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BiggerPockets Money Podcast

413: Finance Friday: How to Use Your Home to Retire YEARS Earlier

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.62.9K Ratings

🗓️ 19 May 2023

⏱️ 59 minutes

🧾️ Download transcript

Summary

Early retirement is possible for almost anyone, no matter where you start or how much you make. If you can sacrifice and save more than you spend, there’s a good chance you could retire years or even decades earlier than the rest. In fact,you can retire early on a median income salary without any retirement savings to start with…but you’ll need to do one crucial thing. As you’ll see from today’s guests, David and Danielle, one smart purchase may have set them up for life! We’re back with another Finance Friday, where we talk to David and Danielle, two median-income earners trying to figure out the right path to early retirement. After Danielle’s sales-based burnout, the couple has been surviving with just one income, cutting it close every month. But, with a return to work on the calendar for Danielle, the chances of financial freedom are looking bright. But where do they go from here? With David and Danielle’s real estate dreams, Scott and Mindy come up with a handful of ways that this couple could use their primary residence to bolster their chances of early retirement and allow them to save a significant amount of money every month. So if you feel like you’re starting over on the path to FIRE and don’t know which move is right, this is an episode for you! In This Episode We Cover How to use your home to retire early and start investing Grocery shopping, food bills, and how to stop eating your money every month Legal fees and accounting for lawyer bills during an ongoing dispute House hacking and living for free while renting out spare space Assumable loans and upgrading your property when you have LOTS of equity 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! Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Money Moment House Hacking: A Beginners Guide to Living for Free Grocery Shopping Got a Hold on Your Wallet? Check Out These Episodes: Cutting Your Grocery Bill in Half The Most Efficient Path to Financial Freedom Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap Slash Your Food Budget by $150+ Per Week with EASY, Healthy, and Tasty Meals Click here to check the full show notes: https://www.biggerpockets.com/blog/money-413 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] 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

0:05.4

David and Danielle and talk about aggressively pursuing financial freedom and setting yourself

0:11.4

up for financial success through big life changes.

0:15.2

Hello, hello, hello, my name is Mindy Jensen and with me as always is my back to house hacking

0:20.8

cohost, Scott Trech.

0:22.5

That's right Mindy and I am here as always with my serial live in flippin' awesome cohost

0:29.4

Mindy Jensen.

0:30.4

I love that.

0:31.4

Scott and I are here to make financial independence less scary, less just for somebody else to introduce

0:37.5

you to every money story because we truly believe financial freedom is attainable for everyone

0:41.9

no matter when or where you're starting.

0:43.7

That's right whether you want to retire early and travel the world, go on to make big time

0:47.1

investments in assets like real estate, start your own business or deploy the equity in

0:51.8

what is likely your biggest asset, your housing, to the pursuit of financial freedom.

0:57.2

We'll help you reach your financial goals and get money out of the way so you can launch

1:00.1

yourself towards your dreams.

1:01.8

Speaking of getting things out of the way, Scott, I am going to blast through this disclaimer

1:05.4

that says the contents of this podcast are informational in nature and are not legal or

1:08.4

tax advice and neither Scott nor I nor bigger pockets is engaged in the provision of legal

1:12.1

tax or any other advice you should seek your own advice from professional advisors,

1:15.6

including lawyers and accountants regarding the legal tax and financial implications of any

1:19.1

financial decision you contemplate so that I can get to this big announcement, your house

...

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