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CPA Shares Tax Tips to Lower Your 2024 (Yes, 2024) Taxes
18 februari 2025 · 41 min
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! Lees meer
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
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Email Mindy: Mindy@biggerpockets.com
Email Scott: Scott@biggerpockets.com
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Has the FIRE Formula Changed? Why 100% Index Funds Isn’t the Answer
14 februari 2025 · 32 min
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. Lees meer
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
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Email Mindy: Mindy@biggerpockets.com
Email Scott: Scott@biggerpockets.com
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BiggerPockets Money YouTube Channel
Personal Finance Club
Get Early Access to Real Estate’s Biggest Event of the Year, BPCON2025
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The Points Guy's Travel Hacking Tips to Fly for FREE in 2025
11 februari 2025 · 42 min
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. Lees meer
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
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Email Mindy:…
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The 4% Rule Naysayers Are Wrong (We Retired at 47 Using It!)
7 februari 2025 · 42 min
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! Lees meer
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
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Email Mindy: Mindy@biggerpockets.com
Email Scott: Scott@biggerpockets.com
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“Like” BiggerPockets Money on Facebook
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Sahil Bloom: The “X Factor” for Financial Freedom and Why FIRE Won’t Make You Happy
4 februari 2025 · 53 min
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! Lees meer
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
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Email Mindy: Mindy@biggerpockets.co…
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How to FIRE Faster with a Self-Directed IRA
31 januari 2025 · 49 min
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. Lees meer
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
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Email Mindy: Mindy@biggerpockets.com
Email Scott: Scott@biggerpockets.com
Bi…
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The Middle-Class Trap That Could Keep You from FIRE (How to Escape It)
28 januari 2025 · 35 min
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! Lees meer
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
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Join BiggerPockets for FREE
Email Mindy: Mindy@biggerpockets.com
Email Scott: Scott@biggerpockets.com
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The One Thing Most FIRE Chasers Get Wrong (and Later Regret in Retirement)
24 januari 2025 · 40 min
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? Lees meer
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
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Join BiggerPockets for F…
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7 Maxed Out Credit Cards to Money Expert by Making a BIG Mental Shift
21 januari 2025 · 40 min
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. Lees meer
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
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Email Mindy: Mindy@biggerpockets.com
Email Scott: Scott@biggerpockets.com
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Steven’s Website
Steven’s Affi…
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The Macro Analysis is Clear: Why We Are Reallocating (Away From Stocks) to Real Estate in 2025
17 januari 2025 · 47 min
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. Lees meer
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
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Email Mindy: Mindy@biggerpockets.com
Email Scott: Scott@biggerpockets.com
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From $300K in Debt to Millionaire at 39 (Financial Freedom in 8 Years!)
14 januari 2025 · 43 min
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! Lees meer
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: Mindy@biggerpockets.com
Email Scott: Scott@biggerpockets.com
BiggerPockets Money Facebook Group
Grab Scott’s Book “Set for Life”
Find an Investor-Friendly Agent in Your Area
BiggerPockets Money 586 – Ave…
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Can You Retire…Now? This FIRE Calculator Will Tell You!
10 januari 2025 · 51 min
“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! Lees meer
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: Mindy@biggerpockets.com
Email Scott: Scott@biggerpockets.com
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 F…
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Ramit Sethi’s Life-Changing "Money Conversation" Script for Couples
7 januari 2025 · 1 uur 4 min
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! Lees meer
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: Mindy@biggerpockets.com
Email Scott: Scott@biggerpockets.com
BiggerPock…
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How to Make an Extra $100 a Day in 2025 (Working from Home!)
3 januari 2025 · 38 min
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? Lees meer
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
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The Money Date: What Couples Should (& Shouldn't) Do to Align Finances
31 december 2024 · 51 min
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! Lees meer
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
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Chasing Financial "Stability" After $100K+ in Debt and Layoffs
27 december 2024 · 28 min
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. Lees meer
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
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Get Your Finances in Order with “Set for Life”
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How to Pay Off Credit Card Debt FAST
00:00 Intro
03:41 Serious Credit Card Debt
06:26 Feeling Financial Shame?
0…
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The Mad Fientist’s New Rule To Retire Early Even Sooner
24 december 2024 · 1 uur 4 min
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. Lees meer
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
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Broke at 50? How to Retire On-Time (Or Early!)
20 december 2024 · 38 min
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! Lees meer
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
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2025’s Best Money Hacks to Save $1,000+/Month (and Retire Earlier!) w/All the Hacks
17 december 2024 · 51 min
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. Lees meer
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
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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: Fi…
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Finance Friday: Can I Still Reach FI by 45 If I Quit My Job?
13 december 2024 · 48 min
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! Lees meer
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
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How to Talk to Anyone
Buy Scott’s Book “Set for Life”
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BiggerPockets Money 395 – Finance Friday…
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The 5 Biggest Money Fears Keeping You from FIRE (and How to Overcome Them)
10 december 2024 · 36 min
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! Lees meer
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
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Email Mindy: Mindy@biggerpockets.com
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BiggerPockets Money 455 – REITs: How to Make Real Estate Money WITHOUT Owning Rentals
Rent vs. Buy Spreadsheet
The Passi…
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$200K/Year & Early Retirement in 10 Years by Being a "Lazy" Investor
6 december 2024 · 29 min
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! Lees meer
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
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Email Mindy: Mindy@biggerpockets.com
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Average Net Worth by Age (How Do You Compare?)
3 december 2024 · 47 min
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. Lees meer
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 BiggerPocket…
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Finance Friday: Middle-Class Trap on Steroids ($3.8M but CAN'T Retire!)
29 november 2024 · 56 min
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! Lees meer
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
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Email Mindy: Mindy@biggerpockets.com
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7 Scorching Money Hot Takes That Will Make Your Financial Advisor Cringe
26 november 2024 · 42 min
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! Lees meer
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
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Email Mindy: Mindy@biggerpockets.com
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FI by 34 After Making “Calculated” Bets that 99% of Us Would NOT Take
22 november 2024 · 47 min
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. Lees meer
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
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Finding and Funding Great Dea…
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Making Six Figures While Living Abroad (NO W2!) to FI Even Faster
19 november 2024 · 39 min
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. Lees meer
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
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Email Mindy: Mindy@biggerpockets.com
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FIRE at 50: The 4-Year Journey That Made Early Retirement a Reality
15 november 2024 · 41 min
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! Lees meer
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
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Buy…
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Do You Need Debt to Reach FIRE? How to Use Leverage to Build Wealth
12 november 2024 · 52 min
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! Lees meer
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
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Find Investor-Friendly Len…
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How to Retire Early in Your 40s by Supercharging Your Savings
8 november 2024 · 19 min
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. Lees meer
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
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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 Inv…
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The Best (and Worst) States in the US to Retire in 2024 (FIRE Faster?)
5 november 2024 · 33 min
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! Lees meer
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
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Finance Friday: Signs You’re Saving TOO Much for Retirement
1 november 2024 · 51 min
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? Lees meer
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
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Reviewing Our FIRE Journeys, Timelines, and Single Biggest Regret
29 oktober 2024 · 39 min
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! Lees meer
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
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Finance Friday: FI by 40? Make These Career and Investment Moves Now
25 oktober 2024 · 45 min
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? Lees meer
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
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Fast-Track FI by “Gamifying” Your Finances and Making Your Own Luck
22 oktober 2024 · 49 min
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! Lees meer
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
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On Track to Retire a Millionaire After Living Paycheck to Paycheck
18 oktober 2024 · 25 min
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? Lees meer
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
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Should You Keep or Sell Your House? Use This Tool to Find Out in Minutes
15 oktober 2024 · 40 min
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! Lees meer
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
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4 Ways to Make Passive Income from Real Estate (Don’t Quit Your 9-5!) w/Devon Kennard
11 oktober 2024 · 51 min
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! Lees meer
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
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How Much Do You Need for Early Retirement? (How to Calculate Your FI Number)
8 oktober 2024 · 34 min
How Much Do You Need for Early Retirement? (How to Calculate Your FI Number) Lees meer
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 Differ…
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Why This “Physician on FIRE” Ignored the 4% Rule & Delayed Early Retirement w/Leif Dahleen, MD
4 oktober 2024 · 33 min
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! Lees meer
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
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How to Reach FIRE Based on Your Income ($45K - $100K/Year)
1 oktober 2024 · 34 min
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. Lees meer
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
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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 t…
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The Realistic, Repeatable Path to Investing for FIRE in Your 20s
27 september 2024 · 31 min
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! Lees meer
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
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PassivePocke…
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FI With 5 Kids and Debt-Free in Just Over a Decade!
24 september 2024 · 38 min
Does FIRE seem impossible while raising a family? We’re about to prove that you CAN have it all. Emily and Joel are financially independent while raising five kids and still have the money to travel the world, take plenty of vacations, and sleep in without worrying about a job. They reached FI in just over a decade and did it without EVER having a high income. How’d they do it? One “financial superpower” allowed them to do what most people won’t. Lees meer
Emily and Joel started with $150,000 in student loan debt. Their accounts dwindled at the end of every month, so they began to pay off their loans with the “debt snowball” method. Fast forward a few years, and they were debt-free, but now they had a new challenge: building their net worth!
Today, they’re sharing the incredible journey they took to go from personal finance zeros to heroes, the “why” behind achieving FI at such young ages, and how they did it all (including keeping expenses SUPER low) while raising not one, not two, but FIVE children. Think FI isn’t possible for you? Think again—copy Emily and Joel’s plan!
In This Episode We Cover
How to pay off debt FAST with the “debt snowball” method
Minimizing your expenses and how spending less gets you to FIRE way faster
Why you DON’T need to cut out travel/vacations on your path to financial freedom
The “financial superpower” you must cultivate if you want to retire early
What 100% of Emily and Joel’s portfolio is in and the simple path to building wealth
Starting side hustles that pay for your life and why working while FI is NOT a bad thing
And So Much More!
Links from the Show
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50+ Rentals After Starting in Her 50s and How “Late Starters” Can Get Ahead
From 150k in Debt to FIRE in Their Mid-30s (With 5 Kids!)
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Is Refinancing Worth It with Today’s Falling Rates? (+ How Much It’ll Cost)
20 september 2024 · 32 min
When should you refinance your mortgage? Is now the time since interest rates have finally fallen? Or will refinancing down to today’s rates not be worth it when, six months from now, interest rates could be substantially lower? We brought on an expert mortgage loan officer to walk through the cost-benefit analysis of refinancing in 2024 and when a refinance is NOT worth the money. Lees meer
Greg Roller has closed over a billion dollars in loans, but surprisingly, he’s very cautious with homeowners about WHEN to refinance. Mortgage rates have already dropped significantly but could be trending down even more in 2024 and 2025. Is now the time to refinance? Greg discusses how much a refinance costs in 2024, how to know it’s worth it to refinance, what you’ll need to qualify, the differences between cash-out refinances and rate-and-term refinances, and why falling for a “low rate” could cost you in the long run.
Plus, Greg shares some tips to help your refinance go as smoothly and quickly as possible, as well as how you can refinance for FREE with a rate option most people have zero clue about.
In This Episode We Cover
Refinancing explained and how much the average refinance costs in 2024
When to refinance and the rule of thumb that highlights whether or not it’s worth it
The low-rate trap that inexperienced borrowers get caught in (you’ll get hit with hidden costs!)
Refinancing multiple properties and how to do this the RIGHT way
The easy method to see where mortgage rates are headed and whether they’ll rise or fall
How to refinance for free by asking your loan officer for a “rate stack”
And So Much More!
Links from the Show
Mindy on BiggerPockets
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564: How to Make Truly Passive Income with “Syndication” Real Estate
17 september 2024 · 34 min
Visit PassivePockets, your resource for passive investing with syndications. Lees meer
Passive investing is most people’s goal, especially if they’re trying to achieve FIRE. They don’t want to be weighed down by managing a dozen rental properties, an active business, or a complicated stock portfolio that requires constant check-ins. Instead, many of us want that “mailbox money,” with checks coming in without us having to do the work ourselves so we can focus on doing what we love. Sounds enticing, right? Then “syndication” real estate investing might be perfect for you.
We’re thrilled to have the newest member of the BiggerPockets podcast network, Jim Pfeifer, host of PassivePockets, on today to talk about this one investment type that changed his life. Jim has invested in over 100 syndications and has been able to reap the significant rewards of passive income, massive tax benefits, and diversification through real estate syndications.
Today, he gives a beginner-friendly breakdown, touching on what a syndication is, why it’s an excellent investment for FIRE, how to vet a syndication BEFORE you invest, questions to ask a syndicator, and the unbeatable tax benefits you can get from sitting back and collecting passive income checks! Ready to make real estate returns without all the work? This one’s for you!
In This Episode We Cover
Welcoming PassivePockets, the newest BiggerPockets podcast network show!
Real estate syndications explained and why they’re such an unbeatable investment
How to vet a syndication operator and the questions you MUST ask before you invest
The two barriers to entry for syndications and why you DON’T need to be an accredited investor to get in the game
Tax benefits galore and how Jim is paying $0 in taxes on his syndication profits
How much a syndication can make YOU (and why it might beat owning rental properties!)
And So Much More!
Links from the Show
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563: Why Aren’t More “Normal” People Achieving FIRE?
13 september 2024 · 28 min
Has BiggerPockets Money become too focused on FIRE (financial independence, retire early)? For the past seven years, we’ve been bringing you shows highlighting the journeys of those who left their jobs to enjoy early retirement.Some of these guests did it faster than others by making more money, increasing their frugality, investing smart, or building a business. But the question many of our listeners are wondering is: Is this even possible for the average, “normal” person? Lees meer
Today, we’re taking a hard look at the show’s future and asking ourselves whether or not focusing on FIRE is still the right path forward. Should we shift topics to help the everyday American get a financial leg up, or is continuing the FIRE-focused path the best way to help YOU, our listener? This isn’t a rhetorical question; we genuinely want to know!
After this episode, join the BiggerPockets Money Facebook group thread, and let us know which stories YOU want to hear the most!
In This Episode We Cover
Why the BiggerPockets Money Podcast rarely brings on “normal” guests achieving FIRE
Can anyone achieve FIRE, and if so, how do they get there?
The four financial levers you can pull to put you on the path to financial freedom
The advanced financial tactics BiggerPockets Money teaches you to grow your wealth
What to do if you feel like you can’t make any progress towards early retirement
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
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BiggerPockets Money 63 - Financial Freedom With 5 Kids IS Possible with J…
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562: Police Officer Surpasses $10K/Month FI Goal w/Out-of-State Sober Living Investments
10 september 2024 · 36 min
Achieving your FI number in just four years? If you want to do it too, you must try something different. This couple found a niche within a niche, allowing them to hit the coveted “1% rule” in real estate, skyrocketing their cash flow and passive income and allowing them to make more than almost any other landlord in their area. So, how did they do it, and what was the investment that got them there? Lees meer
David and Morgan Stanhope weren’t real estate investors five years ago. They didn’t come from investor families and had zero real estate investing experience. One day, at his job as a New York State Police Investigator, David met a mentor who would change how he thought about money, financial freedom, and passive income. This was perfect because David and Morgan were already in a great place to invest—Upstate New York. But David chose NOT to invest in his home market, and for good reason.
They went south to a state known for higher home prices and crushingly high insurance costs. There, they found acreative rental property investing strategy, allowing them to make much more cash flow than regular rentals. Four years later, they’ve surpassed their $10,000/month FI goal. Now, they’re on track to hit an even bigger achievement: $70,000 per MONTH. Today, we’re talking to them about exactly how they’re getting there with investment properties you’ve probably never heard (or thought) about.
In This Episode We Cover
How to hit real estate’s “1% rule” with creative, high-cash flow rentals
Borrowing from your 401(k) to fund your first real estate deal
Making real estate cash flow EVEN with eight percent mortgage rates (yes, it’s possible)
Why David WON’T quit his job, even though he has already hit his FI number
Finding contractors and vendors when out-of-state real estate investing
Using other people’s money to invest in real estate (and why you may want experience before you do)
And So Much More!
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561: What Happens if High Expenses Extinguish Your FIRE?
6 september 2024 · 40 min
You did it; you achieved FIRE! After over a decade of hard work, you’ve reached financial independence and can retire early. You’re making more money than you spend from passive income, work-optional, and life is good. But your dreams are starting to change. Maybe you want to spend more on experiences, build your dream house, or move to a higher-cost-of-living area. Now, your expenses are starting to creep up, and your FIRE is about to burn out. What do you do, and is it wrong to return to work? Lees meer
Caitlin Muldoon has had to ask herself these questions. After grinding for fifteen years, she finally reached her FIRE goal—$10,000 per month in passive income. In her current lifestyle, she’s saving money every month, but as she moves into her dream house and expenses start to rise, her passive income may not be enough. Does this mean that Caitlin is no longer financially independent?
Today, Caitlin is sharing her full FIRE story with us. How she went from one house hack and a HELOC to a six-figure generating real estate portfolio, the struggles she had with leaving her job, realizing that her expenses would jump after her husband quit, and why retiring early isn’t always the end goal.
Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!
In This Episode We Cover
What to do if rising living expenses are about to extinguish your FIRE
Turning your primary residence into a passive income-generating portfolio by using HELOCs
How intentionally saving money can massively propel your wealth and get you to FIRE much sooner
Why you DON’T need to quit your job, even after you reach your FIRE number
Advice for anyone who wants to build a rental property portfolio with today’s high interest rates
And So Much More!
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560: Dude ACTUALLY Withdraws From His 401(k) and Retires at 47
3 september 2024 · 44 min
Did you know you can use your 401(k) to retire early? Yep, it’s possible. And today’s guest, Eric Cooper, is doing it atage 47! Most FIRE chasers search for how to withdraw from a 401(k) early but know that doing so will hit them with substantial penalties. The best way around this? The 72(t) rule—which is precisely what Eric has been taking advantage of. Eric uses the 72(t) rule’s “substantially equal periodic payments” to take early withdrawals from his 401(k) of $30K per year, starting at age 47. But how does it work? Lees meer
Eric comes on the show to describe exactly how this early withdrawal rule works, how much you can take out, the regulations to follow so you avoid penalties, and why early retirement may be much closer than you think. But this isn’t the only early retirement income Eric has got. We’ll review his substantial real estate portfolio and detail Eric's almostunbelievable tax savings from combining tax-advantaged rental properties with rule 72(t).
Plus, Eric shares how he built a multimillion-dollar nest egg by his mid-forties and why those starting young on the path to early retirement can repeat his strategy to be much richer in retirement. Do you have money sitting in retirement accounts that you’re ready to use? The 72(t) rule might be just what you need.
In This Episode We Cover
How to access retirement funds early with the often overlooked 72(t) rule
Escaping the “middle-class trap” that stops you from retiring on your terms
Avoiding 401(k) penalties and using retirement accounts to actually retire early
The rules and regulations you MUST follow to withdraw penalty-free
How Eric amassed such a massive retirement account balance (and how you can, too)
Early retirement healthcare and how to lower your taxable income to greatly reduce premium costs
And So Much More!
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Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
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559: How I Retired in My Mid-30s While Working Just 4 Hours a Week
30 augustus 2024 · 27 min
What if you could “retire” early, working only FOUR hours a week? Coast FIRE achiever Diania Merriam did just that! After a decade of hustle in corporate America, Diania found herself financially behind with $30,000 in debt. Dreaming of a life-changing adventure but lacking the funds, she decided to overhaul her finances. Fast forward, and now in her mid-thirties, she’s debt-free, successfully self-employed (or, as she puts it, happily “unemployed”), living life on her terms. Lees meer
So, how did Diania save enough to walk away from her nine-to-five? The answer might surprise you. She didn’t need millions in the bank, and neither do YOU, to embrace early retirement. Diania asks, “Do you have enough to take a risk?” If you do, you could live the Coast FIRE lifestyle, just like her, working minimal hours and maximizing time freedom.
Ready to slash your workweek and dive into what you love? Stick around—by following Diania’s example, early retirement could be within your reach, EVEN if you’re just getting started on your FIRE journey!
In This Episode We Cover
Why you must be financially prepared to quit a soul-sucking job
Achieving Coast FIRE without millions in the bank and how to be happy living off of little
Why self-employed health insurance isn’t as big of an expense as most people think
Burning out before you hit FIRE and why being hyper-fixated on a financial goal could kill your drive
How starting your own business can save you a ton on taxes
How to “retire” early without replacing your full-time salary
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
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