If you want to know how to save money, just look at your expenses. Odds are, if you’re like most people, you aren't budgeting or tracking your expenses to a tee. But there’s no need to be so hard on yourself, even our money mages themselves, Scott Trench and Mindy Jensen don’t always write down every cent spent. That being said, if you’re planning for a big trip, different expenses, or a sudden life change (like leaving your job), there is no better time than NOW to start tracking your expenses. Today’s guest, TJ, knows this all too well.

TJ makes a phenomenal income and already has a multi-million dollar net worth. But, he still suffers from money anxiety and not knowing how much he’ll need to step away from full-time work. Not only that, TJ is planning to take his children on a two-year-long expedition around the globe, all while TJ and his wife aren’t bringing in their regular high incomes.

But he isn’t just relying on his salary for monthly cash flow. TJ has also invested in rental properties as well as real estate syndications—both of which are providing him thousands a month in passive cash flow. But, after the globe-trotting ends, will TJ have to find himself another job or can he happily ski his way to early retirement upon re-arrival?

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Syndications: Everything You Need to Know BEFORE You Invest 🏘️
https://www.biggerpockets.com/blog/biggerpockets-money-podcast-219-j-scott?utm_source=youtube&utm_medium=description&utm_campaign=none
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Follow Along on Mindy’s Budget & Expense Tracker:
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9 Ways to Save Money You Have Probably Never Tried:
https://www.biggerpockets.com/blog/ways-to-save-money?utm_source=youtube&utm_medium=description&utm_campaign=none
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Make Your Own Free Mobile Expense Tracking App in 30 Minutes:
https://wafflesonwednesday.com/make-your-own-mobile-expense-tracking-app-in-30-minutes/
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Connect with Scott and Mindy on BiggerPockets:
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Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none

Episode 278

Show notes at: https://www.biggerpockets.com/moneyshow278?utm_source=youtube&utm_medium=description&utm_campaign=none

0:00 Intro
3:40 Income and Expenses
5:56 Assets and Liabilities
11:33 Financial Goals
14:35 How to Reduce Your Spending
17:42 Syndications, Rentals, and Asset Allocation
27:01 The Risk of Private Pensions
31:12 Emergency Funds & Money Anxiety
47:16 Minimizing Spending (Even with High Income)
57:15 Hands-On vs. Hands-Off Real Estate Investing
1:02:27 Wrapping Up TJ's Big Spending Story