FIRE at 50: The 4-Year Journey That Made Early Retirement a Reality

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 15 November 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Could a few years of aggressive saving put you in the fast lane for financial independence? Is the grind even worth it? Today’s guest was well on his way to a comfy retirement but had never thought about retiring early. Then he discovered the FIRE movement, and with just four years of all-out hustle, he was able to retire at fifty! Welcome back to the BiggerPockets Money podcast! In 2020, Eric Reinholdt experienced a financial “awakening” that set him on a death march to FI and early retirement. For four years, he minimized his spending, maximized his savings, and threw every extra dollar at his investments. Today, he’s “chubby FI,” has a paid-off house, and is recently “retired”— working just ten hours per week on his own business while preparing to travel the world in 2025! But was the glamorous destination worth the grueling journey? Should Eric have started earlier or slowed down to reach his FI number? Tune in to hear about the major lifestyle changes he and his wife made to accelerate retirement, the different levers he pulled to grow his nest egg, and the steps you might need to take if you want to replicate his success! In This Episode We Cover How this entrepreneur reached “chubby FI” by the age of fifty When to slow down and enjoy the journey to financial independence Flexing your “spending muscle” while saving for an early retirement Why building your own business gives you a huge “buffer” for FIRE Why you need monthly financial check-ins with your significant other What Eric plans to do in retirement (and why he’s NOT giving up work entirely!) 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 Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Buy Scott’s Book, “Set for Life” Find Investor-Friendly Lenders FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement (00:00) Intro (01:25) Discovering FIRE (05:01) Major Lifestyle Changes (14:15) High Income + Low Expenses (22:53) “Retired” at Age 50 (27:08) Eric’s Investment Portfolio (33:35) Life in Retirement (37:14) Connect with Eric! (38:06) A “Cheat Code” for Wealth! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-581 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	Eric Reinhold built an architectural design business over the past 10 years. He's the face of the brand.
0:06.9	He built the core products and he makes all the content. His business would be hard for him to sell,
0:12.9	but he was able to leverage the business to achieve fire anyway and is now set to travel the world
0:18.7	in 2025 at the age of 50. Today, we are going to hear his
0:23.3	story, how he pivoted to achieve fire, built a portfolio that comfortably sustains chubby fire,
0:29.1	and now runs his business on 10 hours a week or less. A very nice cherry on top. Hello,
0:34.9	hello, hello, and welcome to the Bigger Pockets Money podcast. My name
0:37.9	is Mindy Jensen. And with me as always is my FI like Eric and me, but not yet 50 co-hosts,
0:43.8	thanks, Mindy. Great to be here and love the mainstream way that you and I achieve by different
0:50.3	than Eric's. All right, Bigger Pockets has a goal of creating 1 million millionaires. You are in the right place if you want to get your financial house in order
0:56.7	because we truly believe financial freedom is attainable for everyone,
0:59.9	no matter when or where you're starting,
1:01.7	including if you want to build a so-called lifestyle business
1:04.6	to help you dramatically accelerate that path to fire.
1:08.0	This episode is brought to you by Connect Invest,
1:10.3	real estate investing simplified and within your reach. that path to fire. This episode is brought to you by Connect Invest, Real Estate Investing simplified
1:11.5	and within your reach. Now, let's get into the show. Eric Reinhold, welcome to the Bigger Pockets
1:16.4	Money podcast. I am so excited to talk to you today. Likewise, thanks, Mindy. It's good to be with you
1:21.5	and Scott. And I've listened to you guys for years. So it's super fun to be here. I love when we talk to people who have listened to us before.
1:27.7	Then you know all the jokes and all the questions we're going to ask.
1:30.2	So let's jump right into it.
1:31.6	Eric, how did you first discover the financial independence movement?
	...

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