152: Reaching Financial Independence Despite a Very Late Start with Baby Boomer Super Saver

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 23 November 2020

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

To say that Kathy from Baby Boomer Super Saver had a difficult journey ahead of her is an understatement. She was $70,000 in credit card debt, with a big mortgage, and a spouse that had a medical emergency. So how did she make her way to the millionaire retirement level?

Through financial management communities like the FIRE movement, she was able to correct her spending faults, earn more, and invest most of her income into retirement accounts.

Kathy put in the work to change her mindset about money as a whole, and reach for abundance instead of just survival. Now, Kathy teaches others how they can reach their retirement goals (even if they’re behind where they want to be) on her Baby Boomer Super Saver blog.

Whether you’re just starting your career, or are a few years away from retirement, Kathy has some incredible tips on money management, maxing out retirement contributions, and being intentional with your money and your journey.

In This Episode We Cover

How to reach your retirement goals even if you start later in life
Snowballing your debt so you can save more
Changing your financial mindset to get where you need to be
The 2 key ways to get your retirement savings up
How catchup contribution accounts like the 457b plan can accelerate your investing
Being intentional with your money while lining up your saving/investing with your values
The importance of educating yourself and not relying entirely on others for financial advice
And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/moneyshow152

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Transcript

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0:00.0	Welcome to the Bigger Pog
0:01.6	Money Podcast, show number
0:03.3	152, where we interview
0:05.4	Kathy Lee from Baby Boomer
0:07.2	Super Saver and hear her story
0:09.4	of starting late on retirement
0:11.4	savings, making just about every
0:13.2	possible financial mistakes she
0:15.2	could make and still reaching
0:17.0	financial independence to be
0:18.8	able to retire early.
0:19.6	Discovering all these other
0:22.0	people, even though they were
0:24.0	younger, who had retired early
0:26.5	because they saved 40 to 60% of
0:29.3	income, that was really something
0:31.8	that like a life-old moment
0:33.8	that it opened my eyes that,
0:35.1	wow, there's another way to live.
0:37.9	Hello, hello, hello, my name is
0:39.2	Mindy Jensen and with me as
0:40.3	always is my spending less than
	...

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