BiggerPockets Money

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!

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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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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

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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!

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With Mortgage Rates Falling, When Should Investors Refinance?

Connect with Greg

Work with Greg

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(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

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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!

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BiggerPockets Money 456 - The Harsh Reality Real Estate Syndicators (and Investors) Face in 2024 w/J Scott

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Property Manager Finder

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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

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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

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Finance Review Guest Onboarding

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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

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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

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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!

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Stanhope Capital

Start Investing with “The Book on Rental Property Investing”

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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

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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!

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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

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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!

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How to Access Retirement Funds Early

72(t) Calculator 

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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

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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!

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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

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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

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Buy Scott’s Book “Set for Life”

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BiggerPockets Money - Episode 549: Is FIRE Dead? No, But Here’s Why Most WON’T Achieve It

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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

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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

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Podcast Talent Search!

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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

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