Finance Friday: Can I Still Reach FI by 45 If I Quit My Job?

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 13 December 2024

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

Alex Preziosi wants to reach financial independence by the age of forty-five, and with several hundred thousand dollars in retirement accounts, brokerage accounts, and savings, she’s on pace to do just that. But now, she’s thinking about quitting her W2 job. Can she still hit her FI goal? Today’s guest has good problems, but problems, nonetheless! Welcome back to the BiggerPockets Money podcast! Since we last spoke with Alex, she has made two major leaps on her journey to financial independence. First, she has taken up house hacking, which pays for most of her mortgage in an expensive area of the US. But that’s not all. She has also grown her side hustle as a real estate agent into a full-fledged business, where she now earns more than she does at her W2 job! These moves have only widened the gap between her income and her expenses, and, as a result, she’s sitting on an even bigger pile of cash. Now, Alex finds herself at yet another crossroads. Is her W2 holding her back? Should she pursue full-time entrepreneurship while she has such a strong cash position? Stay tuned as we dive into the numbers and try to figure out Alex’s best path to FI by forty-five! In This Episode We Cover The best path for Alex to reach financial independence by forty-five When to leave your W2 job and pursue full-time entrepreneurship How to lower (or eliminate!) your housing cost with the house hacking strategy Where to invest a large amount of cash (stock market versus real estate) Tax strategies that could help you save a fortune over your lifetime 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 How to Talk to Anyone Buy Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area BiggerPockets Money 395 – Finance Friday: House Hacking, Side Hustles, and the Path to FI by 45 w/Alex Preziosi Connect with Alex (00:00) Intro (01:14) Alex’s Money Journey (04:26) House Hacking Numbers (08:01) Money Snapshot (14:24) Leaving Her W2? (23:30) Buying More Rentals (29:57) Alex’s Investing Strategy (36:13) HUGE Cash Position (43:21) Connect with Alex! (44:57) “Unlock” Your Potential! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-589 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	Today's Finance Friday guest is a repeat. She is returning to the show. Last year, Alex joined us on
0:06.8	episode 395. She was at a fork in the road, whether she should invest her large cash savings
0:13.6	into real estate or the stock market. In today's episode, we'll hear an update on her financial
0:19.2	position and how she's now reached
0:21.8	a new crossroads and might finally be able to leave her W-2.
0:27.1	And five before 45?
0:29.1	Let's fight out today.
0:30.3	Hello, hello, hello, and welcome to the Bigger Pockets Money podcast.
0:33.3	My name is Mindy Jensen.
0:34.4	And with me as always is my blueberry-loving co-host, Scott Trench.
0:38.1	Thanks, Mindy. Great to be here and really excited to jam out with you, right? That's a good
0:42.6	blueberry intro related to intro right there. Bigger Pockets has a goal of creating one million
0:47.3	millionaires. You're in the right place if you want to get your financial house in order
0:50.2	because we truly believe financial freedom is attainable for anyone, no matter when
0:54.2	or where you're starting, whether you're deciding to invest in stocks or real estate.
0:58.5	All right, today we are going to discuss Alex's new FI number and how she should adjust
1:02.8	her portfolio allocation to avoid the messy middle.
1:05.3	And we're going to discuss diversification of her current portfolio.
1:09.6	Alex, welcome back to the Bigger Pockets Money podcast.
1:12.4	Thank you guys for having me back. Excited.
1:14.2	Alex, for our audience who didn't yet listen to episode 395, can you share a little bit about
1:20.5	your money background? So my money story begins when I grew up raised by a single mom and a retired grandmother.
	...

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