446: FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 1 September 2023

⏱️ 68 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The FIRE community is notorious for chasing early retirement at all costs. Many search for creative ways to earn more money and spend less of it, only to end up hating the journey. If you’ve ever felt burnt out or discouraged on the road to FIRE, you’re in for a real treat with today’s episode! Welcome back to the BiggerPockets Money podcast! Today, we’re joined by Mark Trautman from Mark’s Money Mind. Early on, Mark decided that he was going to live life on his own terms. So, he and his wife worked their way out of debt and adopted the motto, “Make some, save and invest, and live on the rest.” After maximizing their 401(k) contributions, investing their money in other retirement accounts, and diligently saving each month, Mark and his wife were able to retire by the time he reached age fifty. We wish Mark’s story ended there. A few years later, however, his life was turned upside down after the death of his wife. While grieving the loss, Mark needed to adjust how he used his nest egg going forward. By implementing smart Roth conversion strategies and opening a “fun bucket” account, Mark was able to not only minimize his tax liabilitybut also find new ways to enjoy retirement. Stick around for a true masterclass on how to relish the journey to FIRE! In This Episode We Cover How to enjoy the journey toward financial independence and early retirement The financial implications you face after the death of a spouse Reducing your lifetime tax liability with Roth conversion strategies The “fun bucket” strategy you NEED to implement in retirement How to start teaching financial independence to your children TODAY And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets 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! Money Moment Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders Take Mark’s FREE 7-Week Financial Literacy Course Click here to check the full show notes: https://www.biggerpockets.com/blog/money-446 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 Pockets Money Podcast, where we interview Mark Troutman from Mark's
0:04.7	Money Mind and hear about his money story and how he found balance on the journey to fire.
0:10.4	Hello, hello, hello, my name is Mindy Jensen and with me as always is my dare and balanced
0:15.2	co-host, Scott Trench.
0:16.2	Great to be with you and always on another level, recording podcasts with you, Mindy.
0:20.2	You know, sometimes these are really spot on and sometimes these are super spot on.
0:24.4	Scott, I love it.
0:26.2	Scott and I are here to make financial independence less scary, less just for
0:29.9	somebody else to introduce you to every money story because we truly believe financial
0:34.2	freedom is attainable for everyone, no matter when or where you're starting.
0:37.8	That's right.
0:38.8	With you at a retired early and travel the world, going to make big time investments
0:41.4	in assets like real estate, start your own business or follow a common sensical path
0:45.4	that will get you to fire and support the good life on the way.
0:49.8	We'll help you reach your financial goals and get money out of the way so you can launch
0:52.6	yourself towards those dreams.
0:54.4	Scott, Scott, Scott, we have a new segment on the show called The Money Moment that helps
0:59.2	you on your journey to financial independence with a money hack, tip or trick.
1:03.8	Today's money moment is, do you need a new major appliance, but you want to save some
1:08.0	bucks?
1:09.0	Stores like Lowe's and Home Depot have a scratch and dent section where you can get
1:13.0	your brand new appliances at a discount.
	...

Please login to see the full transcript.

Previous episode | Next episode

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.