450: The “Middle Class Trap” That’s Keeping You in Debt
BiggerPockets Money Podcast
English - September 15, 2023 06:00 - 55 minutes - ★★★★★ - 2.8K ratingsInvesting Business Education financial independence financial freedom investments wealth finances finance investing success money realestate Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
The fear of Job loss has become real for most Americans. And if you’re falling into the “middle-class trap,” a sudden loss of income could be even more severe. After the recent tech layoffs of 2022 and 2023, businesses outside of the Silicon Valley bubble are starting to feel the effects of higher interest rates and lower consumer spending. But what happens if YOU’RE the one who’s getting laid off? Will you be able to pay the bills? How much of a severance package can you expect? And what moves should you make NOW to get ahead?
Mindy and Scott are taking questions directly from listeners to put YOU in the best financial position possible. On this show, you’ll learn what to do AS SOON as you hear about layoffs in your company, how much you could get paid for severance, and why you CAN NOT rely on unemployment for everything. Next, we hear from a high-income earner who can’t get out of debt and is stuck in the “middle-class trap.” For those with too much cash on their hands, Mindy and Scott get into investing in syndications, plus what to do if your house bills are slowly eating you alive.
Got a money question you want to ask Mindy and Scott? Head over to the BiggerPockets Money Facebook group, or click here to submit your question on our next Q&A episode!
In This Episode We Cover
What to do if you get laid off and how to start making income ASAP
Severance packages and questions you NEED to ask your employer if you lose your job
The “middle class trap” that high-income earners get stuck in
Syndication investing 101 and when to RUN away from a potential investment
What to do if you’ve "bought too much house” and payments are putting pressure on your finances
Unemployment income and why you CAN’T rely on it to pay for your life
Why EVERYONE needs a side hustle to survive (yes, even YOU!)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Scott's Instagram
Mindy on BiggerPockets
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Money Moment
Syndications: Everything You Need to Know BEFORE You Invest
Want More Syndication Info? Email Scott
Check Out Mindy’s ENTIRE 2022 Budget
Surviving a Layoff: What HR Wants You to Know
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-450
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]
Learn more about your ad choices. Visit megaphone.fm/adchoices
The fear of Job loss has become real for most Americans. And if you’re falling into the “middle-class trap,” a sudden loss of income could be even more severe. After the recent tech layoffs of 2022 and 2023, businesses outside of the Silicon Valley bubble are starting to feel the effects of higher interest rates and lower consumer spending. But what happens if YOU’RE the one who’s getting laid off? Will you be able to pay the bills? How much of a severance package can you expect? And what moves should you make NOW to get ahead?
Mindy and Scott are taking questions directly from listeners to put YOU in the best financial position possible. On this show, you’ll learn what to do AS SOON as you hear about layoffs in your company, how much you could get paid for severance, and why you CAN NOT rely on unemployment for everything. Next, we hear from a high-income earner who can’t get out of debt and is stuck in the “middle-class trap.” For those with too much cash on their hands, Mindy and Scott get into investing in syndications, plus what to do if your house bills are slowly eating you alive.
Got a money question you want to ask Mindy and Scott? Head over to the BiggerPockets Money Facebook group, or click here to submit your question on our next Q&A episode!
In This Episode We Cover
What to do if you get laid off and how to start making income ASAP
Severance packages and questions you NEED to ask your employer if you lose your job
The “middle class trap” that high-income earners get stuck in
Syndication investing 101 and when to RUN away from a potential investment
What to do if you’ve "bought too much house” and payments are putting pressure on your finances
Unemployment income and why you CAN’T rely on it to pay for your life
Why EVERYONE needs a side hustle to survive (yes, even YOU!)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Syndications: Everything You Need to Know BEFORE You Invest
Want More Syndication Info? Email Scott
Check Out Mindy’s ENTIRE 2022 Budget
Surviving a Layoff: What HR Wants You to Know
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-450
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]
Learn more about your ad choices. Visit megaphone.fm/adchoices