Financial Freedom in 2 Years by Scaling Their Rental Portfolio FAST

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 27 December 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This might be the fastest path to FIRE we’ve ever seen. In just two years, Emily and James were able to retire early and travel the world full-time. They didn’t have a trust fund, some huge inheritance, or a winning lottery ticket. But they did make some serious sacrifices, cutting almost everything unnecessary out of their lives to retire early and quit the jobs they were itching to get out of. How’d they do it? After realizing they were throwing away every cent they made, James stumbled upon a popular personal finance blog. He devoured it that day at work and came home a changed man. The AC temperature was going up, the restaurant expenses were going down, and he was deadset on achieving financial freedom. His wife, Emily, needed some convincing. But, with time, they both became locked in on FIRE. They moved to a cheaper house, rode bikes to work, and rarely ate out anymore. Just two years after discovering FIRE, they achieved it, and they did it without millions of dollars in the bank. And here’s the thing: you might be able to do it, too, IF you’re willing to put in the work. How much money are they living on? How did they cut their expenses so significantly? And how do you convince your partner or spouse to follow you on the path to financial independence? Emily and James are showing you how in today’s episode! In This Episode We Cover: How NOT to convince your partner/spouse to chase FIRE (do THIS instead) Cutting your expenses significantly and how to save money every single month The big lifestyle changes you must be willing to make to retire early Rental property investing and how to have income property cash flow fuel your FIRE Why you DON’T need to be a millionaire to retire early And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube The BiggerPockets Money Podcast Rethink The Rat Race Check Out "BiggerPockets Money" Reach FIRE Faster with the Personal Finance Classic “Set for Life” Find Investor-Friendly Lenders The Ultimate Beginner’s Guide to Saving Money Connect with Scott Connect with Mindy (00:00) Intro (01:51) Poverty to Overspending (06:42) Convincing Your Spouse on FI (09:39) 0% to 85% Savings Rate (17:00) Buying $50K Rentals (23:59) Retiring on $31K/Year (30:10) The Secret to FIRE (33:13) Are They Still Retired? (35:06) Advice for Finding FIRE (36:54) Connect with James and Emily! (37:49) Use These FIRE Tips Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-502 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [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	Hey, Rickies. While we're still off enjoying the holiday season, we have a special episode to share with you from the Bigger Pockets Money podcast. Now, just two years after discovering fire, today's guest achieved it. And they did it without millions of dollars in the bank, their secret, a strategic real estate portfolio, slashing expenses, and a laser-focused approach to financial independence. Now, how did they scale their real estate portfolio, slashing expenses, and a laser-focused approach to financial independence.
0:22.7	Now, how did they scale their real estate portfolio while keeping costs low?
0:26.5	Well, Emily and James are breaking it all down in today's episode.
0:30.1	James and Emily were able to retire less than two years after they started saving for early
0:35.3	retirement at the ages of 27 and 28.
0:38.2	Now they travel the world, and if any of this sounds amazing to you, keep listening to
0:43.1	hear how they did it.
0:44.2	Hello, hello, hello, and welcome to the Bigger Pockets Money podcast.
0:47.3	My name is Mindy Jensen.
0:48.6	And with me, as always, is my amazing co-host, Scott Trench.
0:52.2	Thanks, Mindy.
0:52.6	Great to be here with you. You're my super duper trooper co-host today here on Bigger
0:56.6	Pockets Money. Bigger Pockets has a goal of creating one million millionaires. You are in the right
1:01.4	place if you want to get your financial house in order because we truly believe financial
1:04.5	freedom is attainable for everyone, no matter when or where you're starting, or maybe it's attainable for you even before you hit millionaire status.
1:13.1	Listen on to find out how.
1:14.7	Today, we are going to discuss how to get your partner on board for financial independence.
1:19.8	And I'm going to suggest maybe you spend a little bit more than the 30 seconds that James did.
1:25.3	We're also going to talk about how you can cut down your expenses
1:28.5	to help you reach financial independence and what your fine numbers should be when investing
1:33.8	in real estate. This segment is sponsored by Bam Capital, your path to generational wealth
1:38.8	with premier real estate opportunities. See why over 1,000 investors have invested with Bam Capital at biggerpockets.com
	...

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.