212: Finance Friday: When Should You Pause Your Retirement Contributions?

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 9 July 2021

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

Starting a strong financial position in your youth is probably the most important thing you can do to hit financial independence. Sometimes that strong position includes maxing out retirement accounts, like Roth IRAs, 401(k)s, or even HSAs (health savings account), but sometimes, it doesn’t. Scott and Mindy talk to Kirsten about the potential option of pausing her retirement contributions to buy a duplex so she can house hack. While this may seem counterintuitive, pausing retirement contributions isn't always a bad thing. This is especially true if you’re trying to do something that will radically change your income or expenses, allowing you to invest more into retirement later on. This episode runs through house hacking, retirement contributions, FHA rules for owner-occupied loans, how to graduate with no debt, and when the best time to have a “money date” is. It doesn’t matter if you’re in your early 20s or mid-40s, these principles are key to having a financially successful life. In This Episode We Cover How to aggressively invest so you can retire young The importance of side-income and why you should have multiple streams of income Roth IRAs, 401(k)s, and HSAs (health savings accounts) Graduating from college debt-free Whether or not life insurance is necessary for young people Having “money talks” and “money dates” with your partner House hacking and using real estate to catapult your wealth And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the bigger pockets money podcast show number two hundred and twelve finance Friday edition
0:04.8	Where we interview Kirsten and talk about aggressively pursuing financial independence. I agree with you
0:10.8	I was very in my head about the nuances and I don't think that
0:16.0	In you know if I keep the age to say I don't keep the HSA contribution or contributing to my HSA
0:22.0	I don't think that it's going to
0:24.4	ruin my financial future by any means. I think I am at that point where it's just kind of like little nuances of things
0:32.4	I'm trying to decide on to get me to the place I want to be faster
0:36.3	Hello, hello. Hello. My name is Mindy Jensen and with me as always is my even better than a unicorn co-host scot trench
0:43.4	I think there's a couple of really inappropriate punny responses to that but the silver lining is that you know
0:50.8	You can hear him somewhere else. I don't know. There's some sort of pun there
0:53.2	We'll figure out next time
0:55.2	Wow
0:56.4	Scott I think this is the first time that you have not come up with an amazing pun
1:00.8	It's overlining
1:02.8	That's silver lining
1:05.2	Are unicorns silver? Okay. All right. Are unicorn silver? Scott
1:10.3	You did not grow up as a little girl clearly. Oh, okay playing with unicorns and Pegasus and rainbows and anyway
1:18.0	Scott and I are here to make financial independence less scary less just for somebody else to introduce you to every money story
1:24.5	Because we truly believe that financial independence is attainable for everyone no matter when or where you're starting
1:31.2	That's right
1:31.7	Whether you want to retire early and travel the world go on to make big-time investments in assets like real estate
1:35.9	Star cheer on business or simply start playing to win
	...

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