Can I Hit Financial Independence by 50 with THIS FI Number? (Finance Friday)

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 14 March 2025

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Is your FI number TOO high? Whether you are ultra-conservative with your finances or want a lavish retirement lifestyle, setting a high bar could make your financial independence journey much harder…but not impossible. Today, we’ll provide a roadmap for building massive wealth! Welcome back to the BiggerPockets Money podcast! With a six-figure income and a six-figure net worth at just 25 years old, Austin Crofoot should have no problem reaching financial independence by age 50, right? The only issue is that his FI number of $5,000,000 is much higher than most. As you’re about to hear, he’ll need to make several “bets” over the next few years, cross his fingers, and hope that at least one of them pays off in a huge way. Like many in the FIRE community, Austin also wants to avoid the middle-class trap. Scott and Mindy will show him how to balance his retirement accounts with a mix of cash, brokerage accounts, and real estate investments—giving him the financial flexibility to pursue entrepreneurial ventures and retire on his terms. Stick around to hear how Austin can take advantage of a rebounding housing market by taking on assumable mortgages with rock-bottom interest rates! In This Episode We Cover The “levers” Austin needs to pull to reach his $5,000,000 FI number The roadmap to achieving financial independence by age 50 How Austin built a six-figure net worth by just 25 years old Building wealth by taking on assumable mortgages with low interest rates Why the Austin, Texas housing market is poised to bounce back in 2025 Reducing your taxable income to maximize Roth IRA contributions And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-616 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

Click on a timestamp to play from that location

0:00.0	Today's Finance Friday guest is hoping to retire by the age of 50, but doesn't have a clear
0:05.7	understanding of the investing order of operations and what is best. Today, we are going to break down
0:12.5	the options that Austin has to make his five dreams a reality. Today's guest is young. He's
0:18.3	25 years old. So it's a great episode for you if you are young and on your journey to financial independence.
0:24.5	But it's also a great episode for you to introduce the concept of financial independence to someone younger in your life.
0:36.4	Hello, hello, hello, and welcome to the Bigger Pockets Money podcast. My name is Mindy Jensen, and with me as always
0:41.9	is my followed his own FI dream co-host, Scott Trench. Thanks, Mindy, great to be here with you,
0:47.3	and looking forward to helping Austin dominate life, money, and the American dream. Bigger Pockets
0:52.9	is a goal of creating one million millionaires.
0:54.5	You are in the right place if you want to get your financial house in order because we truly
0:57.6	believe financial freedom is attainable for everyone, no matter when or where you're starting.
1:01.5	But it is especially attainable.
1:03.5	And let's acknowledge that off the bat here for a individual like Austin starting at a 25
1:10.0	with a solid six-figure net worth and a solid six-figure
1:13.0	income world's this guy's oyster let's help him get after it as fast as humanly possible
1:17.2	and know that he's got advantages that other people don't being a single man in his mid-20s
1:22.4	with all these options but let's let's see how to maximize an advantageous set of circumstances
1:27.2	and see how far he can get.
1:28.6	Yes, Austin.
1:30.0	Thank you for joining us today.
1:31.3	We're so excited to talk to you.
1:33.1	Thank you so much for having me.
	...

Transcript will be available on the free plan in 28 days. Upgrade to see the full transcript now.

Previous episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.