Scott and Virginia Trench Talk Goal Setting, Spending, Prenups, and Future Plans

Mindy:Ever marvel what Scott’s duplex in his twenties was like or how frugal he actually was? Effectively, at this time we’re bringing on an professional 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. Howdy, howdy, howdy and welcome to the BiggerPockets Cash podcast. My title 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 at this time with my beautiful, 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 suitable place if you wish to get your monetary home so as as a result of we really imagine monetary freedom is attainable for everybody, regardless of when or the place you’re beginning.

Mindy:Virginia, I’m so excited that you’re becoming a member of us at this time. 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 howdy to Fred, the cat behind you who is seemingly going to horn in in your present at this time, Virginia. So Fred piped down.

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

Mindy:Nearly all people. Nearly all people is right here. Effectively, that’s superior. Okay. And fairly frankly, the opposite one is what two now? In order that they’re not recognized for being quiet. No,

Scott:She must 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 dwelling in, so I do know the place you’re coming from. What was your thought if you first met this man?

Virginia:Effectively, 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 condo in January in Denver, which is after we began relationship, that was a pink flag for me. However each Scott and Walker, it’s humorous how getting severe 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 could be a pink flag. I might stroll in and be like, dude, it’s method too chilly in right here. I’m out. Nevertheless it’s that he selected to not versus his, he bought turned off.

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

Mindy:At what level if you guys have been relationship, 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 feel 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 simply have been engaged on or concepts that you simply had. So gosh, in all probability 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 complete 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 nonetheless you have been dealing with your funds earlier than to this type? I don’t wish 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 assume I’m simply going to utterly change the best way that I deal with my cash.

Virginia:Truthfully, 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 realize a selected aim down the road versus are we being frugal simply to outlive on a trainer’s wage and my summer season aspect 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 have got any massive cash, disagreements, let’s name them disagreements.

Scott:It wasn’t a disagreement, however I bear in mind one, perhaps you would speak about how we have been like, properly, we don’t wish to dwell within the basement of the duplex, which then had warmth anymore after the second or third yr relationship.

Virginia:Oh, these weren’t disagreements, it was simply generally it’s outstanding the blind spots that Scott can have generally it’s like, properly, we’re trying to improve our dwelling scenario barely and the lease within the upstairs unit is coming due in a few months. And I went forward and linked these dots and after we moved into one other townhouse after that, however then we have been considering, okay, we might use a bit more room. We’re trying to develop our household, however we’re not able to decide to our perpetually dwelling but. What can we do? I used to be like, properly, the lease is coming due on the 4 bed room condo.

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

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

Speaker 4:Is

Virginia:We’ve got actually needed to come to phrases with the quantity of Amazon spending, DoorDash spending issues that we, I feel have been we not monitoring it will simply balloon and be utterly uncontrolled. And so I take into consideration what, a yr or two in the past we determined we have to be actually meticulous in monitoring each greenback and it was very eyeopening. And I generally need to do a respiration train earlier than I sit right down to categorize our Amazon spends.

Scott:Yeah, that’s been an issue I feel 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 relationship, my title was director of operations as an early worker at BiggerPockets after which I turned VP at bp. I used to be tremendous happy with that at that time, however BiggerPockets ballooned a lot over the course of the next six, seven years after we began relationship. 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 bought a bit uncontrolled in all probability the final two years in the past, a yr or two in the past, and it’s gotten far more beneath management now.

Mindy:I feel 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 need to 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, it’s important 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 free of charge. Actually, I’ve shared a few occasions, not less than on the present, when any person 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 performed simply because I’m so low-cost that I can’t pay any person to select up my meals. I might slightly simply go there.

Scott:We don’t have that downside. 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. Positive we’ll say that. That’s proper. Yeah, we signed a premarital settlement. I wish to say we have been speaking about this the opposite day, about six months earlier than our precise wedding 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 concept or was that Scott’s concept?

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

Mindy:I really like that. So Carl floated the thought 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, in case you 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 internet price and actually, it turned out I had extra money than he did, so I ought to have signed that prenup. However I feel that we had an interview with Aaron Thomas from the Prenup Prescription. He wrote a ebook about prenups that modified my complete view on prenuptial agreements and I feel it’s episode 3 0 1. I believed it was such a terrific episode. I really like that you simply 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 feel that there’s an undue cultural stigma connected to prenuptial agreements. And naturally we wish to be married for one. We joke one lifetime, please, one lifetime. Nevertheless it was from principally how can we be clear? How can we make issues, I don’t know, as equitable as doable? And I dunno, it simply appeared like a no brainer.

Scott:Yeah, I feel 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 identical to, let’s be certain that 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 must assessment or have a look at the doc once more and

Virginia:We’ll, 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:Protected 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 feel are nitpicky issues that individuals don’t like to consider. We simply thought, why don’t we knock this all out without delay so we are able to go on with our lives?

Mindy:I really like that. Knock all of it out without delay. It must be deliberate. When 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 it’s worthwhile to have this in place.

Scott:Alright, now we bought to take a fast advert break, however listeners, I’m tremendous excited to announce you can now purchase your ticket for BP Con 2025, which goes to be October fifth by 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 simply two have an annual monetary planning retreat that you simply 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 regularly to ensure we’re on observe for dwelling the life that we wish to dwell. I feel 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, performed it in the course of it or no matter.

Virginia:And sometimes Scott will deliver up, oh, I bought one other query from a BiggerPockets neighborhood 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 a good way to get on the identical web page and have a why behind the alternatives that you simply’re making. And it has been eerie the way it has labored out. I bear in mind sitting right down to do our imaginative and prescient and saying, okay, properly certain, I’m going to attempt to write a ebook and perhaps have some mental property to my title, and that every one appeared like a pipe dream and my first novel is popping out this summer season. It was simply wild the opposite day to lastly be capable of maintain the ebook in my arms for the primary time.Getting again to your query, Mindy, the imaginative and prescient is nice, however the habits and the objectives are higher. There’s a lot extra essential. It’s a terrific, we attempt to maintain one another accountable and it’s noticeable after we’re off observe on our habits. Does this behavior help what we in the end need out of life? No. Can we have to be exercising extra? Can we have to be checking or spending extra? Am I completely happy at my job? Do I would like to alter up my method to my day after day at work and so forth and so forth. I might ramble on this simply as a lot as has Scott.

Mindy:Effectively, no, I really like that. I really like that as a result of now we have ceaselessly spoken to visitors the place he’ll say, oh, she’s not on board. She doesn’t wish to speak about 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 pay attention. He received’t have these conversations. And having the cash conversations I feel is so essential since you simply stated the imaginative and prescient is nice, nevertheless it’s the habits and the objectives which might 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 objectives?

Virginia:Weekly. I’d say generally biweekly.

Scott:Weekly is the aim is what we attempt to do. I might say this yr within the final couple of months we’ve been rather less diligent about that, however we’ve gone by 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 bought,

Scott:Yeah,

Virginia:That is on this performed.

Mindy:And

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

Mindy:Oh wait, so that you’re saying frequent check-ins along with your associate that will help you keep on observe to satisfy your objectives 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’ll keep scary and unapproachable in case you let it keep scary and unapproachable. However if in case you have trustworthy conversations along with your associate, it will get simpler and simpler and higher and higher with time.

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

Virginia:It’s known as Our Secrets and techniques. Had been Protected. It’s a kind of a juicy summer season thriller comes out July fifteenth. It’s a few group of pals who thought they bought away with one thing, however have been very, very improper about that. When you love kind of gone woman kind 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 performed and getting one other ebook within the pipeline for 2026.

Scott:The ebook will probably be revealed by Penguin Random Home as properly with that. In order a part of a two ebook deal, Virginia can have one other ebook popping out in summer season 2026 as properly. In order that was tremendous thrilling.

Mindy:Okay. I’m very enthusiastic about that. I’ve revealed two books. They have been each with BiggerPockets Publishing. I turned them each in late, method late. One in every of them was written with Scott and his loopy schedule. My Wonderful Potential, unparalleled potential to procrastinate, led each of these books to be revealed late. So this aim setting and common checking in is de facto, actually useful. What are a few of the issues that you simply speak about in aim setting? It appears like there’s cash. It appears like there’s life stuff too, however what kind of belongings you speaking about?

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

Mindy:Oh, do you have got a doc written down, Scott?

Virginia:We certain do.

Scott:Mindy. We save every model of it.

Virginia:Oh, and it’s a lot enjoyable. It’s like a bit reminiscence ebook wanting again at earlier iterations of this, however normally we begin by describing our dwelling setting, what we would like that to appear like, what we like our day after day to appear like.

Scott:Effectively, we begin off with gratitudes. That’s good. And we’ll record 20 issues that have been identical to, so I at all times push for this, however now we have to do that work after we’re each in a very good temper, which generally 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 bought to be a view within the background that feels actually essential to us. It may be mountains, it may be a picnic. It doesn’t need to be an costly lavish factor, nevertheless it simply needs to be one thing that will get our juices going.

Virginia:When you’re attempting to get your partner or your important different on board, take into consideration once they would really feel relaxed. If in case you have younger youngsters, perhaps it’s after the youngsters are in mattress or if you can provide 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 principally a time the place clear-minded, you take away distractions and potential sources of stress and sit down along with your associate.

Mindy:Effectively, 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. Effectively, 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, in all probability

Virginia:No method.

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 simply’ve set it up.

Scott:I feel 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 latest 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 term 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 first step gratitude record, that’s at all times actually enjoyable to do and a good way to heart the dialog. Step two, kind of start with the top in thoughts, which is a superb behavior forming framework. Assume, I don’t know, you would do 10 years, you would do seven years, 5 years into the longer term and be as descriptive as doable.

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 in all probability 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 wish to journey a bunch and that sort of urge is smaller now let’s revise that part of this and do one thing and exchange it with one thing else. That’s superior. As an alternative like a toy that now we have. 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 number of years

Scott:And so in all probability 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 bought married on our honeymoon. That one could be very totally different than the one now we have now, nevertheless it hasn’t moved a lot in in all probability the final two years, two and a half years. They’re fairly remarkably constant now and we simply maintain 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 want your assist. Whereas we take a fast break, in case you might 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 bought the setting, you’ve bought your, I’m assuming that you simply revisit the latest one that you simply did. You’re checking in in your quarterly. Stroll me by how this works.

Virginia:Positive. So after we undergo the 5 yr, 10 yr imaginative and prescient, we hammer out a number of extra specifics, however we take into consideration, okay, what are my private high three objectives, the three largest issues I must be specializing in in my life to be able to be working in the direction of that imaginative and prescient. So usually, 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 neighborhood 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 like 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 objectives that now we have collectively, however then we every set our objectives in derivations of that. That’s the place we begin branching out a bit bit. I exploit a journal that I’ve used for 10 years that’s type 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 objectives like assembly each morning to have aim setting for the day and that’s very simple 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 at this time that we have been going to do that and I actually like having the totally different objectives. It’s proper now it’s simply how we going to get this home performed. However skilled objectives, well being objectives, household and neighborhood objectives. We aren’t actually speaking about these. So I like these totally different concepts.

Scott:We choose three, or not less than I do, I choose three massive ones which might be a very powerful for that as a result of can’t, you’ll be able to’t get all eight, all these self-help gurus have these eight wheel of life classes as a result of that’s the suitable strategy to do it. It’s like the way you do in every a type of. You may’t ever prioritize all eight without delay. I really feel there’s bought to be three priorities, one to a few,

Virginia:And I’ll say that we’re not often if ever excellent after we do these check-ins. It’s uncommon when now we have a pair days in a row after we hit 100% throughout the board. That is very a lot a strive for it, however most days I’d say I common 75%, 80%, 100% on a terrific actually productive day when the whole lot appears to be going properly. Nevertheless it’s very a lot we strive, we’re not too laborious on ourselves and I don’t wish 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 for my part.

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 would like, I feel, and it’s been fantastic.

Virginia:Yeah, progress over perfection for certain.

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 feel 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 professional in areas the place Scott is the professional, however I want that I had taken extra time to coach myself to be extra of an energetic 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 the whole lot however kind of be the choice maker. However yeah, I feel that for thus lengthy I had a really concern pushed relationship with cash and if I might return and discuss 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 simply’re going to magically get any kind of end result. Avoiding issues by no means will get you what you need. So I feel 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 performed, I might collect up all of my stuff and take it to any person to do them and Carl is taking it to any person to do them, however then he’s bought all of those information and all of the whole lot that he’s double checking in opposition to the whole lot earlier than he submits it to the accountant and I’m completely completely happy to let him deal with that as a result of he’s good at it. I don’t know that enjoys is the suitable phrase to explain his emotions for it, however he doesn’t hate it and I might completely hate it and he’s performed it for sort of our entire lives. So why would I wish to deprive him of that pleasure? But in addition it will 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 learn to do all of it when he’s already performed it for thus lengthy.

Virginia:For certain. This would possibly seem to be a foolish instance, however one factor I attempt to be loud about in my work shouldn’t be devaluing the home work of girls, but when I have been to ship you to a grocery retailer and say we want groceries for the week to feed our little household of three, conserving in thoughts our toddlers likes and dislikes and identical to God, we’re simply actually attempting to get her to eat a vegetable each every so often, it will 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 required substances and he doesn’t choose a newbie recipe. It is a New York Occasions 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 dwelling 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 superb value. That is eggs first, coconuts subsequent whatcha going to do. So he comes dwelling with two entire coconuts and the recipe additional known as for shredded carrots. So he introduced dwelling unpeeled, the bag of entire carrots and I used to be identical to, oh honey, you realize, should purchase this stuff pre shredded. So again to the shop. And so all that’s to say,

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

Virginia:I didn’t wish 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 performed, I used to be very impressed. I didn’t wish to sound ungrateful, however I used to be simply sort of like, what’s your plan for these? We’ve got a hammer within the storage, however what’s the subsequent step? All of that’s to say,

Scott:I went out to the grocery retailer and bought a bag of shredded coconuts and that solved the issue. I now know that you simply a shredded coconuts, shredded coconuts are available, luggage you’ll find

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 feel 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 enjoying the triangle and it’s okay to shift these forwards and backwards as mandatory 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 dwell the life we would like? Sure. However does that imply I must develop into, it’s price my time to develop into a tax professional or for Scott to go on the Nice British Baking Present? In all probability not. In order that’s the place we’re with that.

Mindy:Okay. I feel 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 in case you’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 high 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 an entire 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 essential takeaway from all that is that the cake was superior, the cake was superior. I nonetheless must work on icing. Icing shouldn’t be my power of mine proper now.

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

Mindy:So let’s get again into the cash dialogue. Scott not too long ago bought a big share of the index funds that you simply maintain. Did you guys focus on 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 assessment of historic developments saying, gosh, in case you 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 in opposition to the potential for 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 after 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 hearken to what he has to say. So yeah, we did speak about 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 essential for us to guarantee that we live a way of life that’s properly as a conservatively fireplace, even though 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 dwelling life round there. In any other case I’d really feel like I’m not dwelling practising what I preach principally.

Virginia:I feel we’re at a stage now with our funds the place we’re enjoying to maintain what now we have 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 in the near past 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 resolution. It makes it a choice that we don’t need for us. I really like what you stated, Virginia. You stated his assessment of historic knowledge. Scott didn’t simply have a look at the inventory market and say, oh, the PE ratio is 31 I’m going to promote. He checked out all of the whole lot, and also you’re proper, he loves a superb 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 choice for him and properly for you, not for everyone.He’s simply encouraging individuals to take a look at totally different factors of view, not only one, which incorporates don’t simply hearken to Scott, don’t simply hearken to me, do your individual analysis. That is your cash and in case you go away 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 need to 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 and did the entire analysis within the first place. So yeah, I additionally suppose it helps that you simply bought a smoking sizzling 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 based mostly on the knowledge that I’ve about actual property basically, the market specifically, and that location particularly, I feel this can be a good wager. So he made an knowledgeable resolution, not a fly by town of your pants resolution. 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 have a look at Zillow or discuss to an agent in your native market and simply have a look at what’s on the market for funding properties after which have a look at what is definitely bought. And my guess is that you simply’re going to take a look at the stuff that’s on the market and say, that’s absurd. It will by no means work. It’s ridiculous. It’s method overpriced, however if you have 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, in all probability 75% of you’ll say, properly, the stuff that’s bought is not any higher, however I wager you 25% of you listening will probably be like, huh, there are literally good offers shifting. And that’s actually what got here down for me and Mindy, we speak about that at size within the ebook we wrote collectively. First time dwelling purchaser only for common dwelling consumers, not even buyers. However that was actually did it for me is I simply regarded up and did that train that I ought to have been doing extra frequently for the final two years and I used to be like, wow, that’s massive distinction.

Mindy:Alright, Virginia, I’m so delighted that you simply joined us on this present at this time. 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 feel you must 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 might be enjoyable.

Mindy:Oh, that may be superior. Alright. And naturally be certain that to deliver Fred

Virginia:Naturally.

Scott:Yeah, Fred doesn’t have to be requested.

Mindy:That’s so true. Do cats ever have to be requested? Alright, thanks a lot to your time at this time, Virginia. This was a lot enjoyable. And the ebook known as Our Secrets and techniques. Had been Protected. And it’s out in July of 2025.

Virginia:Sure.

Scott:Sure.

Mindy:Superior. Okay, thanks a lot and we’ll discuss 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.