BiggerPockets Money Podcast

The “death march to FI” isn’t for everyone. If you’re tired of climbing the corporate ladder or lacking a sense of purpose at your W2 job, it’s not too late to escape the rat race and design the life you want, just like the “Financial Tortoise,” Tae Kim, did! In this episode of “Life After FIRE,” Tae returns to the show to discuss his move from the corporate world to a job that gives him the freedom and flexibility to travel, spend more time with his family, and actually enjoy the journey to FIRE. For years, Tae was dead set on achieving his goal of becoming a chief financial officer (CFO), but as he approached the summit, he realized just how much freedom and control he was giving up. So, he started implementing a plan to quit and pursue entrepreneurship instead! In four years, Tae went from making $0 on YouTube to over $250,000 per year. Today, he and his wife are comfortably coast FI, traveling the world, creating personal finance content, and continuing to save for retirement where they can. Stay tuned as Tae shares how he “reinvented” himself in his late 30s and the moment he realized he had “made it” on YouTube! In This Episode We Cover Why Tae quit the corporate grind right before reaching his lifelong goal Building a financial runway that allows you to pursue entrepreneurship Crucial financial steps to take before leaving your nine-to-five job How to start an online business that gives you financial freedom Why it’s never too late to “reinvent” yourself and design the life YOU want 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 Tae’s YouTube Buy the Book “The Quitter’s Manifesto” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area How to Become a “Quiet” Millionaire and Avoid the Financial Guru Trap Connect with Mindy Connect with Carl (00:00) Intro (01:08) Tae’s Money Story (05:57) Quitting Corporate (10:51) “Making” It on YouTube (18:23) Expectations vs. Reality (24:20) Current Income & Expenses (27:58) Design the Life You Want! (30:49) Connect with Tae! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-615 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

Transcribed - Published: 12 March 2025

How do the top 1% of Americans invest their money, and how do your investments compare? We’re breaking down the data, showing what the wealthiest Americans are invested in and how to copy their 1% portfolio so you can invest like the ultra-wealthy. To be in the top 1% of Americans, you must have at least eight figures. And while that’s a Fat FIRE number, most of us don’t need tens of millions to retire early. But copying some of the tactics of the top 1% could get you there faster. One thing slingshots average Americans to the top 1%, and even the top 0.1%, but you don’t have to bank on this huge bet to get there. Surprisingly, the top 1% invests in assets that YOU already have access to, not elite-only investment opportunities or massive business deals. They’re invested in FAR more passive assets than you’d think, so you don’t HAVE to build a real estate portfolio to get there. What gives you the best chance of hitting the top 1% in wealth? Maybe you don’t want to go that far—how do you get to the top 10%? Scott and Mindy share a few strategies that could skyrocket your net worth into the tens of millions—if you’re willing to do the work. Plus, they reveal where to park your money once you reach the top. In This Episode We Cover The average net worth of the 1% and the 0.1% in America (less than you’d think) How the 1% invest their money and why they AREN’T heavily invested in real estate  The best investment for the chance of breaking into the top 1% The “middle-class trap” that the 1% escape, but the upper-middle-class can’t How the top 1% invest now compared to pre-pandemic and pre-2008 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 Fed Assets by Wealth Percentile Group in 2024 Get $100 Off Your Tickets to BPCON2025 in Las Vegas, Nevada Grab “The Millionaire Next Door” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area BiggerPockets Money 325 - How to Buy Yourself a 6-Figure Income Stream w/Tim Delaney Fed Assets by Wealth Percentile Group in 2024 (00:00) Intro (01:12) Top 1% Net Worth (08:49) The Top 1% Portfolio (16:05) How Their Investments Evolve (17:40) Cheat Code to 1% Status? (21:12) Average American vs. 1% Investments (29:46) Best Investment to Become 1%? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-614 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

Transcribed - Published: 11 March 2025

If there’s an issue that keeps aspiring early retirees up at night, it’s the dreaded middle-class trap. At just 28 years old, this financially savvy couple is already looking for ways to avoid this issue. Whether you’re just starting your FIRE journey or approaching early retirement, we’ll show you how to do the same in today’s episode! Welcome back to the BiggerPockets Money podcast! So far, Leah and Zach Landis are doing everything right. They earn high incomes, they spend very little, and they invest the difference. Well on their way to retiring early, they plan to quit their jobs by age 45 or sooner! But will their current asset allocation get in the way of their big goal? What kind of bridge will they need to tide them over until traditional retirement age? Will having children impact their financial freedom? Fortunately, Leah and Zach have all kinds of options. Tune in as Scott and Mindy dive into the couple’s budget and discuss their best path forward. Along the way, we’ll debate whether they should pause their 401(k) contributions, double down on brokerage accounts, and deploy their cash savings on their “dream” home! In This Episode We Cover Breaking down Leah and Zach’s best path to FIRE by 45 (or sooner!) The middle-class trap explained and how to avoid (or escape) it The BEST ways to invest your cash and make it work harder for you How much you should expect to pay in taxes once you reach retirement When to stop growing your 401(k) plan (and where to invest instead) 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 BiggerPockets Money 219 - Syndications: Everything You Need to Know BEFORE You Invest Maximize Your Real Estate Investing with a Self-Directed IRA from Equity Trust Get $100 Off Your Tickets to BPCON2025 in Las Vegas, Nevada Buy the Book “Rich Dad Poor Dad” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area BiggerPockets Money 456 - The Harsh Reality Real Estate Syndications (and Investors) Face in 2024 Connect with Leah Connect with Zach (00:00) Intro (01:05) Leah & Zach’s Money Journey (08:20) Money Snapshot (12:27) Buying the “Dream” Home (18:33) Best Ways to Invest Cash (26:51) Avoiding the Middle-Class Trap (36:28) Maxing Out the 401(k) & HSA (47:06) Don’t Get Trapped! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-613 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

Transcribed - Published: 7 March 2025

The wealthy are using one unique retirement account to build their fortunes tax-free. You may have never heard of it, but knowing about it can change the course of your retirement planning, allowing you to invest in much more than stocks, index funds, and bonds in your retirement accounts.  We’re talking about making passive real estate income tax-deferred, flipping houses and sheltering the profits for when you retire, or having a rental property portfolio producing massive passive income, all with the tax benefits of your 401(k), IRA, or Roth IRA.  We’re, of course, talking about the self-directed IRA (SDIRA) and the sizable benefits that come with it.  To help, John Bowens (Certified IRA Services Professional) from Equity Trust is on the show to share the tax advantages most Americans have zero clue about. Scott starts the interview by coming in hot, throwing out his most significant objections to an SDIRA. We were even surprised by just how many benefits this single account has and how you can use it in ways most people would never assume of a retirement account. We’re talking about how to buy rental properties IN your retirement accounts (and profit from them tax-free/deferred), whether a self-directed IRA or 401(k) makes the most sense for you, the “material participation” rule that you CANNOT afford to break, and how much this account costs to set up. This is a game-changing account for retirees who want to live a rich life, so do not skip out on it! In This Episode We Cover Scott’s biggest objections to the self-directed IRA (is he wrong?) How to get tax-free/deferred passive income from real estate in your retirement accounts  The one tax that you MUST know about before investing in an SDIRA  Can you get a mortgage for a rental property in an SDIRA? How much an SDIRA costs to set up and keep going (less than you’d think) 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 How to Access Retirement Funds Early Maximize Your Real Estate Investing with a Self-Directed IRA from Equity Trust Want More Smart Tax Strategies? Grab “The Book on Tax Strategies for the Savvy Real Estate Investor” Sign Up for the BiggerPockets Money Newsletter Find Investor-Friendly Lenders The Self-Directed IRA: What You Should Know About This Wealth-Building Tool Connect with John   (00:00) Intro (08:26) Tax-Free Real Estate Gains (16:45) One Tax to Watch Out For (19:59) Self-Directed 401(k)s vs. IRAs (27:36) Making $34,000 Tax-Free! (30:42) The "Material Participation" Risk (35:41) Financing Rentals in an SDIRA (39:40) SDIRA Fees and Costs (50:05) Completely Passive Income (51:56) Active Investing in an SDIRA Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-611 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

Transcribed - Published: 4 March 2025

How has Scott achieved so much financial success already in his early 30s? He’s got a secret weapon nobody else has: Virginia Trench! That’s right, the woman behind half of the puns you hear on this podcast is coming on the show! She's sharing her view on Scott’s early (and extreme) frugality, massively successful financial planning dates, goal setting as a couple, prenuptial agreements, and the Trenches’ recent decision to sell a solid chunk of their index fund portfolio.  Virginia met Scott before he was CEO, before he had a sizable rental portfolio, and before he became one of the internet’s favorite money nerds. Together, they’ve worked hand-in-hand, building a FI lifestyle that fits their family while chasing their own individual dreams, including Virginia becoming a published author with her new book, Our Secrets Were Safe, coming out this summer! In this episode, we peel back the curtain and get a glimpse into how Scott and Virginia run the Trench household and its finances. What’s the one thing they have trouble not spending on? What is their repeatable process for achieving enormous financial goals? And is Scott secretly the world’s worst/best baker? If you’re a long-time listener, this is an episode you can’t miss! In This Episode We Cover The repeatable money date that Scott and Virginia use to keep their family finances in shape Goal setting as a couple and how to reach seemingly impossible milestones  Prenuptial agreements and why Scott and Virginia would recommend one for couples What Virginia thinks about Scott’s recent decision to sell off their index funds  The one spending problem that Scott and Virginia both admit they struggle with  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 BiggerPockets Money 301 - Why You’re (Probably) Wrong About Prenups Preorder Virginia’s New Book, “Our Secrets Were Safe” Grab Scott and Mindy’s Book, “First-Time Home Buyer” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area BiggerPockets Money 607 - Has the FIRE Formula Changed? Why 100% Index Funds Isn’t the Answer (00:00) Intro (01:47) Super Frugality and FIRE Goals (04:57) Spending and Blind Spots (08:42) Getting a Prenup (12:08) Financial Planning Dates (17:08) Goal Setting 101 (24:57) Scott Goes Coconuts (321:05) Selling Index Funds (35:49) Grab Virginia’s Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-611 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

Transcribed - Published: 28 February 2025

Teachers aren’t known for their high salaries, so how did this one reach early retirement and FIRE at just 45 years old? Through “aggressive” saving and smart cost-of-living choices, Amy Minkley was able to quit her demanding international teaching job only three years after finding out about the FIRE movement. Now, she spends her days living in paradise and hosting “FI Freedom Retreats” once or twice a year for like-minded FIRE-chasers. To reach FIRE in your 40s, you must make some strategic moves like Amy. Thankfully, you don’t need to make six figures to retire early in 2025. Throughout Amy’s career, she never entered the “high income” threshold but could still save aggressively, thanks to the perks of teaching at international schools. We’re talking free rent, subsidized travel, and plenty of paid vacation. But it wasn’t always the dream life that it sounds like. Amy had constant stress and was routinely feeling burned out, forcing her to take multiple sabbaticals, change where she lived, and deal with some of the money trauma that had plagued her past. Now, she’s FIRE, thriving, and living entirely on her terms. You can (and should) do it, too! In This Episode We Cover How to reach FIRE in your 40s even if you feel like it’s too “late” for you Why teachers should look into teaching abroad to save a significant portion of their income Investing from abroad and what to do when you have little-to-no social security contributions How much cash you should keep on hand when you’re ready to retire early Living off the three percent rule (instead of the traditional four percent rule) by moving to low-cost-of-living areas Why you must take a sabbatical at least once in your working career 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 Save $100 on Real Estate’s Biggest Event of the Year, BPCon2025 Reach FIRE Faster with "Set for Life" Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area From Making $40K/Year as a Teacher to Reaching FI in 4 Years by Doing THIS Connect with Amy Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-610 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

Transcribed - Published: 25 February 2025

Is something stopping your FIRE? Today’s guest wants to retire early at 35, but with a shaky budget, extra expenses, and a problematic rental property, her path to early retirement isn’t clear. In today’s episode, we’ll break down her finances and help her get back on track! Welcome back to the BiggerPockets Money podcast! Sarah earns a great salary and diligently saves for retirement each month. You’d think she’s on pace to leave her W2 job in a few years, but there’s one problem—she has more expenses than the average person. Financially responsible for two extra family members, Sarah pays for their mortgage, food, and lifestyle, all while covering her own expenses! Does Sarah’s financial situation need a major shake-up? Tune in as Scott and Mindy debate whether it’s time for Sarah to part with a property that’s bleeding money, strategize about when to put it on the market, and discuss what to do with the money from the sale. We’ll also touch on the tough conversations Sarah needs to have with family members if she wants to achieve her retirement goal! In This Episode We Cover The three things Sarah must do to achieve her goal of FIRE by 35 How to reach your financial goals despite extra expenses What to do with a rental property that has negative cash flow The BEST time to put an investment property on the market How to budget for future children (family planning 101!) 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 Find Investor-friendly Tax and Financial Experts Maximize Your Real Estate Investing with a Self-Directed IRA from Equity Trust Achieve FIRE with Scott’s Book, “Set for Life” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area BiggerPockets Money 12 – How to Become an “Overnight” Success in 10 Short Years with David Greene Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-609 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

Transcribed - Published: 21 February 2025

2024 may be long gone, but it’s NOT too late to lower your taxes for the previous year. If you have real estate or retirement accounts, you already hold the key to minimizing your taxable income and owing less to Uncle Sam. But how do you do it? We’re sharing 2024 and 2025 top tax reduction strategies in today’s show with expert CPA and real estate investor Amanda Han! Do you know about the real estate tax “loophole” that helps everyday investors cut their taxable income by tens of thousands? Got an employer-contributed retirement plan? You could STILL use it to lower your 2024 taxes! And why should you NOT take the standard deduction if you’ve bought a home in the past few years? We’re answering all of these questions so you can keep more of your hard-earned money. Finally, what audit red flags is Amanda seeing with her clients? There’s one easily avoidable audit trap that MANY Americans are falling into that could take just minutes to circumvent. Should we even be talking about income taxes if President Trump plans to eliminate them? Amanda, Mindy, and Scott are sharing their opinions on whether this will reach fruition. In This Episode We Cover How to save on your 2024 tax bill and moves to make before Tax Day 2025  The easily avoidable audit red flag that Amanda has seen spike lately  The real estate tax deduction that could save those earning $150K or less tens of thousands Most commonly missed tax write-offs that many Americans can take but forget about  Will President Trump abolish income taxes during his second term? Whether to pay your estimated taxes OR invest instead and take the interest hit  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 Find Investor-friendly Tax and Financial Experts Buy Amanda’s Book, “The Book on Tax Strategies for the Savvy Real Estate Investor” Find Investor-Friendly Lenders Tax Audit Tips Connect with Amanda (00:00) Intro (00:56) You Can STILL Save on 2024 Taxes (05:54) Lowering Your Taxable Income (10:27) You Can STILL Contribute for 2024! (14:22) Estimating Your Taxes (16:22) Itemizing vs. Standard Deduction (18:21) Commonly Overlooked Write-offs (21:41) Audit Red Flags! (23:06) Will Tax Rates Rise or Fall? (28:03) Opportunity Zones Have Changed (31:08) How to Prepare for 2024/2025 (35:15) Connect with Amanda! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-608 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

Transcribed - Published: 18 February 2025

Is a 100% index fund portfolio no longer the FIRE formula? The market has changed, and maybe your portfolio allocation needs to change with it. With index funds at all-time-high prices and price-to-earnings ratios at an eye-watering 29, you might be feeling a bit worried about whether your FIRE will last or you’ll even make it to FIRE in the first place. You’re not crazy; Scott is feeling the same way, too. Recently, Scott decided to make a move much of the FIRE community would protest—he sold 40% of his index fund portfolio to reallocate to real estate. Why did he do it now, even as a strong index fund believer? On the other hand, why is Mindy sticking with her stock and index fund portfolio, ready to ride out whatever potential market downturn could be coming our way? Scott explains, in detail, why real estate is a better choice for him at the moment, the reason prudent FIRE chasers should question the conventional wisdom of a 100% index fund portfolio, and why his new rental property could act as a hedge against a significant market downturn. If Scott is selling his index funds, should you?  In This Episode We Cover The historical price-to-earnings ratios making index funds a riskier bet  How holding 100% index funds could throw your FIRE off by a decade The optimal portfolio for retiring early on the four percent rule  Is real estate a safer bet than stocks in 2025? Real estate cash flow vs. selling stocks for income and why one is much easier to actualize  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 Personal Finance Club Get Early Access to Real Estate’s Biggest Event of the Year, BPCON2025 Get to FIRE Faster with “Set for Life” Find an Investor-Friendly Agent in Your Area BiggerPockets Money 599 - The Macro Analysis is Clear: Why We Are Reallocating (Away From Stocks) to Real Estate in 2025   Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-607 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

Transcribed - Published: 14 February 2025

Travel hacking allows you to fly and travel for free, often in luxury, without spending tens of thousands of dollars on flights or hotels. So, how do you do it without managing thirty different credit cards in your wallet? Brian Kelly, AKA The Points Guy, world-renowned travel hacking expert and author of the new book How to Win at Travel, is here to show you as we rapid-fire our top credit card rewards questions at him. In this show, you’ll learn how to fly to Europe, Asia, and beyond for FREE, even in business class, all by spending the same amount of money you typically would every month. These cards can turn your weekly grocery run into free flights, hotel stays, cashback, and more, plus give you huge perks like airport lounge access, travel protection, and even a credit to spend on your next trip. Love free money? This is how you get it. Plus, we’re asking The Points Guy what cards he has in HIS wallet, what he spends on which card, and why he does NOT recommend staying loyal to a specific airline, even if you travel often. These tips alone could save you thousands of dollars this year while turning your economy seat into a lie-flat first-class experience. Don’t let your money go to waste; start travel hacking! In This Episode We Cover How to travel for free by spending money on groceries, eating out, and business expenses The Points Guy’s three favorite credit cards that everyone should keep in their wallet Why you (probably) shouldn’t stay loyal to a specific airline, even if you have their credit card Why Chase points can get you even MORE free travel than American Express points Evaluating annual credit card fees and whether a $300+/year credit card is worth it Best credit cards for renters and those who live a frugal lifestyle (but still want to travel!) 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 Point.me Seats.aero Get Early Access to Real Estate’s Biggest Event of the Year, BPCON2025 Learn to Save and Spend the Right Way with “Set for Life” Find an Investor-Friendly Agent in Your Area How to Earn Free Vacations With Travel Rewards Credit Cards (00:00) Intro (01:39) Travel for FREE! (06:06) Best Credit Cards for Beginners (13:48) Annual Fees (17:56) Brian’s Favorite Credit Cards (20:51) Airline and Hotel Partner Cards (27:49) Keeping Track of Cards (29:34) Best First Card? (31:21) Cards for Low-Spenders (34:03) Inheriting Points? (36:52) WIN at Travel! (39:01) Get Your Points! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-606 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

Transcribed - Published: 11 February 2025

Does the four-percent rule actually work? On paper, yes. So why don’t more people put it to the test? Today’s guest retired at forty-seven years old and is living proof that the math really does check out. Stay tuned to find out how! Welcome back to the BiggerPockets Money podcast! Bobby Beck has done what so many in the FIRE community are seemingly unable to do—he actually retired on the four-percent rule! What’s more? He did it while living in the Bay Area, one of the most expensive markets in the US. What gave him the confidence to leave his job and never look back? While “One More Year Syndrome” keeps many people from retiring early, Bobby’s mantra of “take a year” compelled him to take a leap of faith. Even though his retirement portfolio took a sixteen-percent hit right before he retired, he weathered the storm, and sure enough, the market rebounded! Now, Bobby lives the life people dream of when they discover FIRE. He has a comfy lifestyle, travels multiple times a year, and only checks his portfolio once a month. If you need the motivation to call time on your career and put your retirement date on the calendar, you don’t want to miss this episode! In This Episode We Cover How Bobby and his wife retired on the four-percent rule (at age 47!) Why the FIRE community overestimates how much they’ll owe in taxes How to beat “One More Year Syndrome” and actually retire early Growing your brokerage accounts and cash to avoid the middle-class trap The portfolio allocation that will give you the confidence to retire 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 Sign Up for BiggerPockets Momentum 2025 to Reach FIRE Faster Maximize Your Real Estate Investing with a Self-Directed IRA from Equity Trust Learn How to Retire Early with Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area How Much Do You Need for Early Retirement? (How to Calculate Your FI Number) (00:00) Intro (01:03) Retired at 47! (05:49) Bobby’s Portfolio (08:35) Real Estate Investments (17:05) Withdrawals & Tax Strategies (26:45) 100% Stock Portfolio (34:36) What Does Your Life Cost? (39:47) The 4% Rule Works! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-605 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

Transcribed - Published: 7 February 2025

Does the four-percent rule actually work? On paper, yes. So why don’t more people put it to the test? Today’s guest retired at forty-seven years old and is living proof that the math really does check out. Stay tuned to find out how! Welcome back to the BiggerPockets Money podcast! Bobby Beck has done what so many in the FIRE community are seemingly unable to do—he actually retired on the four-percent rule! What’s more? He did it while living in the Bay Area, one of the most expensive markets in the US. What gave him the confidence to leave his job and never look back? While “One More Year Syndrome” keeps many people from retiring early, Bobby’s mantra of “take a year” compelled him to take a leap of faith. Even though his retirement portfolio took a sixteen-percent hit right before he retired, he weathered the storm, and sure enough, the market rebounded! Now, Bobby lives the life people dream of when they discover FIRE. He has a comfy lifestyle, travels multiple times a year, and only checks his portfolio once a month. If you need the motivation to call time on your career and put your retirement date on the calendar, you don’t want to miss this episode! In This Episode We Cover How Bobby and his wife retired on the four-percent rule (at age 47!) Why the FIRE community overestimates how much they’ll owe in taxes How to beat “One More Year Syndrome” and actually retire early Growing your brokerage accounts and cash to avoid the middle-class trap The portfolio allocation that will give you the confidence to retire 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 Sign Up for BiggerPockets Momentum 2025 to Reach FIRE Faster Maximize Your Real Estate Investing with a Self-Directed IRA from Equity Trust Learn How to Retire Early with Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area How Much Do You Need for Early Retirement? (How to Calculate Your FI Number) (00:00) Intro (01:03) Retired at 47! (05:49) Bobby’s Portfolio (08:35) Real Estate Investments (17:05) Withdrawals & Tax Strategies (26:45) 100% Stock Portfolio (34:36) What Does Your Life Cost? (39:47) The 4% Rule Works! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-605 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

Transcribed - Published: 7 February 2025

Do we focus too much on just one type of wealth? What if the key to a happy life isn’t retiring early, ascending the corporate ladder, or having more money than you know what to do with? Serial entrepreneur Sahil Bloom spent years chasing money, only to find that it didn’t provide happiness—it robbed him of it. Find yourself in the same boat? This episode is for you! Welcome back to the BiggerPockets Money podcast! Today, Sahil joins the show to discuss the core concepts from his latest book, The 5 Types of Wealth. Many FIRE-focused folks believe that financial wealth unlocks time, social, mental, and physical wealth, but Sahil is living proof that this isn’t the case. In this episode, he shares about his own journey from financial illiteracy to financial independence, the different levers he pulled along the way, and how he was able to dig himself out of a rut that was slowly destroying his life. Whether you’re stuck on the happiness hamster wheel, burned out at your nine-to-five job, or lacking in any area beyond money, you’re not alone! Sahil will show you the “x factor” that leads to financial freedom, the best and most scalable side hustles to start, and how to transition from your W2 to entrepreneurship! In This Episode We Cover The five types of wealth explained (and why you shouldn’t focus on just one!) The “x factor” that catapults you from a decent living to financial freedom Why increasing your income is more important than controlling your expenses The number one thing the FIRE community gets wrong about building wealth How anyone can start (and scale) their own online business in 2025 Steps every person must take to lay a strong financial foundation The “safety net” you need when moving from stable W2 income to entrepreneurship 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 The 5 Types of Wealth  Sahil’s Instagram Try REsimpli, The Only All-In-One Real Estate Investor CRM Software That Helps You Manage Data, Marketing, Sales, and Operations Buy the Book “Pillars of Wealth” Find an Investor-Friendly Agent in Your Area How to Build, Grow, Scale, & SELL Your Online Business (00:00) Intro (01:02) Sahil’s Money Journey (03:18) Building a Financial Foundation (13:29) Leaving the Fund & Moving Home (21:43) The “Scalability” of the Internet (28:09) Structuring His Company (33:18) The 3 Pillars of Financial Wealth (39:09) Riding Out the Market (43:40) The 5 Types of Wealth (46:08) Connect with Sahil! (47:03) Build “Well-Rounded” Wealth! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-604 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

Transcribed - Published: 4 February 2025

How can you use your retirement accounts to reach FIRE faster? We’ve talked a lot about the “middle-class trap”—having too much of your net worth trapped in your retirement accounts and home equity—and we may have the secret weapon to help you escape it. Not only that, this strategy allows you to keep more of what you earn, take control of your investments, and build a (relatively) passive real estate portfolio while you get closer and closer to FIRE. Of course, we’re talking about self-directed IRAs and Kaaren Hall’s new book, Self-Directed IRA Investing: A BiggerPockets Guide (use code “SDIRA10” for 10% off)!  Never heard of them? Self-directed IRAs (SDIRAs) are retirement accounts that give you more control over what you invest in. So, instead of just stocks and bonds, you can use your retirement funds to buy rental properties, become a passive private money lender, and invest in real estate syndications. These investments can often get higher returns than stock market averages, helping you reach your retirement goals faster! So, how do you use it to escape the middle-class trap? Today, Kaaren shares some of the often overlooked strategies to withdraw early from your self-directed IRA so you can FIRE in your forties or fifties instead of waiting until your sixties! In This Episode We Cover Self-directed IRAs explained, plus why they’re a “secret weapon” for retirement Self-directed IRAs vs. traditional IRAs and what you can invest in with each Escaping the “middle-class trap” with early withdrawal strategies for retirement accounts Completely passive real estate investments you can put inside your self-directed IRA How to turn your old employer-sponsored retirement account into a self-directed IRA 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 uDirect IRA Get fast, affordable landlord insurance with Steadily BiggerPockets Money Listeners Get 10% Off the Book with Code “SDIRA10” Property Manager Finder Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement Connect with Kaaren (00:00) Intro (01:23) Self-Directed IRAs Explained (05:49) Buy Real Estate with Retirement Accounts! (10:37) Opening a Self-Directed IRA (13:55) Escaping the Middle-Class Trap (17:41) Real Estate IRA Rules (20:52) Best Alternative Investments (23:56) 401(k) vs. IRA and Minimum Distributions (27:57) Withdraw from Your IRA for FIRE! (34:49) Self-Directed HSAs! (Timestamp) (36:59) When to Use a Self-Directed IRA (41:48) 403(b)s and TSPs (43:20) BIG Changes! (48:20) Grab the Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-603 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

Transcribed - Published: 31 January 2025

Buying a house, maxing out your 401(k), and leveraging real estate can help you achieve financial independence. But suppose your goal is to retire early. Could relying too heavily on these principles actually delay early retirement? Today, we’re going to show you how to break free from the “middle-class trap” that stops so many from retiring early!  Welcome back to the BiggerPockets Money podcast! Is most of your net worth “stuck” in home equity and retirement accounts? This is a widespread issue in the FIRE community. On one hand, you could sell your home or refinance your mortgage to tap into your equity, but interest rates are too high! Meanwhile, you can’t withdraw money from your 401(k)—not without incurring severe penalties. In theory, you could already be a millionaire but have little to no cash flow to fuel your retirement. So, what should you do? In this episode, you’re going to learn all about the middle-class trap, how to avoid it, and, if you’re in it, how to get out! Mindy and Scott will share the “ideal” portfolio for an early retiree and the bridge accounts you need to retire today. Finally, is the FIRE community wrong about the 100% index fund portfolio? Stay tuned to find out! In This Episode We Cover The middle-class trap explained and how to avoid (or escape) it The “ideal” investment portfolio for the early retiree Tweaking your asset allocation to achieve financial freedom The power of owning a paid-off rental property in retirement Bridge accounts and investments that will allow you to retire today Why a 100% index fund portfolio could come back to bite you 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 Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine Achieve FIRE with Scott’s Book “Set for Life” Find Investor-Friendly Lenders BiggerPockets Money 554 - Should I Pay Off My Mortgage or Invest? (We Did the Math) (00:00) Intro (00:42) What Is the Middle-Class Trap? (03:42) The “Ideal” Retirement Portfolio (10:31) Scott’s Path to Financial Freedom (16:13) Mindy’s Early Retirement Roadmap (24:12) The Power of Paid-Off Property (29:18) Middle-Class Trap “Timeline” (33:55) Share YOUR Portfolio! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-602 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

Transcribed - Published: 28 January 2025

Why do so many in early retirement struggle with happiness? We know you’ve told yourself, “Once I hit FIRE, I’ll be living the dream! Every day will be like a vacation.” This is what Mindy was telling herself for years before becoming financially independent, and once she hit her goal, she realized life’s same problems still exist. If you’re FI already, this may sound familiar. So, how do you enjoy the path to early retirement so that when you reach your financial goal, the party doesn’t stop? Jordan Grumet, AKA Doc G, practiced full-time medicine for years but wasn’t completely satisfied, even with financial success. After reflecting on his “purpose,” he found that hospice medicine brought him true fulfillment. Through conversations with patients on their deathbeds, Jordan uncovered a common thread: most regrets stemmed from not living a purposeful life, regardless of financial achievement. In his new book, The Purpose Code, Jordan walks you through exercises that uncover your view on purpose, success, financial freedom, and what it means to truly “win” in life. His goal? Make sure you enjoy every day on the path to financial freedom so that when you get there, you know exactly how to live the life you love. If you want to reach FIRE happy, less stressed, and full of energy to live your early retirement life, we’ve got what the doctor ordered. In This Episode We Cover Why even the wealthiest people in the world are still so unhappy (and what they’re missing) Why money is NOT the only tool you can use to find lifelong happiness  The four “anchors” you can use to find your life’s purpose before it’s too late How to enjoy the path to financial freedom without burning out or pushing through unhappiness The number one thing in life that leads to humans being happy (it’s completely free) 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 Jordan’s Website Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine Buy “The Purpose Code” Find an Investor-Friendly Agent in Your Area The “Deathbed Toolkit” That Makes Building Wealth Much More Enjoyable w/Doc G (00:00) Intro (04:39) The Comparison Trap (06:38) You're Getting "Purpose" Wrong (10:16) How to Start Enjoying Life (14:07) The Reason So Many Aren't Happy (23:30) The Huge Impact of "Little" Purpose (29:10) Purpose Exercises (30:52) Finding Your Community (33:54) Connect with Jordan! (34:27) Find Purpose BEFORE FI! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-601 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

Transcribed - Published: 24 January 2025

Are you building wealth but feel like you can never enjoy it? Do you struggle with money, fearing you carry the same poor financial habits as your parents? Whether you’ve got a lot of money or a little, many of us face the same mental financial challenges—anxiety, shame, and stress—but it doesn’t have to stay this way. Today’s guest is living proof that change is possible. After completely turning his financial life around, from maxed-out credit cards, a rock-bottom credit score, repossessions, and empty bank accounts, to achieving financial success, he now teaches others how to do the same. Steven Hughes, a money therapist, focuses on uncovering the financial beliefs shaped during childhood. Steven recognized that the negative money mindset affecting him in his youth also impacted countless others. To address this, he founded the non-profit “Know Money” to help people cultivate a stress-free, anxiety-free, and guilt-free perspective on money, empowering them to achieve true wealth—both mentally and financially. Do you feel like, even though you’ve got money, you’re constantly worrying or unable to keep a cent in your bank account? Steven provides practical tools to help you finally break free from an unhealthy money mindset. In This Episode We Cover How to find the “root” of your money fears and address it once identified Why some people with extraordinary incomes struggle to save money Healthy vs. unhealthy financial emotions and ways to stop feeling guilty about success Tools to manage your emotions around money so you can truly enjoy your wealth The “family fund” that empowers you to give generously without being taken advantage of 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 Steven’s Website Steven’s Affirmations Groove Money Land More Off-Market Deals with Crucial Property Owner Contact Information from DealMachine Grab Your Copy of “The Richest Man in Babylon (BiggerPockets Edition)" Find an Investor-Friendly Agent in Your Area How to Use Your Financial Fears to Build Wealth Better (00:00) Intro (01:13) 7 Maxed Out Credit Cards?! (05:56) Teaching Others to Avoid His Mistakes (07:34) Identifying Your Money "Root" (10:08) Getting Out of Debt (11:55) Financial Therapy (16:28) Mental Money Challenges (18:53) Healthy vs. Unhealthy Money Emotions (22:24) What to Do AFTER FIRE (25:46) Tools to Manage Money Emotions (32:34) Family Asking for Money? (38:34) Connect with Steven! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-600 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

Transcribed - Published: 21 January 2025

Is it a good time to invest in real estate? Yes, and we have proof that real estate may be underpriced, even as we hover around the most expensive average home prices in history. How can real estate be undervalued when prices are at historic highs? Dave is sitting down with Scott Trench, CEO of BiggerPockets, who has condensed ten hours' worth of research into one episode to prove to you that, without a doubt, real estate will be winning over the next few years. Plus, he’s about to make a BIG financial bet on it. We’ve been talking a lot about entering the “upside” era recently—the new cycle of real estate investing—and wanted Scott’s take on it, too. He has invested in real estate for over a decade, reached financial independence through rental properties, and has been openly critical about multiple sectors of the real estate industry over the past few years. Today, Scott makes a compelling case for real estate as a better investment than stocks, crypto, or gold. Some specific real estate niches could see prices drop even more, making 2025 (and 2026) phenomenal opportunities to buy. Make your choice: tune into this episode and build wealth while others sit on the sidelines or wish you had done so in a few years. In This Episode We Cover Why residential real estate may actually be undervalued in 2025  One sector of real estate with enormous buying opportunities nobody is noticing Scott’s MASSIVE real estate bet and why he’s selling much of his stock portfolio Where interest rates will be in 2025 and whether they could rise even more Rental housing demand and the almost irrefutable case that rent prices will rise Why Scott believes Bitcoin will be going to $0 in the long term 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 Rent Growth Treasury Yields Real Median Household Income Median Sales Price of Houses S&P 500 Ten-Year Returns vs. S&P 500 P/E Connect with Dave   Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-599 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

Transcribed - Published: 17 January 2025

From over $300,000 in debt to a millionaire in just eight years?! No matter where you’re at, it’s never too late to get on the path to financial freedom. This entrepreneur is proof that a little discipline, frugality, and creativity can radically change your financial trajectory! Welcome back to the BiggerPockets Money podcast! Today, we’re speaking with Bernadette Joy, founder of Crush Your Money Goals. In 2016, Bernadette had dug herself a six-figure hole—a combination of student loans, credit cards, and mortgages—simply by listening to bad money advice. But in just THREE years, she paid off all of her debt and has since built a net worth of $1.8 million! How did she create such an enormous swing in less than a decade? In this episode, she’ll show you the exact steps she took so that YOU can do the same! Want to accelerate your journey to FIRE? Bernadette has all kinds of budgeting tips, debt paydown strategies, and side hustles that will help you reach your financial goals much faster. Stay tuned to learn how to wipe out your debt as quickly as possible, save for retirement, and even make an extra $100 a day alongside your nine-to-five job! In This Episode We Cover How Bernadette paid off $300,000 in debt in just THREE years Making an extra $100 a day with side hustles (while working a W2 job) The three-bucket, zero-based budget that balances frugality and freedom Using the “snowball” method to pay off student loan debt faster Whether you should keep a large cash position (or invest it!) How to manage financial anxiety on the road to financial independence 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 Grab Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area BiggerPockets Money 586 – Average Net Worth by Age (How Do You Compare?) Connect with Bernadette   (00:00) Intro (00:59) Getting Into $300K of Debt (04:52) The Zero-Based Budget (14:00) Starting Side Hustles (18:33) Making an Extra $100/Day (24:44) Bernadette’s Portfolio (37:47) Connect with Bernadette! (39:16) Crush Your Money Goals! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-598 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

Transcribed - Published: 14 January 2025

“Do I have enough to retire?” is a question most people in the FIRE community grapple with, but today, we’re sharing a FREE tool that will help you put this issue to bed! If you’re concerned about running out of money later in life or developing “One More Year Syndrome,” you won’t want to miss this episode! Welcome back to the BiggerPockets Money podcast! Software engineer Lauren Boland has developed a FIRE calculator that predicts whether your nest egg will be able to support you in retirement. This powerful tool takes dozens of key data points—such as your financial independence number, retirement age, annual expenses, portfolio mix, and historical returns—to simulate multiple retirement scenarios. In this episode, Lauren, Scott, and Mindy are going to walk you through this powerful tool, step-by-step! Does the four-percent rule still work in 2025? How much do you really need to save for retirement? Whether you’re just starting your quest for FIRE or looking to tweak your investment portfolio as you approach retirement, cFIREsim will show you where you stand and what you might need to adjust to meet your retirement goals! In This Episode We Cover A step-by-step walkthrough of Lauren’s FREE cFIREsim tool How much money you actually need to retire early Reverse-engineering your financial independence number Whether you can still retire on the four-percent rule in 2025 How to ensure that your money not only lasts but also grows in 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 cFIREsim Tool Lauren’s Bluesky Social Security Administration Get to FIRE Faster with Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area How Much Do You Need for Early Retirement? (How to Calculate Your FI Number) Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-597 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

Transcribed - Published: 10 January 2025

Ramit Sethi, the money and couples’ finances expert, is back! This time, he’s teaching you how to have life-changing money conversations with your partner so you can build a “rich life” together and even FIRE faster! You may know Ramit from his popular book, I Will Teach You to Be Rich, or his Netflix series How to Get Rich, but today, he’s sharing brand new insights, techniques, and lessons from his newest book, Money for Couples!  If you’re a FIRE freak like us, you may have a partner who’s having a tough time getting on the same financial page as you. You see their eyes glaze over as you pull up spreadsheets, talking about compound interest and the savings from switching to non-organic broccoli. We’re sure it’s well-intentioned, but this could be doing more harm than help. If you want to enjoy getting “rich” with your partner, have more time to do the things you love, and build your wealth as a partnership instead of constantly persuading your other half, this is the episode to catch! Ramit shares his “script” for having crucial money conversations, diagnoses which “money type” you fall into, and gives the steps to escape the “Middle-Class Trap”!  In This Episode We Cover How to start a “money conversation” with your partner (EVEN if they aren’t into FIRE) The money dates you must have to get on the same page  The four “money types” and how knowing yours can strengthen your relationship  What the FIRE movement gets wrong about money (it’s not all about dollars and cents!) Escaping the “Middle-Class Trap” of not being able to retire EVEN when you’re wealthy The most surprising thing that Ramit has learned about money in most relationships  Why Ramit rents and has NO INTEREST in buying a house!  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 Grab Scott and Mindy’s Book, “First-Time Home Buyer” Find an Investor-Friendly Agent in Your Area BiggerPockets Money 243 - Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together BiggerPockets Money 73 - Ramit Sethi Will Teach You to Be Rich! BiggerPockets Money 127 - Planning for the Unexpected: Being Financially Ready to Take Advantage of Opportunities w/Ramit Sethi Money for Couples How to Get Rich  Ramit on X Hear Ramit Interview Mindy “We achieved FIRE with $4.3M. Why can’t we enjoy it?” (00:00) Intro (01:01) Ramit is Back! (03:49) The Money Conversation "Script" (09:50) What Couples Should Do (12:28) Your Money "Type" (19:06) Hard Money Talks (24:32) Do You Do This? (30:17) Escaping the "Middle Class Trap" (42:43) Most People DON'T Know This! (46:29) Renting vs. Buying a House (59:52) STOP Caring What Others Think (1:03:07) Grab Ramit's Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-595 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

Transcribed - Published: 7 January 2025

Want to know how to make $100 a day in 2025, all while working from home? We brought the queen of side hustles, Jackie Mitchell, back on the show to share how her money-making journey has been going. Jackie set a goal to make $100 a day to save up for a down payment. She did just that, making close to $11,000 in total in her one-hundred-day side hustling stretch. Now, she’s bought a house, still side hustling, and saving a TON of money. How’s she doing it? Jackie reveals the easiest and most profitable side hustles from her $100-a-day challenge. Some side hustles made her $500 for just three hours of work, while other more casual tasks paid her anywhere from twenty to twenty-five dollars per hour while she was hanging out at home. But what has she done with that extra money? Today, Jackie shares the huge money moves she’s made to put herself in a FIRE position early on in life. She’s got a big goal: pay off her new house in her thirties! Can she do it? With these side hustles, it’s looking likely. Plus, she shares how she pays for trips, holiday gifts, and more with her easy work-from-home side hustles anyone can sign up for. In This Episode We Cover The $100-a-day work-from-home side hustles you can do entirely online  One side hustle that paid Jackie over $100 per hour and how she found it The time-consuming side hustle that is NOT worth the money  Paying off your mortgage early vs. investing and why Jackie is going against FIRE advice  Budgeting hacks Jackie and her husband use to spend just eighty dollars a week on groceries (seriously!) Why Jackie DOESN’T want to retire early (but WILL still reach financial independence!)  And So Much More! Links BiggerPockets 299 - Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap w/Budget Bytes BiggerPockets Money 590 w/All the Hacks’ Chris Hutchins  BiggerPockets Real Estate 955 -  Real Estate vs. Stocks, the Ultimate Wealth-Building Debate w/The Motley Fool and Chris Hutchins Jackie’s TikTok Jackie’s Newsletter r/beermoney Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-595 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

Transcribed - Published: 3 January 2025

Calling all couples! You and your partner may be on the same page financially or off in two different directions; regardless of where you’re at, it’s a great time to start having money dates! In this episode, Mindy and Scott are going solo, talking through why money dates are such a crucial part of any healthy relationship. This isn’t just talk, both Mindy and Scott are adamant about money dates, they do them often with their partners as well! If you’re an individual listening to this episode, you may feel a bit intimidated by the concept of a money date. Do you just sit down and talk about index funds and taxes for an hour? No! A money date can be a perfect time to be alone as a couple, talk about the future, make some positive changes, and hold each other accountable for being the best version of yourselves. If you have a partner who may be a bit averse to the concept of a money date, have no fear. Mindy and Scott have perfected their plan for setting up a successful money date and how to make it enjoyable when you’re in it. With the new year coming up very soon, this is the perfect time to plan a money date with your special someone. You won’t regret it! In This Episode We Cover What is a “money date” What to do before you suggest a money date to your partner How to make the money date successful and what topics to bring up Following up on your money date and setting up systems for success The importance of keeping your ideas simple in a money date How to present the idea to a partner who may not be too keen on finances  Why money dates help create healthier, happier relationships And So Much More! Links The Intention Journal Money Date Homework Template Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-594 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

Transcribed - Published: 31 December 2024

Got debt to pay off? You might relate to Leo, a personal finance journalist who’s focused on financial stability over FIRE—at least for now. With six figures in student loans and credit card debt, Leo found themselves in a tough spot after being laid off with no safety net. Determined never to end up in that position again, they began chipping away at their debt, working toward financial peace of mind instead of a relentless grind to early retirement. Leo shares why their approach to financial freedom is different. While they don’t want to wait until sixty-five to retire, they’ve crafted a “wealth plan” that balances paying off debt, building a safety net, and creating a better life today.  In this episode, Leo dives deep into budgeting tips, debt repayment strategies, and the unique financial challenges faced by LGBTQ+ individuals. Tired of the all-out grind to FIRE and want “financial stability” instead? Leo has just what you need!  In This Episode We Cover Why financial stability can be just as important as the FIRE grind Leo’s practical strategies for budgeting and paying off six-figure debt How to create a wealth plan that supports your life—even while tackling debt The sacrifices worth making (and the ones that aren’t!) in your financial journey Why an “accountability buddy” is a cheat code for achieving your financial goals  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 Leo on Instagram Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Get Your Finances in Order with “Set for Life” Find an Investor-Friendly Agent in Your Area How to Pay Off Credit Card Debt FAST 00:00 Intro 03:41 Serious Credit Card Debt 06:26 Feeling Financial Shame? 08:40 Paying Down Six-Figure 10:33 Wealth "Planning" 13:37 Budgeting Their Debt Payoff 15:52 Financial Stability > Independence 20:06 Does FIRE Change You? 22:10 Best FIRE Advice? 26:23 Connect with Leo! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-593 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

Transcribed - Published: 27 December 2024

If you want to retire early, the Mad Fientist is your guide. For over a decade, Brandon, more commonly known as the “Mad Fientist,” has been running simulations, experiments, and exercises to discover which road to early retirement is the fastest. Now, in his forties, Brandon has time to reflect on what worked, what didn’t, and his regrets on the sprint to early retirement and financial freedom. And he’s also got a new update that’ll make your early retirement journey smoother. After tinkering with the beloved and rarely challenged 4% rule, Brandon decided it was time to sit down and calculate how much you really need to retire early. For decades, financial freedom chasers have been breaking their backs, trying to have as much stashed away as possible to enjoy their well-earned time off from work. But, it turns out that this number might be overinflated, and you can retire with much less than you think. That means your early retirement timeline just got a LOT shorter. In this episode, Brandon will describe why the 4% rule may be a bit too rigid, how to ensure you’ll have enough during early retirement, what to do during a market crash or correction, and why spending thousands of dollars on a coffee machine isn’t such a bad idea. If you want to maximize enjoyment in early retirement, instead of building a big bank account you probably won’t use, stick around! In This Episode We Cover Early retirement rules of thumb you MUST know when on the path to FIRE The 4% rule and why you DON’T need to follow it to a tee Retirement withdrawal rules and how much to spend during a crash/correction The skill of spending and what Brandon regrets most from pre-FIRE life Tracking your expenses and why knowing your costs is CRUCIAL to early 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 119 - Coronavirus: Is It Time to Give Up on Financial Independence? w/The Mad Fientist BiggerPockets Money 161 - Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders w/The Mad Fientist The Problem with the 4% Rule (and Why You Could Retire Even Sooner) Hear Brandon's New Album! Try Baselane, the One Platform for All Your Property Banking & Finances Get to Early Retirement Faster with "Set for Life" Find Investor-Friendly Lenders BiggerPockets Money 18 - Accessing Retirement Funds Before Age 59½ with The Mad Fientist Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-592 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

Transcribed - Published: 24 December 2024

Are you worried you won’t be able to retire at sixty-five? Feeling financially limited in your fifties and need a retirement plan so you can finally stop working? Well, we made this episode just for you. Today, we’re teaching you how to retire on time at age sixty-five (or even retire early!) if you’re starting from zero with no money to your name. We spell out exactly what we would do to go from a zero-dollar net worth to a million dollars in retirement! This is a step-by-step plan that anyone who wants to retire on time can follow. We’ll walk through two personas: Barb, a recently divorced stay-at-home mom reentering the workforce with a zero-dollar net worth. Then, we’ll touch on Sally, a six-figure income earner who also is starting from zero. Both scenarios take slightly different steps, so listen closely because your income level could completely change your money moves! Don’t give up on retirement! No matter your age, these simple steps can help get you to a financially stable (if not flourishing) position. We’ll talk about how to make more money, cut expenses, save every month, which investments you should prioritize for retirement, and what to do if you’re still in debt! In This Episode We Cover How to go from broke at fifty to millionaire (and retirement-ready!) at sixty  The one beginner-friendly investment that could make you richer (faster) than traditional retirement accounts  Starting a side hustle and how to make more money so you can retire faster  The passive, stable, and relatively safe investment that anyone can put their money into  When to pay off debt and which interest rates to prioritize first  How to become a personal finance genius in just a year simply by “listening”  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 169 - Breaking the Taboo of Talking About Money with Friends, Family, and Bosses w/Erin Lowry  BiggerPockets Money 586 - Average Net Worth by Age (How Do You Compare?) Email [email protected] for a Free Copy of Set for Life Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Grab Scott’s Book, “Set for Life” Find an Investor-Friendly Agent in Your Area BiggerPockets Money 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) (00:03) Intro (02:21) How to Start from ZERO! (06:33) Stay-at-Home Mom, No Income, Divorced (20:08) Six-Figure Income, $0 Net Worth (27:32) Investing Your Money (31:34) Paying Off Debt (36:24) Want More Retirement Strategies? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-591 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

Transcribed - Published: 20 December 2024

Do you want to know how to save $1,000 a month (or more!) with simple spending and saving tweaks? Today, we’re giving you the BEST money hacks for 2025 from the expert, Chris Hutchins of All the Hacks! Some of these smart money moves will save Chris over $20,000 just next year, and that’s not even including all the other hacks he shared in this episode. The best part? These money hacks can help you retire early by substantially reducing your cost of living. Chris starts by sharing one of the most genius ways he’s making extra money. You could call it a side hustle, and Chris has a LOT of them to share. Then, we start taking HUGE chunks of money out of your monthly expenses as Chris shows you how to slash all your insurance costs, reduce your property taxes effortlessly, save tens of thousands a year on healthcare, and easily go out to eat for thirty percent less. If your 2025 goal is to save more, spend less, and get to FIRE faster, this is the perfect way to start, and missing out on these tips could cost you tens of thousands!  In This Episode We Cover Chris’s favorite side hustle of 2024 that’s making him extra money (nobody has thought of this!) How to slash your property tax bill in exchange for a couple of hours of your time Reevaluating your car insurance and why you MUST get new quotes ASAP Savvy healthcare hacks that could save Chris $24,000 this year alone  How to get a deep discount whenever you eat out (twenty to thirty percent off!) The one thing you can’t (and probably shouldn’t) hack  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 473 - Holiday Shopping Hacks That’ll Save You Hundreds (or Thousands) This Season w/Chris Hutchins BiggerPockets Real Estate 783 - Home Buying Hacks: Finding The Perfect House (and Agent!) w/Chris Hutchins BiggerPockets Real Estate 955 - BiggerNews: Real Estate vs. Stocks, the Ultimate Wealth-Building Debate w/Chris Hutchins and The Motley Fool Why You Shouldn't Stop Working Once You Hit Financial Freedom w/Chris Hutchins All the Hacks  All the Hacks 34 - Insider Tricks to Healthcare, Prescriptions and Medical Bills with Marshall Allen All the Hacks 104 - Optimizing Your Insurance Policies (Auto, Home/Renters, Umbrella, Life, Disability, Pet, and Travel) All the Hacks 181 - Making an Easy $3k/mo from Online Deals with Kai Blueberry Pediatrics  in-kind - Restaurant Savings App Ownwell - Property Tax Reducer  Summer Health    Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-590 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

Transcribed - Published: 17 December 2024

Alex Preziosi wants to reach financial independence by the age of forty-five, and with several hundred thousand dollars in retirement accounts, brokerage accounts, and savings, she’s on pace to do just that. But now, she’s thinking about quitting her W2 job. Can she still hit her FI goal? Today’s guest has good problems, but problems, nonetheless! Welcome back to the BiggerPockets Money podcast! Since we last spoke with Alex, she has made two major leaps on her journey to financial independence. First, she has taken up house hacking, which pays for most of her mortgage in an expensive area of the US. But that’s not all. She has also grown her side hustle as a real estate agent into a full-fledged business, where she now earns more than she does at her W2 job! These moves have only widened the gap between her income and her expenses, and, as a result, she’s sitting on an even bigger pile of cash. Now, Alex finds herself at yet another crossroads. Is her W2 holding her back? Should she pursue full-time entrepreneurship while she has such a strong cash position? Stay tuned as we dive into the numbers and try to figure out Alex’s best path to FI by forty-five! In This Episode We Cover The best path for Alex to reach financial independence by forty-five When to leave your W2 job and pursue full-time entrepreneurship How to lower (or eliminate!) your housing cost with the house hacking strategy Where to invest a large amount of cash (stock market versus real estate) Tax strategies that could help you save a fortune over your lifetime 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 How to Talk to Anyone Buy Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area BiggerPockets Money 395 – Finance Friday: House Hacking, Side Hustles, and the Path to FI by 45 w/Alex Preziosi Connect with Alex (00:00) Intro (01:14) Alex’s Money Journey (04:26) House Hacking Numbers (08:01) Money Snapshot (14:24) Leaving Her W2? (23:30) Buying More Rentals (29:57) Alex’s Investing Strategy (36:13) HUGE Cash Position (43:21) Connect with Alex! (44:57) “Unlock” Your Potential!   Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-589 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

Transcribed - Published: 13 December 2024

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

Transcribed - Published: 10 December 2024

Dion McNeeley retired in just ten years after starting from not just zero but NEGATIVE. He was forty years old with $89,000 in debt, had no assets, a low-paying job, and zero investing experience. Thanks to his “lazy” method of building wealth, he was able to amass millions of dollars in assets, create over $200,000 per year in passive income streams, and retire just ten years after starting his journey to FIRE. Can you do it, too, even in today’s markets? Yes! Dion did what most people aren’t willing to: lower your cost of living, spend less, save more, and yes…house hack. He built a small real estate portfolio just by house hacking alone. Still, thanks to the compounding effect of real estate, Dion’s passive income from the rentals began to overtake his monthly expenses. Now, he rakes in four to five times more than he could ever spend. Who wouldn’t want a $200,000 per year income stream in retirement?! But it’s NOT too late to copy Dion’s exact strategy. In fact, Dion is sharing why NOW is one of the best times ever to get into real estate investing and how you, too, in ten years or less, could be making major passive income and enjoying early retirement! In This Episode We Cover How to explode your passive income by slowly investing in real estate Dion’s journey from $89,000 in debt and low-paying jobs to financial freedom Why Dion encourages you to IGNORE what everyone is saying about the housing market  A $1,000,000 mistake that Dion made that you should NOT repeat (DON’T pay off your house!) Why Dion doesn’t care about growing a big real estate portfolio (and you shouldn’t either!) 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 Want to Retire Early with a Small Rental Portfolio? Grab the Book “Small and Mighty Real Estate Investor” Find an Investor-Friendly Agent in Your Area The Lazy Person’s Guide to Financial Freedom in Less Than 10 Years with Dion Mcneeley Connect with Dion (00:00) Intro (01:00) $89K of BAD Debt (07:00) Do This NOW! (10:58) Great News for Landlords (13:43) Dion's $1,000,000 Mistake (16:19) No Stocks, No Bonds...Just Rentals? (18:15) "Reverse Budgeting" (19:58) Emergency Reserves and Current Portfolio (22:13) Working 2 Hours a MONTH! (23:49) Dion's FIRE Advice (27:39) Connect with Dion! 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

Transcribed - Published: 6 December 2024

Are you beating the average American in personal finances? Today, we’re sharing the average net worth by age to see where exactly you stack up. Whether you’re in your twenties, thirties, forties, or fifties, we have the data showing whether you’re behind (or ahead of) the norm. What do you do if you feel like you’re falling behind? Don’t worry; we’re also giving tips on how every age bracket can improve its net worth.  Don’t know how to calculate your net worth? It’s easy, and you can do it in minutes after (or even during) this episode. Once you know your net worth, it’s time to decide your next move. Do you need to make more money so you can invest faster? Are you close enough to FIRE that you can let your foot off the gas a bit? Should you buy that new boat? No! Don’t ever buy a boat.  We’re also sharing our own net worth journeys and the money moves we made that skyrocketed our wealth to millionaire status. You can’t go back in time and copy everything we did, but you CAN copy some of our same strategies to boost your net worth!  In This Episode We Cover The average net worth for Americans in their twenties, thirties, forties, and fifties  How the rich invest differently than most of us (and what they’re buying) How to calculate your net worth and whether primary residence equity is included or not  What everyone in their twenties should be doing with their money to secure a comfortable retirement  Why you DON’T need to be a mega-high income earner to become a millionaire  The reason Scott thinks YOU should be starting a business to FIRE faster  And So Much More! Links BiggerPockets Money 35 - Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Money 416 - Codie Sanchez: These “Boring Businesses” Will Make You Rich BiggerPockets Money 491 - Why You DON’T Need a College Degree to Reach Financial Freedom w/Adrian Zapata and Javier Leyva Visual Capitalist Composition of Wealth Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-586 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

Transcribed - Published: 3 December 2024

There’s a “middle-class trap” that can keep anyone from FIRE—yes, even high-income earners. Today’s guest has a sizable nest egg that should allow her to retire early, but there are a few roadblocks in her way! At forty-seven, Allie has already built a net worth of $3,800,000. She would like to retire, and most people would assume she has enough to retire, but there are two problems. First, she lives in Orange County, California, one of the most expensive areas in the U.S., and has no plans to leave. The other issue? She has no cash! All of her money is tied up in home equity and retirement accounts. To retire, Allie has a BIG bet to make—one that could have a multi-million-dollar impact on her portfolio! Using Scott’s “Keep or Sell Your Home” worksheet, we’ll look at whether it would make more sense for Allie to keep or sell her Laguna Beach property. Will turning this home into a rental property give her the cash flow she needs, or is selling it and investing in the stock market the better long-term play? Tune in as we attempt to thread the needle and provide Allie with the best roadmap for a long, early retirement! In This Episode We Cover What Allie should do to reallocate her $3,800,000 nest egg and achieve financial freedom What to do with money locked up in home equity and retirement accounts Keeping your home as a rental property versus selling it and investing elsewhere Creative ways to improve your cash position so that you can retire early Building wealth with short-term rentals, live-in flips, and other real estate strategies Escaping the “middle-class trap” of earning high income in a high-cost-of-living area 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 an Investor-Friendly Agent in Your Area Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement (00:00) Intro (01:00) Allie’s Money Journey (03:36) Money Snapshot (13:50) Retiring in Laguna Beach (19:01) Keeping vs. Selling Her Home (26:06) The BIG Bet on Real Estate (34:01) Growing Cash & Renting Her Home (43:41) Real Estate vs. Stocks (52:02) What Should Allie Do? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-585 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

Transcribed - Published: 29 November 2024

Is frugality overrated? Is hustle culture a waste of time? Do we over-save for retirement? You don’t have to look very far to find a hot take online, but is there some truth to these opinions? Today, we’ll wade through bad financial advice, bust common money myths, and (hopefully) find some personal finance tips we agree with! Welcome back to the BiggerPockets Money podcast! Personal finance is personal for a reason. Spending, saving, and investing vary from one person to the next based on their habits, risk tolerance, and season of life. But how much advice is just flat-out wrong? In this episode, Mindy and Amanda Wolfe are breaking down some of the internet’s wildest views on money. First, we’ll share some of the biggest lies we were told about money when we started our financial independence journeys—like “the stock market is too risky” and “you should work until age sixty-five.” Then, we’ll dive into seven controversial opinions and whether there’s any validity to them. Should FIRE-focused folks ever take work sabbaticals? Is a one or two-month emergency fund enough in 2024? Is being a lifelong renter ever a savvy move? Which takes do we oppose, and which advice is actually worth following? Stay tuned to find out! In This Episode We Cover The biggest lies about money Mindy and Amanda used to believe Whether work sabbaticals are a smart use of money on the journey to FIRE The case against budgets and why you probably have one (even if you think you don’t) Whether Americans save TOO much money for retirement (and why!) Why it’s not overkill to keep a six-to-twelve-month emergency fund in 2024 The costs of buying a house and whether renting is ever the better retirement play 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 97 - Intentionally Choosing the Path to Financial Independence with Financial Mechanic BiggerPockets Money 110 - Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life Amanda’s Website Reach FIRE Faster with the Book “Set for Life” Find an Investor-Friendly Agent in Your Area Do You Need Debt to Reach FIRE? How to Use Leverage to Build Wealth (00:00) Intro (00:58) Money Lies We Used to Believe (03:25) Sabbaticals Are “Irresponsible” (07:33) I Don’t Budget! (11:47) We Save TOO Much (19:54) Frugality Is Overrated (25:45) Hustling Is a Waste of Time (32:23) I’d Rather Rent Than Buy (34:57) Your Emergency Fund’s Too Big (41:42) Connect with Amanda! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-584 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

Transcribed - Published: 26 November 2024

If you follow the almost unbelievable path of today’s guest, you, too, could achieve financial independence in your thirties. Would we recommend mimicking his strategy step-by-step? No! Because if you get it wrong, you could be further from FIRE than when you started. Only the most prudent, risk-tolerant, and financially savvy among us could do what Andrew Schrader did.  After racking up six figures in car loans and student debt, Andrew knew something needed to change quickly. Thanks to his financial discipline, he paid his debts down fast, but what would he now do with the money he was sending toward debt every month? After a coworker threatened to quit on the spot without a care in the world (the coworker was FI), Andrew knew exactly what his next goal was. So, he set out to do the impossible: Stretch his dollar as frugally as possible, spending in a year what many Americans live off of for a month and taking calculated bets that he knew the risks of. His unbelievable journey to FI will have you squirming in your chair (like Mindy did!) as you hear what incredible lengths you can go to reach your financial goals WAY faster than most Americans.  In This Episode We Cover How to reach financial freedom in your thirties by taking “calculated” risks  The exact method Andrew used to pay off $100,000 in debt  Why house hacking may be the single best decision for FIRE-chasers  Why Andrew put an entire home renovation on a credit card when he was close to broke Emergency funds 101 and why it’s crucial to have money in the bank when buying real estate  Saving tons of money by cutting out a “category” every month  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 Creative Financing Forum Finding and Funding Great Deals Raising Private Capital, Revised Edition Wealth without Cash Andrew’s YouTube Channel  Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Grab "The Book on Investing in Real Estate with No (and Low) Money Down" Find an Investor-Friendly Agent in Your Area House Hacking 101: What It Is and How to Get Started Connect with Andrew (00:00) Intro (01:48) Stock Betting and $100K Debt (04:12) Watching His Coworker FIRE (07:16) Income and “Overtime” (08:41) Taking SERIOUS Risk (BIG Reward!) (16:21) 10Xing His Money (19:46) Rock Bottom Expenses (27:34) Building a Business (36:45) Quit His Job? (43:16) Make the RIGHT Bets Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-583 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

Transcribed - Published: 22 November 2024

Would you move abroad to reach FI faster? That wasn’t Brooklin Nash’s original goal when he left the US and began freelancing from afar. But now, years later, he realizes how much of a leg up he has financially by going all-in on “geo arbitrage.” He’s saving a boatload in Guatemala, paying less to live the life he loves, and enjoying a tiny tax bill. Now in his mid-thirties, he’s already Coast FIRE and works when and where he wants. But Brooklin’s money story didn’t start so stable. Being raised in a home with “risky” finances, to say the least (pyramid schemes, gambling, etc.), left him scarred and constantly worrying about keeping enough money in the bank. Thankfully, he changed his ways and realized that making money, rather than just saving every cent, was crucial to becoming financially free. He’s paid off a significant sum in student loans and did it all while making a very meager income. Then, he scaled from freelancing abroad to building an entire business, making a phenomenal income while living in a low-cost-of-living area. He’s living his dream life outside the US, making more money than Americans at home. Imagine what THAT can do for your FIRE number!  In This Episode We Cover Using “geo arbitrage” to save more, invest more, and lower your cost of living  An almost unbelievable income tax exclusion Americans abroad can access  How Brooklin paid off $80,000 in student debt (even on a lower income) Turning your freelancing work into a full-blown (and VERY high-paying) business  Why the optimal FIRE lifestyle may actually include working a few hours a day  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 Beam Content Try Baselane, the One Platform for All Your Property Banking & Finances Reach FI Faster with “Set for Life” Find an Investor-Friendly Agent in Your Area The Best (and Worst) States in the US to Retire in 2024 (FIRE Faster?) Connect with Brooklin (00:00) Intro (01:00) Pyramid Schemes, MLMs, and Risky Bets (04:35) Paying Off $80K Debt (10:30) Finding FIRE and First $100K (14:19) Freelancing to Boost Income (16:40) Building His Business (20:11) FIRE Progress (26:40) Why Live in Guatemala? (30:54) Investing from Abroad (32:43) Geographic Arbitrage 101 (38:19) Connect with Brooklin! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-582 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

Transcribed - Published: 19 November 2024

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

Transcribed - Published: 15 November 2024

Is paying off debt or investing (and potentially using more debt) the best way to reach FIRE? The average American has $104,215 in mortgages, student loans, credit cards, and other debt. Where do YOU stand? If the end goal is FIRE, you need a game plan for your debt, in which case this episode is for you! Welcome back to the BiggerPockets Money podcast! Not all debt is bad. When used responsibly, it can be a powerful tool that allows you to buy appreciating assets and hedge against inflation. Today, guest co-hosts Kyle Mast and Amanda Wolfe join our panel to share their thoughts on debt. We’ll share how much debt we each have (ranging from zero to millions), how our philosophies on debt have evolved, and how debt can ultimately help you reach FIRE. But that’s not all. We’ll also discuss the types of bad debt that could derail your FIRE journey and the investments you don’t want to be stuck with during an economic downturn. We’ll even get into the most important financial protection against debt risk—savings and reserves—and why these funds should grow proportionally to your debt! In This Episode We Cover Paying off debt versus investing (and which strategy is best for FIRE) Why well-leveraged debt is one of the best long-term hedges against inflation The types of debt that could propel you toward an early retirement “Bad” real estate investments you don’t want to be holding during a market downturn The most irresponsible uses of debt (that you should avoid at all costs!) Why you should always grow your savings and reserves in tandem with debt How much debt WE have (and how our opinions on debt have changed) 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 Investor-Friendly Lenders Pay Off Student Loans or Invest in Real Estate: Which Makes You Wealthier? Connect with Kyle Amanda’s Website   (00:00) Intro (01:23) How Much Debt WE Have (06:15) Paying Off Debt vs. Investing (13:46) Starting Your FIRE Journey (21:51) Debt Strategy 101 (31:38) “Unreasonable” Debt (38:23) Bad Real Estate Investments (46:48) Key Takeaways (50:18) Connect with Kyle and Amanda! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-580 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

Transcribed - Published: 12 November 2024

Yes, it’s possible to retire early, even if you’re just now diving into the FIRE movement. Early retirement could be within reach whether you’re in your twenties, thirties, forties, or fifties. Imagine having complete freedom in a decade or less: no office politics, no boss, and, best of all, no spreadsheets! That’s the life Arik Peterson built when he retired early at forty-four, leaving behind a demanding career in corporate investing. After reading Mr. Money Mustache’s unmatched FIRE blog, Arik drastically changed his saving and investing habits, increasing his savings rate to seventy percent and redirecting his money into simple, steady investments many overlook. Today, his life looks vastly different—he spends his days fishing, biking, creating art, and working on DIY projects instead of staring at a computer screen, crunching numbers. In this episode, Arik shares his complete strategy for reaching financial independence, why he’s skeptical of the 4% rule, his current investment choices, and how an unexpected layoff turned into his golden opportunity. Ready to ditch corporate America? Follow Arik’s plan! In This Episode We Cover Why you must increase your savings rate if you want to reach FIRE fast  The simple, low-cost investment Arik has in his early retirement portfolio  Why you don’t need to follow the 4% rule to finally quit your job and retire Making money in retirement and living off of side income streams Arik’s killer advice for Roth investing that could make you tax-free millions  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 Live Long Live Often Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Get to FIRE Faster “Set for Life” Find an Investor-Friendly Agent in Your Area What to Do Before You Quit the High-Pay & Benefits of Corporate World (00:00) Intro (00:58) Discovering FIRE (02:11) A VERY Stressful Job (04:58) Secret to Get to FIRE Faster (08:35) “Obsessing” Over Money (10:16) What He Invests In (12:44) Ignore the 4% Rule? (14:22) FIRE at 44! (17:07) Connect with Arik! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-579 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

Transcribed - Published: 8 November 2024

Should you move to reach FIRE? And if so, where to? In this episode, we’re pulling back the curtain and revealing the best places to retire in the US in 2024. Living in one of these states could help fast-track financial freedom, and moving there for retirement could help your nest egg go further and improve your quality of life! Welcome back to the BiggerPockets Money podcast! Alex Gailey, a lead data reporter at Bankrate, has ranked all fifty states for retirement based on five weighted “buckets” made up of dozens of crucial data points. Today, she joins the show to share her findings with us. Whether you’re looking to put down roots in a low-cost-of-living area or find a location that delivers your ideal retirement lifestyle, this list of states is a useful launching point for one of the most important life decisions you’ll ever make! In this episode, you’ll learn how changing your address could accelerate your financial independence timeline and allow you to retire early. Alex will break down the five factors people value most in retirement—affordability, well-being, cost and quality of healthcare, weather, and crime. Stay tuned to find out which states came out on top and which states you might want to avoid. The results even surprised us! In This Episode We Cover Breaking down Alex’s list of best (and worst) states to retire in the US How to accelerate your FI timeline simply by changing your address The top five “buckets” that make up an ideal retirement destination The most crucial factors to consider when choosing where to retire How to take advantage of unique opportunities in high-cost-of-living areas 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 Best and Worst States for Retirement Alex’s Twitter/X Buy Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area How to Get PAID to Live in an Affordable City & Fast-Track Financial Freedom (00:00) Intro (01:26) Alex’s Criteria (05:05) Best and Worst Places to Retire (11:38) Biggest Surprises (22:32) Retiring in an Expensive Area (29:10) Connect with Alex! (29:43) Accelerate Your FI Timeline! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-578 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

Transcribed - Published: 5 November 2024

Are you saving TOO much for retirement (or early retirement)? Could you retire years sooner than you think? Will retirement expenses be even less than what you spend now, allowing you to reach FIRE faster with a smaller nest egg? Today, we’re getting into that exact question as Finance Friday guest Ethan asks how he can ensure he’s on the right track for early retirement by age fifty-five. And if you’re like Ethan, you could retire RIGHT NOW…but should you? Ethan is spending a LOT of money every month. He’s got two kids in private school, extracurricular sports fees, pricey car payments, and a mortgage. The good news? He’s raking in cash at his high-paying tech job! His current expenses cost him nearly $20,000 per month, but this number could be cut in half (if not more) once his kids leave the house. This means that his FIRE number might be a fraction of what he thinks it has to be to retire early. Speaking of early retirement, is it wise to leave such a high-paying career to sit on the beach all day? Ethan has the skills and the energy to make a sizable income, so what should he do instead of full-time work once he reaches early retirement? Should he transition to part-time consulting, focus more on rental property investing, or buy a business? In This Episode We Cover Why your FIRE number may be WAY off from what you need to retire early  The retirement expenses that disappear once your kids are out of the house  Making money in retirement and whether buying a hands-off business is your best bet Planning for future weddings and how much you should set aside for your kid’s big day  Limiting your taxes by qualifying for real estate professional status (REPS) Whether or not you’re keeping too much cash on hand (is the bank account interest worth it?) 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 Get on the Path to Early Retirement with “Set for Life” Property Manager Finder Dude ACTUALLY Withdraws From His 401(k) and Retires at 47 w/Eric Cooper (00:00) Intro (04:27) Money Snapsho (12:44) Current Net Worth (15:11) Work Less, Travel More? (21:10) Early Retirement Expenses (27:02) Buy Rentals for Retirement Income (33:59) Paying Too Much in Taxes (38:22) Downsizing Houses and Next Steps (44:40) Saving for Future Weddings (48:52) How Much Do You NEED to Retire? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-577 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

Transcribed - Published: 1 November 2024

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

Transcribed - Published: 29 October 2024

Everyone wants to become “work-optional” at some point. Having enough money in investments and the bank would allow you to choose the job you love most, whether that’s running your own business, working part-time, or today’s guest, Travis’ dream, becoming a mountain biking guide. With a solid salary, dual income, and no plans for kids, he and his wife are on the fast track to FIRE, but can they get there by his goal of forty years old?  Travis’ wife may have an option to get a significant salary bump, allowing them to travel the country while she works, and Travis stays making money from his computer. But, even this may not be enough to get them to the “work optional by forty” goal they had set out for themselves. Scott and Mindy believe they need a financial “oomph” to get them over the edge, but what’s the next best move? Should he stop his retirement account contributions to have more cash to invest for early retirement? Should he perform a live-in flip to make more money on the side while working his job? Would a side hustle or part-time job bridge the investing gap between where they are and where they need to be? If you’re stuck feeling like you can’t get to FI fast enough, this episode is for YOU! In This Episode We Cover How to fast-track your FIRE and become work optional in under ten years House hacking and why it’s one of the best ways to lower expenses and build wealth  Live in flipping and how to turn your next home purchase into a money-making investment  Whether you should stop investing or double down on your retirement accounts when shooting for early retirement  Roth conversion ladders, HSAs (health savings accounts), and how to access retirement funds even earlier  Increasing your income by job hopping and leveling up the skills that’ll make you more  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 cFIREsim  How to Access Retirement Funds Early Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Grab the Book “First-Time Home Buyer” Property Manager Finder Finance Friday: How to Get to Early Retirement Even Faster (00:00) Intro (01:07) Goal: FI by 40! (03:13) Money Snapshot (04:14) Work Optionality! (05:50) Stay at His Job? (15:00) Traveling to Make More Money (20:38) Stop Investing in 401(k)? (31:13) Live in Flipping (42:39) Can Travis Hit FI by 40? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-574 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

Transcribed - Published: 25 October 2024

The combination of saving money and buying rentals is a recipe for reaching financial independence much faster than you thought possible. Just ask today’s guest, who started with tens of thousands of dollars in debt but was able to achieve FI in just a few years! Henry Washington is a real estate investor, author of Real Estate Deal Maker, and co-host of the On the Market podcast, but he doesn’t have your typical “rags-to-riches” money story. Despite an upper-middle-class upbringing and landing a six-figure job right out of college, Henry was a serial spender. Before he knew it, he had racked up $40,000 in credit card debt and was told by banks that he was unlendable. Horrified by what his family’s future would look like on its current trajectory, Henry was determined to get his finances in check. He caught the real estate bug, attended meetups and networking events, befriended other investors, and found his first deal! Henry went on to build and scale a real estate portfolio of over 140 units, and in this episode, he provides actionable advice that will help you break into real estate—whether you aspire to own a single rental property or twenty. Along the way, you’ll learn about “gamifying” your way to financial freedom, funding a down payment without money in the bank, and the recession-proof investing strategy Henry still uses today! In This Episode We Cover How Henry scaled his real estate portfolio to over 140 units in just seven years How “gamifying” your finances can turn you from a spender into a saver Why finding good deals is the key to a recession-proof investing strategy Getting a crash course in real estate investing through local meetups and networking Creative ways to come up with the down payment for an investment property The three phases of rental property investing that lead to generational wealth 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 On the Market Podcast Rich Dad Poor Dad by Robert Kiyosaki Buy Henry’s Book “Real Estate Deal Maker” Find Investor-Friendly Lenders 30 Ways to Find Good Real Estate Deals in 2024 Connect with Henry Henry’s Instagram   (00:00) Intro (01:10) Racking Up $40K Debt (06:06) Catching the Real Estate Bug (11:24) “Gamifying” Finances & Networking (16:37) Henry’s First Deal (24:18) Making Your Own Luck (30:17) Henry’s Current Portfolio (36:26) Saving His Rental Income (43:22) How to Get Started in 2024 (46:39) Connect with Henry! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-574 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

Transcribed - Published: 22 October 2024

Just a short while back, Marisa Mae was caught in the paycheck-to-paycheck trap, her credit cards stretched to their limits with no emergency savings to speak of, all while wrestling with constant financial stress. Today, she’s on a clear path to retire as a millionaire. Her secret? Mastering the art of debt repayment without succumbing to severe frugality. Marisa managed to eliminate five-figure consumer debt, not by cutting out her cherished coffee runs, but by smart financial planning. Isn’t that supposed to be a big FIRE faux pas? Marisa’s turning point came at rock bottom—stranded without a place to stay or a dollar to her name. But instead of going back to restrictive budgeting and punishing herself for her overspending, she built a financial plan that worked specifically for her.  Now, Marisa is ready to show others that achieving financial freedom, eradicating debt, and even starting to invest can all happen WITHOUT cutting everything enjoyable out of your life. If you’re battling to escape bad debt, Marisa’s approach could liberate you faster than you think—even if you struggle to find financial balance.  In This Episode We Cover How Marisa went from a financial “mess” to being on track to become a millionaire in retirement  The spending hack that allows you to treat yourself WITHOUT going over budget  Why you CAN invest while paying off debt (and the right way to do it) Why taking on good debt to grow your business/side hustle isn’t a bad thing  The “slow” path to becoming debt-free that is MUCH more successful than the beans and rice diet  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 Financial Badassery Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Get Your Personal Finances in Check with “Set for Life” Find an Investor-Friendly Agent in Your Area How to Pay Off Credit Card Debt FAST ($30K+ in 1 Year!) (00:00) Intro (01:05) Paycheck-to-Paycheck and Worth $0 (04:29) Enough is Enough (07:20) Paying Off Debt While Still Spending (10:21) Investing While in Debt!? (14:41) Finally Debt-Free? (16:58) Managing Her Money (21:38) Best Tip for FIRE (24:08) Connect with Marisa! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-572 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

Transcribed - Published: 18 October 2024

Should you sell your house or keep it as a rental property in 2024? What you do with your home today could create a million-dollar swing in your portfolio ten, twenty, or thirty years from now. Fortunately, we’ve developed a powerful new tool to help you make the best decision for your financial future! Welcome back to the BiggerPockets Money podcast! If you refinanced your mortgage around 2021, chances are you’re sitting on a low interest rate the likes of which we’re unlikely to see again. The recent rise in rates and home prices has created a “lock-in effect,” where millions of homeowners are disincentivized to sell. But does it make sense to sell if you can roll your home equity into another wealth-building asset? Could you convert your house into a rental and create hundreds of dollars in monthly cash flow? Today, we’re giving you a step-by-step walkthrough of our new “Keep or Sell Your Home” worksheet. We’ll compare four outcomes—selling your home to buy another property, selling your property and investing in stocks, keeping the property and hiring a property manager, and keeping the property and becoming a landlord. Along the way, we’ll use several examples of homeowners so that you can get an idea of where you might stand! In This Episode We Cover A step-by-step walkthrough of Scott’s new “Keep or Sell Your Home” worksheet Two realistic examples of when to sell your home or keep it as a rental property The numbers you need to make a rock-solid decision on your investment property The crucial question you should ask before keeping or selling your home How ONE decision can impact your future by hundreds of thousands of dollars (or more!) 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 Put Your Vacation Rental on Autopilot with Hospitable Buy the Book “Real Estate by the Numbers” Find an Investor-Friendly Agent in Your Area Download the “Keep or Sell Your Home” Worksheet Millions of Americans Should Keep Their Homes as Rentals, Not Sell. Here’s Why (00:00) Intro (05:11) Using the Worksheet (12:15) How Much Would You Make? (14:36) Breaking Down Your Options (20:08) Keep or Sell This Property? (29:11) The “BiggerPockets” Homeowner (34:54) Try the Worksheet! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-571 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

Transcribed - Published: 15 October 2024

Real estate investing is one of the best vehicles for building wealth, reaching financial independence, and saving for retirement, but you don’t need to become a full-time investor to reap the benefits. If you have no plans to leave your W2 job or manage rentals, there are several ways to use real estate for passive income! Welcome back to the BiggerPockets Money podcast! When Devon Kennard entered the NFL, he ran into more money than he had ever made. But with no guarantee of a pay raise or second contract, Devon forewent the flashy car and multi-million-dollar home and started saving and investing instead. Shortly after buying his first rental property, Devon realized that he was going to need passive or semi-passive income streams if he wanted to have success on the football field. He landed on four different types of passive investments that have helped him scale his portfolio to twenty-nine doors and over forty syndications! In this episode, Devon talks about the importance of increasing your income in your working years and why small wins make all the difference early on in your investing journey. You’ll also learn about the dangers of “shady” real estate syndications and how to properly vet an operator, as well as the differences between fast and slow money! In This Episode We Cover How Devon scaled his real estate portfolio while playing in the NFL Four passive real estate investing strategies you can use today Speeding up your financial independence timeline with real estate side hustles Fast money versus slow money (and which bucket you should be filling) The pros and cons of syndications and how to weed out “shady” operators 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 Devon’s New Book “Real Estate Side Hustle” Property Manager Finder How to Make Truly Passive Income with “Syndication” Real Estate Connect with Devon (00:00) Intro (07:56) Saving $1M in 3 Years! (15:37) Making “Small” Bets (21:08) Passive Real Estate 101 (31:59) Devon’s Portfolio & Strategy (39:17) “Shady” Syndications (45:56) Commercial Investing (47:08) Devon’s New Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-571 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

Transcribed - Published: 11 October 2024

How Much Do You Need for Early Retirement? (How to Calculate Your FI Number) Podcast Description What’s your financial independence number (FI/FIRE number)? Are you being too conservative, or are you cutting things close? Do you even have one? Today, we’re taking a deep dive into this hotly debated topic to help you build a nest egg that will support your early retirement!   Welcome back to the BiggerPockets Money podcast! How much money do you actually need to retire? For years, the four-percent rule has been the “official” stance of the FI community. But why is it, then, that so many people continue saving and investing when they can comfortably retire? In this episode, Scott and Mindy talk about their own FI numbers, how they calculated them, and how their financial positions have evolved over time. You’ll learn whether the four-percent rule still works today or if you need a larger buffer!   If you’re worried about inflation, one of the best things you can do is keep your living expenses in check. This might seem out of your control, but there are several ways to either lock in certain costs or eliminate them entirely. We’ll discuss the many advantages of a paid-off house, self-managing your rental properties in retirement, and a one-time investment that could help you save thousands of dollars over your lifetime! In This Episode We Cover How to calculate your financial independence number (and when to adjust it!) The four-percent rule explained (and whether it still works in 2024) Why most people chasing FIRE don’t retire on the four-percent rule How to control your expenses and protect against inflation in retirement The “home run” investment that could save you thousands of dollars And So Much More! Links The 4% Rule: The Easy Answer to “How Much Do I Need for Retirement?” (00:00) Intro (01:18) Calculating Your FI Number (07:37) Does the 4% Rule Work? (15:32) Locking in Your Expenses (22:40) How to Combat Inflation (31:48) Retiring on a Different Portfolio Mix Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-570 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

Transcribed - Published: 8 October 2024

Why do many wealthy people wait so long to retire? Despite earning a physician’s salary, living frugally, and saving what most would call “more than enough” money, today’s guest worked for another four years before pulling the trigger on early retirement. Is he on to something? Does the four-percent rule no longer work in 2024? Stay tuned to find out! Welcome back to the BiggerPockets Money podcast! Leif Dahleen, MD, the “Physician on FIRE,” was already financially independent when he discovered the FIRE movement. But rather than calling time on a successful healthcare career, he continued to beef up his nest egg. Why? Leif had determined that he needed forty-to-fifty times his annual expenses to feel comfortable walking away from his nine-to-five. Do more FI-focused folks need to follow Leif’s formula to account for the unknown? We’ve all dreamed of what a day in the life of an early retiree might look like. Leif had his own expectations, but in this episode, he shares what he discovered when his schedule was suddenly clear. You’ll also learn about the mindset high-income earners need to avoid squandering wealth, and why putting down roots in a low-cost-of-living area could be the difference between fast-tracking retirement and keeping up with the Joneses! In This Episode We Cover Why most people DON’T retire on the four-percent rule (even though it works!) Fast-tracking the path to early retirement in a low-cost-of-living area How to actually leave your W2 job once you have enough money to retire Why earning a high income doesn’t guarantee FIRE (and common pitfalls to avoid!) Choosing the right retirement withdrawal strategy for your financial situation Why Leif won’t adjust his retirement lifestyle as he continues to build wealth 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 Physician on FIRE Buy Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area See Mindy and Scott at BPCON2024 in Cancun! How Much Money Do I Need to Retire? (00:00) Intro (01:58) Leif’s “Unfair” Advantage (06:33) Leaving the Medical Profession (12:42) Funding His Retirement (15:09) Does the 4% Rule Work? (23:37) Adjusting Your Retirement Lifestyle (29:23) Retirement Expectations vs. Reality Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-569 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

Transcribed - Published: 4 October 2024

What does it mean to “win” financially in your income bracket? To us, the end goal is always FIRE (Financial Independence, Retire Early), and if you’re chasing financial freedom, this is the show for you. We’re breaking down the money moves you need to make based on your income bracket, going from $45,000 to $100,000 per year, and how to stretch your dollar the furthest so you can invest, save, and reach FIRE faster. If you’re at the lower end of the income scale, we’ll give you time-tested methods to boost your income and use your time wisely so you can start stockpiling cash TODAY. If you have a high income, there’s still work to be done as you need to find the best way to keep the most of your income so you can use it to acquire wealth-building assets. Regardless of how much money you make, you CAN achieve FIRE if you know the proper steps. The good news? We’re sharing those steps today, so stick around!  In This Episode We Cover How to speed up your path to financial independence based on your income bracket  Why we disagree about retirement account investing when you’re just starting your career  Ways to make more money and side hustles that can boost your income  The headache-free vs. hands-on approach to investing for FIRE (and who should take which path) Lifestyle creep and avoiding overspending (EVEN if you have a higher income) How much money we reasonably think you’ll need to achieve FIRE  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 32 - Financial Freedom Through Small Life Changes and a Modest Real Estate Portfolio w/Planting our Pennies BiggerPockets Money 35 - Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Money 97 - Intentionally Choosing the Path to Financial Independence with Financial Mechanic BiggerPockets Money 110 - Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life  BiggerPockets Money 169 - Breaking the Taboo of Talking About Money with Friends, Family, and Bosses w/Erin Lowry BiggerPockets Money 328 - The Best Alternative Investment No One Knows About w/Alex Breshears and Beth Johnson The One Thing How to Win Friends and Influence People The E-Myth Revisited The Go-Giver The Challenger Sale Learn Private Money Lending with “Lend to Live” Find an Investor-Friendly Agent in Your Area See Mindy and Scott at BPCON2024 in Cancun! FIRE in 2024: What We’d Do Differently If We Started Over Today (00:00) Intro (01:08) $45,000/Year Income (12:37) $75,000/Year Income (23:11) $100,000/Year Income (28:48) How Much for FIRE? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-568 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

Transcribed - Published: 1 October 2024

Young, old, or in between, you need to hear this episode! Today’s guest paid off over $80,000 of debt, grew her net worth to $100,000 and did it all just years after graduating from college without a sky-high income. How did she make such quick progress, and what’s her secret to skyrocketing her net worth early in her career? She’s sharing it all in this episode, and you (no matter your age) can follow her repeatable path, too! Want to see your net worth leap so you can fast-track your road to FIRE? Anna Foley is the person you should listen to. Through common-sense smart spending, diligent investing, and salary-increasing career pivots, Anna and her partner went from $80,000 debt to debt-free and finally hit six-figure net worth status. The best part? They did all of it WITHOUT giving up what makes life enjoyable, and they still sport a phenomenal savings rate! Anna is sharing how she saves a significant portion of her income every month, why she decided to rent (not buy) a house, how “paying yourself first” can get you debt-free before you know it, and why she does NOT follow the traditional advice of chasing a “FIRE number.” In your twenties? Copy Anna’s plan! Closer to retirement? Follow Anna’s smart saving and investing tactics, and you can get there faster!  In This Episode We Cover How to become debt-free and achieve a six-figure net worth before you’re thirty!  Why Anna decided to rent a house, not buy one, to maximize her savings  What Anna invests 100% of her income in (it’s not real estate!) The “middle-class trap” to avoid when maxing out your retirement accounts  Why you DON’T need a FIRE number, and why Anna’s more achievable goals work better  Boosting your income and why job-hopping can explode your income-generating potential  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 @five20money on Instagram PassivePockets BiggerPockets Forums BiggerPockets Money 97 - Intentionally Choosing the Path to Financial Independence with Financial Mechanic BiggerPockets Money 110 - Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life BiggerPockets Money 558 - How to Start Investing for Retirement: 401(k), IRA, Roth? BiggerPockets Money 560 - Dude ACTUALLY Withdraws From His 401(k) and Retires at 47 Email Your Savings Rate to [email protected]!  Support Today’s Show Sponsor, BAM Capital, Your Path to Generational Wealth with Premier Real Estate Investment Opportunities Reach FIRE Faster with “Set for Life” Find an Investor-Friendly Agent in Your Area See Mindy and Scott at BPCON2024 in Cancun! Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement Connect with Anna (00:00) Intro (01:10) Investing Right After College (03:00) Rent, Don’t Buy! (08:58) Paying Off $80K in Debt (12:42) Investing for Financial Independence (16:16) Saving a TON! (21:11) Better Than a “FI Number” (25:27) Boosting Your Income (27:19) Do This FIRST! (29:11) Connect with Anna! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-567 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

Transcribed - Published: 27 September 2024