meta_pixel
Tapesearch Logo
Log in
BiggerPockets Money Podcast

423: How This Teacher Squashed $20K in Credit Card Debt and Hit Coast FI by 32

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.62.9K Ratings

🗓️ 23 June 2023

⏱️ 54 minutes

🧾️ Download transcript

Summary

Is your W2 job causing you to burn out? You have dreams of achieving financial independence and retiring early, but the unrelenting demands of your nine-to-five job are causing you to work around the clock and miss precious moments with loved ones. If you’re feeling this way, you’re not alone! Welcome back to another episode of the BiggerPockets Money podcast! Today’s guest, Amanda, has spent the last four years grinding toward an early retirement. Although the security of her husband’s reliable W2 income has allowed them to cover all of their expenses, invest in real estate, and grow their nest egg, they are quickly reaching a breaking point. As parents of four young children, they don’t want their busy work lives to keep them from what matters most. Is there a middle ground? If your FIRE journey is causing you to burn the candle at both ends, this is an episode you won’t want to miss! Mindy and our guest co-host, Kyle Mast, share their perspectives on quitting your W2 job, finding work-life balance through real estate, and when it might be time to pump the brakes on your journey toward early retirement! In This Episode We Cover How to create work-life balance on your journey toward FIRE Leaving the security of a W2 job for the flexibility of real estate The challenges you might face when investing out of state The pros and cons of short-term, mid-term, and long-term rentals (and how to choose!) Using your market’s short-term rental comps to raise or lower your Airbnb rates When to sell an investment property rather than holding on to it 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 Kyle’s Website Clarity Financial Kyle’s Twitter 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 The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple Hear Our Last Finance Friday Episode with Joe Find Short-Term Rental Comps with AirDNA Click here to check the full show notes: https://www.biggerpockets.com/blog/money-423 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

Click on a timestamp to play from that location

0:00.0

Welcome to the Bigger Pog as Money Podcast, Finance Friday edition, where we interview Amanda and talk about

0:06.0

lead fire, portfolio optimization and live transitions.

0:10.4

Hello, hello, hello, my name is Mindy Jensen and joining me today is the man, the myth, the legend Kyle Mast.

0:18.0

Thank you. I don't know that I can live up to any of that, but it's good to be here.

0:22.0

Kyle and I are here to make financial dependence less scary, less just for somebody else.

0:27.0

To introduce you to every money story because we truly believe financial freedom is attainable for everyone, no matter when or where you're starting.

0:34.0

Whether you want to retire early, travel the world, go on to make big time investments like real estate, start your own business, transition out of a job you don't like,

0:42.0

we'll help you on your financial journey to get money out of the way so you can launch yourself towards your dreams.

0:48.0

I am very excited to talk to you today. I'm very excited to talk to Amanda today because she has a real estate portfolio

0:56.0

and we're bigger pockets and we'd like to talk about real estate. But one of her properties in particular, I don't really love and she doesn't really love and I don't think you really love it either.

1:08.0

Do you? Probably not. Yeah, it'll be a cool conversation because they're kind of in a life transition point with their jobs or their work life is really intense right now.

1:19.0

There's not a lot of family time. They've got some young kids and they've done well with some investments and they're just trying to figure out what the next step is.

1:27.0

So yeah, it should be really good. Yeah, I think that a lot of times people will buy a property and then feel married to it so they don't ever go back and reconsider it.

1:38.0

So one of the things that we give Amanda today is some homework to go and run the numbers for keeping the property and run the numbers for selling it outright.

1:47.0

I am excited to see what happens with her property. But before we talk to Amanda, I have to tell you that the contents of this podcast are informational nature and are not legal or tax advice and neither Kyle nor I nor bigger pockets is engaged in the provision of legal tax or any other advice.

2:04.0

You should seek your own advice from professional advisors, including lawyers and accountants regarding the legal tax and financial implications of any financial decision you contemplate and while Kyle is a CFP, he's not your CFP Kyle.

2:19.0

That is correct. I'm a CFP. I have done this professionally in the past, but I am not your CFP and just trying to help and give some ideas here today.

2:29.0

Yes, he does not have enough information about your specific situation or about the specific situation of Amanda to give actual CFP level advice.

2:39.0

This is more of, this is what I would do if I had these same set of circumstances and goals.

2:45.0

So without further ado, let's move on to our money moment, Kyle.

2:49.0

We have a new segment on the show called the money moment where we share a money hack tip or trick to help you on your financial journey.

2:55.0

Today's money moment is, are you having trouble with impulse spending? Call your credit card and debit card companies and have them set a personal daily and monthly limit.

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2025.