537: Late Start, Early Retirement: A Step-by-Step Guide to Get On Track to FI

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 14 June 2024

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Got a late start on your retirement planning? Do you feel like you missed the boat and won’t be able to retire on your timeline? We’ve got good news for you in today’s episode—it’s never too late for retirement (and even EARLY retirement!). No matter what age you’re at, how much you have in the bank, and how much you make, you CAN retire on your terms, and our guests will prove it. The question is, will you follow through on their time-tested system for reaching retirement? Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast are here to show you that whatever your situation is, you can get on track for retirement. Bill and Jackie both were late starters, only taking retirement seriously decades after starting their working careers. Even with their “late start,” Bill and Jackie were able to massively multiply their net worths and retirement savings, allowing them to reach financial freedom on their terms. In today’s show, Bill and Jackie walk through the four steps that anyone can take to begin saving for retirement. You don’t need ANY money to take these initial steps, but doing so will change your entire financial future. Stick around for our next show as we get into the nitty gritty of retirement planning and put you directly on the path to retirement or early retirement! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover The four steps anyone can take to reach retirement Why it’s okay to be a “late starter,” especially when it comes to retirement planning How to do a “backward budget” to quickly and easily see how much you’re spending Why you MUST look back on the financial “lessons” you’ve learned to build wealth now! Getting clear on your goals and what you want to achieve so you can reach retirement The “trifecta of mistakes” Bill made and how even that didn’t stop his financial freedom journey! 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 Finance Friday: How to Get to Early Retirement Even Faster BiggerPockets 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) w/Bill Yount BiggerPockets Money 527 - Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE w/Jackie Cummings Koski Want to Be a Guest on the BiggerPockets Money Show? Apply Here 00:00 Intro 01:14 Late Start, Early Retirement 06:01 Before You Can Start 08:06 “Backwards” Budgeting 17:12 Make a Plan 28:26 Acknowledge Your “Lessons” 33:19 Stick Around! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-537 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	The Financial Independence community is filled with stories of young people who have reached financial independence and retired early.
0:06.0	But what about Boomers? We're Gen X. Today, we are going to arm you with the four steps you need to know when you're getting a later start.
0:14.0	Hello, hello, hello, and welcome to the BiggerPockets Money Podcast.
0:18.0	My name is Mindy Jensen and with me as always is my young at heart co-host Scott Crench.
0:23.6	Bigger Pockets has a goal of creating 1 million millionaires.
0:26.9	You are in the right place if you want to get your financial house in order
0:30.1	because we truly believe financial freedom is attainable for everyone
0:34.0	no matter when or where you're starting,
0:36.5	even if you're getting a later start on your financial independence journey.
0:40.5	Today we're joined by later start experts Jackie Cummings Kowski and Bill Yount hosts
0:46.9	of the podcast catching up to five. We'll be talking about everything from
0:51.7	backwards budgeting to Social Security. talking about the
0:55.0	the foundations you the one-to-one level talking about the foundations you need to support
1:00.0	your later start when your runway is a little bit shorter.
1:03.9	Jackie and Bill have so much to share that we're bringing them back on episode 538 to share
1:10.2	201 level, the tactics to help you reach your financial goals.
1:14.7	Today's show is sponsored by BAM Capital, your path to generational wealth with
1:18.4	Premier Real Estate Investment Opportunities.
1:21.0	See why over a thousand investors have invested with Bam capital at bigger pockets.com slash bam. That's bigger pockets.com slash bam.
1:28.0	Jackie Cummings Koski and Bill Yount from the podcast,
1:32.6	Katching Up Defy.
1:33.9	Welcome to the BiggerPockets Money Podcast.
	...

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