334: Finance Friday: The 5 Questions to Ask if You Want to Fast-Track FI
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 9 September 2022
⏱️ 47 minutes
🧾️ Download transcript
Summary
If someone told you that financial freedom could be achieved by traveling the world, you probably wouldn’t believe them. How can going on a work vacation to Europe make you richer? Surprisingly, doing this can help cut years off your retirement horizon, allowing you to save more, spend less, and invest for your future faster than ever before. Don’t believe it’s possible? Scott and Mindy prove the profits behind doing so in this Finance Friday episode!
Today we’re talking to James, who is inches away from retirement. He has only a few years left before he can sail off into the sunset, but James wants to know how he can reach his goals even faster. He keeps his spending low, continuously invests, and has a remote work position, allowing him to work wherever he wants. He dreams of living in other areas of the United States but wants to ensure he has enough money to do so.
His highest monthly cost? Housing! Like most Americans, a majority of James’ spending is for the roof over his head, but could geographic arbitrage turn his travel plans into a seriously profitable excursion? For those who are trying to hit FI, are close to FI, or simply want to spend more time enjoying life abroad, this episode is for you!
In This Episode We Cover
Calculating your FI number and getting to early retirement faster
Defining your retirement goals and knowing what you want to do and where you want to be
The 4% rule and whether or not it holds up as stock values have taken a tumble
Geographic arbitrage and using it to reduce your largest monthly cost
Coast FI and why a more gradual retirement option may work for you
The five questions every investor should ask themselves when planning for retirement
And So Much More!
Links from the Show
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Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Ready to Retire: The Ultimate Pre-Retirement Checklist
BiggerPockets FIRE Planning Worksheet
Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together
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Transcript
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| 0:00.0 | Welcome to the Bigger Pockets Money Podcast, show number 334 Finance Friday edition, |
| 0:05.6 | where we interview James and talk about figuring out your fine number and determining when you can live out your retirement dreams. |
| 0:12.8 | I don't even know if you necessarily need to build a real estate empire. |
| 0:15.8 | I just think your boogie man here is that more than half your spending is going towards your rent. |
| 0:20.4 | And so if you buy a primary residence, that is a duplex. |
| 0:25.0 | Or it works for Airbnb and you just live in the carriage house and use that as your home base to get your mail or something. |
| 0:31.4 | Now all of a sudden that barrier goes away and a bunch of the options that you want to enjoy in retirement become accessible right away. |
| 0:39.8 | It just happened to work, you know, eight hours a day while you're living in those retirement locations. |
| 0:45.6 | Hello, hello, hello, my name is Mindy Denson and with me as always is my shining example of what to always do, co-host Scott Trent. |
| 0:53.7 | You're always right Mindy. |
| 0:55.0 | What if I do? |
| 0:58.8 | God, what a humble man. |
| 1:02.2 | Scott and I are here to make financial independence less scary, less just for somebody else to introduce you to every money story |
| 1:09.2 | because we truly believe financial freedom is attainable for everyone, no matter when or where you're starting. |
| 1:14.4 | That's right, whether you want to retire early and travel the world like this episode, |
| 1:18.4 | go on to make big time investments in assets like real estate or start your own business. |
| 1:21.7 | We'll help you reach your financial goals and get money out of the way so you come on yourself towards those dreams. |
| 1:26.0 | Scott, I am excited about today's episode. |
| 1:29.6 | I really enjoyed talking to James. |
| 1:32.4 | I think he is facing a dilemma that many people are facing. |
| 1:36.0 | I know that I want to retire early, but I'm not quite sure what my numbers are. |
| 1:41.5 | I'm not quite sure when I can actually retire. |
... |
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