The 5 Biggest Money Fears Keeping You from FIRE (and How to Overcome Them)

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 10 December 2024

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Many people struggle with money anxiety, even those in the FIRE community. Your money fears could keep you on the sidelines, or it could have the opposite effect, making you ultra-conservative with your retirement savings. Today, we’re diving into five of the most common financial fears, whether they’re worth fretting about, and what to do about them! Welcome back to the BiggerPockets Money podcast! Do you ever worry about your finances? You’re not alone! Maybe you’re concerned about your FIRE number being too low and running out of money in retirement. Maybe you’ve wondered whether you’ll ever be able to afford a house or if the “grind” to financial independence is even worth it. We’ve pulled the most common concerns about money and are going to respond to each of them in today’s show! Tune in to learn how much money you actually need to comfortably retire, how to deal with burnout on the journey to FIRE, and if you’re “missing out on life” by practicing frugality in your youth. Scott and Mindy will even debate whether the returns from real estate investing are worth the trouble of managing rental properties! In This Episode We Cover How much money you actually need to retire (and if the four-percent rule still works) Renting versus buying a house amidst today’s high home prices and interest rates Whether the “grind” to early retirement is worth it (and what you should do if it’s not!) Active versus passive real estate investing (and which delivers the highest returns) Whether you “miss out on life” by living frugally and racing toward retirement 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 BiggerPockets Money 455 – REITs: How to Make Real Estate Money WITHOUT Owning Rentals Rent vs. Buy Spreadsheet The Passive Real Estate Investing Show The 1% Rule “Determining Withdrawal Rates Using Historical Data” Try Baselane, the One Platform for All Your Property Banking & Finances Buy Scott and Mindy’s Book, “First-Time Home Buyer” Find an Investor-Friendly Agent in Your Area BiggerPockets Money 522 – How to Get PAID to Live in an Affordable City & Fast-Track Financial Freedom (00:00) Intro (01:27) “Missing Out” on Life (08:01) Running Out of Money (15:41) High Housing Costs (24:10) Low Rental Property Returns (32:13) Burnout Before FIRE (34:19) What We’re Reading! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-587 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	Nobody in the Phi community has all of the answers.
0:03.6	What might keep you up at night may be a really easy answer for somebody else.
0:08.6	Today, we're looking at your money fears.
0:11.2	Yes, that's right.
0:12.6	These are fears from our dear listeners.
0:15.5	Scott and I will give our take, and we'd also love to hear from you.
0:19.4	Hop on over to YouTube or on our Facebook group to give your take on these questions too.
0:25.1	Hello, hello, hello, and welcome to the Bigger Pockets Money podcast.
0:28.1	My name is Mindy Jensen and with me as always is my fearless co-host, Scott Trench.
0:32.8	Thanks, Mindy, great to be here.
0:34.3	I don't know how it gets better than this.
0:36.4	We're going to go head first,
0:42.4	fearless, into the most common money fears that we have on Bigger Pockets money. Hopefully you got that if you're a Taylor's fan. I was of the first two albums at least. Bigger Pockets has a goal
0:46.9	of creating one million millionaires. You are in the right place if you want to get your
0:49.8	financial house in order because we truly believe financial freedom is attainable for everyone, no matter when or where you're starting. And today we're going to discuss common money fears
0:58.0	that fire adherence, I think that's the way we're to describe us folk on bigger pockets
1:03.9	money, have, including, am I being too frugal? Am I not being frugal enough? How should I factor
1:10.0	housing costs, real estate investing,
1:11.7	burnout, inflation, all these different things that grind towards financial independence and so much more.
1:18.4	So let's kick it off. Mindy, you found a lot of these big fears inside the Bigger Pockets Money
1:23.6	Facebook group, I believe. Do you want to share the first one and talk about it?
1:27.1	This question I think is really, I believe. Do you want to share the first one and talk about it?
	...

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