526: Personal Finance for Beginners: Bank Accounts, Real Estate, and Retirement
BiggerPockets Money Podcast
Optimal Number of Bank Accounts and Managing Financial Complexity
Exploring the advantages and disadvantages of having multiple bank accounts and the importance of separating emergency funds from planned expenses in personal finance.
Personal finance doesn’t have to be complicated. Saving, investing, and retiring early shouldn’t be a stumbling path to wealth, but many Americans feel this way. So, to clear up some of the money misconceptions, we’re doing personal finance for beginners FAQ episode, where we take some of the most common money questions and answer them for you so you can start building wealth and get closer to financial independence!
Many of these questions come directly from the BiggerPockets Money Facebook page, where you can ask your money questions 24/7! First, we answer, “How many bank accounts should you have?” and walk through exactly how we split up our money. If you’re looking to start building wealth, we touch on the numerous ways to invest in real estate, from basic beginner investing strategies to purely passive income-generating expert tactics.
How much money do YOU need to retire? With the 4% rule, you can calculate it in seconds! We’ll explain this common money metric early retirees love to use and whether or not it still works in 2024. If you’re close to early retirement, should you start selling your investments to fund your financial freedom? We’ll share why most early retirees never need to sell their stocks, and speaking of stocks, we’ll also get into how to pick stocks and when to sell them!
In This Episode We Cover
The beginner money questions that you must have answers to if you want to build wealth
How many bank accounts do you REALLY need, and Scott’s 3-account-setup
Beginner and expert strategies to start investing in real estate (even with little money)
The 4% rule explained, and how much money you actually need to retire
How to pick stocks and whether or not index fund investing is a smarter move to make
Withdrawing money from your accounts when you finally reach financial freedom
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
Grab Your Copy “The House Hacking Strategy”
Past Episodes Mentioned in Today’s Show:
BiggerPockets Real Estate 136 - Shawn Holsapple
BiggerPockets Money 35 - Craig Curelop
BiggerPockets Money 120 - Michael Kitces
BiggerPockets Money 151 - Tony J Robinson
BiggerPockets Money 153 - Bill Bengen
Forbes: What Is The 4% Rule For Retirement Withdrawals?
Secret IRS Rule 72(t)! | Eric Cooper Shares Early Withdrawal Hack!
00:00 Intro
01:14 How Many Bank Accounts?
07:04 Ways to Invest in Real Estate
16:25 The 4% Rule Explained
23:36 Selling Investments to Retire Early?
30:28 How to Pick Stocks
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-526
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