Reviewing Our FIRE Journeys, Timelines, and Single Biggest Regret

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 29 October 2024

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

You can attack financial independence from one of two angles. You can create a strict timeline for achieving FIRE, or you can calculate your FIRE number and take your time with it. Which approach works best, and should you ever move the goalposts? Stay tuned to find out! Welcome back to the BiggerPockets Money podcast! Today, Scott and Mindy are reflecting on their journeys to financial freedom—how they started, set realistic objectives, and allowed those objectives to evolve. They’ll also share about the major “events” that propelled them toward their goals, the big lifestyle changes they have made since reaching financial independence, and the ONE thing they wish they had done differently! Whether you’re starting from zero or already on your way to FIRE, there are some personal finance fundamentals you’ve got to master: lowering your expenses and increasing your income. This combination will allow you to save more money, multiply your investments, and accelerate your FI timeline. But that’s not all. You’ll also hear about the job “trap” that keeps so many people from reaching FIRE, and why time (NOT money) is the resource we’re all actually chasing! In This Episode We Cover The crucial figure you need to pin down before setting your FI timeline Why time, not money, is the resource every FIRE-focused person really wants When to move the goalposts on your quest for financial independence The job “trap” that holds you back from FI (and how to get out of it!) The two-pronged strategy that will accelerate your path to early retirement Spending less and earning more (so that you have more money to invest) Scott and Mindy’s number one “regret” from their aggressive pursuit of FI 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 Buy Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area BiggerPockets Money – Episode 563: Why Aren’t More “Normal” People Achieving FIRE? (00:00) Intro (00:49) The FI Timeline (06:59) Lifestyle Changes After FI (10:25) Getting Your Spending in Check (17:14) Low Expenses + High Income (24:40) Escaping the Job “Trap” (31:04) Creating Milestones (37:50) Share Your Journey with Us! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-576 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

Click on a timestamp to play from that location

0:00.0	Hindsight really is 2020. Today Scott and I are going to be looking back on our respective
0:06.5	fire journeys including timeline, fine numbers and moving goalposts.
0:12.0	Hello, hello, hello, and welcome to the BiggerPockets Money Podcast. and
0:15.0	moving moving goalposts.
0:18.0	My name is Mindy Jensen and with me as always, is my not quite ready to retire co-host Scott Trench?
0:20.0	That was a fine intro, Mindy. F Independence next endeavor because that's what you are on this. Not quite retired early.
0:30.0	Thank you, Mindy. Bigger Pockets has a goal of creating 1 million millionaires.
0:33.8	You are in the right place if you want to get your financial house in order because we truly
0:36.9	believe financial freedom is attainable for everyone no matter when or where you're
0:40.3	starting or even if you start with a very clear goal in mind and it
0:43.7	changes and evolves and doesn't look anything like that by the time you get there.
0:46.6	Mindy excited to get into this with you today. Mindy, did you go into your FIE journey
0:52.2	with a timeline and a number or was there one that you focused on more?
0:56.2	Anybody listening to this podcast should be aware that I am
1:01.0	Mrs. 1500 from 1500 days.com and if you're not that's okay I don't really talk about it but the
1:07.7	1500 was the timeline that my husband and I predicted it would take the number of days,
1:15.6	1500 days, to reach financial independence from where we were starting,
1:20.5	which was a position of about halfway there when we discovered the concept of
1:25.2	financial independence.
1:26.2	So we were focused more on the timeline to get to the number than the actual number, but we were also really focused on the number than the actual number.
1:33.1	But we were also really focused on the number.
1:36.4	We ended up doing it sooner than 1,500 days.
	...

Transcript will be available on the free plan in -108 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.