Finance Friday: Chasing FIRE by 35 WHILE Supporting Extra Family Members

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 21 February 2025

⏱️ 67 minutes

🔗️ Recording | iTunes | RSS

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Summary

Is something stopping your FIRE? Today’s guest wants to retire early at 35, but with a shaky budget, extra expenses, and a problematic rental property, her path to early retirement isn’t clear. In today’s episode, we’ll break down her finances and help her get back on track! Welcome back to the BiggerPockets Money podcast! Sarah earns a great salary and diligently saves for retirement each month. You’d think she’s on pace to leave her W2 job in a few years, but there’s one problem—she has more expenses than the average person. Financially responsible for two extra family members, Sarah pays for their mortgage, food, and lifestyle, all while covering her own expenses! Does Sarah’s financial situation need a major shake-up? Tune in as Scott and Mindy debate whether it’s time for Sarah to part with a property that’s bleeding money, strategize about when to put it on the market, and discuss what to do with the money from the sale. We’ll also touch on the tough conversations Sarah needs to have with family members if she wants to achieve her retirement goal! In This Episode We Cover The three things Sarah must do to achieve her goal of FIRE by 35 How to reach your financial goals despite extra expenses What to do with a rental property that has negative cash flow The BEST time to put an investment property on the market How to budget for future children (family planning 101!) 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 Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel Find Investor-friendly Tax and Financial Experts Maximize Your Real Estate Investing with a Self-Directed IRA from Equity Trust Achieve FIRE with Scott’s Book, “Set for Life” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area BiggerPockets Money 12 – How to Become an “Overnight” Success in 10 Short Years with David Greene Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-609 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 is a guest hoping to retire by the age of 35. Sarah has had financial
0:05.7	odds stacked up against her from a young age, but by conventional standards was building an
0:10.9	impressive portfolio. Then her circumstances shifted again when she became financially
0:16.4	responsible for immediate family members, which shifted the goalposts of her fine number.
0:21.7	How can you achieve fire with additional financial obligation?
0:26.1	That's the question we're going to answer in today's episode.
0:33.7	Hello, hello, hello, and welcome to the Bigger Pockets Money podcast.
0:37.0	My name is Mindy Jensen, and with me as always is my beef jerky loving co-host, Scott Trench.
0:42.1	Thanks, Mindy.
0:42.5	Great to be here.
0:43.3	And we're looking forward to helping Sarah have her financial situation cured.
0:48.8	Bigger Pockets has a goal of creating one million millionaires, you are in the right place if you want to get your financial house in order because we truly believe financial freedom is attainable for everyone,
0:57.0	no matter when or where you're starting. And if you're on the journey and doing a lot of
1:01.2	things right, we can hopefully help you accelerate it by a few years. Sarah, thank you so much
1:06.0	for joining us here on the Bigger Pockets Money podcast today. No, thank you. It feels such a pleasure to be here.
1:11.2	I'm a huge fan and an avid listener of the podcast. Awesome. We love the show too. So thank you so
1:16.7	much. Now, really appreciate your, the very nice note that you sent me here and couldn't be more
1:24.1	excited to get into the details here today. Sarah, let's look at a quick money overview.
1:30.1	Let's talk about your journey and how you got where you are today.
1:33.3	Yeah, absolutely.
1:34.1	So I immigrated with my family to the U.S. when I was very young.
1:38.8	So, you know, that's not where my money journey started, but it's just a little background.
	...

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