557: Buying at the Peak, Surviving a Crash, and STILL Being Able to Quit at 38

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 23 August 2024

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Have you ever made a poor financial decision? You’re not alone! But can a bad blunder disqualify you from FIRE? Today’s guest made a huge investment at the worst possible time, a move that had consequences a decade later. Despite this, he was still able to reach early retirement in just fifteen years! Welcome back to the BiggerPockets Money podcast! Ryan Connell had a picture-perfect start to his financial independence journey—saving money at a young age and living well below his means. But then 2007 arrived, and Ryan made the “worst financial decision” of his life. He bought a house just weeks before the housing market began its historic collapse. But a move that could have derailed his quest for FIRE proved to be a minor setback because Ryan was still able to retire at the age of thirty-eight! In this episode, you’ll learn why you should treat real estate as less of a “sure thing” and more like the stock market. Ryan discusses his current portfolio, which consists of 100% index funds, and what led him to pivot from real estate investing entirely. He even gives us a peek into the average day as an early retiree and shares why he has never had a FIRE number! In This Episode We Cover How Ryan rebounded from his “worst financial decision” to reach FIRE at thirty-eight Real estate versus stocks and why you don’t need properties to retire early Why time in the market is still more important than timing the market Whether you can reach financial independence without stress and sacrifice How to enjoy retirement with less productivity and more “negative time” 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 BiggerPockets 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 BiggerPockets Money Group Check Out Ryan’s Camp FI Talk Buy the Book “Rich Dad Poor Dad" See Mindy and Scott at BPCON2024 in Cancun! BiggerPockets Real Estate 955: BiggerNews: Real Estate vs. Stocks, the Ultimate Wealth-Building Debate 00:00 Intro 02:02 Buying a House...in 2007 09:42 Digging His Way Out 18:46 Ryan’s Journey to FIRE 28:25 Saving TOO Much? 35:00 Life After Early Retirement 40:49 Find Freedom Faster! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-557 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	Ryan Connell unintentionally started his Fye journey after graduating college by keeping his top three expenses really, really low,
0:09.0	which allowed him to retire from his job in 15 years at the age of 38. On today's episode we're
0:16.2	going to hear a story that will make you believe that reaching financial
0:19.8	independence is still possible. Hello hello hello and welcome to the BiggerPockets Money Podcast.
0:24.6	My name is Mindy Jensen, and with me as always is my money savvy co-host, Scott Trinch.
0:29.8	Thanks, Mindy for that Fire intro, really appreciate it. Bigger Pockets is a goal of
0:33.9	creating one million millionaires or one million financially independent folks like Ryan.
0:38.3	You're in the right place if you want to get your financial house in order because we
0:41.1	truly believe financial freedom is attainable for, no matter when or where you're starting
0:45.4	or how terrible you're investing timing and luck really is in the first couple of years of your
0:50.6	journey.
0:51.6	Today we're going to discuss how a investment even at the peak in
0:55.9	2007 and an all-in bet on your first house that just goes terribly wrong can't derail your
1:02.2	financial journey if you don't let it. How you can
1:04.7	adjust your investing strategies on the way to Fai and completely reset even 10 years
1:09.4	into your journey and the concept of negative time and what it's like to be financially independent
1:15.4	and just live life on a Tuesday. Live life on a Tuesday. I love that. We're gonna
1:19.7	hear Ryan's really super exciting Tuesday plans and I'm really super excited for him because
1:27.3	there's exactly what I want they're exactly what everybody wants it's. He can do whatever he wants so he's
1:35.1	choosing freedom. This segment is sponsored by BAM Capital, your path to
1:39.6	generational wealth with Premier Real Estate Investment Opportunities.
1:44.0	See why over 1,000 investors have invested with BAM capital at BiggerPockets.com slash Bam.
	...

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