318: Finance Friday: The Median Earner’s Guide to Fast-Tracking FI

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.5 • 3K Ratings

🗓️ 15 July 2022

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The “semi-retired” lifestyle seems to go against everything early retirement chasers have been taught. For years, it’s been pushed into our brains that “retirement” is one stark event. You retire once, do what you want for the rest of time, and that’s that. But life doesn’t always go that way. Today’s guest Amanda has spent the past two decades raising children, working, and focusing on getting an advanced degree. Now, with extra money coming in she’s finally in the position to invest. Amanda wants to have the option to work part-time in her mid-fifties so she can spend time with her future grandchildren. She doesn’t oppose a semi-retired lifestyle but wants to make sure she has the assets to support this financial flexibility she’s chasing. She’s investing in her retirement accounts, saving up a strong cash surplus, but knows that as she makes more money in the future, she should have a better plan on where to put it. Scott and Mindy walk through the ways Amanda can optimize her lifestyle for future retirement. In just a few years, Amanda will have a high income, with the ability to invest in passive income streams like real estate or simply funnel more money into smart stock investments. But at the stage she’s currently at, which is the smartest way to set herself up for a post-nine-to-five life? In This Episode We Cover After-tax vs. pre-tax investment accounts and which to prioritize for early retirement Pensions and whether or not they’re worth working at the same job for HSA vs. FSA investing and how to maximize your tax-advantaged healthcare accounts Index fund investing and how to aggressively invest without making things complicated The four levers of financial independence and which to pull when you don’t have many assets 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 Finance Friday: How to Get to Early Retirement Even Faster 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 318.
0:04.0	Finance Friday edition, where we interview Amanda and talk about zooming out and taking a long-term
0:09.6	approach to finances. I feel like in about 10 years and I said I wanted to scale back working,
0:15.2	I feel like I would be able, it would be reasonable for me to make enough for those years to live off of
0:21.3	so that I'm not touching anything that I've saved. That's kind of how I was thinking about it,
0:26.0	is that if I just covered my living expenses and nothing else, then I'd let everything that I
0:31.3	invested grow. But I don't know if that's a reasonable tactic, I'm not really sure I got my plan.
0:39.2	Hello, hello, hello, my name is Mindy Jensen and with me as always is my never going to IAMU
0:44.4	about crypto co-host, Scott Trent. Thank you Mindy, while I'll never IAMU about crypto. I am the
0:51.6	long-lost descendant of a notable royal family and I just need a few hundred dollars in order to
0:56.6	obtain some documents that can help me access that fortune. So I will DM you about that and if you
1:02.4	could please let me know why I made the money, that would be great. Yes, you can reach out to him as
1:05.8	Scott as a big fat liar at BiggerPockets.com. Scott and I are here to make financial independence
1:13.2	less scary, less just for somebody else to introduce you to every money story because we truly believe
1:18.5	financial freedom is attainable for everyone, no matter when or where you're starting. That's
1:23.7	right. Whether you want to retire early and travel the world, go on to make big-time investments in
1:27.0	assets like real estate, start your own business, or just get a little bit of flexibility 10 years
1:31.2	down the line. We'll help you reach your financial goals and get money out of the way so you can
1:34.8	launch yourself towards those dreams. Scott, today's guest is Amanda. She is an accountant. She's
1:41.7	working as an accountant, getting her accountant degree at night and on the weekends and she is
1:48.7	looking forward to financial independence in 10 years, something that was not even on her horizon
1:57.2	just a few years ago. She's changed her financial outlook, changed her expenses dramatically,
	...

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.