BiggerPockets Money Podcast

You can attack financial independence from one of two angles. You can create a strict timeline for achieving FIRE, or you can calculate your FIRE number and take your time with it. Which approach works best, and should you ever move the goalposts? Stay tuned to find out! Welcome back to the BiggerPockets Money podcast! Today, Scott and Mindy are reflecting on their journeys to financial freedom—how they started, set realistic objectives, and allowed those objectives to evolve. They’ll also share about the major “events” that propelled them toward their goals, the big lifestyle changes they have made since reaching financial independence, and the ONE thing they wish they had done differently! Whether you’re starting from zero or already on your way to FIRE, there are some personal finance fundamentals you’ve got to master: lowering your expenses and increasing your income. This combination will allow you to save more money, multiply your investments, and accelerate your FI timeline. But that’s not all. You’ll also hear about the job “trap” that keeps so many people from reaching FIRE, and why time (NOT money) is the resource we’re all actually chasing!

Everyone wants to become “work-optional” at some point. Having enough money in investments and the bank would allow you to choose the job you love most, whether that’s running your own business, working part-time, or today’s guest, Travis’ dream, becoming a mountain biking guide. With a solid salary, dual income, and no plans for kids, he and his wife are on the fast track to FIRE, but can they get there by his goal of forty years old?  Travis’ wife may have an option to get a significant salary bump, allowing them to travel the country while she works, and Travis stays making money from his computer. But, even this may not be enough to get them to the “work optional by forty” goal they had set out for themselves. Scott and Mindy believe they need a financial “oomph” to get them over the edge, but what’s the next best move? Should he stop his retirement account contributions to have more cash to invest for early retirement? Should he perform a live-in flip to make more money on the side while working his job? Would a side hustle or part-time job bridge the investing gap between where they are and where they need to be? If you’re stuck feeling like you can’t get to FI fast enough, this episode is for YOU!

The combination of saving money and buying rentals is a recipe for reaching financial independence much faster than you thought possible. Just ask today’s guest, who started with tens of thousands of dollars in debt but was able to achieve FI in just a few years! Henry Washington is a real estate investor, author of Real Estate Deal Maker, and co-host of the On the Market podcast, but he doesn’t have your typical “rags-to-riches” money story. Despite an upper-middle-class upbringing and landing a six-figure job right out of college, Henry was a serial spender. Before he knew it, he had racked up $40,000 in credit card debt and was told by banks that he was unlendable. Horrified by what his family’s future would look like on its current trajectory, Henry was determined to get his finances in check. He caught the real estate bug, attended meetups and networking events, befriended other investors, and found his first deal! Henry went on to build and scale a real estate portfolio of over 140 units, and in this episode, he provides actionable advice that will help you break into real estate—whether you aspire to own a single rental property or twenty. Along the way, you’ll learn about “gamifying” your way to financial freedom, funding a down payment without money in the bank, and the recession-proof investing strategy Henry still uses today!

Just a short while back, Marisa Mae was caught in the paycheck-to-paycheck trap, her credit cards stretched to their limits with no emergency savings to speak of, all while wrestling with constant financial stress. Today, she’s on a clear path to retire as a millionaire. Her secret? Mastering the art of debt repayment without succumbing to severe frugality. Marisa managed to eliminate five-figure consumer debt, not by cutting out her cherished coffee runs, but by smart financial planning. Isn’t that supposed to be a big FIRE faux pas? Marisa’s turning point came at rock bottom—stranded without a place to stay or a dollar to her name. But instead of going back to restrictive budgeting and punishing herself for her overspending, she built a financial plan that worked specifically for her.  Now, Marisa is ready to show others that achieving financial freedom, eradicating debt, and even starting to invest can all happen WITHOUT cutting everything enjoyable out of your life. If you’re battling to escape bad debt, Marisa’s approach could liberate you faster than you think—even if you struggle to find financial balance.

Should you sell your house or keep it as a rental property in 2024? What you do with your home today could create a million-dollar swing in your portfolio ten, twenty, or thirty years from now. Fortunately, we’ve developed a powerful new tool to help you make the best decision for your financial future! Welcome back to the BiggerPockets Money podcast! If you refinanced your mortgage around 2021, chances are you’re sitting on a low interest rate the likes of which we’re unlikely to see again. The recent rise in rates and home prices has created a “lock-in effect,” where millions of homeowners are disincentivized to sell. But does it make sense to sell if you can roll your home equity into another wealth-building asset? Could you convert your house into a rental and create hundreds of dollars in monthly cash flow? Today, we’re giving you a step-by-step walkthrough of our new “Keep or Sell Your Home” worksheet. We’ll compare four outcomes—selling your home to buy another property, selling your property and investing in stocks, keeping the property and hiring a property manager, and keeping the property and becoming a landlord. Along the way, we’ll use several examples of homeowners so that you can get an idea of where you might stand!

Real estate investing is one of the best vehicles for building wealth, reaching financial independence, and saving for retirement, but you don’t need to become a full-time investor to reap the benefits. If you have no plans to leave your W2 job or manage rentals, there are several ways to use real estate for passive income! Welcome back to the BiggerPockets Money podcast! When Devon Kennard entered the NFL, he ran into more money than he had ever made. But with no guarantee of a pay raise or second contract, Devon forewent the flashy car and multi-million-dollar home and started saving and investing instead. Shortly after buying his first rental property, Devon realized that he was going to need passive or semi-passive income streams if he wanted to have success on the football field. He landed on four different types of passive investments that have helped him scale his portfolio to twenty-nine doors and over forty syndications! In this episode, Devon talks about the importance of increasing your income in your working years and why small wins make all the difference early on in your investing journey. You’ll also learn about the dangers of “shady” real estate syndications and how to properly vet an operator, as well as the differences between fast and slow money!

How Much Do You Need for Early Retirement? (How to Calculate Your FI Number) Podcast Description What’s your financial independence number (FI/FIRE number)? Are you being too conservative, or are you cutting things close? Do you even have one? Today, we’re taking a deep dive into this hotly debated topic to help you build a nest egg that will support your early retirement! Welcome back to the BiggerPockets Money podcast! How much money do you actually need to retire? For years, the four-percent rule has been the “official” stance of the FI community. But why is it, then, that so many people continue saving and investing when they can comfortably retire? In this episode, Scott and Mindy talk about their own FI numbers, how they calculated them, and how their financial positions have evolved over time. You’ll learn whether the four-percent rule still works today or if you need a larger buffer! If you’re worried about inflation, one of the best things you can do is keep your living expenses in check. This might seem out of your control, but there are several ways to either lock in certain costs or eliminate them entirely. We’ll discuss the many advantages of a paid-off house, self-managing your rental properties in retirement, and a one-time investment that could help you save thousands of dollars over your lifetime!

Why do many wealthy people wait so long to retire? Despite earning a physician’s salary, living frugally, and saving what most would call “more than enough” money, today’s guest worked for another four years before pulling the trigger on early retirement. Is he on to something? Does the four-percent rule no longer work in 2024? Stay tuned to find out! Welcome back to the BiggerPockets Money podcast! Leif Dahleen, MD, the “Physician on FIRE,” was already financially independent when he discovered the FIRE movement. But rather than calling time on a successful healthcare career, he continued to beef up his nest egg. Why? Leif had determined that he needed forty-to-fifty times his annual expenses to feel comfortable walking away from his nine-to-five. Do more FI-focused folks need to follow Leif’s formula to account for the unknown? We’ve all dreamed of what a day in the life of an early retiree might look like. Leif had his own expectations, but in this episode, he shares what he discovered when his schedule was suddenly clear. You’ll also learn about the mindset high-income earners need to avoid squandering wealth, and why putting down roots in a low-cost-of-living area could be the difference between fast-tracking retirement and keeping up with the Joneses!

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!

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!