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Join Mindy Jensen and Scott Trench (from BiggerPocketsMoney.com) weekly for the BiggerPockets Money Podcast. Each week, financial experts Mindy and Scott interview unique and powerful thought leaders about how to earn more, keep more, spend smarter, and reach financial independence.
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Todd retired early at age forty-four, just three years after discovering the FIRE movement. The most interesting part? He quit without reaching his FIRE number. That’s right. After realizing he couldn’t go one more day working his job, he quit, even without the perfect amount of money on the sidelines. Did he survive in the FIRE life, or did he eventually have to return to work to rebuild his portfolio? Stick around and find out!
Although Todd made a good income, he spent most of it on his lifestyle. As his family’s sole provider, every expense took away from his income, leaving him with a respectable but by no means large savings rate. One day, as Todd surfed the internet at work, he stumbled upon a financial independence blog post, and the rest was history! He chased FIRE ruthlessly for three years and eventually was able to retire on his terms.
If you’re looking to retire in your forties, quit your job, find financial freedom, or finally grow your savings, tune in for Todd’s advice. Even if you don’t have a high income, you can follow his cost-cutting, “boring” investing advice to achieve financial independence faster than you thought possible!
In This Episode We Cover
The “boring” investments that lead you to financial independence and early retirement
Coming up with your FIRE number and whether the 4% rule still works
Getting richer in retirement and how to build wealth WITHOUT working
How cutting your expenses will fast-track your path to early retirement
Quitting your job and why you MUST prepare for life in retirement BEFORE you walk away from your salary
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
Apply to Be a Finance Friday Guest
Subscribe to The BiggerPockets Money YouTube Channel
Apply to Be a BiggerPockets Money Guest
Apply to Be a Finance Review Guest
Email mindy@biggerpockets.com for the 4% Rule Article or Todd’s Contact Information
See Mindy at BPCON2024 in Cancun!
How to Retire Early (From Someone Who Did at Age 27)
00:00 Intro
01:09 Finding the FIRE Movement
03:24 Getting His Wife on Board
04:38 His FIRE Number
05:32 FIRE Movement Myths
07:37 Getting Richer in Retirement
11:55 Quitting His Job!
13:14 Prepare for Post-FI!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-551
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Wouldn’t it be nice if your home paid for itself? Every month, you throw a substantial sum of money towards your rent or mortgage payment, but what if you could live mortgage-free? With ADU investments, it’s more than possible. Michael Russell used an ADU (accessory dwelling unit) to make an extra $1,400/month off of his pricey California home. Combined with a bit of house hacking, Michael was getting PAID to live in one of the nation’s most expensive states. And he did it all on an average salary!
So, how do YOU use ADUs to lower your cost of living and turn your home into a cash-flowing investment? Today, Michael walks us through exactly how he did it, how much it cost, how long it took, and how much money he ended up making.
With high interest rates, will the ADU investing strategy still work in today’s market? How hard is it to build an ADU? And what’s the one mistake Michael wishes he hadn’t made before he built his ADU? We’re answering all these questions in this episode and showing you how to slash your mortgage payment, even if you live in a costly housing market!
In This Episode We Cover
ADU investing explained and how much it costs to build an accessory dwelling unit
Why more local and state governments WANT homeowners to build ADUs
How to get paid to live (even in a high-cost-of-living area) with ADUs and house hacking
The one mistake that cost Michael months of time (and rent) that you can’t afford to repeat
Finding homes with ADU potential and the investor-friendly agent you NEED to spot these opportunities
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
00:00 Intro
01:19 Money Snapshot
04:17 Home Run House Hack
06:01 Smart Money Moves Early On
10:47 Surviving on $36K/Year
12:40 Building the ADU
22:12 How Long Did it Take?
24:55 ADU Investing with High Rates
33:37 Starting ADU Side Hustles
37:40 The Right Type of Agent
45:58 Connect with Michael!
46:59 The Housing Solution?
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-550
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
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Is the FIRE movement dead? In 2024, more people are catching on to the huge downsides of pursuing financial independence, retire early. Strict frugality, massive sacrifice, working harder than ever…is it really worth it to retire decades before everyone else? If you’re internally screaming, “Yes! Of course it is!” you’re in good company. Today, we’re talking about why FIRE is NOT dead in 2024 but why most Americans won’t achieve it.
It’s easy to claim that the FIRE movement is dead in 2024 when inflation has been high, savings rates are low, and there’s economic uncertainty all around. The problem? Almost all of that can be easily factored into your FIRE plan, and with some sacrifices, you could easily retire early in five, ten, or fifteen years. So, if FIRE is still possible, what must the average person do to achieve it?
We’ll discuss the mindset shift you must undergo to reach financial independence, the sacrifices you must prepare for, and what we would have done differently on our own paths to FIRE. Achieving financial freedom doesn’t need to be an all-out grind with zero enjoyment. Even if you make minor money moves today, you could be retiring YEARS earlier than you thought possible!
In This Episode We Cover
An update on the FIRE movement and whether or not FIRE is possible in 2024
The 4% rule explained, and why it works EVEN during high inflation
The sacrifice that most Americans will NEVER make to retire early
How to achieve FIRE even if you have an average income
The “grind” that gets you RICH and how to tell you’re on the right track for FIRE
How frequently to check your investments/accounts (and whether it really matters)
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
Apply to Be a Finance Friday Guest
BiggerPockets Money 120 - Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces
BiggerPockets Money 243 - Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together
BiggerPockets Money 516 - Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke
My Death March to Financial Independence
Email mindy@biggerpockets.com for the “4% Rule” Article
00:00 Intro
04:19 Is the FIRE Movement Dead?
10:93 Do You Need a High Income?
16:36 Should Everyone Pursue FIRE?
24:44 How Average People Achieve FIRE
30:04 FIRE in 2024
35:54 Retiring Early During Inflation
38:38 You CAN Achieve FIRE
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-549
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
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Are we in a recession? Are we headed for a recession? No one knows for certain, but you can never be too prepared for an economic downturn. Are you saving money? Do you have a plan in the event you lose your job? In today’s episode, we’ll help prepare you for anything that might be thrown your way!
Welcome back to the BiggerPockets Money podcast! Amidst economic uncertainty, there are two steps you must take to weather tough times: build an emergency fund and brace for a potential layoff. Today, Mindy and guest co-host Amanda Wolfe are bringing you their best money tips for getting through a recession. First, they’ll show you how to pad your emergency fund by saving hundreds on groceries each month, negotiating your bills, and eliminating unnecessary expenses from your budget. Believe it or not, it might even be time to cut back on aggressive debt paydown or extra 401(k) contributions!
Next, they’ll help you with a potential job search. You’ll learn how to get your resume seen by more employers and determine your market pay rate. But that’s not all. Stick around until the end to learn why staying with your current company—regardless of whether your job is at risk—could cost you millions of dollars over your lifetime!
In This Episode We Cover
How to get your financial house in order before an economic decline
Calculating how much money YOU need for an emergency fund
How to slash your food bill by hundreds of dollars per month
The BEST places to find money and bolster your savings
How to start preparing for a new job today (before you lose it!)
When to cut back on “extra” payments and retirement contributions
Why staying at your current job might be costing you millions of dollars
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
Try Amanda’s Free Emergency Fund Calculator
Connect with Amanda on Instagram
Enjoy Ebooks and Audiobooks with Libby
Enjoy Ebooks and Audiobooks with Hoopla
Check Out Market Pay Rates with Glassdoor
See Mindy at BPCON2024 in Cancun!
00:00 Intro
02:19 Building Your
11:31 Slashing Your Grocery Bill
17:22 Negotiating Bills & Auditing Purchases
27:56 The “No-Spend” Challenge
33:52 Preparing for a New Job
42:53 Send Us Your Money Tips!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-548
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
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You could be missing out on the chance to earn passive income from your home (and other rentals!) with a “no-brainer” money move. This investing strategy is picking up steam and could become one of the big trends in real estate this year. Today’s guest was one of the early adopters, and it carried him to FIRE by his late thirties!
Welcome back to the BiggerPockets Money podcast! Today, we’re chatting with “That ADU Guy,” Derek Sherrell. Right before the 2008 housing market crash, Derek left his contracting job behind and returned to school to become a firefighter. Little did he know that this career move would provide the time, freedom, and connections to launch a full-blown side hustle alongside his W2 job. Before the age of forty, Derek became financially independent, with the ability to retire early, all thanks to this simple strategy. Since then, he has made it his life’s mission to inspire countless others to do the same!
In this episode, we’re taking a deep dive into accessory dwelling units (ADUs). Tune in to learn why the combination of serial house hacking and some kind of “secret sauce” (in this case, ADUs) is perhaps the easiest path to FIRE. Derek will tell you everything you need to know about buying, building, and renting out ADUs—from financing these units to scaling your business!
In This Episode We Cover
Accessory dwelling units (ADUs) explained (and how they create passive income)
Why the modified serial house hacking strategy might be the easiest path to FIRE
How to completely replace your W2 income with cash flow from ADUs
How to easily (and affordably) convert a single-family home into a duplex
Why ADU investing could be one of the biggest investing opportunities in 2024
How to get your spouse on board with your real estate investing strategy
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
00:00 Intro
02:31 Life with FI & Current Portfolio
06:06 Derek’s Money Journey
12:26 Changing Careers & Building Wealth
18:21 Buying the “Lucky” House
28:14 House Hacking with ADUs
37:20 3 ADU Investing Strategies
49:06 Derek’s BIG Mission
55:58 Connect with Derek!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-547
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
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The road to financial independence isn’t always linear, but stoicism might be the secret ingredient that keeps you on track. This ancient philosophy gets a bad rap, but with its framework as your financial “operating system,” you’ll be able to weather all kinds of storms!
Welcome back to the BiggerPockets Money podcast! Today, Darius Foroux is a business owner, landlord, financial educator, and the author of eight books. But as a boy, he watched his family live paycheck to paycheck for many years. Vowing to one day become wealthy, Darius started saving every penny possible, only to find that practicing staunch frugality could only take him so far. After more than a decade of hard work and sacrifice, he had just $10,000 to his name and, after student loans, a negative net worth. But in 2015, Darius made a seismic mindset shift that propelled him to FI in just FIVE years!
In this episode, Darius dispels the myth that stoicism is about suppressing emotions and lacking empathy. Instead, you’ll learn that its tenets revolve around creating balance, staying grounded, and changing how you respond to things beyond your control—virtues that are congruent with building wealth. But that’s not all. He will also show you how to increase your income, gain a “stoic edge,” and invest your money in 2024!
In This Episode We Cover
How Darius went from a low net worth to financial independence in FIVE years
Why reaching FI is easier with stoicism as your “operating system”
Why investing in yourself and learning new skills is the KEY to higher income
The three steps for gaining a “stoic edge” that helps you build wealth faster
The BEST way to start investing in the stock market in 2024
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Grab Darius’ Latest Book, The Stoic Path to Wealth
Connect with Amanda on Instagram
00:00 Intro
03:24 Darius’ Money Journey
11:16 Negative Net Worth & the “Aha!” Moment
22:25 Stoicism in Personal Finance
32:11 Building Wealth with Stoicism
41:36 How to Start Investing in 2024
47:04 Reaching FI & Retiring Like a Stoic
52:46 Connect with Darius!
53:19 Find Joy in the Journey!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-546
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
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Fat FI and generational wealth in THREE years?! How is that possible? The sooner you forge good money habits, the sooner YOU can achieve your FI goal. Today’s guest wanted to build wealth as soon as possible, and in this episode, he will share the secrets to his enormous (and rapid) success!
Only a few years ago, Josh Janus was flipping sneakers he couldn’t afford and making DoorDash deliveries for a little cash. Today, he has a seven-figure income and an eight-figure real estate portfolio. Fat FI at the age of just twenty-three, Josh still has his entire life ahead of him and a significant net worth to deploy however he chooses. Will he continue to grind away as a real estate agent, working eighty-hour weeks and optimizing his time for even higherearnings? Or will he take his foot off the gas and enjoy some of the wealth he’s worked so hard to build?
Now, you may be in a very different season of life than Josh. After a family, career, and maybe even a late start to your FI journey, this explosive wealth-building trajectory might not be in the cards. But even if you don’t aspire to build a $15 million multifamily portfolio or revitalize your hometown, a few years of extreme discipline and sacrifice will unlock all kinds of financial opportunities. Tune in to Josh’s incredible story and find out how!
In This Episode We Cover
How Josh achieved financial independence in just THREE years (at twenty-three!)
How to grow a seven-figure income as a real estate agent and investor
Building a large real estate portfolio (starting with little to no money!)
Increasing your income by evaluating your schedule for delegable tasks
How practicing discipline and sacrifice can fast-track your journey to FI
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
See Scott and Kyle at BPCON2024 in Cancun!
00:00 Intro
02:03 Josh’s Money Snapshot
10:34 What’s the End Goal?
13:13 Flipping Sneakers to Learning Real Estate
25:12 Becoming an Agent & Leaving College
28:52 $600K in Year ONE?!
35:16 The Real Cost of Success
43:52 “Seasons” of Life
49:04 Connect with Josh!
50:04 Hustle for Your FI Goal!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-545
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
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Reaching financial independence and becoming a millionaire before the age of thirty?! While this path requires several years of ruthless saving, smart investing, and unwavering discipline, there’s no reason why YOU can’t enjoy financial freedom and attain the lifestyle you want!
Shortly after graduating from college with over $50,000 in student loans, Franklin Zheng found himself working a grueling, eighty-hour-per-week factory job. Fortunately, it was also around this time that he discovered BiggerPocketsand decided to try his hand at real estate investing. He started attending local meetups, where he learned that simply getting in the same room with other investors presented all kinds of opportunities. It wasn’t long before Franklin had found his future investing partner, and in just FIVE years, he has built a cash-flowing real estate portfolio of thirty-eight units, as well as a business that has allowed him to leave his W2 job and travel the world!
In this episode of the BiggerPockets Money podcast, you’ll get a glimpse of what it takes to achieve financial independence and amass a one-million-dollar net worth. Make no mistake—it’s not easy. Franklin will be the first to tell you that the last five years have been filled with all kinds of successes, challenges, and failures. But if he can do it, YOU can, too!
In This Episode We Cover
How Franklin reached financial independence by thirty in just FIVE years
What you MUST know before investing in commercial real estate
Fast-tracking your real estate journey through the power of local meetups
How to start a real estate business that allows you to leave your W2 job
The secret to forming successful real estate investing partnerships
How to defer capital gains tax on your rental property with a 1031 exchange
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
Connect with Franklin on BiggerPockets
See Scott and Mindy at BPCON2024 in Cancun!
Check Out the Top 100 Cash Flow Markets
Find a Local Real Estate Meetup
Find Answers to Your Real Estate Questions on the BiggerPockets Forums
00:00 Intro
01:10 The 80-Hour Factory Job
08:17 Real Estate Meetups & Partnerships
16:48 Renting to Attorneys
19:32 Selling the Office Building
23:07 “Unicorn” Rentals & 38 Units!
29:14 Starting the Lending Business
32:47 Leaving His W2 & Traveling the World
36:27 Put in the Work!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-544
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
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You dream of retiring early, but you’re stuck in the “middle-class trap.” You’ve built up a solid net worth, maybe own a rental property or two, and on paper, you look like you’re on track to make it rich. But in reality, you don’t feel that way. With all your wealth tied up in home equity or retirement accounts, your “early” retirement may have to be pushed to the traditional age of sixty-five. So, how do you free up some of this wealth so you can start accessing it today to retire early tomorrow?
This is the question Emily and Justin are struggling to answer. They’ve gone from nothing to a substantial net worth—$1,500,000! With big dreams to travel internationally and retire from their jobs in twelve years, they’re wondering if they can still make it to early retirement AND if they can do so while enjoying life a little bit more today. Mindy and Scott offer some unconventional advice for the personal finance space, but it may help this couple feel more secure so they can start living today instead of waiting to finally retire in twelve years!
In This Episode We Cover
The “middle-class trap” that stops even millionaires from retiring early
Why you should NOT sacrifice everything now just to retire a few years earlier
What to do when you struggle to spend more, even on the things you love
Paying off your primary residence early vs. keeping a low-interest mortgage (and what to do with the money instead!)
Putting your pension into your net worth calculation (and how it can get you closer to FIRE!)
Roth conversion ladders and the smart way to save significantly on taxes in retirement
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
Apply to Be a Finance Friday Guest
How to Access Retirement Funds Early
How to Estimate Capital Expenses On a Rental Property
See Mindy and Scott at BPCON2024 in Cancun!
Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together
00:00 Intro
02:19 Frugal Beginnings
07:58 Big Retirement Goals
13:48 Financial Snapshot
14:50 Struggling to Spend Money?
24:18 Can We Retire in 12 Years?
36:45 A HUGE Extra Income Source
45:46 Loosen Up Your Budget!
52:13 Retire Even Earlier?
01:02:09 Emergency Reserves for Rental Properties
01:07:51 Don't Get Caught in The Trap!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-543
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
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Want a personalized financial independence plan that’ll get you closer to early retirement? Well, we’ve got just what you’re looking for! On this second annual “Financial Independence Day,” Mindy and Scott are sharing a new way to get you to financial freedom faster. With so many applications for our “Finance Friday” series, we decided to make a downloadable that allows you to do your own personal finance review AND build a faster path to FIRE!
But before you start filling out your financial independence plan, listen to this episode. We review some common traps and pitfalls that have stopped our Finance Friday guests from achieving financial freedom. We’ll explain exactly what each net worth bracket should focus on, how to get through the saving and investing “grind” to FIRE, and the biggest mistake most people make that will STOP them from ever finding financial independence.
Want to reach financial independence faster? Download the DIY Finance Friday document here, and if you want Mindy and Scott’s personalized suggestions, apply to be a Finance Friday guest!
In This Episode We Cover
How to build your own plan for financial independence and reach early retirement faster
Coming up with your financial snapshot to see a complete picture of your net worth
The biggest opportunities to reach FIRE for different net worth brackets
The “middle-class trap” that will stop you from retiring early (even if you’re wealthy)
Getting through “the grind” and how to know you’re on the right path for FIRE
Whether building wealth comes through a “process” or a “single event,” and how to combine both
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
Apply to Be a Finance Friday Guest
BiggerPockets Money 426 - The New Path to Financial Independence is HERE
BiggerPockets Personal Finance Forum
See Mindy and Scott at BPCON2024 in Cancun!
Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan
00:00 Intro
01:59 FIRE for DIYers
04:45 Your Financial Snapshot
15:25 Opportunities for FI
23:08 Avoiding the “Middle-Class Trap”
32:58 Getting Through The “Grind”
39:32 You NEED Both of These
44:24 Changing Your Path to FIRE
52:07 Happy FI Day!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-542
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
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