About this episode

Scott Trench discusses the challenges of saving the first $25,000 and offers a roadmap to overcome common pitfalls.

Getting to your first $25,000 saved is harder than anything that comes after it. Not because the math is complicated -- because the habits aren't built yet, the fixed expenses are already set, and the standard advice about cutting small treats completely misses where the real leverage is. Scott Trench, VP of Operations at BiggerPockets and author of Set for Life, brings a roadmap that challenges almost everything you've heard about getting started -- and it begins with a decision most people aren't willing to make. What You'll Walk Away With Why the first $25,000 is the hardest milestone -- and why cutting lattes and happy hours won't get you there The three budget categories that actually matter -- and why they account for two thirds of what most people spend Why saving your next $1,000 is more valuable than earning your next $1,000 -- and the tax math that proves it The house hacking strategy that can eliminate your largest monthly expense entirely -- even if you never want to be a full-time landlord Why stocks are less risky than bonds for long-term investors -- and the age-based argument Scott makes that most people miss The counterintuitive case for spending more on fun…

People in this episode

Guest: Scott Trench

Topics covered

• saving money
• budgeting
• financial habits
• investing strategies
• house hacking
• retirement planning

Keywords

• first $25,000
• budget categories
• house hacking
• stocks vs bonds
• retirement account trap
• financial habits

Mentioned in this episode

Organizations: BiggerPockets

Books & works: Set for Life

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