406: Finance Friday: Why FORCING Your Way to FIRE Isn’t The Way

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 28 April 2023

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

The road to early retirement isn’t easy. Once you become dead-set on finding financial freedom, your entire world turns upside down. For many of us, this means spending as little as possible, ditching takeout, saying goodbye to expensive events, and becoming a frugal hermit in our own financially-focused worlds. But, this can lead to serious burnout since a life without fun is a hard life to live. Today, we talk to Sam, who’s feeling his own type of frugal fatigue. Sam was blindsided by a sudden divorce, separating him from his daughter and prompting him to restart his career. He went the unconventional route, getting his pilot’s license and slowly building up his income. But, switching from stay-at-home dad to breadwinner in an instant left a mental mark on Sam. As a result, he’s kept an extremely lean budget, even as his income has grown into six figures. He’s doing a phenomenal job on the path to early retirement, but with time freedom in sight, Sam is still struggling to live life in the present moment instead of always focusing on the future. In this Finance Friday episode, Mindy and Scott walk through paying off unconventional student debt, building a financial runway, the difference between being frugal and cheap, and whether house hacking vs. renting is the right move in this housing market. They’ll also chat over employee stock purchase programs and investing for early retirement, all while making dozens of pilot puns along the way! In This Episode We Cover Investing for early retirement and what to focus on to hit financial freedom Being frugal vs. cheap and whether your FIRE obsession is making life harder Student loan debt and when selling investments makes sense House hacking and using extra space in your home to make more money Building your “financial runway” and when it’s time to reallocate your investment portfolio Employee stock purchase programs and the GUARANTEED profit you’ll make And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott's Instagram Grab Scott’s Book, “Set for Life” 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 Money Moment Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan Why You Don’t Need to Sacrifice Everything to Hit Financial Freedom How to Get to Early Retirement Even Faster Click here to check the full show notes: https://www.biggerpockets.com/blog/money-406 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! 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, Finance Friday edition, where we interview Sam
0:05.2	and talk about finances after a career change and a divorce.
0:08.7	Hello, hello, hello, my name is Mindy Jensen, and with me is always my Maverick co-host,
0:13.3	Scott Trent.
0:14.3	Thanks Mindy, great to be here, and we're going to save Sam from the danger zone in his finances.
0:19.3	Scott and I are here to make financial independence less scary, less just for somebody else, to introduce
0:26.3	you to every money story because we truly believe financial freedom is attainable for everyone,
0:30.6	no matter when or where you're starting.
0:32.7	So arm those doors and cross check for something because we're going to take off.
0:38.4	That's right, whether you want to tire early and travel the world going to make big time investments
0:42.0	and assets like real estate, start your own business, or build out your financial runway for a soft
0:46.9	landing. We'll help you reach your financial goals and get money out of the way so you can launch
0:49.9	yourself towards your dreams.
0:51.4	On today's episode, we're playing a little game. It's called Count the airline puns.
0:56.7	See how many you can find.
0:59.0	Scott, I just joined an indoor soccer league.
1:03.6	That's awesome. Did you have your score or the goalie or what position do you play?
1:08.2	I play over there. I have no idea. I don't know the rules.
1:13.4	I got, we had our first game. I had my first game on Sunday and I was like,
1:19.1	I don't remember the rules. I think that I haven't played longer in longer amount of time
1:25.4	than everybody else has been alive on my team. So I play in the back. I haven't scored any
1:31.5	gate goals yet, but I'm having a lot of fun. I'm so sore.
	...

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