314: Finance Friday: How to Get to Early Retirement Even Faster

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 1 July 2022

⏱️ 78 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Those searching how to retire early usually come away with one conclusion—you have to make much, much more money. Most financial independence pursuers think that a large salary or enormous sum of assets is what will bring them closer to FI. Fortunately for you, that isn’t always the case, and you’ll see exactly why when we talk to today’s Finance Friday guest, Rebecca. Rebecca makes a great salary. Actually, she makes two great salaries, working at her government job during the dayand her technical writing job at night. She’s pulling in six figures, owns her own home, and splits expenses with her boyfriend. But she’s struggling to put together a passive income portfolio that will give her a good amount of monthly income when she decides to leave work. So what’s the missing piece in this passive income puzzle? Scott and Mindy sift through Rebecca’s finances and find some strikingly simple ways that she (and all of you) can save money every month and get to financial freedom decades in advance. This strategy isn’t hard, but it will take a little bit of willpower to get done. Thankfully, even those FIRE movement and financial freedom chasers who aren’t die-hard FI fanatics can still take these lessons to heart. In This Episode We Cover Building a passive income plan that can carry you along in early retirement Budgeting and expense tracking that can save you hundreds (or thousands) a month Emergency funds and “financial runway” that’ll give you more choices in life When luxury spending (pool cleaners, house cleaners, etc.) is acceptable House hacking and how to build wealth all while lowering your housing costs The “true value” of your retirement pension and why it may not be worth the extra years of service And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Amazon Finance Friday: Sell (Don’t Rent) Your Primary Residence When You Move Out Pensions 101: Are Pensions Worth It? w/ Grumpus Maximus Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to the Bigger Pockets Money Podcast, show number 314 Finance Friday edition,
0:05.6	where we interview Rebecca and talk about tracking actual spending, generating income outside
0:11.5	a traditional 9-5, and finding your true monthly needs. I've learned that the money's out there.
0:18.4	You can get it. I've changed this job that I've had for three and a half years. It's the first time
0:24.5	I'm ever doing it. When I walked in the door three and a half years ago, I had no idea.
0:28.8	I didn't even have a background in it. So it's just like, but up until this point, I was just kind
0:34.1	of throwing all this money away. I didn't know what to do with it. So now that I'm on this track,
0:39.1	now that I'm thinking about it in a different way, you know, 10 years ago, if you would have said
0:44.0	that, I'd have been like, eh, that's too far in the future. Hello, hello, hello, my name is Mindy Johnson,
0:48.6	and with me, as always, is my goal reframing co-host, Scott Chunch. It's right, if the goal's too far away,
0:54.7	just move those goal posts closer to you. Scott and I are here to make financial independence less
0:59.6	scary, less just for somebody else to introduce you to every money story because we truly believe
1:05.6	financial freedom is attainable for everyone, no matter when or where you are starting.
1:09.6	That's right. Whether you want to retire early and travel the world, go on to make big-time
1:12.8	investments in assets like real estate, start your own business, or simply establish clear goals
1:17.8	that give you more flexibility. We'll help you reach your financial goals and get money out of the way,
1:21.7	so you can launch yourself towards those dreams. Scott, I love today's guest. She is in a great position,
1:29.0	financially. She just wants to speed up retirement. So we have a lot of fun talking to her about her
1:36.0	different options today. Yeah, I mean, we've had a number of guests recently who kind of all have
1:42.4	a similar profile in the sense, and there's a ton of differences, so I think we had a really
1:47.5	unique show today, but the similarity or the theme that I keep harping on is this concept of you
1:53.6	can't have all your wealth in retirement accounts and home equity if you want flexibility before
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.