BiggerPockets Money26 Nov 2024

7 Scorching Money Hot Takes That Will Make Your Financial Advisor Cringe

Is frugality overrated? Is hustle culture a waste of time? Do we over-save for retirement? You don’t have to look very far to find a hot take online, but is there some truth to these opinions? Today, we’ll wade through bad financial advice, bust common money myths, and (hopefully) find some personal finance tips we agree with!

Welcome back to the BiggerPockets Money podcast! Personal finance is personal for a reason. Spending, saving, and investing vary from one person to the next based on their habits, risk tolerance, and season of life. But how much advice is just flat-out wrong? In this episode, Mindy and Amanda Wolfe are breaking down some of the internet’s wildest views on money. First, we’ll share some of the biggest lies we were told about money when we started our financial independence journeys—like “the stock market is too risky” and “you should work until age sixty-five.”

Then, we’ll dive into seven controversial opinions and whether there’s any validity to them. Should FIRE-focused folks ever take work sabbaticals? Is a one or two-month emergency fund enough in 2024? Is being a lifelong renter ever a savvy move? Which takes do we oppose, and which advice is actually worth following? Stay tuned to find out!

In This Episode We Cover

The biggest lies about money Mindy and Amanda used to believe

Whether work sabbaticals are a smart use of money on the journey to FIRE

The case against budgets and why you probably have one (even if you think you don’t)

Whether Americans save TOO much money for retirement (and why!)

Why it’s not overkill to keep a six-to-twelve-month emergency fund in 2024

The costs of buying a house and whether renting is ever the better retirement play

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Join BiggerPockets for FREE

Email Mindy: Mindy@biggerpockets.com

Email Scott: Scott@biggerpockets.com

BiggerPockets Money Facebook Group

BiggerPockets Money 97 - Intentionally Choosing the Path to Financial Independence with Financial Mechanic

BiggerPockets Money 110 - Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life

Amanda’s Website

Reach FIRE Faster with the Book “Set for Life”

Find an Investor-Friendly Agent in Your Area

Do You Need Debt to Reach FIRE? How to Use Leverage to Build Wealth

(00:00) Intro

(00:58) Money Lies We Used to Believe

(03:25) Sabbaticals Are “Irresponsible”

(07:33) I Don’t Budget!

(11:47) We Save TOO Much

(19:54) Frugality Is Overrated

(25:45) Hustling Is a Waste of Time

(32:23) I’d Rather Rent Than Buy

(34:57) Your Emergency Fund’s Too Big

(41:42) Connect with Amanda!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-584

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