How many mistakes did YOU make buying your last home? Before you make another, Scott Trench and Mindy Jensen from Bigger Pockets Money join us to drop the knowledge you should know before making your next home purchase. They’ll discuss the cost tradeoff you need to consider between renting and buying, the exit strategies you have to weigh before making any purchase, and detail how to set yourself up for a rock-solid home buying experience. Plus, you’ll see how Mindy pocketed a $300k profit off her home renovations, tax-free.
We’ll start our headlines discussing India’s possible banning of cryptocurrency. While nothing is yet set in stone, it’s a good example of why it’s important to keep your retirement funds diversified, no matter how lucrative one type of investment may appear. The only thing that’s for certain is that if there’s a way to make money off of it, you can bet Uncle Sam (or any government) is going to find a way to share in the pie.
2021 – The Year of the CFO
We’ll start with a piece about a possible market crash (spoiler: yes, eventually), and quickly pivot to a discussion on how careful you need to be this year about growth statistics from companies. With the year that was 2020, it’s no wonder companies are loud and proud about their expected growth in 2021. Don’t get us wrong, we’re excited about positive news, but as an investor, you can’t only rely on fancy numbers.
What to do with all this money?
We’ll finish the show with a call from Seth, who recently bought a home. After his monthly expenses and investing Seth has about $2,000 leftover each month in savings. With Seth’s emergency fund already fully funded, he asks: should he allocate the extra cash to paying off his mortgage, or use the money to fund additional investments? We’ll give Seth some advice that’ll work for every raise he gets, expected or not.
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Is Cryptocurrency Being Reined In?
2021: Year of the CFO
Scott Trench & Mindy Jensen
A big thanks to Scott Trench and Mindy Jensen for joining us today! You can find more from Scott and Mindy at BiggerPockets.com, or on the BiggerPockets YouTube channel:
Plus, for those of you who want more advice on the do’s-and-dont’s of home buying, you can purchase Scott and Mindy’s book here:
Doug’s going retro-tech with today’s trivia. On this date in 1993, The Intel Corporation produced the first Pentium microprocessor computer chip. Intel co-Founder, Gordon Moore, is also famous for a concept called “Moore’s Law.” Here’s the question:
- What is Moore’s Law?
- Seth wants some advice on how to allocate an extra $2,000 in his budget. He bought his home 6 months ago. Seth asks: should he push the $2,000 towards his mortgage, or use it for additional investment opportunities?
Written by: Richie Rutter-Reese
You can listen to a previous BiggerPockets interview here: Real Estate Investing Basics (w/ BiggerPockets)
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