507: The Path to Early FI, Transferring 401(k) Funds, & Wiping Out Bad Car Debt

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 1 March 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Everyone wants to reach financial independence as soon as possible. But if you really want to get on the path to early FI, you’ve got to start making savvy money decisions TODAY. And we’ve got a few tips, tricks, and tools that will help you out! Welcome back to the BiggerPockets Money podcast! In this episode, Mindy and Amanda Wolfe are fielding questions from the r/PersonalFinance subreddit and delivering their best money tips for scenarios that YOU could easily find yourself in. First, we get into 401(k) accounts and some of the different ways to transfer funds when you leave your employer. We also go over some of the different strategies for budgeting, investing, and saving money that will help you reach financial freedom early. But that’s not all! If you live in an area with a competitive housing market, we discuss whether you should ever waive a home inspection to help sweeten your offer. We even talk about the idea of buying a house outright versus going the route of a traditional mortgage. Is a large car payment thwarting your path to financial freedom? Stay tuned for a few creative ways to get rid of that bad debt for good! In This Episode We Cover Tips and tricks to help you reach financial independence early What to do with a 401(k) account from a previous employer Buying your home outright versus getting a traditional mortgage Whether you should ever waive your home inspection when buying a house Creative ways to eliminate car debt (and save thousands in the process!) 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 Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders The Millionaire Fast-Track: How to Hit Financial Freedom Before 30 How to Pull Yourself Out of Car, Student, or Credit Card Debt Fidelity Investments She Wolf of Wall Street Website Click here to check the full show notes: https://www.biggerpockets.com/blog/money-507 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

Transcript

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0:00.0	Hello, hello, hello, and welcome my dear listeners to the BiggerPockets Money Podcast. My name is Mindy Jensen, and joining me today is the fabulous Amanda Wolf.
0:09.2	Hello Mindy, I'm thrilled to be joining you today. We're here to make financial independence less
0:13.7	scary, less just for somebody else. To introduce you to every money story because we
0:17.6	truly believe financial freedom is attainable for everyone no matter where or
0:21.3	when you're starting. Today's episode is a, what would Mindy and Amanda do?
0:26.4	We've lurked around the personal finance
0:28.3	subreddit and found fascinating financial situations
0:31.6	that we wanted to bring to the show today and discuss what
0:34.4	we would do if we were in the Redditor's situations. Of course, big disclaimer, we are not in
0:40.6	these situations and we're only given a limited amount of information about each circumstance.
0:45.6	So this isn't financial advice. This is a financial discussion, financial pontification, if you will.
0:51.7	Exactly, Mindy.
0:53.2	On today's episode, we'll be tackling 401k transfers,
0:56.2	home ownership that requires relocation,
0:58.7	waived inspections, car debt,
1:00.4	and the best path to early financial independence.
1:03.0	All right, let's get started with this first question.
1:05.5	I have $76,000 in a 401k from my last employer that I'm no longer with.
1:11.0	I left to start my own business. What should I do with the $76,000? Part of me
1:17.6	wants to take a portion out to help with the business as I want another truck, but I don't
1:22.3	absolutely need to. I don't want to pay any fees or get taxed
1:27.0	heavily if that comes with taking some out. I'm not the smartest when it comes to investing,
	...

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