65. How to avoid the middle-class trap with Scott Trench

ABOUT SCOTT TRENCH Scott Trench is the CEO and President of BiggerPockets. An active real estate investor and licensed agent in Denver, CO. He was named President and CEO in 2018 and continues to be a passionate real estate investor and personal finance junkie.     He is also the author of Set for Life, co-author of First Time Home Buyer, and podcast host of the BiggerPockets Money Podcast. He has contributed thousands of posts to the BiggerPockets forums, and hundreds of articles to the BiggerPockets blog and other media outlets. Scott graduated from Vanderbilt University with degrees in Economics and History, Corporate Strategy, and Finance.      THIS TOPIC IN A NUTSHELL:   [01:17] Scott’s career background [02:29] His real estate journey [03:30] Financial freedom concept and discovery of BiggerPockets platform [05:00] Getting into First deal (House hack) [07:43] Pathway to financial freedom for someone starting out [11:52] Advice to someone who wants to escape the rat race [12:40] How to build up your cash reserve [17:05] What is a middle-class trap and how to avoid it? [22:07] Scott’s take on Syndication and raising capital [24:50] Creative ways to maximize your income  [27:00] Advice to his 25-year-old self [27:52] First Entrepreneurial endeavor [28:49] Formal and informal training that shaped his journey [30:20] Biggest mistake and what he learned from it [34:00] His take on buying more properties amidst inflationary times [37:00] Using leverage on deals  [41:10] Utilizing HELOC       KEY QUOTE:   [09:42] Everyone talks about earning more money but you can’t really control that. What you can control is your savings rate, how you begin to invest, and whether you have a side hustle where you can begin to think of these great options, so I would start from there.    [10:49] Play a game you can win. I think a lot of companies have this corporate ladder. Can you stockpile enough cash from your hustle that helps you escape the rat race? Set yourself up in a game that you can win and that starts with a stable financial position, low expenses, and flexibility to pursue things that may not pay you back immediately.   [27:00] Advice to 25-year-old-self: Self-educate relentlessly. Read as much as possible, and absorb as many frameworks as possible. That’s gonna pay early in due time.       SUMMARY OF BUSINESS: BiggerPockets.com is the world's largest online network of real estate investors. We help ordinary Americans build wealth and achieve financial freedom through real estate investing. Some of our users have just a few properties and use real estate as a small part of their overall wealth-building plan, while others go all-in and use it as the primary tool in their portfolio. Our role is to help them increase the odds of success in their investing careers and help them build wealth faster and with less risk by giving them access to great content (and debate!) about nearly every aspect of real estate investing imaginable. Our members also have access to an incredible network of nearly one million investors and real estate professionals, along with a suite of tools we've designed to help them find, finance, and analyze potential investments.     ABOUT THE WESTSIDE INVESTORS NETWORK     The Westside Investors Network is your community for investing knowledge for growth. For real estate professionals by real estate professionals. This show is focused on the next step in your career... investing, for those starting with nothing to multifamily syndication.        The Westside Investors Network strives to bring knowledge and education to the real estate professional that is seeking to gain more freedom in their life. The host AJ and Chris Shepard, are committed to sharing the wealth of knowledge that they have gained throughout the years to allow others the opportunity to learn and grow in their investing. They own Uptown Properties, a successful Property Management, and Brokerage Company. If you are interested in Property Management in the Portland Metro or Bend Metro Areas, please visit www.uptownpm.com. If you are interested in investing in multifamily syndication, please visit www.uptownsyndication.com.               #investmentproperty #realestate #investment #realestateinvesting #passiveincome #propertyinvestment #passiveinvesting #realestateinvestor #selfeducate #realestateinvestment #REinvesting #financejunkie #spendless #thoughtplatform #acquisitions #financialfreedom #homebuyer #SetForLife #escapetheratrace #bestsellingauthor #househacking #valueadd #passivewealth #BiggerPockets #moneymanagement #buildyourcashreserves #broker #Denver #Colorado #accumulatecapital #assetcreation #buildyournestegg #HELOC #middleclasstrap #WIN #JointheWINpod #WestsideInvestorsNetwork     CONNECT WITH SCOTT TRENCH:   Website: https://www.biggerpockets.com/ LinkedIn: https://www.linkedin.com/in/scott-trench-53056a22/ Instagram: https://www.instagram.com/scott_trench/       CONNECT WITH US     For more information about investing with AJ and Chris:   ·    Uptown Syndication | https://www.uptownsyndication.com/   ·    LinkedIn | https://www.linkedin.com/company/71673294/admin/             For information on Portland Property Management:   ·    Uptown Properties | http://www.uptownpm.com   ·    Youtube | @UptownProperties         Westside Investors Network   ·    Website | https://www.westsideinvestorsnetwork.com/   ·    Twitter | https://twitter.com/WIN_pdx   ·    Instagram | @westsideinvestorsnetwork   ·    LinkedIn | https://www.linkedin.com/groups/13949165/   ·    Facebook | @WestsideInvestorsNetwork   ·...