BiggerPockets Money Podcast

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

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

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. 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 Mindy on BiggerPockets Scott on BiggerPockets Kyle on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE 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!) ISI Team Camps Reach FIRE Faster with “Set for Life” Find an Investor-Friendly Agent in Your Area See Mindy at BPCON2024 in Cancun! The Simple Path to Wealth—Index Funds Explained with JL Collins (00:00) Intro (01:07) Six-Figure Debt and Dave Ramsey (05:58) "Snowballing” $150K in Debt (08:27) $1,000,000 FI Number (14:06) Financial Superpowers (15:27) The “Why” Behind FI (18:37) Serious Side Hustles (29:29) Did They Retire? (34:11) Connect with Emily and Joel Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-566 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

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. 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 Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Support Today’s Show Sponsor, BAM Capital, Your Path to Generational Wealth with Premier Real Estate Investment Opportunities Still Looking for Your First Home? Grab Mindy’s Book “First-Time Home Buyer” Find Investor-Friendly Lenders See Mindy and Scott at BPCON2024 in Cancun! With Mortgage Rates Falling, When Should Investors Refinance? Connect with Greg Work with Greg OptOutPrescreen.com (00:00) Intro (01:57) What is Refinancing? (03:24) When to Refinance (04:31) Lower Rates = Time to Refinance? (11:42) How Much Do Refinances Cost? (15:13) Refinancing Multiple Properties (17:13) When NOT to Refi (21:21) Tips for Homeowners (25:11) The Low-Rate Trap (26:47) Do This NOW! (29:27) Work with Greg Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-565 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Visit PassivePockets, your resource for passive investing with syndications. 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 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 Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group BiggerPockets Forums BiggerPockets Money 456 - The Harsh Reality Real Estate Syndicators (and Investors) Face in 2024 w/J Scott Grab the Book on Syndication Real Estate Investing, “The Hands-Off Investor” Property Manager Finder See Mindy at BPCON2024 in Cancun! Syndications: Everything You Need to Know BEFORE You Invest w/ J Scott 01:01 Syndications Explained 03:30 Better for FIRE? 07:19 How to Vet a Syndicator 13:45 Questions You MUST Ask 21:28 Interest Rate Risks 24:16 Can Anyone Invest Passively? 28:27 Passive Retirement Investing 31:00 Advice for Investors Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-564 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

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? 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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group BiggerPockets Money Facebook Group BiggerPockets Money 63 - Financial Freedom With 5 Kids IS Possible with Jordan Klint BiggerPockets Money 130 - Refusing to Retire at 65: How a Couple in Their 40s Managed to Hit FI in 12 Years w/Susan and Norm Episode 560 - Dude ACTUALLY Withdraws From His 401(k) and Retires at 47 w/Eric Cooper Get on the Path to Financial Independence with “Set for Life” See Mindy and Scott at BPCON2024 in Cancun! What Is the FIRE Movement? 00:00 Intro 02:16 Talking Too Much About FIRE? 08:59 FIRE Isn't For Everyone 11:53 What is FIRE? 16:27 Can You Hit FIRE Being "Normal"? 22:42 Who Should Listen to BP Money? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-563 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

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? 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! 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 Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group Stanhope Capital Start Investing with “The Book on Rental Property Investing” See Mindy and Scott at BPCON2024 in Cancun! Socially Conscious Investing: How to Start a Sober Living Home 00:00 Intro 01:17 Early Financial Education 05:13 Finding a Money Mentor 09:06 Hitting the 1% Rule in...Florida? 17:31 Current Cash Flow Numbers 20:41 $70K/Month Goal!? 24:09 Is Sober Living Investing Stable? 29:11 Borrowing Money to Invest 32:04 How Much Time Does It Take? 34:46 Connect with David and Morgan! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-562 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

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? 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! 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 Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group BiggerPockets Forums Market Finder Rising Femme Wealth See Mindy and Scott at BPCON2024 in Cancun! Do You Know Your FIRE Number? Here’s What That Means 00:00 intro 01:56 Starting Salary and First Home 04:01 Rental Investing and Finding FIRE 07:13 Thoughts of Quitting 08:05 Real Estate Portfolio Timeline 13:58 Savings Rate and Reinvesting 15:47 Using HELOC to Buy Rentals 20:31 Achieving FIRE, But... 24:07 Rising Lifestyle Expenses? 31:55 Advice for FIRE 36:32 Connect with Caitlin! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-561 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

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? 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! 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 Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group How to Access Retirement Funds Early 72(t) Calculator See Mindy and Scott at BPCON2024 in Cancun! How the “Middle-Class Trap” Stops Your Early Retirement 00:00 intro 01:14 What is Rule 72(t)? 05:30 Avoiding Early Withdrawal Penalties 11:12 Building a BIG Nest Egg 17:14 Retiring Early at 47! 18:00 Different Investment Accounts 21:41 Why Withdraw Early? 24:52 Rental Income and Healthcare 30:44 Selling the Rentals? 32:54 Calculating Your 72(t) Income 38:40 Advice for Early Retirement 41:18 Connect with Eric! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-560 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

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. 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 Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group Let Us Know What You Thought of the Show! Grab Dave’s Newest Book “Start with Strategy” See Mindy at BPCON2024 in Cancun! Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love 00:00 Intro 01:03 $30K in Debt! 03:22 Quitting Her "Toxic" Job 09:23 What About Health 12:02 How Much She Makes 20:53 You Have ENOUGH Money! 25:24 Connect with Diania! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-559 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

The IRA vs. 401(k). You’ve heard of these retirement accounts before, but do you know the difference between the two? Maybe you have a 401(k) at work and have been diligently getting your employer match but struggle to describe what you’re investing in. You’ve heard top financial experts talk about how a Roth IRA is crucial for saving on taxes long-term, but are you eligible to invest in one? Today, we’re discussing top retirement accounts and how to start investing with just $100. CFP (Certified Financial Planner) Kyle Mast joins Mindy on today’s show to answer common questions about 401(k)s, IRAs, Roth IRAs, and HSAs! We’ll first describe when you should invest in a 401(k) vs. an IRA, why their Roth equivalents are so valuable, especially if you’re itching to save on taxes in retirement, and the best account for beginners that (most) Americans will get free money from. What happens after you leave a job and your 401(k) remains? Kyle discusses the options to ensure your money stays invested, even after leaving an employer. We’ll also get into the triple-tax benefit HSA (health savings account) that you should take advantage of IF you qualify, which accounts to invest in first, and what to do once you’ve maxed out your retirement accounts! In This Episode We Cover 401(k)s vs. IRAs and which to invest in first (especially if you’re employed!) Roth IRAs and 401(k)s explained and when to choose a Roth over a traditional account The best retirement account for beginners and how to get free money for retirement How to take control of a 401(k) after leaving an employer Health Savings Accounts (HSAs) and who qualifies for these extremely tax-benefited accounts Which accounts to invest in first when maximizing retirement savings How we would start investing for retirement if we only had $100/month extra 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 Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group Buy Scott’s Book “Set for Life” See Mindy and Scott at BPCON2024 in Cancun! BiggerPockets Money - Episode 549: Is FIRE Dead? No, But Here’s Why Most WON’T Achieve It See Mindy at BPCON2024 in Cancun! Traditional 401(k) vs. Roth IRA: Which One Wins? 00:00 Intro 02:17 401(k)s vs. IRAs 05:07 Roth IRAs and 401(k)s 11:21 Best Account for Beginners 14:31 401(k)s After Ending Employment 19:58 Health Savings Accounts (HSA) 26:46 How to Invest $100 32:00 Connect with Kyle! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-558 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Have you ever made a poor financial decision? You’re not alone! But can a bad blunder disqualify you from FIRE? Today’s guest made a huge investment at the worst possible time, a move that had consequences a decade later. Despite this, he was still able to reach early retirement in just fifteen years! Welcome back to the BiggerPockets Money podcast! Ryan Connell had a picture-perfect start to his financial independence journey—saving money at a young age and living well below his means. But then 2007 arrived, and Ryan made the “worst financial decision” of his life. He bought a house just weeks before the housing market began its historic collapse. But a move that could have derailed his quest for FIRE proved to be a minor setback because Ryan was still able to retire at the age of thirty-eight! In this episode, you’ll learn why you should treat real estate as less of a “sure thing” and more like the stock market. Ryan discusses his current portfolio, which consists of 100% index funds, and what led him to pivot from real estate investing entirely. He even gives us a peek into the average day as an early retiree and shares why he has never had a FIRE number! In This Episode We Cover How Ryan rebounded from his “worst financial decision” to reach FIRE at thirty-eight Real estate versus stocks and why you don’t need properties to retire early Why time in the market is still more important than timing the market Whether you can reach financial independence without stress and sacrifice How to enjoy retirement with less productivity and more “negative time” 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 Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group Check Out Ryan’s Camp FI Talk Buy the Book “Rich Dad Poor Dad" See Mindy and Scott at BPCON2024 in Cancun! BiggerPockets Real Estate 955: BiggerNews: Real Estate vs. Stocks, the Ultimate Wealth-Building Debate 00:00 Intro 02:02 Buying a House...in 2007 09:42 Digging His Way Out 18:46 Ryan’s Journey to FIRE 28:25 Saving TOO Much? 35:00 Life After Early Retirement 40:49 Find Freedom Faster! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-557 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

2013 was a pivotal year for our hosts. Scott was fresh out of college and just beginning his journey to financial independence, while Mindy and her husband were well on their way to FIRE and had just launched their blog, 1,500 Days, to document their progress. But if they were starting over today, would they change anything? Welcome back to the BiggerPockets Money podcast! In today’s episode, Scott and Mindy are winding back the clock ten years and sharing what they would do differently if they were beginning their FI journey in 2024. Spoiler alert: they wouldn’t have changed very much regarding the fundamentals of frugality, saving money, and investing. But, as you’re about to find out, they would make some MAJOR tactical changes, and they even have a few regrets about not spending money! Whether you’re brand new to FIRE or are already on track for financial freedom, you don’t want to miss this episode! You’ll learn about the real estate investing strategy Scott would prioritize in 2024, the stock investments that helped Mindy overshoot her FI number, and the lifestyle changes our hosts wish they had made along the way! In This Episode We Cover What Scott and Mindy would change if they were starting their FI journey today Three types of investments that will carry you to financial independence How to invest in real estate in 2024 (and which strategy to use) When to prioritize saving cash over contributing to retirement accounts The cash-flowing investment property WE would be buying in 2024 The individual stocks that catapulted Mindy toward FIRE How to save thousands of dollars in taxes with live in flips 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 Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group Buy Scott’s Book “Set for Life” See Mindy and Scott at BPCON2024 in Cancun! BiggerPockets Money - Episode 549: Is FIRE Dead? No, But Here’s Why Most WON’T Achieve It 00:00 Intro 01:24 Chasing FIRE in 2013 05:54 Where to Invest & Live In Flips 12:00 Starting from Zero in 2024 23:03 Lifestyle Changes with FI 27:34 Save and Invest! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-556 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

This might be the fastest path to FIRE we’ve ever seen. In just two years, Emily and James were able to retire early and travel the world full-time. They didn’t have a trust fund, some huge inheritance, or a winning lottery ticket. But they did make some serious sacrifices, cutting almost everything unnecessary out of their lives to retire early and quit the jobs they were itching to get out of. How’d they do it? After realizing they were throwing away every cent they made, James stumbled upon a popular personal finance blog. He devoured it that day at work and came home a changed man. The AC temperature was going up, the restaurant expenses were going down, and he was deadset on achieving financial freedom. His wife, Emily, needed some convincing. But, with time, they both became locked in on FIRE. They moved to a cheaper house, rode bikes to work, and rarely ate out anymore. Just two years after discovering FIRE, they achieved it, and they did it without millions of dollars in the bank. And here’s the thing: you might be able to do it, too, IF you’re willing to put in the work. How much money are they living on? How did they cut their expenses so significantly? And how do you convince your partner or spouse to follow you on the path to financial independence? Emily and James are showing you how in today’s episode! 00:00 Intro 01:21 Poverty to Overspending 06:12 Convincing Your Spouse on FI 09:09 0% to 85% Savings Rate 16:30 Buying $50K Rentals 23:29 Retiring on $31K/Year 29:40 The Secret to FIRE 32:43 Are They Still Retired? 34:36 Advice for Finding FIRE 36:24 Connect with James and Emily! 37:19 Use These FIRE Tips Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-555 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Pay off your mortgage or invest? If you’re on the path to FIRE, you’ve probably asked yourself this question. Without a mortgage payment, you could put thousands more in your pocket every month, and your FIRE number would decrease significantly. On the other hand, investing all the money you could have spent on paying off your mortgage may allow you to build considerably more wealth and reach Fat FIRE with more assets to your name. So, which move do you make? Mindy and Scott are coming on to debate this common investing question. On team “Don’t pay it off!” is Mindy, who just recently made a six-figure profit by NOT paying off her mortgage. How did she do it? Stick around to find out. Scott, who just bought his recent home in cash, is pro-paying off the mortgage (for some), as it may lead you to FIRE much faster than you thought. In this episode, Scott and Mindy discuss WHO should pay off their mortgage early, the pros and cons of investing vs. going debt-free, and why one move may be MUCH better for those closer to FIRE. Want more money for your future retirement? Sick of your job and want to quit quickly and retire on your terms? We’ve got options for BOTH! In This Episode We Cover Whether you should pay off your mortgage early or invest instead How Mindy made a six-figure stock profit by NOT paying off her home Why paying off your low-interest rate mortgage may make sense EVEN in 2024 How those close to retirement can shave off a BIG portion of their FIRE number and retire now Whether you should keep cash in a high-yield savings account instead of paying down a low-rate mortgage Other BIG cost-saving benefits of paying off your mortgage early 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 Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders BiggerPockets Money Group BiggerPockets Money 543 - How the “Middle-Class Trap” Stops Your Early Retirement 00:00 Intro 01:27 Why You SHOULDN’T Pay It Off 05:35 Why You SHOULD Pay it Off 15:07 Keep Cash in the Bank? 20:54 Big Benefits of Paying it Off 27:51 What Would You Do? 29:29 Scared of Stock Performance? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-554 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Once you hit Coast FI, you don’t need to worry about retirement. While traditional FIRE may take a bit more extra work, Coast FI allows you to let your foot off the gas and enjoy life NOW, knowing that you’ll be set for retirement by the time you’re sixty-five. Lisa hit her coast FI number at the (very) young age of twenty-seven, and she will have millions of dollars waiting for her in retirement, even if she stops investing now. How’d she do it so quickly? When her father challenged her to save $100K by age twenty-five, Lisa said, “Why not!” She hit the goal—actually, she got there two years earlier! After much saving and significant sacrifice, Lisa had a six-figure net worth in her early twenties. From there, she began heavily investing in her retirement accounts, which now boast over a quarter of a million dollars, and she’s on track to have half a million at thirty! How did Lisa get so far ahead of the average twenty-seven-year-old, and what can you teach your kids, grandkids, nephews, nieces, or siblings to get them on the same path? Tune in because Lisa shares how to save $100K, the easiest way to invest for retirement, the tax-free account that will make your future self rich, and her best advice for growing wealth at a young age. Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover How to save $100K in just a few years (even if you’re starting your career) The tax-free retirement account you can’t afford to overlook Coast FI 101 and how to hit it early so you can enjoy spending again The sacrifice of saving and whether or not it’s worth it to go fully frugal Index fund investing and why it’s one of the easiest ways to start investing Lisa’s retirement portfolio and exactly what she’s investing in now 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 Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Connect with Amanda The Simple Path to Wealth—Index Funds Explained with JL Collins See Mindy at BPCON2024 in Cancun! BiggerPockets Money 124 - Starting From $0 at Age 35 as a Teacher and Becoming ‘The Millionaire Educator’ 00:00 Intro 01:37 Early Financial Education 03:53 $100K by 25 Challenge 07:08 Sacrificing to Save 10:26 Current Salary and Spending 13:13 What She Invests In 15:15 Coast FI at 27 21:45 Save Your First $100K! 24:56 Follow Her Lead! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-553 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

You can take your time to reach financial independence, but why wait? With a combination of hard work, savvy investing, and additional income streams, today’s guest reached FI by the age of twenty-eight. In this episode, she provides the blueprint that teachers and other middle-class workers can use to fast-track their financial goals! Welcome back to the BiggerPockets Money podcast! Today, Brooke Coughlin is a business owner, real estate agent, investor, and author. But, just FOUR years ago, she was a seventh-grade teacher earning a $40,000 salary. The key to her rapid success? Brooke’s workday starts at 5 a.m. and ends well after 10 p.m. This relentless work ethic has helped her build a successful cleaning business, sell over $100 million worth of real estate, and pen her very own book! Now, working from sunup to sundown isn’t for everyone. Perhaps you just want a reasonable nest egg for a comfortable retirement or some money to pass down to your children. Whatever your financial goals, there are all kinds of helpful nuggets to take away from today’s episode. You’ll learn about the first steps of entrepreneurship, how to build a business or side hustle alongside your W2 job, and how to become financially free from any starting point! In This Episode We Cover How Brooke went from a $40,000 salary to financial independence in FOUR years The BEST ways to increase your income while working a nine-to-five job What teachers should do today to build a nest egg for retirement The first steps you must take to become a successful entrepreneur How to build a real estate business that allows you to leave your W2 job 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 Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Connect with Brooke on Instagram Preorder Brooke’s Book, “She Closes Deals” 00:00 Intro 00:58 Supercharging Her Income 09:49 Juggling a HEAVY Workload 12:00 Brooke’s Real Estate Portfolio 16:03 What’s Brooke’s End Goal? 25:06 Connect with Brooke! 25:50 Start Building Your Nest Egg! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-522 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

The BiggerPockets Real Estate Podcast is about to hit a huge milestone—our 1,000th episode! Real estate has changed quite a bit since we started this podcast, so we’re making some changes, too. We’re bringing on new guests and new formats while focusing on investing tactics and strategies that work in TODAY’s housing market. Oh, and did we mention fewer ads, too? We’re still delivering the time-tested knowledge, inspiration, and news you expect from the BiggerPockets Real Estate Podcast so YOU can work towards financial freedom, no matter the market conditions. Join Dave Meyer, our new host, for our 1,000th episode, and tune in on Mondays, Wednesdays, and Fridays to learn how YOU can reach financial independence through real estate! Hit “Follow” to never miss an episode! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-no-number Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Todd retired early at age forty-four, just three years after discovering the FIRE movement. The most interesting part? He quit without reaching his FIRE number. That’s right. After realizing he couldn’t go one more day working his job, he quit, even without the perfect amount of money on the sidelines. Did he survive in the FIRE life, or did he eventually have to return to work to rebuild his portfolio? Stick around and find out! Although Todd made a good income, he spent most of it on his lifestyle. As his family’s sole provider, every expense took away from his income, leaving him with a respectable but by no means large savings rate. One day, as Todd surfed the internet at work, he stumbled upon a financial independence blog post, and the rest was history! He chased FIRE ruthlessly for three years and eventually was able to retire on his terms. If you’re looking to retire in your forties, quit your job, find financial freedom, or finally grow your savings, tune in for Todd’s advice. Even if you don’t have a high income, you can follow his cost-cutting, “boring” investing advice to achieve financial independence faster than you thought possible! In This Episode We Cover The “boring” investments that lead you to financial independence and early retirement Coming up with your FIRE number and whether the 4% rule still works Getting richer in retirement and how to build wealth WITHOUT working How cutting your expenses will fast-track your path to early retirement Quitting your job and why you MUST prepare for life in retirement BEFORE you walk away from your 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 Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Apply to Be a Finance Friday Guest Subscribe to The BiggerPockets Money YouTube Channel Apply to Be a BiggerPockets Money Guest Apply to Be a Finance Review Guest Email [email protected] for the 4% Rule Article or Todd’s Contact Information See Mindy at BPCON2024 in Cancun! How to Retire Early (From Someone Who Did at Age 27) 00:00 Intro 01:09 Finding the FIRE Movement 03:24 Getting His Wife on Board 04:38 His FIRE Number 05:32 FIRE Movement Myths 07:37 Getting Richer in Retirement 11:55 Quitting His Job! 13:14 Prepare for Post-FI! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-551 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Wouldn’t it be nice if your home paid for itself? Every month, you throw a substantial sum of money towards your rent or mortgage payment, but what if you could live mortgage-free? With ADU investments, it’s more than possible. Michael Russell used an ADU (accessory dwelling unit) to make an extra $1,400/month off of his pricey California home. Combined with a bit of house hacking, Michael was getting PAID to live in one of the nation’s most expensive states. And he did it all on an average salary! So, how do YOU use ADUs to lower your cost of living and turn your home into a cash-flowing investment? Today, Michael walks us through exactly how he did it, how much it cost, how long it took, and how much money he ended up making. With high interest rates, will the ADU investing strategy still work in today’s market? How hard is it to build an ADU? And what’s the one mistake Michael wishes he hadn’t made before he built his ADU? We’re answering all these questions in this episode and showing you how to slash your mortgage payment, even if you live in a costly housing market! In This Episode We Cover ADU investing explained and how much it costs to build an accessory dwelling unit Why more local and state governments WANT homeowners to build ADUs How to get paid to live (even in a high-cost-of-living area) with ADUs and house hacking The one mistake that cost Michael months of time (and rent) that you can’t afford to repeat Finding homes with ADU potential and the investor-friendly agent you NEED to spot these opportunities 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 Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Work with Michael BiggerPockets Real Estate 356 - 30+ Rentals (in a Pricy Market) Through BRRRR and Section 8 with Joe Asamoah BiggerPockets Real Estate 575 - Killer Cash Flow with This “Tenant-First” Section 8 Rental Strategy w/Joe Asamoah BiggerPockets Money 37 - Paying Off Student Loan Debt with a Median Income and Two Kids in Northern California with Kyle Renke 00:00 Intro 01:19 Money Snapshot 04:17 Home Run House Hack 06:01 Smart Money Moves Early On 10:47 Surviving on $36K/Year 12:40 Building the ADU 22:12 How Long Did it Take? 24:55 ADU Investing with High Rates 33:37 Starting ADU Side Hustles 37:40 The Right Type of Agent 45:58 Connect with Michael! 46:59 The Housing Solution? Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-550 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Is the FIRE movement dead? In 2024, more people are catching on to the huge downsides of pursuing financial independence, retire early. Strict frugality, massive sacrifice, working harder than ever…is it really worth it to retire decades before everyone else? If you’re internally screaming, “Yes! Of course it is!” you’re in good company. Today, we’re talking about why FIRE is NOT dead in 2024 but why most Americans won’t achieve it. It’s easy to claim that the FIRE movement is dead in 2024 when inflation has been high, savings rates are low, and there’s economic uncertainty all around. The problem? Almost all of that can be easily factored into your FIRE plan, and with some sacrifices, you could easily retire early in five, ten, or fifteen years. So, if FIRE is still possible, what must the average person do to achieve it? We’ll discuss the mindset shift you must undergo to reach financial independence, the sacrifices you must prepare for, and what we would have done differently on our own paths to FIRE. Achieving financial freedom doesn’t need to be an all-out grind with zero enjoyment. Even if you make minor money moves today, you could be retiring YEARS earlier than you thought possible! In This Episode We Cover An update on the FIRE movement and whether or not FIRE is possible in 2024 The 4% rule explained, and why it works EVEN during high inflation The sacrifice that most Americans will NEVER make to retire early How to achieve FIRE even if you have an average income The “grind” that gets you RICH and how to tell you’re on the right track for FIRE How frequently to check your investments/accounts (and whether it really matters) 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 Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Apply to Be a Finance Friday Guest BiggerPockets Money 120 - Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces BiggerPockets Money 169 - Breaking the Taboo of Talking About Money with Friends, Family, and Bosses w/Erin Lowry BiggerPockets Money 243 - Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together BiggerPockets Money 516 - Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke cFIREsim (FIRE Calculator) My Death March to Financial Independence Email [email protected] for the “4% Rule” Article 00:00 Intro 04:19 Is the FIRE Movement Dead? 10:93 Do You Need a High Income? 16:36 Should Everyone Pursue FIRE? 24:44 How Average People Achieve FIRE 30:04 FIRE in 2024 35:54 Retiring Early During Inflation 38:38 You CAN Achieve FIRE Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-549 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Are we in a recession? Are we headed for a recession? No one knows for certain, but you can never be too prepared for an economic downturn. Are you saving money? Do you have a plan in the event you lose your job? In today’s episode, we’ll help prepare you for anything that might be thrown your way! Welcome back to the BiggerPockets Money podcast! Amidst economic uncertainty, there are two steps you must take to weather tough times: build an emergency fund and brace for a potential layoff. Today, Mindy and guest co-host Amanda Wolfe are bringing you their best money tips for getting through a recession. First, they’ll show you how to pad your emergency fund by saving hundreds on groceries each month, negotiating your bills, and eliminating unnecessary expenses from your budget. Believe it or not, it might even be time to cut back on aggressive debt paydown or extra 401(k) contributions! Next, they’ll help you with a potential job search. You’ll learn how to get your resume seen by more employers and determine your market pay rate. But that’s not all. Stick around until the end to learn why staying with your current company—regardless of whether your job is at risk—could cost you millions of dollars over your lifetime! In This Episode We Cover How to get your financial house in order before an economic decline Calculating how much money YOU need for an emergency fund How to slash your food bill by hundreds of dollars per month The BEST places to find money and bolster your savings How to start preparing for a new job today (before you lose it!) When to cut back on “extra” payments and retirement contributions Why staying at your current job might be costing you millions of dollars 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 Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Try Amanda’s Free Emergency Fund Calculator Connect with Amanda on Instagram Enjoy Ebooks and Audiobooks with Libby Enjoy Ebooks and Audiobooks with Hoopla Check Out Market Pay Rates with Glassdoor See Mindy at BPCON2024 in Cancun! BiggerPockets Money - Episode 110: Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life 00:00 Intro 02:19 Building Your 11:31 Slashing Your Grocery Bill 17:22 Negotiating Bills & Auditing Purchases 27:56 The “No-Spend” Challenge 33:52 Preparing for a New Job 42:53 Send Us Your Money Tips! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-548 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

You could be missing out on the chance to earn passive income from your home (and other rentals!) with a “no-brainer” money move. This investing strategy is picking up steam and could become one of the big trends in real estate this year. Today’s guest was one of the early adopters, and it carried him to FIRE by his late thirties! Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with “That ADU Guy,” Derek Sherrell. Right before the 2008 housing market crash, Derek left his contracting job behind and returned to school to become a firefighter. Little did he know that this career move would provide the time, freedom, and connections to launch a full-blown side hustle alongside his W2 job. Before the age of forty, Derek became financially independent, with the ability to retire early, all thanks to this simple strategy. Since then, he has made it his life’s mission to inspire countless others to do the same! In this episode, we’re taking a deep dive into accessory dwelling units (ADUs). Tune in to learn why the combination of serial house hacking and some kind of “secret sauce” (in this case, ADUs) is perhaps the easiest path to FIRE. Derek will tell you everything you need to know about buying, building, and renting out ADUs—from financing these units to scaling your business! Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover Accessory dwelling units (ADUs) explained (and how they create passive income) Why the modified serial house hacking strategy might be the easiest path to FIRE How to completely replace your W2 income with cash flow from ADUs How to easily (and affordably) convert a single-family home into a duplex Why ADU investing could be one of the biggest investing opportunities in 2024 How to get your spouse on board with your real estate investing strategy 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 Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Check Out Derek’s Website Derek on BiggerPockets 00:00 Intro 02:31 Life with FI & Current Portfolio 06:06 Derek’s Money Journey 12:26 Changing Careers & Building Wealth 18:21 Buying the “Lucky” House 28:14 House Hacking with ADUs 37:20 3 ADU Investing Strategies 49:06 Derek’s BIG Mission 55:58 Connect with Derek! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-547 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

The road to financial independence isn’t always linear, but stoicism might be the secret ingredient that keeps you on track. This ancient philosophy gets a bad rap, but with its framework as your financial “operating system,” you’ll be able to weather all kinds of storms! Welcome back to the BiggerPockets Money podcast! Today, Darius Foroux is a business owner, landlord, financial educator, and the author of eight books. But as a boy, he watched his family live paycheck to paycheck for many years. Vowing to one day become wealthy, Darius started saving every penny possible, only to find that practicing staunch frugality could only take him so far. After more than a decade of hard work and sacrifice, he had just $10,000 to his name and, after student loans, a negative net worth. But in 2015, Darius made a seismic mindset shift that propelled him to FI in just FIVE years! In this episode, Darius dispels the myth that stoicism is about suppressing emotions and lacking empathy. Instead, you’ll learn that its tenets revolve around creating balance, staying grounded, and changing how you respond to things beyond your control—virtues that are congruent with building wealth. But that’s not all. He will also show you how to increase your income, gain a “stoic edge,” and invest your money in 2024! In This Episode We Cover How Darius went from a low net worth to financial independence in FIVE years Why reaching FI is easier with stoicism as your “operating system” Why investing in yourself and learning new skills is the KEY to higher income The three steps for gaining a “stoic edge” that helps you build wealth faster The BEST way to start investing in the stock market in 2024 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 Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Grab Darius’ Latest Book, The Stoic Path to Wealth Connect with Amanda on Instagram 00:00 Intro 03:24 Darius’ Money Journey 11:16 Negative Net Worth & the “Aha!” Moment 22:25 Stoicism in Personal Finance 32:11 Building Wealth with Stoicism 41:36 How to Start Investing in 2024 47:04 Reaching FI & Retiring Like a Stoic 52:46 Connect with Darius! 53:19 Find Joy in the Journey! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-546 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Fat FI and generational wealth in THREE years?! How is that possible? The sooner you forge good money habits, the sooner YOU can achieve your FI goal. Today’s guest wanted to build wealth as soon as possible, and in this episode, he will share the secrets to his enormous (and rapid) success! Only a few years ago, Josh Janus was flipping sneakers he couldn’t afford and making DoorDash deliveries for a little cash. Today, he has a seven-figure income and an eight-figure real estate portfolio. Fat FI at the age of just twenty-three, Josh still has his entire life ahead of him and a significant net worth to deploy however he chooses. Will he continue to grind away as a real estate agent, working eighty-hour weeks and optimizing his time for even higherearnings? Or will he take his foot off the gas and enjoy some of the wealth he’s worked so hard to build? Now, you may be in a very different season of life than Josh. After a family, career, and maybe even a late start to your FI journey, this explosive wealth-building trajectory might not be in the cards. But even if you don’t aspire to build a $15 million multifamily portfolio or revitalize your hometown, a few years of extreme discipline and sacrifice will unlock all kinds of financial opportunities. Tune in to Josh’s incredible story and find out how! Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover How Josh achieved financial independence in just THREE years (at twenty-three!) How to grow a seven-figure income as a real estate agent and investor Building a large real estate portfolio (starting with little to no money!) Increasing your income by evaluating your schedule for delegable tasks How practicing discipline and sacrifice can fast-track your journey to FI 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 Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder See Scott and Kyle at BPCON2024 in Cancun! BiggerPockets Real Estate - Episode 749: From DoorDasher to $1.5 MILLION in Real Estate (All at 22 Years Old!) with Josh Janus 00:00 Intro 02:03 Josh’s Money Snapshot 10:34 What’s the End Goal? 13:13 Flipping Sneakers to Learning Real Estate 25:12 Becoming an Agent & Leaving College 28:52 $600K in Year ONE?! 35:16 The Real Cost of Success 43:52 “Seasons” of Life 49:04 Connect with Josh! 50:04 Hustle for Your FI Goal! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-545 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Reaching financial independence and becoming a millionaire before the age of thirty?! While this path requires several years of ruthless saving, smart investing, and unwavering discipline, there’s no reason why YOU can’t enjoy financial freedom and attain the lifestyle you want! Shortly after graduating from college with over $50,000 in student loans, Franklin Zheng found himself working a grueling, eighty-hour-per-week factory job. Fortunately, it was also around this time that he discovered BiggerPocketsand decided to try his hand at real estate investing. He started attending local meetups, where he learned that simply getting in the same room with other investors presented all kinds of opportunities. It wasn’t long before Franklin had found his future investing partner, and in just FIVE years, he has built a cash-flowing real estate portfolio of thirty-eight units, as well as a business that has allowed him to leave his W2 job and travel the world! In this episode of the BiggerPockets Money podcast, you’ll get a glimpse of what it takes to achieve financial independence and amass a one-million-dollar net worth. Make no mistake—it’s not easy. Franklin will be the first to tell you that the last five years have been filled with all kinds of successes, challenges, and failures. But if he can do it, YOU can, too! In This Episode We Cover How Franklin reached financial independence by thirty in just FIVE years What you MUST know before investing in commercial real estate Fast-tracking your real estate journey through the power of local meetups How to start a real estate business that allows you to leave your W2 job The secret to forming successful real estate investing partnerships How to defer capital gains tax on your rental property with a 1031 exchange 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 Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Connect with Franklin on BiggerPockets See Scott and Mindy at BPCON2024 in Cancun! Check Out the Top 100 Cash Flow Markets Find a Local Real Estate Meetup Find Answers to Your Real Estate Questions on the BiggerPockets Forums 00:00 Intro 01:10 The 80-Hour Factory Job 08:17 Real Estate Meetups & Partnerships 16:48 Renting to Attorneys 19:32 Selling the Office Building 23:07 “Unicorn” Rentals & 38 Units! 29:14 Starting the Lending Business 32:47 Leaving His W2 & Traveling the World 36:27 Put in the Work! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-544 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices