FI With 5 Kids and Debt-Free in Just Over a Decade!

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 24 September 2024

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Does FIRE seem impossible while raising a family? We’re about to prove that you CAN have it all. Emily and Joel are financially independent while raising five kids and still have the money to travel the world, take plenty of vacations, and sleep in without worrying about a job. They reached FI in just over a decade and did it without EVER having a high income. How’d they do it? One “financial superpower” allowed them to do what most people won’t. Emily and Joel started with $150,000 in student loan debt. Their accounts dwindled at the end of every month, so they began to pay off their loans with the “debt snowball” method. Fast forward a few years, and they were debt-free, but now they had a new challenge: building their net worth! Today, they’re sharing the incredible journey they took to go from personal finance zeros to heroes, the “why” behind achieving FI at such young ages, and how they did it all (including keeping expenses SUPER low) while raising not one, not two, but FIVE children. Think FI isn’t possible for you? Think again—copy Emily and Joel’s plan! In This Episode We Cover How to pay off debt FAST with the “debt snowball” method Minimizing your expenses and how spending less gets you to FIRE way faster Why you DON’T need to cut out travel/vacations on your path to financial freedom The “financial superpower” you must cultivate if you want to retire early What 100% of Emily and Joel’s portfolio is in and the simple path to building wealth Starting side hustles that pay for your life and why working while FI is NOT a bad thing And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Kyle on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE 50+ Rentals After Starting in Her 50s and How “Late Starters” Can Get Ahead From 150k in Debt to FIRE in Their Mid-30s (With 5 Kids!) ISI Team Camps Reach FIRE Faster with “Set for Life” Find an Investor-Friendly Agent in Your Area See Mindy at BPCON2024 in Cancun! The Simple Path to Wealth—Index Funds Explained with JL Collins (00:00) Intro (01:07) Six-Figure Debt and Dave Ramsey (05:58) "Snowballing” $150K in Debt (08:27) $1,000,000 FI Number (14:06) Financial Superpowers (15:27) The “Why” Behind FI (18:37) Serious Side Hustles (29:29) Did They Retire? (34:11) Connect with Emily and Joel Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-566 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	Fire in your mid 30s with $150,000 in debt and five kids? This might seem impossible, but Joel and Emily paid
0:10.0	off their debt in under three years and achieved fire by age 36.
0:14.6	I cannot wait to share with you how they did it.
0:17.7	Hello, hello, hello, and welcome to the BiggerPockets Money Podcast.
0:20.7	My name is Mindy Jensen, and I am joined today by none other than the Kyle Mast.
0:26.0	Hey Mindy, it is so good to be here. I am so excited. People, you are in the right place if you've got five kids and you want to get your
0:33.0	financial house in order because we really do believe that financial freedom is
0:37.4	something that everyone can work towards everyone can attain no matter
0:41.0	where you are how many kids you have or don't have, or where you're starting.
0:45.5	Today we are going to discuss how to pay down debt fast.
0:49.9	We're also going to talk about understanding the why of your financial journey and how one side
0:56.0	hustle could cover 200% of your expenses.
1:00.3	Now let's get into the show.
1:01.9	Joel and Emily, thank you so much for joining us today.
1:04.1	I'm so excited to talk to you.
1:05.8	Thanks for having us, Carl and Mindy.
1:07.5	Okay, we're going to jump right into it.
1:09.2	Our listeners love transparency.
1:11.6	So this is a question for you both. How old are you? Where are you living?
1:17.0	What was your job before you quit? And how much were you making? I'm going to go with Emily first.
1:23.3	I'm 36 years old.
1:24.9	I spent 10 years working as an occupational therapist
	...

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