529: FI by 25: How to Buy Time and Freedom with a Few Years of Frugal Living

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 17 May 2024

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

Financial independence by the age of twenty-five?! Today’s guest started working and saving money at a very early age, which allowed him to buy the time and freedom to do the things he values most. Whether you’re twenty-five or fifty-five, applying some of these simple principles to your own life can propel you toward financial freedom! Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with Gabe Bult, a YouTuber, serial entrepreneur, and real estate investor who reached financial independence before his twenty-fifth birthday—all by subscribing to financial minimalism and frugal living. The only thing stopping him from retiring early? Sheer boredom! Instead, Gabe’s day typically involves precious time with his daughter, a few hours making YouTube videos, and an afternoon spent enjoying his favorite hobbies and interests. YOU can have this life, too, but not without a little sacrifice, education, and discipline. Fortunately, it only takes a few years of ferocious frugality to get ahead, save for the future, and become “set for life.” And in this episode, Gabe will show you how to do just that! You’ll learn how to save your first $25,000 (and what to do with it), live for free with the house hacking strategy, and start a business that allows you to earn more and work less! In This Episode We Cover How Gabe reached financial independence by the age of twenty-five “Financial minimalism” explained (and why it’s MUCH easier than you think!) How a few years of frugal living can fast-track your journey to FI Living for FREE with the house hacking investing strategy Starting a business that allows you to earn more and work less 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 BiggePockets 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 Property Manager Finder BiggerPockets Money 468 - ‘Bar Rescue’ Host Jon Taffer on the “Secret Recipe” for a Successful Business Connect with Gabe on BiggerPockets 00:00 Intro 01:34 What Is Financial Minimalism? 04:38 A Day in the Life with FI 07:30 Gabe’s Money Journey 13:06 The Art of Entrepreneurship 16:30 House Hacking 101 24:34 Education & EXTREME Discipline 35:41 Connect with Gabe! 36:01 Become a Financial Minimalist! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-529 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	Today we're speaking with Gabe Bolt, a former Fai Adherent and serial entrepreneur who relentlessly pursued financial freedom for the freedom it gave him over his entire life.
0:12.6	Yeah, gave is just an example of what can happen when almost everything is optimized
0:18.2	for FI, including starting immediately out of high school, including relentless focus on self-education,
0:24.4	including an extreme approach to frugality,
0:26.4	including a DIY mentality,
0:28.4	including serial entrepreneurship and experimentation,
0:32.0	including long-term 10-year horizon for planning out future investments, including
0:37.7	extreme discipline and financial habits.
0:39.8	So really admire Gabe, if you can't tell already and what he's built and the optionality that this gave him in life this guy
0:46.8	Fired at the age of 24 so I think you're gonna really enjoy this one. I certainly did and learned a lot from game
0:52.4	Hello Hello hello and welcome to the bigger pocket really enjoy this one I certainly did and learned a lot from Gabe.
0:52.6	Hello hello hello and welcome to the BiggerPockets Money Podcast.
0:56.0	My name is Mitty Jensen and with me as always is my set for life co-host Scott Trench.
1:02.0	Thanks Minnie, great to be here with my first time home buying co-host
1:05.3	and selling your home co-host, Mandy Jensen, two books by this great lady next to me on the camera here.
1:12.4	As always, we're here to me on the camera here.
1:12.5	As always, we're here to make financial independence less scary.
1:15.0	Less just for somebody else to introduce you to every money story,
1:18.5	including those who achieve financial independence
1:21.3	before their 25th birthday because we truly
1:23.8	believe financial freedom is attainable for everyone no matter when or where you're
1:27.2	starting.
	...

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