422: The Late Starter’s Guide to Financial Independence (Even in Your 50s!)

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 19 June 2023

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

Is early retirement possible if you’re dead broke in your 50s? What about regular retirement when you have a negative net worth later in life? If you feel it’s too late to retire, today’s guests are here to prove you wrong. After waking up at fifty with zero dollars to her name, Becky Heptig faced a dilemma—make a change or work for the rest of her days. So Becky and her husband, almost overnight, flipped their lifestyle around and started saving and investing everything they could. Now, she’s retired as a millionaire with complete financial flexibility. Bill Yount wasn’t just worth zero dollars; he had a negative net worth at fifty. Even with a high-paying job, new cars, and a nice house, Bill was miles away from retirement but took the same path as Becky as he aggressively saved and started planning for retirement. Just a few years out from retirement, Bill has millions stashed away, a luxury lifestyle that his investments support, and a boat-sized amount of cash in his bank account. If you think it’s TOO late to retire, you’re wrong. Becky and Bill prove in today’s episode that even if you’re starting late, with NOTHING to your name, retirement is only a decade (or a few years) away. You’ll hear EXACTLY how they retired early when starting from zero, the “wake-up call” late starters MUST have, and what you can do TODAY to get your retirement planning on track! In This Episode We Cover How to go from broke in your 50s to millionaire (or multimillionaire) in your 60s Lifestyle creep and why a high income is dangerous for most Americans How to reverse your “spend first, save last” mindset and start investing for your future The “wake-up call” that caused Becky and Bill to change their financial mindset Whether or not it’s ever “too late” to retire (and what to do if you’re there) Becky and Bill’s advice for those that are broke in their 40s, 50s, or 60s Why you should NEVER buy a boat 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 Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions Click here to check the full show notes: https://www.biggerpockets.com/blog/money-422 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 where we interview Becky and Bill from the catching up to five podcasts and talk about getting to fire as a
0:08.8	Fleet Starter. Hello, hello, hello. My name is Mindy Jensen and with me as always is my mainland co-host, Scott Trent.
0:15.6	And with me as always is my Wahoo co-host, Mindy Jensen. Are you on a Wahoo?
0:22.0	I'm actually on the big island right now, but I am flying tomorrow to Kauai.
0:26.9	All right. Oh Wahoo, I get that joke now. There's also a fish here called Wahoo. I don't know what kind of that. So it's delicious.
0:35.6	Well, I also hope that everyone else is ready to tune in to a great podcast today with Bill and Becky.
0:43.0	Did you just say tune in?
0:48.8	And that's the end of all the puns. Scott and I are here to make financial dependents less scary,
0:53.4	less just for somebody else to introduce you to every money story and no puns because we truly believe financial freedom is
0:59.6	attainable for everyone for everyone, no matter what time of your life you are starting or where you're starting from.
1:08.0	And because we believe in this so much, we brought on Becky and Bill today and they are going to tell you their stories of
1:14.6	reaching financial independence from a very late start.
1:17.4	That's right. Whether you want to retire early and travel the world, go on to make big-time investments and assets like real estate
1:22.5	or catch up to fire financial independence. We'll help you reach your
1:26.6	focal financial goals and get money out of the way so you can launch yourself towards your dreams.
1:30.2	We have a new segment on the money show called money moments where we share a money hack tip or trick
1:35.2	to help you on your financial journey. Today's money moment is stock up on gift cards when they're on sale.
1:41.2	Graduation, Mother's Day, Christmas, frequently there are rewards given to the card buyer.
1:47.5	Buy $40 and get a $10 card for yourself. That's an instant 25% savings and you can use both of those cards
1:55.3	yourself. You don't have to give those away just because they're on sale for graduation doesn't mean
1:59.8	that you can't have them. You know if your buying gifts for your grids, great but if you're not, if
2:06.4	you're just at a restaurant, oh cards are on sale, I'll grab two for me. So there's a tip for you.
	...

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