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BiggerPockets Money Podcast

534: Coast FI at 24 and a $99K Net Worth Thanks to a Few Years of Pure Hustle

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.62.9K Ratings

🗓️ 4 June 2024

⏱️ 60 minutes

🧾️ Download transcript

Summary

Could Coast FI be your BEST path to financial independence? Maybe you don’t want to retire early—not yet, at least. Hustle for a few years, invest your money, and watch it snowball instead! This twenty-four-year-old saved nearly $100,000 with this strategy, and in today’s episode, she’ll show you how to do the same! Emma von Weise was determined to take control of her finances at a very early age, getting her first job at just fourteen years old and saving money at every opportunity. This allowed her to not only escape college debt-free but also build a $99,000 net worth, a figure that will make her Coast FI until retirement—which isn’t on the radar anytime soon! Using her newfound financial freedom, Emma has built her “dream” life by working in a field she loves and taking plenty of time off to travel. In this episode, Emma shares about all of the different jobs and side hustles she took up to supercharge her savings, as well as several creative “hacks” she used to help fund her college tuition. She also talks about some of the pivotal moments that shaped her views on personal finance, such as discovering the power of compound interest and finding an entire support system through the FI community! In This Episode We Cover How Emma became Coast FI by twenty-four and built a $99,000 net worth Creative ways to fund your college education and escape debt-free The real value of buying used cars from private owners (and where to find deals!) How to create a fun and fulfilling life you don’t want to retire from How to fast-track your fortune using the power of compound interest Making your money work harder for you after stockpiling cash 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 Episode 474 - Mindy and Scott’s Favorite Sleepaway Camp for FIRE Chasers BiggerPockets Money Episode 449 - Coast FI in 4 Years: Cutting Expenses, Doubling Your Income, & HUGE Savings BiggerPockets Money Episode 323 – Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers Learn More About EconoMe Conference 00:00 Intro 01:18 Working & Saving at 14! 07:32 Taking Control of Her Finances 10:52 Buying Used Cars 15:32 Creative Ways to Fund College 23:28 Learning to Invest 30:12 Joining the FI Community 37:48 $99K Net Worth at 24! 45:07 The Power of Coast FI Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-534 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

This show is for anyone who is trying to take their first step forward towards financial freedom.

0:06.0

You do not have to earn a lot to make progress.

0:09.0

Hello, hello, hello, and welcome to the BiggerPockets Money Podcast. My name is Mindy Jensen and we at Bigger

0:15.6

Pockets have a goal of creating 1 million millionaires. So Scott and I are here to introduce

0:22.2

you to every money story because we truly believe financial freedom is attainable for everyone no matter when or where you are starting.

0:30.0

And joining me today as always is my highly educated co-host Scott Trench.

0:35.6

Mindy you took that intro and took it to the third degree.

0:39.0

Wonderful to be here with you.

0:40.3

It is graduation season here in the US and many young graduates

0:43.7

will be leaving college burdened with student loan debt and the general

0:47.2

financial responsibilities of entering into the world of adulthood which is very

0:51.7

depressing here for most except for Emma

0:54.8

Emma von Wise was our guest today on the show and she at the age of 24 has been

0:59.9

working hard and financially supporting herself for a decade.

1:02.6

She is CoastFi already,

1:05.4

and you're gonna hear an incredible story

1:08.2

of hard work, perseverance,

1:10.0

and overcoming obstacle after obstacle on today's show.

1:12.7

We couldn't be more excited.

1:14.0

Emma, welcome to the BiggerPockets Money Podcast.

1:16.3

Hi, Scott Minnie.

1:17.1

Thanks so much for having me.

...

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