450: The “Middle Class Trap” That’s Keeping You in Debt

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

 

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