539: Finance Friday: Can I Comfortably Retire by 50 with My Current Portfolio?

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 21 June 2024

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to retire early? You don’t have to wait until age sixty-five. With a few cash-flowing assets and smart money moves, you could accelerate your path to retirement and enjoy your riches much sooner than you thought possible! Welcome back to the BiggerPockets Money podcast! Derek has worked hard to build a $1.7 million net worth and a portfolio of six rental properties. The only problem? He wants to retire at age fifty. In this episode, Mindy and expert investor David Greene from the BiggerPockets Real Estate podcast work together to get Derek on the fastest path to early retirement. If he plays his cards right—redeploying some of his “lazy” home equity, increasing his cash flow, and starting a profitable business or side hustle—he could reach FIRE in just seven years! Are you wary of today’s sky-high mortgage rates? We share an investing strategy that allows you to buy real estate notes at a deep discount and potentially acquire properties that are worth so much more! You’ll also learn how to use your 401(k) retirement funds today without incurring tax penalties. Finally, you’ll hear about the power of starting a business and reinvesting your profits! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover Creative money strategies that will fast-track your path to early retirement How to leverage your 401(k) retirement funds today without tax penalties Boosting your cash flow by converting properties into short-term rentals How to start a business with low money (and where to reinvest your profits!) How to (potentially) acquire valuable rental properties at a HUGE discount When you should hire someone to help manage your real estate portfolio 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 How to Access Retirement Funds Early Check Out J Money’s blog, “Budgets Are Sexy” Check Out Nick Loper’s podcast, “The Side Hustle Show” Hear David on the "BiggerPockets Real Estate" Podcast BiggerPockets Money - Episode 443: The Entrepreneur’s Guide to FI: A Day in the Life of a Finance Blogger BiggerPockets Money - Episode 520: The BEST Side Hustles You Can Start in 2024 (Outside of Real Estate!) 00:00 Intro 01:45 $1.7M Net Worth! 10:20 Derek’s Money Snapshot 18:26 7 Years to FIRE 29:37 Moving “Lazy” Equity 39:42 Note Investing 101 48:45 Starting a Business Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-539 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	I'm Kosephi. How can I shave 24 years off of my retirement? Am I on track? Let's find out.
0:06.7	Hello, hello, hello, and welcome to the BiggerPockets Money Podcast. My name is Mindy Jensen and in the back half of this episode I am going to be joined by David Green the host of the Bigger Pocket's real estate podcast.
0:19.4	Today's guest has a solid foundation with some questions about how to handle his real estate portfolio, hence David Green.
0:27.0	Here at Bigger Pockets, we have a goal of creating 1 million millionaires, which means you are in the right place if you
0:34.6	want to get your financial house in order, because we truly believe financial freedom
0:38.5	is attainable for everyone, no matter when or where you're starting.
0:41.8	Today we're speaking with Derek, who is CoastFi
0:45.0	and looking for some advice for shortening his time to retirement.
0:49.0	Before we get into Derek's Finance Friday,
0:51.0	a special thanks to our show sponsor, Bam Capital, your path to
0:55.5	generational wealth with premier real estate opportunities. See why more than 1,000 investors
1:01.9	have invested with Bam capital at bigger pockets.com slash
1:05.4	bam that's bigger pockets dot com slash bam
1:09.2	Derek welcome to the bigger pockets money podcast I am so excited to talk to you today.
1:14.3	Thanks, likewise, I'm glad to be here.
1:16.3	So this episode comes out of our community and it shows the power of our community. I found Derek's Facebook post asking this question, how do I get
1:28.2	$80,000 annually with my current situation and then he shared a bunch of numbers in our Facebook group.
1:34.7	If you're not a member of our Facebook group, please go join Facebook.com slash groups
1:39.4	slash BP money where you can ask questions, get answers,
1:43.6	share your experience, you know how Facebook works.
1:46.3	So Derek is a 43 year old man with a family of six.
1:52.2	He has four children with a current net worth of about
	...

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