How to Stay Rich During FIRE by Dodging the 4 Financial “Horsemen”

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 18 March 2025

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

You’ve worked so hard to finally achieve FIRE (financial independence, retire early); the last thing you want is your wealth to dwindle or disappear entirely. Unknown to most FIRE-chasers, four financial “horsemen” (of the personal finance apocalypse) could steal your wealth right out from under you, without you even realizing it. What are the four horsemen, and how are we protecting our FIRE portfolios from them? To make sure you not only become wealthy but stay wealthy, we brought Whitney Elkins-Hutten, author of Money for Tomorrow, on the show to share the best ways to keep your portfolio safe from the four horsemen. Whitney scaled her portfolio from almost nothing to life-changing wealth, and she could have lost it all if she hadn’t learned how to protect it. Mindy and Scott tag-team to show YOU how to protect your FIRE from these four horsemen, including sharing what they’re doing right now to set themselves up for a successful (and safe) financial future. Don’t let your wealth get drained before OR during FIRE; take these tips to heart ASAP! In This Episode We Cover The four “horsemen” that could destroy your FIRE lifestyle and disrupt your generational wealth How Whitney went from accidental house flipper to financially-free investor The overlooked investing “fees” that could cost you hundreds of thousands of dollars Why you’re (probably) paying too much money for insurance (and how to start saving) When (and when not) to pay off debt and which balances to prioritize first 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 Grab Whitney’s Book “Money for Tomorrow” Save $100 on Real Estate’s Biggest Event of the Year, BPCon2025 Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area The Points Guy’s Travel Hacking Tips to Fly for FREE in 2025 Connect with Whitney (00:00) Intro (06:00) "Ownership" Makes You Rich (10:09) Aggressively Investing in Rentals (11:52) This Could Destroy Your Wealth (19:07) Which Debt to Pay Off (23:14) Save Thousands on Insurance (30:23) This Could Delay Your FIRE (37:08) STOP Being Scared of Taxes! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-617 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	We are so excited for today's episode. We are joined by Whitney Elkins Hutton, where she gives a tease of one of the big pillars highlighted in her book, Money for Tomorrow, How to Build and Protect Generational Wealth.
0:13.6	We discussed the concept of the Four Horsemen and how these parts could massively impact the longevity of your financial independence portfolio.
0:22.9	Scott and I then use this special teaser as a jumping off point for a discussion of what you
0:28.7	can do to retain your wealth if you're working towards financial independence or have already
0:33.7	retired early and you're afraid of losing everything.
0:46.1	Hello, hello, hello, and welcome to the Bigger Pockets Money Podcasts. My name is Mindy Jensen,
0:50.2	and with me as always is my has money for tomorrow co-host, Scott Trench.
0:56.6	Thanks, Mindy. Great to be here with you. We're always in an estate of discussing personal finance topics.
0:59.8	All right, whatever. We'll move on from that one. Bigger Pockets is a goal of creating one million millionaires. You are in the right place if you want to get your financial house in order and then
1:03.5	keep it in order because we truly believe financial freedom is attainable for everyone, no matter
1:07.5	when or where you're starting. Whitney Elkins Hutton, thank you so much for joining us.
1:12.6	Welcome to the Bigger Pockets Money podcast.
1:14.0	Thank you so much for having me.
1:15.5	This is such a pleasure.
1:16.6	Whitney, let's jump into your financial journey.
1:20.3	Where does your journey with money begin?
1:22.0	You know, it actually starts when I purchased my first property in 2002.
1:25.9	I bought a house with a significant other.
1:28.3	And, you know, I thought I was doing the responsible thing.
1:30.3	You know, good job, stable relationship.
1:33.3	You know, let's dive into home ownership, right?
1:36.3	But, you know, the relationship ended about a month after purchasing the house.
	...

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