Late Start, Early Retirement: A Step-by-Step Fast Track to FI

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 30 December 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Got a late start on your retirement planning? Do you feel like you missed the boat and won’t be able to retire on your timeline? We’ve got good news for you in today’s episode—it’s never too late for retirement (and even EARLY retirement!). No matter what age you’re at, how much you have in the bank, and how much you make, you CAN retire on your terms, and our guests will prove it. The question is, will you follow through on their time-tested system for reaching retirement? Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast are here to show you that whatever your situation is, you can get on track for retirement. Bill and Jackie both were late starters, only taking retirement seriously decades after starting their working careers. Even with their “late start,” Bill and Jackie were able to massively multiply their net worths and retirement savings, allowing them to reach financial freedom on their terms. In today’s show, Bill and Jackie walk through the four steps that anyone can take to begin saving for retirement. You don’t need ANY money to take these initial steps, but doing so will change your entire financial future. Stick around for our next show as we get into the nitty gritty of retirement planning and put you directly on the path to retirement or early retirement! In This Episode We Cover: The four steps anyone can take to reach retirement Why it’s okay to be a “late starter,” especially when it comes to retirement planning How to do a “backward budget” to quickly and easily see how much you’re spending Why you MUST look back on the financial “lessons” you’ve learned to build wealth now! Getting clear on your goals and what you want to achieve so you can reach retirement The “trifecta of mistakes” Bill made and how even that didn’t stop his financial freedom journey! And So Much More! Links from the Show Join BiggerPockets for FREE Let Us Know What You Thought of the Show! Ask Your Question on the BiggerPockets Forums BiggerPockets YouTube The BiggerPockets Money Podcast BiggerPockets Money 314 - Finance Friday: How to Get to Early Retirement Even Faster BiggerPockets Money 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) w/Bill Yount and Becky Heptig BiggerPockets Money 527 - Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE w/Jackie Cummings Koski Catching Up to FI Reach Financial Independence Faster with "Set for Life" Find an Investor-Friendly Agent in Your Area BiggerPockets Money 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) Connect with Scott Connect with Mindy Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1063 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

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0:00.0	Well, this is it. We have reached the last full Bigger Pockets podcast episode of
0:10.3	24. So let me just take one quick second and thank you all so much for watching and listening
0:16.3	and being a part of the Bigger Pockets community in 2024, it means the world to me and the
0:22.4	entire Bigger Pockets team that you all come enjoy our content and apply it to your own
0:29.0	lives and help pursue your financial goals. As we wrap up the year, we are republishing
0:34.5	some of our favorite episodes from podcasts across the whole Bigger Pockets
0:38.6	Network.
0:39.3	The show we're playing for you today comes from the Money Podcast, where hosts Mindy Jensen
0:43.6	and Scott Trench talk all about optimizing your personal finances to reach goals like
0:48.2	financial freedom and early retirement.
0:50.2	And in the specific episode that we're sharing today, which was originally published back in June,
0:55.8	it features Mindy and Scott interviewing Bill Yount and Jackie Cummings Koski from the Catching Up to Five podcast.
1:03.2	And this episode is a great primer for how to get started on the road to financial independence,
1:08.8	especially if you're already in your 40s or 50s or even
1:12.1	older and realizing that you might need to make some changes in your spending or your savings
1:16.9	and investing habits to achieve the retirement that you're dreaming of.
1:20.5	But even if you're not at that stage of life, I think the advice that the hosts and the guests
1:26.3	give in this episode, like
1:27.9	creating a budget and giving yourself some grace can help anyone at almost any stage of life.
1:34.4	So I really think you're going to enjoy this episode. And if you do, make sure to give
1:38.8	Bigger Pockets Money a subscribe on YouTube. We on this podcast will be back next week with more new episodes, but for
1:45.9	now, here's Mindy and Scott. The financial independence community is filled with stories of
	...

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