Scott and Virginia Trench Discuss Aim Setting, Spending, Prenups, and Future Plans

Mindy:
Ever surprise what Scott’s duplex in his twenties was like or how frugal he actually was? Nicely, as we speak we’re bringing on an skilled and pivotal participant in Scott’s life and Scott’s Fi journey, his spouse, Virginia Trench. I’m so excited to speak with each Virginia and Scott about how their cash story has developed over time. Good day, hi there, hi there and welcome to the BiggerPockets Cash podcast. My identify is Mindy Jensen, and with me as at all times is my co-host Mr. Virginia Trench.

Scott:
That’s proper, Mindy. Tremendous excited to be on BiggerPockets cash as we speak with my pretty, fantastic spouse Virginia right here, and Virginia is definitely going to take it from right here. With the remainder of the intro,

Virginia:
BiggerPockets has a aim of making 1 million millionaires. You’re in the precise place if you wish to get your monetary home so as as a result of we really consider monetary freedom is attainable for everybody, regardless of when or the place you might be beginning.

Mindy:
Virginia, I’m so excited that you’re becoming a member of us as we speak. Welcome to the present.

Virginia:
Thanks, Mindy. It’s nice to be right here. I’ve been entrenched on this man’s life for nearly 10 years.

Scott:
She has higher puns than me and lots of occasions the puns that we use on the present have truly originated from Virginia with out due accreditation. Quotation. Yeah, due quotation.

Mindy:
We’ll let it slide. And hi there to Fred, the cat behind you who is seemingly going to horn in in your present as we speak, Virginia. So Fred piped down.

Scott:
Our daughter is at college, however we have now Fred, Virginia and our infant on the best way right here as properly.

Mindy:
Virtually everyone. Virtually everyone is right here. Nicely, that’s superior. Okay. And fairly frankly, the opposite one is what two now? So that they’re not recognized for being quiet. No,

Scott:
She ought to be. This is able to be a brief episode. Yeah.

Mindy:
Okay. So let’s return to the start of your journey collectively. Scott was home hacking a duplex. What’s your opinion of this? As a result of I noticed that duplex that he was residing in, so I do know the place you’re coming from. What was your thought if you first met this man?

Virginia:
Nicely, I believed, properly, initially, what a candy, fantastic man. And second of all, frugality takes on one other degree if you don’t warmth your residence in January in Denver, which is after we began courting, that was a purple flag for me. However each Scott and Walker, it’s humorous how getting critical girlfriends timed nearly precisely with the choice of, hey, perhaps we’ll spring for warmth right here.

Mindy:
So I additionally agree with you. That may be a purple flag. I might stroll in and be like, dude, it’s means too chilly in right here. I’m out. Nevertheless it’s that he selected to not versus his, he obtained turned off.

Virginia:
Oh yeah. This was not throughout twist state of affairs. This was very a lot self-inflicted.

Mindy:
At what level if you guys have been courting, did he deliver up this idea of economic independence?

Virginia:
Gosh, I don’t, it’s laborious to pinpoint an actual second if you introduced it up, however I believe it was simply when as we have been attending to know one another and on the time you have been creating quite a lot of content material within the Phi Universe that you’d inform me about articles that you just have been engaged on or concepts that you just had. So gosh, most likely third or fourth date, I dunno.

Scott:
Yeah, someplace early on there.

Virginia:
Early on.

Mindy:
Yeah, it was actually close to the start. Good. I like that. I used to be married earlier than we found monetary independence, so he couldn’t deliver it up on a date. He didn’t know what it was. Do you know something about it earlier than Scott shared it with you? Had you ever heard it?

Virginia:
No, I used to be so out of the entire world on the time, I used to be instructing center college English, in order that was sort of my total universe. So I used to be a whole beginner, novice and nonetheless am in so some ways, however I used to be very impressed by Scott’s dedication to it and it intrigued when he began telling me about it.

Mindy:
Was it a troublesome change to make to go from nevertheless you have been dealing with your funds earlier than to this sort? I don’t need to say excessive frugality. I don’t suppose Scott was ever extraordinarily frugal, though I say this after which we simply had that story about him not turning the warmth on in January in Denver. Scott, you loopy, however did you make modifications over time or was it sort of a, oh, properly, I suppose I’m simply going to fully change the best way that I deal with my cash.

Virginia:
Actually, I used to be so frugal simply by out of pure necessity simply with my job and what I used to be attempting to perform on the time. If something, it opened up my horizon to consider, oh, are we being frugal to attain a selected aim down the road versus are we being frugal simply to outlive on a trainer’s wage and my summer time facet hustle and all that stuff. So I used to be very, very able to be made a believer in Scott’s philosophy.

Mindy:
Did you’ve any large cash, disagreements, let’s name them disagreements.

Scott:
It wasn’t a disagreement, however I keep in mind one, perhaps you could possibly discuss how we have been like, properly, we don’t need to stay within the basement of the duplex, which then had warmth anymore after the second or third 12 months courting.

Virginia:
Oh, these weren’t disagreements, it was simply typically it’s exceptional the blind spots that Scott can have typically it’s like, properly, we’re trying to improve our residing state of affairs barely and the lease within the upstairs unit is coming due in a few months. And I went forward and related these dots and after we moved into one other townhouse after that, however then we have been considering, okay, we may use just a little more room. We’re trying to develop our household, however we’re not able to decide to our perpetually residence but. What will we do? I used to be like, properly, the lease is coming due on the 4 bed room residence.

Scott:
I do that for a residing. And I simply couldn’t course of like, oh, cash going into my enterprise is extra advantageous than cash going out to someone else as a renter there, I used to be like, I’m paying lease in any case. Why not go to this different? And Virginia was like, Scott, you’re a moron with this.

Virginia:
I protest the usage of the phrase moron. I simply gently identified that we had choices. However to reply your query, Mindy, I believe one level of shared frustration we have now is now that we monitor our spending utilizing Monarch

Speaker 4:
Is

Virginia:
We have now actually needed to come to phrases with the quantity of Amazon spending, DoorDash spending issues that we, I believe have been we not monitoring it might simply balloon and be fully uncontrolled. And so I take into consideration what, a 12 months or two in the past we determined we should be actually meticulous in monitoring each greenback and it was very eyeopening. And I typically should do a respiratory train earlier than I sit all the way down to categorize our Amazon spends.

Scott:
Yeah, that’s been an issue I believe for me within the final two, three years particularly as properly as a result of because the job with BiggerPockets, BiggerPockets ballooned over this time interval, so when Virginia and I began courting, my title was director of operations as an early worker at BiggerPockets after which I turned VP at bp. I used to be tremendous pleased with that at that time, however BiggerPockets ballooned a lot over the course of the next six, seven years after we began courting. And if there’s something that I can get from a comfort standpoint, I’m going to spend it proper now as a result of if I’m not doing that, then I’m both not having time with Virginia and Katie or I’m taking away from the job at BiggerPockets. And that obtained just a little uncontrolled most likely the final two years in the past, a 12 months or two in the past, and it’s gotten way more below management now.

Mindy:
I believe Amazon Prime is the worst finest invention ever as a result of it’s really easy to click on and I already paid for transport so I don’t should pay for transport. I’ve an enormous disconnect between shopping for one thing on-line after which it’s like, Hey, by the best way, you need to pay for transport. I’m like, I don’t want that.

Virginia:
The in dignity, what is that this, 2002?

Mindy:
Yeah, precisely. And it’s at all times costly transport too, like three or $4. I’m like, no thanks. I’ll simply go over to Amazon and get that without cost. The truth is, I’ve shared a few occasions, at the very least on the present, when someone is having a tough time getting a deal with they usually’re spending, I’m like, cancel Amazon Prime. See what occurs.

Virginia:
Comfort is a very slippery slope.

Mindy:
It truly is. And DoorDash shouldn’t be one thing I’ve ever executed simply because I’m so low cost that I can’t pay someone to select up my meals. I might slightly simply go there.

Scott:
We don’t have that drawback. Mindy,

Virginia:
Not good for you. It’s laborious to return when you’ve, once more, the comfort slippery slope, simply beware.

Mindy:
So have you ever two mixed your funds? I do know you’ve been married for 5 years.

Scott:
Yeah, we’ll come up on 5. I forgot 4 and a half years. Yeah,

Virginia:
That sounds proper. Certain we’ll say that. That’s proper. Yeah, we signed a premarital settlement. I need to say we have been speaking about this the opposite day, about six months earlier than our precise marriage ceremony and at that time is after we mixed funds.

Mindy:
Okay, so that you mixed earlier than the marriage. That’s fascinating. And the prenup, was that your thought or was that Scott’s thought?

Scott:
I believe it was each round there. Yeah,

Mindy:
I really like that. So Carl floated the concept after we have been getting married a thousand years in the past. He’s like, Hey, we should always get a prenup. And I used to be like, no, if you happen to ask me once more, we’re not getting married in any respect. I used to be so offended that he would say that in my protection we didn’t have something in any respect. We had, I dunno, a $0 web price and in reality, it turned out I had extra money than he did, so I ought to have signed that prenup. However I believe that we had an interview with Aaron Thomas from the Prenup Prescription. He wrote a guide about prenups that modified my total view on prenuptial agreements and I believe it’s episode 3 0 1. I believed it was such a fantastic episode. I really like that you just each are younger and understanding {that a} prenup helps you in your marriage in defending each of your positions even earlier than you get married. You guys are far more mature than I’m,

Virginia:
And I believe that there’s an undue cultural stigma hooked up to prenuptial agreements. And naturally we need to be married for one. We joke one lifetime, please, one lifetime. Nevertheless it was from principally how will we be clear? How will we make issues, I don’t know, as equitable as attainable? And I dunno, it simply appeared like a no brainer.

Scott:
Yeah, I believe it wasn’t approached from the standpoint of that is going, these are the issues right here, that is the way it’s going to be. It was extra similar to, let’s ensure we perceive what the principles are within the occasion that this ever occurs. What’s Scott’s property? What’s Virginia’s property? What’s marital property there? After which hopefully we by no means have to evaluation or take a look at the doc once more and

Virginia:
We are going to, as a result of

Scott:
We’re married for one lifetime. I haven’t checked out it since. It’s someplace perhaps in our

Virginia:
Secure and I’ll add that this was additionally according to, we did property planning. We did our authorized contingency plans for the care of our daughter. Simply quite a lot of issues that I believe are nitpicky issues that individuals don’t like to consider. We simply thought, why don’t we knock this all out directly so we are able to go on with our lives?

Mindy:
I really like that. Knock all of it out directly. It must be deliberate. In the event you don’t plan, then your who’s it? Aaron Lowery says you have already got a prenup settlement. It’s the divorce legal guidelines of your state. If you wish to direct them your self, then you could have this in place.

Scott:
Alright, now we obtained to take a fast advert break, however listeners, I’m tremendous excited to announce you could now purchase your ticket for BP Con 2025, which goes to be October fifth by means of seventh in Las Vegas Nevada. Rating the early chook pricing for 100 bucks off. And go to biggerpockets.com/convention whereas we’re away.

Mindy:
Welcome again to the present joined by Virginia Trench. So Virginia Scott has shared a number of occasions on this present that you just two have an annual monetary planning retreat that you just do. What’s your tackle this?

Virginia:
Oh, I don’t know. This doesn’t sound corny. It’s one in all my favourite issues about our relationship and it’s such a pleasant strategy to join frequently to ensure we’re on monitor for residing the life that we need to stay. I believe we did the primary one on our honeymoon and we replace it. Yeah,

Scott:
We replace it each quarter

Virginia:
Ish

Scott:
With few exceptions. A handful of occasions we’ve missed it in 1 / 4, executed it in the midst of it or no matter.

Virginia:
And sometimes Scott will deliver up, oh, I obtained one other query from a BiggerPockets group member. How do I get my partner on board with phi? How do I get my girlfriend to get on board with all these seemingly nutty concepts? And I actually suppose that sitting down and making a imaginative and prescient collectively, it’s an effective way to get on the identical web page and have a why behind the alternatives that you just’re making. And it has been eerie the way it has labored out. I keep in mind sitting all the way down to do our imaginative and prescient and saying, okay, properly positive, I’m going to attempt to write a guide and perhaps have some mental property to my identify, and that each one appeared like a pipe dream and my first novel is popping out this summer time. It was simply wild the opposite day to lastly be capable to maintain the guide in my fingers for the primary time.
Getting again to your query, Mindy, the imaginative and prescient is nice, however the habits and the targets are higher. There’s a lot extra vital. It’s a fantastic, we attempt to maintain one another accountable and it’s noticeable after we’re off monitor on our habits. Does this behavior assist what we finally need out of life? No. Can we should be exercising extra? Can we should be checking or spending extra? Am I blissful at my job? Do I would like to vary up my strategy to my each day at work and so forth and so forth. I may ramble on this simply as a lot as has Scott.

Mindy:
Nicely, no, I really like that. I really like that as a result of we have now ceaselessly spoken to visitors the place he’ll say, oh, she’s not on board. She doesn’t need to discuss it. She says, simply deal with all of it. Or she’s going to say, I might like to get him on board. He’s not . He received’t even hear. He received’t have these conversations. And having the cash conversations I believe is so vital since you simply stated the imaginative and prescient is nice, but it surely’s the habits and the targets which can be even higher and and I stated annual, it’s a quarterly monetary check-in. How ceaselessly are you checking in in your habits and targets?

Virginia:
Weekly. I’d say typically biweekly.

Scott:
Weekly is the aim is what we attempt to do. I might say this 12 months within the final couple of months we’ve been rather less diligent about that, however we’ve gone by means of stretches the place I’d say we might’ve gone 20 weeks in a row

Virginia:
And it’s noticeable doing something. If we have been to look again at these occasions like, oh wow, that’s after we obtained,

Scott:
Yeah,

Virginia:
That is on this executed.

Mindy:
And

Virginia:
That’s after we have been actually blissful and thriving and stuff.

Mindy:
Oh wait, so that you’re saying frequent check-ins along with your accomplice that can assist you keep on monitor to satisfy your targets is an effective factor? What a novel idea.

Virginia:
Yeah, it needs to be mutual although. My recommendation to anyone who’s hesitant to speak about this or perhaps you have been raised in a tradition the place cash is a taboo topic, when you rip the bandaid off, it turns into extra, it is going to keep scary and unapproachable if you happen to let it keep scary and unapproachable. However you probably have sincere conversations along with your accomplice, it will get simpler and simpler and higher and higher with time.

Mindy:
And also you briefly confirmed us the guide and then you definately put it again down once more. What’s the identify of this guide?

Virginia:
It’s known as Our Secrets and techniques. Have been Secure. It’s a kind of a juicy summer time thriller comes out July fifteenth. It’s a couple of group of buddies who thought they obtained away with one thing, however have been very, very incorrect about that. In the event you love kind of gone woman sort books. It’s very a lot in that vein. And yeah, I actually credit score largely our tremendous dorky aim setting course of to getting this executed and getting one other guide within the pipeline for 2026.

Scott:
The guide will likely be printed by Penguin Random Home as properly with that. In order a part of a two guide deal, Virginia may have one other guide popping out in summer time 2026 as properly. In order that was tremendous thrilling.

Mindy:
Okay. I’m very enthusiastic about that. I’ve printed two books. They have been each with BiggerPockets Publishing. I turned them each in late, means late. Considered one of them was written with Scott and his loopy schedule. My Superb Capacity, unparalleled potential to procrastinate, led each of these books to be printed late. So this aim setting and common checking in is actually, actually useful. What are a few of the issues that you just discuss in aim setting? It seems like there’s cash. It seems like there’s life stuff too, however what kind of stuff you speaking about?

Virginia:
Do you need to pull up? We will seek the advice of our newest draft.

Mindy:
Oh, do you’ve a doc written down, Scott?

Virginia:
We positive do.

Scott:
Mindy. We save every model of it.

Virginia:
Oh, and it’s a lot enjoyable. It’s like just a little reminiscence guide wanting again at earlier iterations of this, however normally we begin by describing our residence setting, what we wish that to appear to be, what we like our each day to appear to be.

Scott:
Nicely, we begin off with gratitudes. That’s good. And we’ll checklist 20 issues that have been similar to, so I at all times push for this, however we have now to do that work after we’re each in a very good temper, which usually includes a morning, sort of like late mid-morning weekend or trip day the place we’ve each labored out after which are on our first or approaching our second cup of espresso at that

Virginia:
100.0%.

Scott:
And there’s obtained to be a view within the background that feels actually vital to us. It may be mountains, it may be a picnic. It doesn’t should be an costly lavish factor, but it surely simply needs to be one thing that will get our juices going.

Virginia:
In the event you’re attempting to get your partner or your vital different on board, take into consideration once they would really feel relaxed. In case you have younger youngsters, perhaps it’s after the children are in mattress or if you may give your undivided consideration to one thing. I’ve been campaigning for years now to do that with a cocktail, however we’ve compromised with espresso, however mainly a time the place clear-minded, you take away distractions and potential sources of stress and sit down along with your accomplice.

Mindy:
Nicely, I might additionally encourage one cocktail.

Virginia:
Sure. Sure.

Mindy:
One, not two. Or get a bottle of wine and break up it over the course of a number of hours. Nicely, okay, that’s one other query. How lengthy do you spend in your weekly check-in and the way lengthy do you spend in your quarterly?

Scott:
About the identical, most likely

Virginia:
No means.

Scott:
Weekly

Virginia:
Test-in takes 10 minutes. The quarterly check-in takes half an hour

Scott:
Minimal. Yeah. Yeah, that’s truthful.

Mindy:
I might like to see this doc, not your precise doc, however erase it all of the stuff and simply see the best way that you just’ve set it up.

Scott:
I believe I did create a template model of it that was with a few of quite a lot of the issues that have been private to us eliminated or no matter. However yeah, there’s no secret sauce to this. This isn’t, this can be a piece of paper, this can be a Phrase doc that we fill out with gratitudes after which we begin, we are saying right here’s our, and for the instance, the newest one, right here’s our December thirty first, 2030 imaginative and prescient and right here’s our December thirty first, 2027 imaginative and prescient. So we begin with the long run one after which sort of bridge that to what, so right here’s what excellent appears to be like like in 5 years after which right here’s what excellent appears to be like like in three years.

Virginia:
If we’re attempting to do a step-by-step, the 1st step gratitude checklist, that’s at all times actually enjoyable to do and an effective way to middle the dialog. Step two, kind of start with the top in thoughts, which is a superb behavior forming framework. Suppose, I don’t know, you could possibly do 10 years, you could possibly do seven years, 5 years into the long run and be as descriptive as attainable.

Scott:
And it’s at all times a draft, so none of that is everlasting and we truly replace it each quarter. That’s the ritual. So it most likely took us perhaps an hour the primary time and now it’s half-hour. However then we at all times make a slight change, a tweak right here or there. Hey, we need to journey a bunch and that sort of urge is smaller now let’s revise that element of this and do one thing and exchange it with one thing else. That’s superior. As a substitute like a toy that we have now. That’s

Virginia:
So true.

Scott:
Having

Virginia:
A introducing younger youngsters into our lives. We’ll get again to the journey one in a couple of years

Scott:
And so most likely it’s moved quite a bit. If we have been to start out with our first one 4 and a half years in the past, we obtained married on our honeymoon. That one could be very completely different than the one we have now now, but it surely hasn’t moved a lot in most likely the final two years, two and a half years. They’re fairly remarkably constant now and we simply preserve attempting to maneuver nearer and nearer in the direction of ’em.

Mindy:
My expensive listeners, we might like to hit 100 thousand subscribers on our YouTube channel and we’d like your assist. Whereas we take a fast break, if you happen to may do me a favor and hop on over to youtube.com/biggerpockets cash to ensure you are subscribed to our channel. Keep tuned for extra after the break.

Scott:
Thanks for sticking with us.

Mindy:
So that you’ve obtained the setting, you’ve obtained your, I’m assuming that you just revisit the newest one that you just did. You’re checking in in your quarterly. Stroll me by means of how this works.

Virginia:
Certain. So after we undergo the 5 12 months, 10 12 months imaginative and prescient, we hammer out a couple of extra specifics, however we take into consideration, okay, what are my private prime three targets, the three greatest issues I ought to be specializing in in my life with a view to be working in the direction of that imaginative and prescient. So typically, I imply I’d say 90% of the time that shakes out to knowledgeable aim, a well being associated aim and one associated to household group and that kind of factor. Would you say that that’s

Scott:
Proper? Sure.

Virginia:
Yeah, so when you outline the massive three, you consider, okay, what does that appear to be on a weekly foundation? Every day, what ought to I be specializing in?

Scott:
Then we are going to normally department off from there and we’ll every set our aim. Right here’s the targets that we have now collectively, however then we every set our targets in derivations of that. That’s the place we begin branching out just a little bit. I exploit a journal that I’ve used for 10 years that’s variety like a tacky self-help journal in Virginia, simply converted to at least one from Goal for $12.

Mindy:
These a

Virginia:
Nice,

Scott:
Didn’t order it on-line as a result of we’re not ordering as a lot stuff on-line anymore.

Mindy:
You’ve realized already, Carl and I, truly, that is sort of loopy that we’re having this dialog proper now. Carl and I simply determined we had been setting some targets like assembly each morning to have aim setting for the day and that’s very straightforward to fall by the wayside as a result of it’s so frequent, but in addition life simply sort of jumps up in entrance of you. So we determined as we speak that we have been going to do that and I actually like having the completely different targets. It’s proper now it’s simply how we going to get this home executed. However skilled targets, well being targets, household and group targets. We aren’t actually speaking about these. So I like these completely different concepts.

Scott:
We decide three, or at the very least I do, I decide three large ones which can be a very powerful for that as a result of can’t, you may’t get all eight, all these self-help gurus have these eight wheel of life classes as a result of that’s the precise strategy to do it. It’s like the way you do in every a type of. You may’t ever prioritize all eight directly. I really feel there’s obtained to be three priorities, one to 3,

Virginia:
And I’ll say that we’re not often if ever excellent after we do these check-ins. It’s uncommon when we have now a pair days in a row after we hit 100% throughout the board. That is very a lot a attempt for it, however most days I’d say I common 75%, 80%, 100% on a fantastic actually productive day when every thing appears to be going properly. Nevertheless it’s very a lot we attempt, we’re not too laborious on ourselves and I don’t need to sound like we’re tremendous militant about this, however so long as you are attempting, that’s if you begin to see the outcomes in my view.

Scott:
Yeah, most quarters, most weeks and most days of our marriage, we’ve been making use of some model of this imperfectly and tending to maneuver in the direction of the life we wish, I believe, and it’s been fantastic.

Virginia:
Yeah, progress over perfection for positive.

Mindy:
Yeah, perfection is the enemy of progress. Okay, so Virginia, wanting again in your monetary journey with Scott, is there something that you’d’ve modified?

Virginia:
I believe one factor that I’m engaged on now that I ought to have labored on sooner is simply extra self-education. I really am. There are areas in our marriage the place I’m the skilled in areas the place Scott is the skilled, however I want that I had taken extra time to teach myself to be extra of an lively participant and there are definitely nonetheless occasions it’s tax season. Scott is dealing with that, the place simply the sheer lopsidedness of our experience makes it a lot extra environment friendly for Scott to only drive and clearly we seek the advice of on every thing however kind of be the choice maker. However yeah, I believe that for therefore lengthy I had a really worry pushed relationship with cash and if I may return and speak to my youthful self, I might say, look, there’s nothing to be afraid of. Simply by avoiding one thing doesn’t imply that you just’re going to magically get any kind of end result. Avoiding issues by no means will get you what you need. So I believe that’d be the factor I might change.

Mindy:
I’m proper there with you. I do 0% of the taxes. If it was as much as me to get the taxes executed, I might collect up all of my stuff and take it to someone to do them and Carl is taking it to someone to do them, however then he’s obtained all of those data and all of every thing that he’s double checking towards every thing earlier than he submits it to the accountant and I’m completely blissful to let him deal with that as a result of he’s good at it. I don’t know that enjoys is the precise phrase to explain his emotions for it, however he doesn’t hate it and I might completely hate it and he’s executed it for sort of our entire lives. So why would I need to deprive him of that pleasure? But in addition it might take me a lot longer to determine it out. Plus one in all us has a job and one in all us doesn’t so he can take the time to do it versus me sitting there taking the entire time to discover ways to do all of it when he’s already executed it for therefore lengthy.

Virginia:
For positive. This may look like a foolish instance, however one factor I attempt to be loud about in my work shouldn’t be devaluing the home work of ladies, but when I have been to ship you to a grocery retailer and say we’d like groceries for the week to feed our little household of three, holding in thoughts our toddlers likes and dislikes and similar to God, we’re simply actually attempting to get her to eat a vegetable each on occasion, it might take twice as lengthy. The end result could be horrible and it’s simply extra environment friendly and simpler for me to only do it.
Okay, one fast story. So Scott is so candy, he stated, Virginia, to your birthday, I’m going to make you a carrot cake, my favourite. And he goes to the shop to get the mandatory elements and he doesn’t decide a newbie recipe. It is a New York Instances lots of of recipe remark very in depth, get out the standing mixer from scratch recipe with excessive altitude modifications, bless his coronary heart. The recipe known as for shredded coconut. Scott comes residence with two entire coconuts and he’s like, yeah, these are actually costly. You don’t say that the coconut provide in Colorado. Hey, I’m amazed you didn’t get a great worth. That is eggs first, coconuts subsequent whatcha going to do. So he comes residence with two entire coconuts and the recipe additional known as for shredded carrots. So he introduced residence unpeeled, the bag of entire carrots and I used to be similar to, oh honey, you already know, should purchase these items pre shredded. So again to the shop. And so all that’s to say,

Scott:
Nicely, I hand shredded the carrots, however the coconuts, it was simply untenable. You may’t do it, hammer it aside after which you need to grate the coconut.

Virginia:
I didn’t need to appear ungrateful. It was such a candy labor of affection making this cake, which was completely scrumptious. By the best way, if you have been executed, I used to be very impressed. I didn’t need to sound ungrateful, however I used to be simply sort of like, what’s your plan for these? We have now a hammer within the storage, however what’s the following step? All of that’s to say,

Scott:
I went out to the grocery retailer and obtained a bag of shredded coconuts and that solved the issue. I now know that you just a shredded coconuts, shredded coconuts are available, luggage yow will discover

Virginia:
Within the baking aisle of just about any grocery retailer. However all of that’s to say in a wedding, there are occasions I believe Kevin Hart stated, that is comic, it’s so humorous. So there are occasions if you’re singing lead and there are occasions if you’re taking part in the triangle and it’s okay to shift these forwards and backwards as needed as you construct a life collectively. Do I want and am I attempting to make an effort to be extra participatory in our funds and the way we lever that to stay the life we wish? Sure. However does that imply I have to turn into, it’s price my time to turn into a tax skilled or for Scott to go on the Nice British Baking Present? Most likely not. In order that’s the place we’re with that.

Mindy:
Okay. I believe our husbands are very comparable, Virginia, as a result of I’ve that very same story besides it was when Carl was going to make me a key lime pie meringue on the highest. I don’t know if you happen to’ve ever made meringue. I might like to see scotch, attempt to make meringue. Carl simply sort of, he put the egg whites in a bowl and gave him a little bit of a stir after which poured it proper on prime of the cake and he’s like, does it simply puff up within the oven?

Virginia:
I’ve by no means made meringue. It’s a complete factor.

Mindy:
You need to whip it along with your blender for 5 minutes on excessive. It it not simply, they don’t simply puff up within the oven. It was very, very candy.

Scott:
The vital takeaway from all that is that the cake was superior, the cake was superior. I nonetheless have to work on icing. Icing shouldn’t be my energy of mine proper now.

Virginia:
I used to be so pleased with you. It was completely fantastic.

Mindy:
So let’s get again into the cash dialogue. Scott lately bought a big share of the index funds that you just maintain. Did you guys talk about this forward of time?

Virginia:
Sure. Scott is my favourite nerd on the planet and what made me purchase in actually and figuratively to this concept was simply his evaluation of historic developments saying, gosh, if you happen to look again for the previous century, each time this ratio has been this lopsided, like a crash has been coming or it’s good to guard towards the opportunity of one. I do know you’re very bullish about saying, I’m not saying that Mark’s going to crash, in order that’s not essentially the purpose right here, however Scott does. He loves a deep dive and I really like that about him. So once I know that when he’s actually fired up about one thing and he begins bringing out all of the graphs and statistics and stuff, it’s like, okay, right here we go. Time to buckle down and take heed to what he has to say. So yeah, we did discuss it

Scott:
And the opposite half was simply the revenue that we predict we are able to get from this property as Mindy serving to us with the deal there. I imply, it simply covers

Virginia:
Such thank ndi. We don’t dunno what we do with out you.

Scott:
Yeah, thanks. And it simply covers a lot of the day-to-day family bills that we’d have. And I really feel it’s vital for us to make it possible for we live a life-style that’s properly as a conservatively hearth, even if I in fact nonetheless earn an revenue as CEO EO right here at BiggerPockets with it. I simply really feel like that needs to be congruent with what I do professionally and in my residence life round there. In any other case I’d really feel like I’m not residing working towards what I preach mainly.

Virginia:
I believe we’re at a stage now with our funds the place we’re taking part in to maintain what we have now and that was a part of that technique.

Mindy:
Alright, we’re speaking about Scott promoting his index funds. That was episode 6 0 7. We only recently launched it on the finish of February and Scott backs up his place, makes a very good case for why he’s making this alternative. Carl and I didn’t select to observe in Scott’s footsteps, which doesn’t make it a nasty determination. It makes it a call that we don’t need for us. I really like what you stated, Virginia. You stated his evaluation of historic information. Scott didn’t simply take a look at the inventory market and say, oh, the PE ratio is 31 I’m going to promote. He checked out all of every thing, and also you’re proper, he loves a great deep dive. As anyone listening to this podcast is aware of, Scott likes to go down a rabbit gap, he went down a rabbit gap and got here to a call for him and properly for you, not for everyone.
He’s simply encouraging folks to take a look at completely different factors of view, not only one, which incorporates don’t simply take heed to Scott, don’t simply take heed to me, do your individual analysis. That is your cash and if you happen to depart your entire cash within the index funds and one thing occurs, you’re the one one which’s going to be having to cope with that along with your place like that. Similar to if I select to go away mine within the index funds and it seems that Scott was prescient, then I’m going to should cope with that. But when I keep the course and Scott makes a change, he’s going to cope with that. And the explanation he’s going to cope with that’s as a result of he went by means of and did the entire analysis within the first place. So yeah, I additionally suppose it helps that you just obtained a smoking scorching deal on a property. This Scott was occurring to take a look at the market. He’s like, Hey, that makes quite a lot of sense to me primarily based on the data that I’ve about actual property usually, the market specifically, and that location particularly, I believe this can be a good wager. So he made an knowledgeable determination, not a fly by the town of your pants determination. And that’s what I really like a lot about that call.

Scott:
Yeah, only a tip for folk listening right here. You might take you 5 minutes to check this out, however simply go take a look at Zillow or speak to an agent in your native market and simply take a look at what’s on the market for funding properties after which take a look at what is definitely bought. And my guess is that you just’re going to take a look at the stuff that’s on the market and say, that’s absurd. It might by no means work. It’s ridiculous. It’s means overpriced, however if you take a look at what’s truly bought, you’re like, huh, I might’ve purchased 5 or seven of these. Now this won’t be true in each market, most likely 75% of you’ll say, properly, the stuff that’s bought is not any higher, however I wager you 25% of you listening will likely be like, huh, there are literally good offers shifting. And that’s actually what got here down for me and Mindy, we discuss that at size within the guide we wrote collectively. First time residence purchaser only for common residence consumers, not even buyers. However that was actually did it for me is I simply appeared up and did that train that I ought to have been doing extra usually for the final two years and I used to be like, wow, that’s large distinction.

Mindy:
Alright, Virginia, I’m so delighted that you just joined us on this present as we speak. And Scott, you’re cool too.

Virginia:
That is a lot enjoyable. Thanks Mindy.

Mindy:
Thanks for

Virginia:
Having me. Thanks for happening

Scott:
Virginia.

Mindy:
I believe you need to come again once more. So as soon as we cease recording I’ll play you with compliments in order that you’ll come again and be a part of us once more.

Virginia:
Possibly Carl and I can do a takeover. That may be enjoyable.

Mindy:
Oh, that will be superior. Alright. And naturally ensure to deliver Fred

Virginia:
Naturally.

Scott:
Yeah, Fred doesn’t should be requested.

Mindy:
That’s so true. Do cats ever should be requested? Alright, thanks a lot to your time as we speak, Virginia. This was a lot enjoyable. And the guide is known as Our Secrets and techniques. Have been Secure. And it’s out in July of 2025.

Virginia:
Sure.

Scott:
Sure.

Mindy:
Superior. Okay, thanks a lot and we’ll speak to you quickly.

Virginia:
Thanks.

Mindy:
Alright, that wraps up this unbelievable episode of the BiggerPockets Cash podcast. She is Virginia Trench. He’s Mr. Virginia Trench, and I’m Indy Jensen saying Goodbye. Cool, cat, that’s a wrap.