Afleveringen
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Are you saving TOO much for retirement (or early retirement)? Could you retire years sooner than you think? Will retirement expenses be even less than what you spend now, allowing you to reach FIRE faster with a smaller nest egg? Today, we’re getting into that exact question as Finance Friday guest Ethan asks how he can ensure he’s on the right track for early retirement by age fifty-five. And if you’re like Ethan, you could retire RIGHT NOW…but should you?
Ethan is spending a LOT of money every month. He’s got two kids in private school, extracurricular sports fees, pricey car payments, and a mortgage. The good news? He’s raking in cash at his high-paying tech job! His current expenses cost him nearly $20,000 per month, but this number could be cut in half (if not more) once his kids leave the house. This means that his FIRE number might be a fraction of what he thinks it has to be to retire early.
Speaking of early retirement, is it wise to leave such a high-paying career to sit on the beach all day? Ethan has the skills and the energy to make a sizable income, so what should he do instead of full-time work once he reaches early retirement? Should he transition to part-time consulting, focus more on rental property investing, or buy a business?
In This Episode We Cover
Why your FIRE number may be WAY off from what you need to retire early
The retirement expenses that disappear once your kids are out of the house
Making money in retirement and whether buying a hands-off business is your best bet
Planning for future weddings and how much you should set aside for your kid’s big day
Limiting your taxes by qualifying for real estate professional status (REPS)
Whether or not you’re keeping too much cash on hand (is the bank account interest worth it?)
And So Much More!
Links from the Show
Mindy on BiggerPockets
Scott on BiggerPockets
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Email Mindy: [email protected]
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Get on the Path to Early Retirement with “Set for Life”
Property Manager Finder
Dude ACTUALLY Withdraws From His 401(k) and Retires at 47 w/Eric Cooper
(00:00) Intro
(04:27) Money Snapsho
(12:44) Current Net Worth
(15:11) Work Less, Travel More?
(21:10) Early Retirement Expenses
(27:02) Buy Rentals for Retirement Income
(33:59) Paying Too Much in Taxes
(38:22) Downsizing Houses and Next Steps
(44:40) Saving for Future Weddings
(48:52) How Much Do You NEED to Retire?
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-577
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You can attack financial independence from one of two angles. You can create a strict timeline for achieving FIRE, or you can calculate your FIRE number and take your time with it. Which approach works best, and should you ever move the goalposts? Stay tuned to find out!
Welcome back to the BiggerPockets Money podcast! Today, Scott and Mindy are reflecting on their journeys to financial freedom—how they started, set realistic objectives, and allowed those objectives to evolve. They’ll also share about the major “events” that propelled them toward their goals, the big lifestyle changes they have made since reaching financial independence, and the ONE thing they wish they had done differently!
Whether you’re starting from zero or already on your way to FIRE, there are some personal finance fundamentals you’ve got to master: lowering your expenses and increasing your income. This combination will allow you to save more money, multiply your investments, and accelerate your FI timeline. But that’s not all. You’ll also hear about the job “trap” that keeps so many people from reaching FIRE, and why time (NOT money) is the resource we’re all actually chasing!
In This Episode We Cover
The crucial figure you need to pin down before setting your FI timeline
Why time, not money, is the resource every FIRE-focused person really wants
When to move the goalposts on your quest for financial independence
The job “trap” that holds you back from FI (and how to get out of it!)
The two-pronged strategy that will accelerate your path to early retirement
Spending less and earning more (so that you have more money to invest)
Scott and Mindy’s number one “regret” from their aggressive pursuit of FI
And So Much More!
Links from the Show
Mindy on BiggerPockets
Scott on BiggerPockets
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Join BiggerPockets for FREE
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group
Buy Scott’s Book “Set for Life”
Find an Investor-Friendly Agent in Your Area
BiggerPockets Money – Episode 563: Why Aren’t More “Normal” People Achieving FIRE?
(00:00) Intro
(00:49) The FI Timeline
(06:59) Lifestyle Changes After FI
(10:25) Getting Your Spending in Check
(17:14) Low Expenses + High Income
(24:40) Escaping the Job “Trap”
(31:04) Creating Milestones
(37:50) Share Your Journey with Us!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-576
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Zijn er afleveringen die ontbreken?
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Everyone wants to become “work-optional” at some point. Having enough money in investments and the bank would allow you to choose the job you love most, whether that’s running your own business, working part-time, or today’s guest, Travis’ dream, becoming a mountain biking guide. With a solid salary, dual income, and no plans for kids, he and his wife are on the fast track to FIRE, but can they get there by his goal of forty years old?
Travis’ wife may have an option to get a significant salary bump, allowing them to travel the country while she works, and Travis stays making money from his computer. But, even this may not be enough to get them to the “work optional by forty” goal they had set out for themselves. Scott and Mindy believe they need a financial “oomph” to get them over the edge, but what’s the next best move?
Should he stop his retirement account contributions to have more cash to invest for early retirement? Should he perform a live-in flip to make more money on the side while working his job? Would a side hustle or part-time job bridge the investing gap between where they are and where they need to be? If you’re stuck feeling like you can’t get to FI fast enough, this episode is for YOU!
In This Episode We Cover
How to fast-track your FIRE and become work optional in under ten years
House hacking and why it’s one of the best ways to lower expenses and build wealth
Live in flipping and how to turn your next home purchase into a money-making investment
Whether you should stop investing or double down on your retirement accounts when shooting for early retirement
Roth conversion ladders, HSAs (health savings accounts), and how to access retirement funds even earlier
Increasing your income by job hopping and leveling up the skills that’ll make you more
And So Much More!
Links from the Show
Mindy on BiggerPockets
Scott on BiggerPockets
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Join BiggerPockets for FREE
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group
cFIREsim
How to Access Retirement Funds Early
Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate
Grab the Book “First-Time Home Buyer”
Property Manager Finder
Finance Friday: How to Get to Early Retirement Even Faster
(00:00) Intro
(01:07) Goal: FI by 40!
(03:13) Money Snapshot
(04:14) Work Optionality!
(05:50) Stay at His Job?
(15:00) Traveling to Make More Money
(20:38) Stop Investing in 401(k)?
(31:13) Live in Flipping
(42:39) Can Travis Hit FI by 40?
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-575
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The combination of saving money and buying rentals is a recipe for reaching financial independence much faster than you thought possible. Just ask today’s guest, who started with tens of thousands of dollars in debt but was able to achieve FI in just a few years!
Henry Washington is a real estate investor, author of Real Estate Deal Maker, and co-host of the On the Market podcast, but he doesn’t have your typical “rags-to-riches” money story. Despite an upper-middle-class upbringing and landing a six-figure job right out of college, Henry was a serial spender. Before he knew it, he had racked up $40,000 in credit card debt and was told by banks that he was unlendable. Horrified by what his family’s future would look like on its current trajectory, Henry was determined to get his finances in check. He caught the real estate bug, attended meetups and networking events, befriended other investors, and found his first deal!
Henry went on to build and scale a real estate portfolio of over 140 units, and in this episode, he provides actionable advice that will help you break into real estate—whether you aspire to own a single rental property or twenty. Along the way, you’ll learn about “gamifying” your way to financial freedom, funding a down payment without money in the bank, and the recession-proof investing strategy Henry still uses today!
In This Episode We Cover
How Henry scaled his real estate portfolio to over 140 units in just seven years
How “gamifying” your finances can turn you from a spender into a saver
Why finding good deals is the key to a recession-proof investing strategy
Getting a crash course in real estate investing through local meetups and networking
Creative ways to come up with the down payment for an investment property
The three phases of rental property investing that lead to generational wealth
And So Much More!
Links from the Show
Mindy on BiggerPockets
Scott on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Join BiggerPockets for FREE
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group
On the Market Podcast
Rich Dad Poor Dad by Robert Kiyosaki
Buy Henry’s Book “Real Estate Deal Maker”
Find Investor-Friendly Lenders
30 Ways to Find Good Real Estate Deals in 2024
Connect with Henry
Henry’s Instagram
(00:00) Intro
(01:10) Racking Up $40K Debt
(06:06) Catching the Real Estate Bug
(11:24) “Gamifying” Finances & Networking
(16:37) Henry’s First Deal
(24:18) Making Your Own Luck
(30:17) Henry’s Current Portfolio
(36:26) Saving His Rental Income
(43:22) How to Get Started in 2024
(46:39) Connect with Henry!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-574
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Just a short while back, Marisa Mae was caught in the paycheck-to-paycheck trap, her credit cards stretched to their limits with no emergency savings to speak of, all while wrestling with constant financial stress. Today, she’s on a clear path to retire as a millionaire. Her secret? Mastering the art of debt repayment without succumbing to severe frugality. Marisa managed to eliminate five-figure consumer debt, not by cutting out her cherished coffee runs, but by smart financial planning. Isn’t that supposed to be a big FIRE faux pas?
Marisa’s turning point came at rock bottom—stranded without a place to stay or a dollar to her name. But instead of going back to restrictive budgeting and punishing herself for her overspending, she built a financial plan that worked specifically for her.
Now, Marisa is ready to show others that achieving financial freedom, eradicating debt, and even starting to invest can all happen WITHOUT cutting everything enjoyable out of your life. If you’re battling to escape bad debt, Marisa’s approach could liberate you faster than you think—even if you struggle to find financial balance.
In This Episode We Cover
How Marisa went from a financial “mess” to being on track to become a millionaire in retirement
The spending hack that allows you to treat yourself WITHOUT going over budget
Why you CAN invest while paying off debt (and the right way to do it)
Why taking on good debt to grow your business/side hustle isn’t a bad thing
The “slow” path to becoming debt-free that is MUCH more successful than the beans and rice diet
And So Much More!
Links from the Show
Mindy on BiggerPockets
Scott on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Join BiggerPockets for FREE
Email Mindy: [email protected]
Email Scott: [email protected]
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Financial Badassery
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Get Your Personal Finances in Check with “Set for Life”
Find an Investor-Friendly Agent in Your Area
How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!)
(00:00) Intro
(01:05) Paycheck-to-Paycheck and Worth $0
(04:29) Enough is Enough
(07:20) Paying Off Debt While Still Spending
(10:21) Investing While in Debt!?
(14:41) Finally Debt-Free?
(16:58) Managing Her Money
(21:38) Best Tip for FIRE
(24:08) Connect with Marisa!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-573
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Should you sell your house or keep it as a rental property in 2024? What you do with your home today could create a million-dollar swing in your portfolio ten, twenty, or thirty years from now. Fortunately, we’ve developed a powerful new tool to help you make the best decision for your financial future!
Welcome back to the BiggerPockets Money podcast! If you refinanced your mortgage around 2021, chances are you’re sitting on a low interest rate the likes of which we’re unlikely to see again. The recent rise in rates and home prices has created a “lock-in effect,” where millions of homeowners are disincentivized to sell. But does it make sense to sell if you can roll your home equity into another wealth-building asset? Could you convert your house into a rental and create hundreds of dollars in monthly cash flow?
Today, we’re giving you a step-by-step walkthrough of our new “Keep or Sell Your Home” worksheet. We’ll compare four outcomes—selling your home to buy another property, selling your property and investing in stocks, keeping the property and hiring a property manager, and keeping the property and becoming a landlord. Along the way, we’ll use several examples of homeowners so that you can get an idea of where you might stand!
In This Episode We Cover
A step-by-step walkthrough of Scott’s new “Keep or Sell Your Home” worksheet
Two realistic examples of when to sell your home or keep it as a rental property
The numbers you need to make a rock-solid decision on your investment property
The crucial question you should ask before keeping or selling your home
How ONE decision can impact your future by hundreds of thousands of dollars (or more!)
And So Much More!
Links from the Show
Mindy on BiggerPockets
Scott on BiggerPockets
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Join BiggerPockets for FREE
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group
Put Your Vacation Rental on Autopilot with Hospitable
Buy the Book “Real Estate by the Numbers”
Find an Investor-Friendly Agent in Your Area
Download the “Keep or Sell Your Home” Worksheet
Millions of Americans Should Keep Their Homes as Rentals, Not Sell. Here’s Why
(00:00) Intro
(05:11) Using the Worksheet
(12:15) How Much Would You Make?
(14:36) Breaking Down Your Options
(20:08) Keep or Sell This Property?
(29:11) The “BiggerPockets” Homeowner
(34:54) Try the Worksheet!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-572
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Real estate investing is one of the best vehicles for building wealth, reaching financial independence, and saving for retirement, but you don’t need to become a full-time investor to reap the benefits. If you have no plans to leave your W2 job or manage rentals, there are several ways to use real estate for passive income!
Welcome back to the BiggerPockets Money podcast! When Devon Kennard entered the NFL, he ran into more money than he had ever made. But with no guarantee of a pay raise or second contract, Devon forewent the flashy car and multi-million-dollar home and started saving and investing instead. Shortly after buying his first rental property, Devon realized that he was going to need passive or semi-passive income streams if he wanted to have success on the football field. He landed on four different types of passive investments that have helped him scale his portfolio to twenty-nine doors and over forty syndications!
In this episode, Devon talks about the importance of increasing your income in your working years and why small wins make all the difference early on in your investing journey. You’ll also learn about the dangers of “shady” real estate syndications and how to properly vet an operator, as well as the differences between fast and slow money!
In This Episode We Cover
How Devon scaled his real estate portfolio while playing in the NFL
Four passive real estate investing strategies you can use today
Speeding up your financial independence timeline with real estate side hustles
Fast money versus slow money (and which bucket you should be filling)
The pros and cons of syndications and how to weed out “shady” operators
And So Much More!
Links from the Show
Mindy on BiggerPockets
Scott on BiggerPockets
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Join BiggerPockets for FREE
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group
Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate
Buy Devon’s New Book “Real Estate Side Hustle”
Property Manager Finder
How to Make Truly Passive Income with “Syndication” Real Estate
Connect with Devon
(00:00) Intro
(07:56) Saving $1M in 3 Years!
(15:37) Making “Small” Bets
(21:08) Passive Real Estate 101
(31:59) Devon’s Portfolio & Strategy
(39:17) “Shady” Syndications
(45:56) Commercial Investing
(47:08) Devon’s New Book!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-571
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How Much Do You Need for Early Retirement? (How to Calculate Your FI Number)
Podcast Description
What’s your financial independence number (FI/FIRE number)? Are you being too conservative, or are you cutting things close? Do you even have one? Today, we’re taking a deep dive into this hotly debated topic to help you build a nest egg that will support your early retirement!
Welcome back to the BiggerPockets Money podcast! How much money do you actually need to retire? For years, the four-percent rule has been the “official” stance of the FI community. But why is it, then, that so many people continue saving and investing when they can comfortably retire? In this episode, Scott and Mindy talk about their own FI numbers, how they calculated them, and how their financial positions have evolved over time. You’ll learn whether the four-percent rule still works today or if you need a larger buffer!
If you’re worried about inflation, one of the best things you can do is keep your living expenses in check. This might seem out of your control, but there are several ways to either lock in certain costs or eliminate them entirely. We’ll discuss the many advantages of a paid-off house, self-managing your rental properties in retirement, and a one-time investment that could help you save thousands of dollars over your lifetime!
In This Episode We Cover
How to calculate your financial independence number (and when to adjust it!)
The four-percent rule explained (and whether it still works in 2024)
Why most people chasing FIRE don’t retire on the four-percent rule
How to control your expenses and protect against inflation in retirement
The “home run” investment that could save you thousands of dollars
And So Much More!
Links
The 4% Rule: The Easy Answer to “How Much Do I Need for Retirement?”
(00:00) Intro
(01:18) Calculating Your FI Number
(07:37) Does the 4% Rule Work?
(15:32) Locking in Your Expenses
(22:40) How to Combat Inflation
(31:48) Retiring on a Different Portfolio Mix
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-570
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Why do many wealthy people wait so long to retire? Despite earning a physician’s salary, living frugally, and saving what most would call “more than enough” money, today’s guest worked for another four years before pulling the trigger on early retirement. Is he on to something? Does the four-percent rule no longer work in 2024? Stay tuned to find out!
Welcome back to the BiggerPockets Money podcast! Leif Dahleen, MD, the “Physician on FIRE,” was already financially independent when he discovered the FIRE movement. But rather than calling time on a successful healthcare career, he continued to beef up his nest egg. Why? Leif had determined that he needed forty-to-fifty times his annual expenses to feel comfortable walking away from his nine-to-five. Do more FI-focused folks need to follow Leif’s formula to account for the unknown?
We’ve all dreamed of what a day in the life of an early retiree might look like. Leif had his own expectations, but in this episode, he shares what he discovered when his schedule was suddenly clear. You’ll also learn about the mindset high-income earners need to avoid squandering wealth, and why putting down roots in a low-cost-of-living area could be the difference between fast-tracking retirement and keeping up with the Joneses!
In This Episode We Cover
Why most people DON’T retire on the four-percent rule (even though it works!)
Fast-tracking the path to early retirement in a low-cost-of-living area
How to actually leave your W2 job once you have enough money to retire
Why earning a high income doesn’t guarantee FIRE (and common pitfalls to avoid!)
Choosing the right retirement withdrawal strategy for your financial situation
Why Leif won’t adjust his retirement lifestyle as he continues to build wealth
And So Much More!
Links from the Show
Mindy on BiggerPockets
Scott on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Join BiggerPockets for FREE
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group
Physician on FIRE
Buy Scott’s Book “Set for Life”
Find an Investor-Friendly Agent in Your Area
See Mindy and Scott at BPCON2024 in Cancun!
How Much Money Do I Need to Retire?
(00:00) Intro
(01:58) Leif’s “Unfair” Advantage
(06:33) Leaving the Medical Profession
(12:42) Funding His Retirement
(15:09) Does the 4% Rule Work?
(23:37) Adjusting Your Retirement Lifestyle
(29:23) Retirement Expectations vs. Reality
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-569
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What does it mean to “win” financially in your income bracket? To us, the end goal is always FIRE (Financial Independence, Retire Early), and if you’re chasing financial freedom, this is the show for you. We’re breaking down the money moves you need to make based on your income bracket, going from $45,000 to $100,000 per year, and how to stretch your dollar the furthest so you can invest, save, and reach FIRE faster.
If you’re at the lower end of the income scale, we’ll give you time-tested methods to boost your income and use your time wisely so you can start stockpiling cash TODAY. If you have a high income, there’s still work to be done as you need to find the best way to keep the most of your income so you can use it to acquire wealth-building assets.
Regardless of how much money you make, you CAN achieve FIRE if you know the proper steps. The good news? We’re sharing those steps today, so stick around!
In This Episode We Cover
How to speed up your path to financial independence based on your income bracket
Why we disagree about retirement account investing when you’re just starting your career
Ways to make more money and side hustles that can boost your income
The headache-free vs. hands-on approach to investing for FIRE (and who should take which path)
Lifestyle creep and avoiding overspending (EVEN if you have a higher income)
How much money we reasonably think you’ll need to achieve FIRE
And So Much More!
Links from the Show
Mindy on BiggerPockets
Scott on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Join BiggerPockets for FREE
Email Mindy: [email protected]
Email Scott: [email protected]
BiggerPockets Money Facebook Group
BiggerPockets Money 32 - Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio w/Planting our Pennies
BiggerPockets Money 35 - Hacking Your Life to Live for (Almost) Free with Craig Curelop
BiggerPockets Money 97 - Intentionally Choosing the Path to Financial Independence with Financial Mechanic
BiggerPockets Money 110 - Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life
BiggerPockets Money 169 - Breaking the Taboo of Talking About Money with Friends, Family, and Bosses w/Erin Lowry
BiggerPockets Money 328 - The Best Alternative Investment No One Knows About w/Alex Breshears and Beth Johnson
The One Thing
How to Win Friends and Influence People
The E-Myth Revisited
The Go-Giver
The Challenger Sale
Learn Private Money Lending with “Lend to Live”
Find an Investor-Friendly Agent in Your Area
See Mindy and Scott at BPCON2024 in Cancun!
FIRE in 2024: What We’d Do Differently If We Started Over Today
(00:00) Intro
(01:08) $45,000/Year Income
(12:37) $75,000/Year Income
(23:11) $100,000/Year Income
(28:48) How Much for FIRE?
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-568
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Young, old, or in between, you need to hear this episode! Today’s guest paid off over $80,000 of debt, grew her net worth to $100,000 and did it all just years after graduating from college without a sky-high income. How did she make such quick progress, and what’s her secret to skyrocketing her net worth early in her career? She’s sharing it all in this episode, and you (no matter your age) can follow her repeatable path, too!
Want to see your net worth leap so you can fast-track your road to FIRE? Anna Foley is the person you should listen to. Through common-sense smart spending, diligent investing, and salary-increasing career pivots, Anna and her partner went from $80,000 debt to debt-free and finally hit six-figure net worth status. The best part? They did all of it WITHOUT giving up what makes life enjoyable, and they still sport a phenomenal savings rate!
Anna is sharing how she saves a significant portion of her income every month, why she decided to rent (not buy) a house, how “paying yourself first” can get you debt-free before you know it, and why she does NOT follow the traditional advice of chasing a “FIRE number.” In your twenties? Copy Anna’s plan! Closer to retirement? Follow Anna’s smart saving and investing tactics, and you can get there faster!
In This Episode We Cover
How to become debt-free and achieve a six-figure net worth before you’re thirty!
Why Anna decided to rent a house, not buy one, to maximize her savings
What Anna invests 100% of her income in (it’s not real estate!)
The “middle-class trap” to avoid when maxing out your retirement accounts
Why you DON’T need a FIRE number, and why Anna’s more achievable goals work better
Boosting your income and why job-hopping can explode your income-generating potential
And So Much More!
Links from the Show
Mindy on BiggerPockets
Scott on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Join BiggerPockets for FREE
@five20money on Instagram
PassivePockets
BiggerPockets Forums
BiggerPockets Money 97 - Intentionally Choosing the Path to Financial Independence with Financial Mechanic
BiggerPockets Money 110 - Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life
BiggerPockets Money 558 - How to Start Investing for Retirement: 401(k), IRA, Roth?
BiggerPockets Money 560 - Dude ACTUALLY Withdraws From His 401(k) and Retires at 47
Email Your Savings Rate to [email protected]!
Support Today’s Show Sponsor, BAM Capital, Your Path to Generational Wealth with Premier Real Estate Investment Opportunities
Reach FIRE Faster with “Set for Life”
Find an Investor-Friendly Agent in Your Area
See Mindy and Scott at BPCON2024 in Cancun!
Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement
Connect with Anna
(00:00) Intro
(01:10) Investing Right After College
(03:00) Rent, Don’t Buy!
(08:58) Paying Off $80K in Debt
(12:42) Investing for Financial Independence
(16:16) Saving a TON!
(21:11) Better Than a “FI Number”
(25:27) Boosting Your Income
(27:19) Do This FIRST!
(29:11) Connect with Anna!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-567
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Does FIRE seem impossible while raising a family? We’re about to prove that you CAN have it all. Emily and Joel are financially independent while raising five kids and still have the money to travel the world, take plenty of vacations, and sleep in without worrying about a job. They reached FI in just over a decade and did it without EVER having a high income. How’d they do it? One “financial superpower” allowed them to do what most people won’t.
Emily and Joel started with $150,000 in student loan debt. Their accounts dwindled at the end of every month, so they began to pay off their loans with the “debt snowball” method. Fast forward a few years, and they were debt-free, but now they had a new challenge: building their net worth!
Today, they’re sharing the incredible journey they took to go from personal finance zeros to heroes, the “why” behind achieving FI at such young ages, and how they did it all (including keeping expenses SUPER low) while raising not one, not two, but FIVE children. Think FI isn’t possible for you? Think again—copy Emily and Joel’s plan!
In This Episode We Cover
How to pay off debt FAST with the “debt snowball” method
Minimizing your expenses and how spending less gets you to FIRE way faster
Why you DON’T need to cut out travel/vacations on your path to financial freedom
The “financial superpower” you must cultivate if you want to retire early
What 100% of Emily and Joel’s portfolio is in and the simple path to building wealth
Starting side hustles that pay for your life and why working while FI is NOT a bad thing
And So Much More!
Links from the Show
Mindy on BiggerPockets
Scott on BiggerPockets
Kyle on BiggerPockets
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50+ Rentals After Starting in Her 50s and How “Late Starters” Can Get Ahead
From 150k in Debt to FIRE in Their Mid-30s (With 5 Kids!)
ISI Team Camps
Reach FIRE Faster with “Set for Life”
Find an Investor-Friendly Agent in Your Area
See Mindy at BPCON2024 in Cancun!
The Simple Path to Wealth—Index Funds Explained with JL Collins
(00:00) Intro
(01:07) Six-Figure Debt and Dave Ramsey
(05:58) "Snowballing” $150K in Debt
(08:27) $1,000,000 FI Number
(14:06) Financial Superpowers
(15:27) The “Why” Behind FI
(18:37) Serious Side Hustles
(29:29) Did They Retire?
(34:11) Connect with Emily and Joel
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-566
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When should you refinance your mortgage? Is now the time since interest rates have finally fallen? Or will refinancing down to today’s rates not be worth it when, six months from now, interest rates could be substantially lower? We brought on an expert mortgage loan officer to walk through the cost-benefit analysis of refinancing in 2024 and when a refinance is NOT worth the money.
Greg Roller has closed over a billion dollars in loans, but surprisingly, he’s very cautious with homeowners about WHEN to refinance. Mortgage rates have already dropped significantly but could be trending down even more in 2024 and 2025. Is now the time to refinance? Greg discusses how much a refinance costs in 2024, how to know it’s worth it to refinance, what you’ll need to qualify, the differences between cash-out refinances and rate-and-term refinances, and why falling for a “low rate” could cost you in the long run.
Plus, Greg shares some tips to help your refinance go as smoothly and quickly as possible, as well as how you can refinance for FREE with a rate option most people have zero clue about.
In This Episode We Cover
Refinancing explained and how much the average refinance costs in 2024
When to refinance and the rule of thumb that highlights whether or not it’s worth it
The low-rate trap that inexperienced borrowers get caught in (you’ll get hit with hidden costs!)
Refinancing multiple properties and how to do this the RIGHT way
The easy method to see where mortgage rates are headed and whether they’ll rise or fall
How to refinance for free by asking your loan officer for a “rate stack”
And So Much More!
Links from the Show
Mindy on BiggerPockets
Scott on BiggerPockets
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Support Today’s Show Sponsor, BAM Capital, Your Path to Generational Wealth with Premier Real Estate Investment Opportunities
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See Mindy and Scott at BPCON2024 in Cancun!
With Mortgage Rates Falling, When Should Investors Refinance?
Connect with Greg
Work with Greg
OptOutPrescreen.com
(00:00) Intro
(01:57) What is Refinancing?
(03:24) When to Refinance
(04:31) Lower Rates = Time to Refinance?
(11:42) How Much Do Refinances Cost?
(15:13) Refinancing Multiple Properties
(17:13) When NOT to Refi
(21:21) Tips for Homeowners
(25:11) The Low-Rate Trap
(26:47) Do This NOW!
(29:27) Work with Greg
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-565
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Visit PassivePockets, your resource for passive investing with syndications.
Passive investing is most people’s goal, especially if they’re trying to achieve FIRE. They don’t want to be weighed down by managing a dozen rental properties, an active business, or a complicated stock portfolio that requires constant check-ins. Instead, many of us want that “mailbox money,” with checks coming in without us having to do the work ourselves so we can focus on doing what we love. Sounds enticing, right? Then “syndication” real estate investing might be perfect for you.
We’re thrilled to have the newest member of the BiggerPockets podcast network, Jim Pfeifer, host of PassivePockets, on today to talk about this one investment type that changed his life. Jim has invested in over 100 syndications and has been able to reap the significant rewards of passive income, massive tax benefits, and diversification through real estate syndications.
Today, he gives a beginner-friendly breakdown, touching on what a syndication is, why it’s an excellent investment for FIRE, how to vet a syndication BEFORE you invest, questions to ask a syndicator, and the unbeatable tax benefits you can get from sitting back and collecting passive income checks! Ready to make real estate returns without all the work? This one’s for you!
In This Episode We Cover
Welcoming PassivePockets, the newest BiggerPockets podcast network show!
Real estate syndications explained and why they’re such an unbeatable investment
How to vet a syndication operator and the questions you MUST ask before you invest
The two barriers to entry for syndications and why you DON’T need to be an accredited investor to get in the game
Tax benefits galore and how Jim is paying $0 in taxes on his syndication profits
How much a syndication can make YOU (and why it might beat owning rental properties!)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
BiggerPockets Money Group
BiggerPockets Forums
BiggerPockets Money 456 - The Harsh Reality Real Estate Syndicators (and Investors) Face in 2024 w/J Scott
Grab the Book on Syndication Real Estate Investing, “The Hands-Off Investor”
Property Manager Finder
See Mindy at BPCON2024 in Cancun!
Syndications: Everything You Need to Know BEFORE You Invest w/ J Scott
01:01 Syndications Explained
03:30 Better for FIRE?
07:19 How to Vet a Syndicator
13:45 Questions You MUST Ask
21:28 Interest Rate Risks
24:16 Can Anyone Invest Passively?
28:27 Passive Retirement Investing
31:00 Advice for Investors
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-564
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Has BiggerPockets Money become too focused on FIRE (financial independence, retire early)? For the past seven years, we’ve been bringing you shows highlighting the journeys of those who left their jobs to enjoy early retirement.Some of these guests did it faster than others by making more money, increasing their frugality, investing smart, or building a business. But the question many of our listeners are wondering is: Is this even possible for the average, “normal” person?
Today, we’re taking a hard look at the show’s future and asking ourselves whether or not focusing on FIRE is still the right path forward. Should we shift topics to help the everyday American get a financial leg up, or is continuing the FIRE-focused path the best way to help YOU, our listener? This isn’t a rhetorical question; we genuinely want to know!
After this episode, join the BiggerPockets Money Facebook group thread, and let us know which stories YOU want to hear the most!
In This Episode We Cover
Why the BiggerPockets Money Podcast rarely brings on “normal” guests achieving FIRE
Can anyone achieve FIRE, and if so, how do they get there?
The four financial levers you can pull to put you on the path to financial freedom
The advanced financial tactics BiggerPockets Money teaches you to grow your wealth
What to do if you feel like you can’t make any progress towards early retirement
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
BiggerPockets Money Group
BiggerPockets Money Facebook Group
BiggerPockets Money 63 - Financial Freedom With 5 Kids IS Possible with Jordan Klint
BiggerPockets Money 130 - Refusing to Retire at 65: How a Couple in Their 40s Managed to Hit FI in 12 Years w/Susan and Norm
Episode 560 - Dude ACTUALLY Withdraws From His 401(k) and Retires at 47 w/Eric Cooper
Get on the Path to Financial Independence with “Set for Life”
See Mindy and Scott at BPCON2024 in Cancun!
What Is the FIRE Movement?
00:00 Intro
02:16 Talking Too Much About FIRE?
08:59 FIRE Isn't For Everyone
11:53 What is FIRE?
16:27 Can You Hit FIRE Being "Normal"?
22:42 Who Should Listen to BP Money?
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-563
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Achieving your FI number in just four years? If you want to do it too, you must try something different. This couple found a niche within a niche, allowing them to hit the coveted “1% rule” in real estate, skyrocketing their cash flow and passive income and allowing them to make more than almost any other landlord in their area. So, how did they do it, and what was the investment that got them there?
David and Morgan Stanhope weren’t real estate investors five years ago. They didn’t come from investor families and had zero real estate investing experience. One day, at his job as a New York State Police Investigator, David met a mentor who would change how he thought about money, financial freedom, and passive income. This was perfect because David and Morgan were already in a great place to invest—Upstate New York. But David chose NOT to invest in his home market, and for good reason.
They went south to a state known for higher home prices and crushingly high insurance costs. There, they found acreative rental property investing strategy, allowing them to make much more cash flow than regular rentals. Four years later, they’ve surpassed their $10,000/month FI goal. Now, they’re on track to hit an even bigger achievement: $70,000 per MONTH. Today, we’re talking to them about exactly how they’re getting there with investment properties you’ve probably never heard (or thought) about.
In This Episode We Cover
How to hit real estate’s “1% rule” with creative, high-cash flow rentals
Borrowing from your 401(k) to fund your first real estate deal
Making real estate cash flow EVEN with eight percent mortgage rates (yes, it’s possible)
Why David WON’T quit his job, even though he has already hit his FI number
Finding contractors and vendors when out-of-state real estate investing
Using other people’s money to invest in real estate (and why you may want experience before you do)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
BiggerPockets Money Group
Stanhope Capital
Start Investing with “The Book on Rental Property Investing”
See Mindy and Scott at BPCON2024 in Cancun!
Socially Conscious Investing: How to Start a Sober Living Home
00:00 Intro
01:17 Early Financial Education
05:13 Finding a Money Mentor
09:06 Hitting the 1% Rule in...Florida?
17:31 Current Cash Flow Numbers
20:41 $70K/Month Goal!?
24:09 Is Sober Living Investing Stable?
29:11 Borrowing Money to Invest
32:04 How Much Time Does It Take?
34:46 Connect with David and Morgan!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-562
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You did it; you achieved FIRE! After over a decade of hard work, you’ve reached financial independence and can retire early. You’re making more money than you spend from passive income, work-optional, and life is good. But your dreams are starting to change. Maybe you want to spend more on experiences, build your dream house, or move to a higher-cost-of-living area. Now, your expenses are starting to creep up, and your FIRE is about to burn out. What do you do, and is it wrong to return to work?
Caitlin Muldoon has had to ask herself these questions. After grinding for fifteen years, she finally reached her FIRE goal—$10,000 per month in passive income. In her current lifestyle, she’s saving money every month, but as she moves into her dream house and expenses start to rise, her passive income may not be enough. Does this mean that Caitlin is no longer financially independent?
Today, Caitlin is sharing her full FIRE story with us. How she went from one house hack and a HELOC to a six-figure generating real estate portfolio, the struggles she had with leaving her job, realizing that her expenses would jump after her husband quit, and why retiring early isn’t always the end goal.
Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!
In This Episode We Cover
What to do if rising living expenses are about to extinguish your FIRE
Turning your primary residence into a passive income-generating portfolio by using HELOCs
How intentionally saving money can massively propel your wealth and get you to FIRE much sooner
Why you DON’T need to quit your job, even after you reach your FIRE number
Advice for anyone who wants to build a rental property portfolio with today’s high interest rates
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
BiggerPockets Money Group
BiggerPockets Forums
Market Finder
Rising Femme Wealth
See Mindy and Scott at BPCON2024 in Cancun!
Do You Know Your FIRE Number? Here’s What That Means
00:00 intro
01:56 Starting Salary and First Home
04:01 Rental Investing and Finding FIRE
07:13 Thoughts of Quitting
08:05 Real Estate Portfolio Timeline
13:58 Savings Rate and Reinvesting
15:47 Using HELOC to Buy Rentals
20:31 Achieving FIRE, But...
24:07 Rising Lifestyle Expenses?
31:55 Advice for FIRE
36:32 Connect with Caitlin!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-561
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Did you know you can use your 401(k) to retire early? Yep, it’s possible. And today’s guest, Eric Cooper, is doing it atage 47! Most FIRE chasers search for how to withdraw from a 401(k) early but know that doing so will hit them with substantial penalties. The best way around this? The 72(t) rule—which is precisely what Eric has been taking advantage of. Eric uses the 72(t) rule’s “substantially equal periodic payments” to take early withdrawals from his 401(k) of $30K per year, starting at age 47. But how does it work?
Eric comes on the show to describe exactly how this early withdrawal rule works, how much you can take out, the regulations to follow so you avoid penalties, and why early retirement may be much closer than you think. But this isn’t the only early retirement income Eric has got. We’ll review his substantial real estate portfolio and detail Eric's almostunbelievable tax savings from combining tax-advantaged rental properties with rule 72(t).
Plus, Eric shares how he built a multimillion-dollar nest egg by his mid-forties and why those starting young on the path to early retirement can repeat his strategy to be much richer in retirement. Do you have money sitting in retirement accounts that you’re ready to use? The 72(t) rule might be just what you need.
In This Episode We Cover
How to access retirement funds early with the often overlooked 72(t) rule
Escaping the “middle-class trap” that stops you from retiring on your terms
Avoiding 401(k) penalties and using retirement accounts to actually retire early
The rules and regulations you MUST follow to withdraw penalty-free
How Eric amassed such a massive retirement account balance (and how you can, too)
Early retirement healthcare and how to lower your taxable income to greatly reduce premium costs
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
BiggerPockets Money Group
How to Access Retirement Funds Early
72(t) Calculator
See Mindy and Scott at BPCON2024 in Cancun!
How the “Middle-Class Trap” Stops Your Early Retirement
00:00 intro
01:14 What is Rule 72(t)?
05:30 Avoiding Early Withdrawal Penalties
11:12 Building a BIG Nest Egg
17:14 Retiring Early at 47!
18:00 Different Investment Accounts
21:41 Why Withdraw Early?
24:52 Rental Income and Healthcare
30:44 Selling the Rentals?
32:54 Calculating Your 72(t) Income
38:40 Advice for Early Retirement
41:18 Connect with Eric!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-560
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What if you could “retire” early, working only FOUR hours a week? Coast FIRE achiever Diania Merriam did just that! After a decade of hustle in corporate America, Diania found herself financially behind with $30,000 in debt. Dreaming of a life-changing adventure but lacking the funds, she decided to overhaul her finances. Fast forward, and now in her mid-thirties, she’s debt-free, successfully self-employed (or, as she puts it, happily “unemployed”), living life on her terms.
So, how did Diania save enough to walk away from her nine-to-five? The answer might surprise you. She didn’t need millions in the bank, and neither do YOU, to embrace early retirement. Diania asks, “Do you have enough to take a risk?” If you do, you could live the Coast FIRE lifestyle, just like her, working minimal hours and maximizing time freedom.
Ready to slash your workweek and dive into what you love? Stick around—by following Diania’s example, early retirement could be within your reach, EVEN if you’re just getting started on your FIRE journey!
In This Episode We Cover
Why you must be financially prepared to quit a soul-sucking job
Achieving Coast FIRE without millions in the bank and how to be happy living off of little
Why self-employed health insurance isn’t as big of an expense as most people think
Burning out before you hit FIRE and why being hyper-fixated on a financial goal could kill your drive
How starting your own business can save you a ton on taxes
How to “retire” early without replacing your full-time salary
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
BiggerPockets Money Group
Let Us Know What You Thought of the Show!
Grab Dave’s Newest Book “Start with Strategy”
See Mindy at BPCON2024 in Cancun!
Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love
00:00 Intro
01:03 $30K in Debt!
03:22 Quitting Her "Toxic" Job
09:23 What About Health
12:02 How Much She Makes
20:53 You Have ENOUGH Money!
25:24 Connect with Diania!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-559
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The IRA vs. 401(k). You’ve heard of these retirement accounts before, but do you know the difference between the two? Maybe you have a 401(k) at work and have been diligently getting your employer match but struggle to describe what you’re investing in. You’ve heard top financial experts talk about how a Roth IRA is crucial for saving on taxes long-term, but are you eligible to invest in one? Today, we’re discussing top retirement accounts and how to start investing with just $100.
CFP (Certified Financial Planner) Kyle Mast joins Mindy on today’s show to answer common questions about 401(k)s, IRAs, Roth IRAs, and HSAs! We’ll first describe when you should invest in a 401(k) vs. an IRA, why their Roth equivalents are so valuable, especially if you’re itching to save on taxes in retirement, and the best account for beginners that (most) Americans will get free money from.
What happens after you leave a job and your 401(k) remains? Kyle discusses the options to ensure your money stays invested, even after leaving an employer. We’ll also get into the triple-tax benefit HSA (health savings account) that you should take advantage of IF you qualify, which accounts to invest in first, and what to do once you’ve maxed out your retirement accounts!
In This Episode We Cover
401(k)s vs. IRAs and which to invest in first (especially if you’re employed!)
Roth IRAs and 401(k)s explained and when to choose a Roth over a traditional account
The best retirement account for beginners and how to get free money for retirement
How to take control of a 401(k) after leaving an employer
Health Savings Accounts (HSAs) and who qualifies for these extremely tax-benefited accounts
Which accounts to invest in first when maximizing retirement savings
How we would start investing for retirement if we only had $100/month extra
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott on BiggerPockets
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
BiggerPockets Money Group
Buy Scott’s Book “Set for Life”
See Mindy and Scott at BPCON2024 in Cancun!
BiggerPockets Money - Episode 549: Is FIRE Dead? No, But Here’s Why Most WON’T Achieve It
See Mindy at BPCON2024 in Cancun!
Traditional 401(k) vs. Roth IRA: Which One Wins?
00:00 Intro
02:17 401(k)s vs. IRAs
05:07 Roth IRAs and 401(k)s
11:21 Best Account for Beginners
14:31 401(k)s After Ending Employment
19:58 Health Savings Accounts (HSA)
26:46 How to Invest $100
32:00 Connect with Kyle!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-558
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]
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