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

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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].

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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]

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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]

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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]

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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