How to Start Investing After Becoming Debt-Free

So you're debt-free, now what? Unless you’re a money nerd, knowing how to start investing from scratch isn’t as easy as it seems. With so many options out there and the economy faltering, how do beginners avoid getting burnt? Is something like real estate investing out of reach for new investors in times like today? These questions become even more complicated if you’re like today’s guest, Steven.

Steven recently became debt-free (woohoo!) after paying off six figures worth of combined student, auto, and credit card debt. But because he’s been so focused on paying off debt, investing isn’t coming easy to him. With a baby on the way, he wants to be sure he’s making the smartest moves possible to put himself, his wife, and his child in a position to succeed. But real estate investing, stocks, and other assets aren’t his only worry.

With two job offers on the table, both with separate benefits and drawbacks, Steven is suffering from analysis paralysis, unsure how to move forward. Should he take the job with higher pay and remote flexibility or go with the lower-paid job that offers career growth potential? Thankfully, with Scott out on dad duty, Mindy doesn't have to serve as the lone suggester. Joining her on this episode is J Scott, experienced investor, father, and author of the newest book, “Real Estate by the Numbers.”

00:00 Intro
04:19 Income, Expenses, Assets, and Liabilities
12:42 From Serial Spender to Debt-Free
17:50 Financial Goals and Finding Your Tribe
25:51 Flexibility vs. Finances in a Job
38:54 Alternative Job Options
42:30 Budget Busters and Side Income
50:07 How to Start Investing
01:00:50 Grab J's New Book!

Show Notes at:
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Grab J’s New Book, “Real Estate by the Numbers”:
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Tune into BiggerPockets’ New “On the Market” Podcast:
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Episode 348

#biggerpockets #biggerpocketsmoney #money348

[Thehharrison]

I’m confused why they skate around the real issue… he has budgeted $330/week on eating out! That’s $17, 160 a year…the baby isn’t eating at the restaurants..so that leaves the two of them…he mentioned Whataburger and Chick-fil-A let’s say each meal is $10, that’s 1, 716 trips to these restaurants, or 4.7 trips to eat out each day. Yea they are likely not going to those places everyday but you have to discipline yourself even when investing, the problem is clear yet he doesn’t seem like he wants to face that fact. Disappointed that they never emphasized his real financial issue.

[TheFirstRealChewy]

I started learning about investing at the start of this year. There are so many ways to invest money. All of them can be successful, all of them can fail, and all of them require different levels of work.

Just like you have more investment options if you have more money, you have more investment options if you are willing to put in more work.

[rachelcrossen]

Stay at home mom of 3. Trust me when I tell you that you can not work full time and take care of a child. Even a baby. Sometimes they cry for long periods of time. Sometimes they don’t nap well. Some days are super fussy. Lots of feedings. Even a newborn takes lots of time and once they get mobile you can barely sit down.

[miamiflorida]

If they save that $1300 a month in restaurants, they can go on a cruise 2 x's a month and eat at every restaurant on the ship for free! 🤩

[travelnurseadventures]

Congrats to Steven and his Family🎉 great job 🎉

[josima]

I hope you get everything you need....centipede