$200K/Year & Early Retirement in 10 Years by Being a "Lazy" Investor

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 6 December 2024

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dion McNeeley retired in just ten years after starting from not just zero but NEGATIVE. He was forty years old with $89,000 in debt, had no assets, a low-paying job, and zero investing experience. Thanks to his “lazy” method of building wealth, he was able to amass millions of dollars in assets, create over $200,000 per year in passive income streams, and retire just ten years after starting his journey to FIRE. Can you do it, too, even in today’s markets? Yes! Dion did what most people aren’t willing to: lower your cost of living, spend less, save more, and yes…house hack. He built a small real estate portfolio just by house hacking alone. Still, thanks to the compounding effect of real estate, Dion’s passive income from the rentals began to overtake his monthly expenses. Now, he rakes in four to five times more than he could ever spend. Who wouldn’t want a $200,000 per year income stream in retirement?! But it’s NOT too late to copy Dion’s exact strategy. In fact, Dion is sharing why NOW is one of the best times ever to get into real estate investing and how you, too, in ten years or less, could be making major passive income and enjoying early retirement! In This Episode We Cover How to explode your passive income by slowly investing in real estate Dion’s journey from $89,000 in debt and low-paying jobs to financial freedom Why Dion encourages you to IGNORE what everyone is saying about the housing market A $1,000,000 mistake that Dion made that you should NOT repeat (DON’T pay off your house!) Why Dion doesn’t care about growing a big real estate portfolio (and you shouldn’t either!) 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 Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Want to Retire Early with a Small Rental Portfolio? Grab the Book “Small and Mighty Real Estate Investor” Find an Investor-Friendly Agent in Your Area The Lazy Person’s Guide to Financial Freedom in Less Than 10 Years with Dion Mcneeley Connect with Dion (00:00) Intro (01:00) $89K of BAD Debt (07:00) Do This NOW! (10:58) Great News for Landlords (13:43) Dion's $1,000,000 Mistake (16:19) No Stocks, No Bonds...Just Rentals? (18:15) "Reverse Budgeting" (19:58) Emergency Reserves and Current Portfolio (22:13) Working 2 Hours a MONTH! (23:49) Dion's FIRE Advice (27:39) Connect with Dion! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-587 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello, hello, hello, and welcome to the Bigger Pockets Money podcast. Today's episode is from the
0:05.0	Fire series, which originally aired on our YouTube channel. Dion McNeely had such a great story
0:11.7	that we wanted to share it with our audio listeners too. This episode is brought to you by
0:16.7	Connect Invest, Real Estate Investing simplified and within your reach. Without further ado,
0:21.6	let's chat with Dion. I am so excited to talk to Dionneal today. Does retiring in 10 years
0:27.7	feel unattainable to you? Today, Dion is here to prove that it isn't off the table even if you're
0:33.4	saddled with debt. Now Dion is fully retired and has the flexibility
0:38.4	to do whatever he wants to do.
0:41.1	Sounds pretty great, right?
0:42.4	I can't wait for you to learn how he did it
0:44.3	and to take his lessons and apply them to your own life.
0:48.0	Deon, thank you so much for joining me today.
0:50.1	Oh, thank you so much for having me here.
0:52.1	Anybody who is familiar with me knows that I am a not-so-secret Mindy Jensen fan. Well, thank you so much for having me here. Anybody who is familiar with me knows that I am a not-so-secret Mindy Jensen fan.
0:57.2	Well, thank you.
0:58.3	I am a not-so-secret Dionneely fan.
1:01.0	Let's go back to the beginning.
1:02.5	How did you discover the concept of financial independence and the idea that you could retire early?
1:09.2	I tried for a pension a couple of times. I tried the
1:11.9	Marine Corps and they downsized after Desert Storm. I tried law enforcement and they downsized
1:15.6	after 2008. And I think when I started working towards investing, my goal wasn't even financial
1:21.0	freedom. It definitely wasn't and ironically still isn't generational wealth. I'm not trying to create generational wealth.
	...

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