.

    He then went on to offer a differing opinion on the use of retirement accounts, at least as compared to the majority opinion in the personal finance space. It was a very good discussion on the opportunity costs of locking up money in a retirement account.

  2. Excellent show this week guys.Discovered the two of you about a year ago nowise suppose that was the same time started on my journey to FI.After listening this week I maybe should change that to maybe 20 years ago ha ha.Why?Well the answer to that is that’s when I started house hacking.

    I bought my first home for £92,000 now I own this home outright and with appreciation over that time it is now worth £600,000.Asyou can see from the currency you can tell I live in UK and the housing market is just crazy.
    Over this time I’ve constantly rented out rooms to various people(some good some bad but the majority good).

    AS Scott says this has worked out great for me over time as well.Having people live in your house pays your bills, pays your mortgage and now earns me an income/side hustle.

    My tenants also provide me security when I am away on holidays and also look after my cats when I go away.

    I would definitely recommend this to anyone else providing you don’t mind sharing your home with other people.

  3. What a wonderful show! All of the folks at Bigger Pockets are so enthusiastic it makes me want to rush into real estate investing! Scott is a shining example of what happens if you put into action these concepts at a young age before career, kids and family start taking a significant portion of your time.

    Thanks again for the show and keep up the hard work.

  4. The concept of being Pigeon Holed struck me. That is exactly how I feel as I use FI strategies to fully finance my children’s education while scratching out personal debt and putting money into retirement funds. I feel that the 403B’s are only for someday and have very little use to achieve any other goals. The long term goal is the four of us being released from education debt completely and my wife and I being able to live debt free. All extra funds I have are being poured onto that debt which does create that Pigeon Hole effect that Scott refers to.

  5. Ok just listened to this episode. I loved Scott’s interview and wished I had done things differently when I was his age. Now I’m in my 40s and married. My husband will not sell our home to do a proper “house-hack”. I don’t want a divorce at the moment. 😉 What advice do you have for us “old folks” who didn’t take the opportunity when we were young? Can I house-hack without selling my current home? Taking a roommate probably won’t be feasible with our current setup. I think we could get approved for a second, smaller mortgage. I understand that this is much more risky than doing it the proper way. However I’m still going to explore the possibility 🙂 As someone just learning about FI and FIRE, it was a great episode but it made me sad that I didn’t start this journey sooner. Thanks! https://www.tonfire.com/

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