FI by 34 After Making “Calculated” Bets that 99% of Us Would NOT Take

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 22 November 2024

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you follow the almost unbelievable path of today’s guest, you, too, could achieve financial independence in your thirties. Would we recommend mimicking his strategy step-by-step? No! Because if you get it wrong, you could be further from FIRE than when you started. Only the most prudent, risk-tolerant, and financially savvy among us could do what Andrew Schrader did. After racking up six figures in car loans and student debt, Andrew knew something needed to change quickly. Thanks to his financial discipline, he paid his debts down fast, but what would he now do with the money he was sending toward debt every month? After a coworker threatened to quit on the spot without a care in the world (the coworker was FI), Andrew knew exactly what his next goal was. So, he set out to do the impossible: Stretch his dollar as frugally as possible, spending in a year what many Americans live off of for a month and taking calculated bets that he knew the risks of. His unbelievable journey to FI will have you squirming in your chair (like Mindy did!) as you hear what incredible lengths you can go to reach your financial goals WAY faster than most Americans. In This Episode We Cover How to reach financial freedom in your thirties by taking “calculated” risks The exact method Andrew used to pay off $100,000 in debt Why house hacking may be the single best decision for FIRE-chasers Why Andrew put an entire home renovation on a credit card when he was close to broke Emergency funds 101 and why it’s crucial to have money in the bank when buying real estate Saving tons of money by cutting out a “category” every month And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: [email protected] Email Scott: [email protected] BiggerPockets Money Facebook Group BiggerPockets Creative Financing Forum Finding and Funding Great Deals Raising Private Capital, Revised Edition Wealth without Cash Andrew’s YouTube Channel Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Grab "The Book on Investing in Real Estate with No (and Low) Money Down" Find an Investor-Friendly Agent in Your Area House Hacking 101: What It Is and How to Get Started Connect with Andrew (00:00) Intro (01:48) Stock Betting and $100K Debt (04:12) Watching His Coworker FIRE (07:16) Income and “Overtime” (08:41) Taking SERIOUS Risk (BIG Reward!) (16:21) 10Xing His Money (19:46) Rock Bottom Expenses (27:34) Building a Business (36:45) Quit His Job? (43:16) Make the RIGHT Bets Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-583 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	Have you ever wondered what your life would look like if debt didn't hold you bad,
0:04.0	or if you could actually live mortgage-free?
0:06.0	Today's guest has a financial background that began with the familiar middle-class money challenges many of us know all too well.
0:14.0	Growing up in a single-income household, he saw early on how debt and limited financial flexibility shaped life's choices.
0:22.6	After racking up nearly $100,000 in debt in student loans and car debt right after college,
0:29.0	he quickly realized that earning more didn't always mean having more.
0:33.7	Now he's saving almost all of his income, living off rental cash flow, and on track to hit
0:39.2	five by age 34. Andrew's journey highlights the power of keeping your expenses low, investing
0:45.6	wisely, taking advantage of opportunities that are presented, and allowing yourself to be okay
0:51.2	with a bit of risk, all the things we keep talking about here at Bigger
0:55.4	Pockets Money. Hello, hello, hello, and welcome to the Bigger Pockets Money podcast. My name is Mindy Jensen,
1:00.5	and with me as always is my also Five Before 34 co-host, Scott Trench. Thanks, Mindy. Great to be
1:06.2	here. As always, that intro is a great kindling for an awesome money discussion that's coming up here.
1:11.7	Vicker Pockets has a goal of creating one million millionaires. You're in the right place if you want
1:14.8	to get your financial house in order because we truly believe financial freedom is attainable
1:18.0	for everyone no matter when or where you're starting. We'll give you the spark. This episode is
1:23.6	brought to you by Connect Invest, Real Estate Investing, simplified, and within your reach.
1:29.1	Now, let's get into the show.
1:30.6	Thanks so much for joining us today, Andrew.
1:31.9	Yeah, thanks for having me.
1:38.4	Been a longtime follower of this podcast and both your journeys in the public space and bigger pockets.
1:40.9	So thanks for all the help that you guys do.
	...

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