342: Finance Friday: Financially Independent, But Not Feeling “Free”
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 7 October 2022
⏱️ 55 minutes
🧾️ Download transcript
Summary
Financial independence isn’t for everyone. That comes as a surprise for most of us within the personal finance community. Whether we like it or not, the “save, invest, and grind” until you can retire early lifestyle isn't a commonly accepted one. But what happens when your partner is the one who doesn’t agree? What steps can you take to help them see why early retirement is such a crucial piece of your life?
This is just one of the topics we touch on with today’s guest, Mark. Mark is in a great position, and he’s already financially free. But, he doesn’t know what to do next, how to optimize his portfolio, and whether or not he’s making the right moves. With a blend of stocks, bonds, and real estate, Mark has a million-dollar diverse portfolio, but where can he tighten it up? And, if he’s able to do so, how does he get his wife on board?
This episode serves as a reminder that even when all the hard work pays off, there is still a life to live. If you’ve spent years, or decades, grinding to finally reach a comfortable position in life, it’s necessary to know how to use that time once you have it. Do you keep stacking up investments so your children are ensured a comfortable life, or do you take some time for yourself, chase after your own dreams, and live a life you would love to live?
In This Episode We Cover
Why cutting down your expenses remains one of the fastest ways to hit financial independence
Recalculating your rental property profits and making sure your cash flow is correct
Turnkey rentals and using them as a low-stress way to quickly build a profitable portfolio
Selling off investments to pay for your lifestyle and the risk of doing so
Combining finances as a couple and how to propose the idea to a not-so-convinced spouse
Defining your goals and drafting your “vision” that’ll help you make the right steps to achieve ultimate freedom
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
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
BiggerPockets FIRE Planning Worksheet
The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple
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Transcript
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| 0:00.0 | Welcome to the Bigger Pockets Money Podcast Finance Friday edition where we interview Mark and talk about |
| 0:07.1 | money dates |
| 0:08.5 | True portfolio performance and plating your future. So |
| 0:13.3 | The reason for that |
| 0:15.5 | Is because that three thousand dollars a month that's coming out of my portfolio is going to my wife |
| 0:21.7 | And we have separate finances |
| 0:25.7 | She's got student loans. She has a car loan and things like that |
| 0:28.9 | And again when we when we ran the math so that she could stay home with the baby |
| 0:35.6 | That's basically bankrolling her her possibly expenses. Hello. Hello. Hello. My name is Mindy Jensen and with me is always |
| 0:43.7 | Is my one throat to choke co-scot |
| 0:50.3 | I'm liking like |
| 0:52.3 | That intro Mindy. Thank you. That intro is courtesy of our guest today Mark |
| 0:59.4 | Who introduced me to my new favorite phrase |
| 1:03.7 | Never hurt the phrase one drug before |
| 1:07.1 | We all learn something new each |
| 1:09.7 | We do learn something every new and fight on bigger pockets monies |
| 1:14.1 | Because Mindy is unable to continue. I'll take over |
| 1:16.5 | And I'm here to make financial independence less scary less just for somebody else to introduce you to every money story |
| 1:23.1 | Because we truly believe that financial freedom is attainable for everyone no matter when or where you're starting |
| 1:28.1 | That's right whether you want to retire early and travel the world go on to make big-time investments like in assets like real estate |
| 1:34.7 | Or start your own business will help you reach your financial goals and get money out of the way |
| 1:39.3 | So you can launch yourselves towards your dreams |
... |
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