Amberly Grant, a seasoned real estate investor and co-host of the BiggerPockets Money podcast, shares her financial wisdom for prospective rental property owners. She discusses strategies to save for a first rental, emphasizing the creation of an anti-budget for easier saving. Amberly highlights financial red flags to avoid, shares ways to increase income, and offers actionable steps to get one’s finances in order. Her journey reflects the importance of community and adaptability in overcoming monetary hurdles to achieve real estate success.
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Amberly's Pandemic Rental Pivot
Amberly Grant faced a financial crisis during the pandemic when short-term rentals dropped to zero.
She adapted quickly by converting her basement to long-term rentals and hosting travel nurses, recovering her losses and building wealth.
volunteer_activism ADVICE
Start Financial Foundation Today
Be brutally honest about your finances by tracking expenses and paying down high-interest debt.
Boost income with side hustles and save diligently in a high-yield savings account for your down payment.
volunteer_activism ADVICE
Simple Tools for Budgeting
Use rudimentary spreadsheets to track where your money goes for better budgeting awareness.
Employ high-yield savings accounts with buckets for specific goals like down payments to save effectively.
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In 'The Wealthy Barber', David Chilton provides straightforward and accessible advice on managing personal finances. The book uses a fictional story to illustrate key financial concepts, making it easy for readers to understand and apply the principles to their own lives. It covers topics such as budgeting, investing, and long-term financial planning.
I will teach you to be rich
Ramit Sethi
This book, updated for a new era, provides a simple and powerful 6-week program to manage finances. Ramit Sethi focuses on behavioral psychology to help readers save more, earn more, and automate their finances. Key lessons include focusing on big wins rather than small savings, automating financial tasks, and spending guilt-free on things you love while cutting back on unnecessary expenses. The book also covers topics like crushing debt, setting up high-interest bank accounts, and long-term investing in index funds.
The Simple Path to Wealth
The Simple Path to Wealth
Your Roadmap to Financial Independence and a Rich Free Life
J L Collins
J.L. Collins' "The Simple Path to Wealth" provides a straightforward, easy-to-understand guide to achieving financial independence. The book emphasizes saving a significant portion of income, avoiding debt, and investing in low-cost index funds. It encourages readers to focus on long-term growth and avoid the complexities of market timing or active trading. The book's simple yet effective principles have resonated with millions of readers, making it a highly popular resource for those seeking financial freedom. It's a timeless guide that empowers readers to take control of their financial future.
The Psychology of Money
Timeless Lessons on Wealth, Greed, and Happiness
Morgan Housel
In 'The Psychology of Money,' Morgan Housel delves into the psychological and emotional aspects of financial decisions. The book consists of 19 short stories that illustrate how personal history, worldview, emotions, and biases influence financial outcomes. Housel emphasizes the importance of behavior over knowledge in managing money, highlighting the power of compounding, the dangers of greed, and the pursuit of happiness beyond mere wealth accumulation. He advocates for a frugal lifestyle, long-term perspective, and a balanced approach to investing, stressing that financial success is more about mindset and discipline than about technical financial knowledge[2][3][4].
Money—it’s the number one thing that keeps new investors from buying a rental property. Maybe you’ve gotyour market and buy boxfigured out, but thefinances? Not so much. But not to worry—today, we’ve brought a personal finance expert on to help with these common challenges. Whether you’re starting from zero or already working hard to build a financial foundation, this episode is for you!
Welcome back to the Real Estate Rookie podcast! Amberly Grant, fellow real estate investor and co-host of the BiggerPockets Money podcast, joins the show to share her own personal finance tips for someone who’s looking to break into real estate investing. Whether you’re deep in debt or struggling to save, Amberly has been in your shoes and provides a clear blueprint anyone can use to get from point A to buying a rental in record time.
Along the way, we’ll point out some financial red flags that could be keeping you broke and show you how to break free. We’ll also share with you how to create an anti-budget that makes saving easy, the best place to stash your real estate funds, and creative ways to increase your income so you can throw even more money at that first down payment!
In This Episode We Cover
How to save for your first rental property—even if you’re starting from scratch
Simple steps you can take today to get your financial house in order
The financial red flags that could be keeping you broke (and how to break free)
Creating an anti-budget that fast-tracks saving for a down payment
Real Estate Rookie 
