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BiggerPockets Money Podcast

When You Should (and Shouldn’t) Hire a Financial Advisor | Life After FIRE

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.62.9K Ratings

🗓️ 26 March 2025

⏱️ 45 minutes

🧾️ Download transcript

Summary

Could hiring a financial advisor help you reach financial independence and retire early? This isn’t a popular move in the FIRE community, but it gave today’s guest peace of mind, preserved her wealth, and helped her save on taxes in retirement. Stick around to learn if it’s the right choice for you, too!   Welcome to another episode of “Life After FIRE”! Today, we’re chatting with Amy, who was dealt a set of circumstances that altered her life and retirement plans. Amy and her late husband, Phil, arrived at their FIRE number in 2020. Just as they were preparing for early retirement, Phil tragically passed, and Amy was left to not only navigate a new normal but also take control of her finances. Still reeling from the loss of her husband, Amy hired a financial advisor, which turned out to be one of the best decisions she ever made.   In this episode, Amy shares how she used money check-ins and a year of “experimental deprivation” to speed up her path to retirement. She also discusses the pros and cons of using financial advisors, the differences between the assets-under-management and fee-only models, and how to properly vet an advisor to ensure you’re getting your money’s worth! In This Episode We Cover Why Amy uses a financial advisor to help manage her money in retirement Amy’s journey to financial independence, losing her husband, and retiring early Assets under management (AUM) versus fee-only advisors (and which one to hire!) How to reach your FIRE number sooner through “experimental deprivation” Why you need to have regular money check-ins with your significant other And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-621 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

Hello, hello, hello, my dear listeners, as you may or may not know, my husband, Carl, and I have a new

0:05.2

series on YouTube on the Bigger Pockets Money channel called Life After Fire.

0:10.6

And as a very special bonus, we're going to be airing episodes here on the podcast on Wednesdays.

0:30.1

Today, we're talking with my friend Amy about the taboo topic of hiring a financial advisor to help her with her finances and why she chose to go this route.

0:36.7

We'll also talk about her fire life as a single woman and how she reached financial independence in the first place.

0:40.1

Hi there. I'm Mindy Jensen and there's no Carl Jensen today.

0:44.9

This is The Life After Fire Show and we call it that because we're talking about and talking to people who are living their best life after reaching financial independence.

0:49.0

Amy, thank you so much for joining me today.

0:51.0

Thank you for having me.

0:52.1

Let's first chat about how you reached financial

0:55.1

independence. Sure. So back in 2015, I found Pete's blog, Mr. Money Mustache. I don't remember

1:04.0

exactly how I got there, but I have a hunch. It was probably through Get Rich Slowly,

1:08.8

because Get Rich Slowly and J.D. Roth were the very first finance

1:12.4

blog I ever started reading. And I'd been checking in on him for years. And sometimes I think he

1:17.5

would talk about Pete or he would link to Pete. And so eventually I ended up on Pete's site. And I read

1:23.8

that very pivotal article, the shockingly simple math behind early retirement, the one that

1:29.1

explains, okay, if you can save 25 times your expenses, then guess what? You can retire.

1:34.5

And I remember just being like kind of skeptical, but very, very intrigued by this. And like,

1:39.7

wow, this is really interesting. Okay. So I had a full-time work-from-home job at the time,

1:45.8

which meant, like, yes, I was spending some of that time, like, browsing blogs and reading

1:50.5

the internet and not, like, being 100% productive. And I made my way down the list of every single

1:57.3

post that had ever been made on Pete's blog. And, you know, especially in those early

...

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