555: Retiring Early Before 30 and Why You DON'T Need Millions for FIRE

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 16 August 2024

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

This might be the fastest path to FIRE we’ve ever seen. In just two years, Emily and James were able to retire early and travel the world full-time. They didn’t have a trust fund, some huge inheritance, or a winning lottery ticket. But they did make some serious sacrifices, cutting almost everything unnecessary out of their lives to retire early and quit the jobs they were itching to get out of. How’d they do it? After realizing they were throwing away every cent they made, James stumbled upon a popular personal finance blog. He devoured it that day at work and came home a changed man. The AC temperature was going up, the restaurant expenses were going down, and he was deadset on achieving financial freedom. His wife, Emily, needed some convincing. But, with time, they both became locked in on FIRE. They moved to a cheaper house, rode bikes to work, and rarely ate out anymore. Just two years after discovering FIRE, they achieved it, and they did it without millions of dollars in the bank. And here’s the thing: you might be able to do it, too, IF you’re willing to put in the work. How much money are they living on? How did they cut their expenses so significantly? And how do you convince your partner or spouse to follow you on the path to financial independence? Emily and James are showing you how in today’s episode! 00:00 Intro 01:21 Poverty to Overspending 06:12 Convincing Your Spouse on FI 09:09 0% to 85% Savings Rate 16:30 Buying $50K Rentals 23:29 Retiring on $31K/Year 29:40 The Secret to FIRE 32:43 Are They Still Retired? 34:36 Advice for Finding FIRE 36:24 Connect with James and Emily! 37:19 Use These FIRE Tips Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-555 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	James and Emily were able to retire less than two years after they started saving for early retirement at the ages of 27 and 28.
0:08.0	Now they travel the world and if any of this sounds amazing to you, keep listening to hear how they did it.
0:14.1	Hello, hello, hello, and welcome to the BiggerPockets Money Podcast.
0:17.2	My name is Mindy Jensen, and with me as always is my amazing co-host, Scott Trench.
0:22.1	Thanks, Mindy, great to be here with you.
0:24.0	You're my super-trooper co-host today
0:26.3	here on Bigger Pockets Money.
0:28.0	Bigger Pockets has a goal of creating one million millionaires.
0:30.8	You are in the right place if you want to get your financial house in order because we truly believe financial freedom is attainable for everyone, no matter when or where you're starting, or maybe it's attainable for you even before you hit millionaire status.
0:43.0	Listen on to find out how.
0:45.0	Today we are going to discuss how to get your partner on board for financial independence.
0:50.0	And I'm going to suggest maybe you spend a little bit more than the 30 seconds that James did.
0:55.8	We're also going to talk about how you can cut down your expenses to help you reach financial independence
1:00.5	and what your fine number should be when investing in real estate.
1:05.0	This segment is sponsored by BAM Capital, your path to generational wealth with
1:09.0	premier real estate opportunities.
1:11.0	See why over 1,000 investors have invested with BAM capital
1:15.1	at bigger pockets.com slash bam. That's bigger pockets.com slash BAM. Without further
1:22.3	ado, James and Emily, welcome to the BiggerPockets Money
1:25.1	podcast. I am so excited to talk to you today. Thanks, we're excited to be here.
1:28.2	We are, thank you. James and Emily, we want to get a bit of a financial snapshot
1:33.8	before we jump into your story.
	...

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