BiggerPockets Money Podcast

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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Apply to Be a Finance Friday Guest BiggerPockets Money 120 - Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces BiggerPockets Money 169 - Breaking the Taboo of Talking About Money with Friends, Family, and Bosses w/Erin Lowry 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 cFIREsim (FIRE Calculator) 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 Learn more about your ad choices. Visit megaphone.fm/adchoices

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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder 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! BiggerPockets Money - Episode 110: Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life 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 Learn more about your ad choices. Visit megaphone.fm/adchoices

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! Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Check Out Derek’s Website Derek on BiggerPockets 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 Learn more about your ad choices. Visit megaphone.fm/adchoices

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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! 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

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! Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder See Scott and Kyle at BPCON2024 in Cancun! BiggerPockets Real Estate - Episode 749: From DoorDasher to $1.5 MILLION in Real Estate (All at 22 Years Old!) with Josh Janus 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

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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder 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

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! Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder 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

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 Join BiggerPockets for FREE Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finde Apply to Be a Finance Friday Guest BiggerPockets Money 426 - The New Path to Financial Independence is HERE BiggerPockets Money 157 - The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple BiggerPockets Personal Finance Forum Review Mindy’s Budget 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

Student loan debt can easily get in the way of financial independence, especially if there’s a high interest rate attached to your loans. But should you pay down this debt at the expense of investing for the future? There are several factors we’re going to explore in today’s episode! Lauren is a physician assistant with a stable W2 job, a house hack, and a side hustle that provides her with a little “fun” money each month. But as she and her partner work toward their goal of reaching FI in twenty years, they’ve got some money issues to work out—namely, how to tackle the $150,000 in student loans hanging over their heads. Should they pay down this debt, invest in real estate, or both? Should they put their retirement contributions on hold? One day, they hope to travel the world and enjoy their favorite pastime, kitesurfing! But should they fast-track this dream before planning for a family? Lauren is at a crossroads in her journey to FI, and in today’s episode, Scott and Mindy will provide her with an actionable blueprint she can use to achieve her financial goals, career aspirations, and dream lifestyle. Along the way, you’ll learn when to prioritize aggressive debt paydown, how to strike the perfect investment portfolio mix, and important things to consider before starting a family! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  In This Episode We Cover When to pay down student loan debt rather than invest in real estate Why buying rental property today will leave you with more cash flow in retirement How to financially plan for weddings, honeymoons, children, and other BIG expenses Paying off your primary residence versus buying MORE rental properties How to improve asset allocation with a mix of rentals and retirement accounts 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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder See Scott and Mindy at BPCON2024 in Cancun! BiggerPockets Money - Episode 35: Hacking Your Life to Live for (Almost) Free with Craig Curelop BiggerPockets Money - Episode 514: How to “Travel Hack” Like a Pro and Get FREE Flights, Hotel Stays, and More! 00:00 Intro 01:25 Financial “Wellness” 07:01 Lauren’s Money Snapshot 15:51 MAJOR Career Decisions 22:15 FI in 20 Years (or Fewer!) 27:53 Paying Off $150K Student Loans 36:07 Weddings, Honeymoons, & Kids 44:55 Kitesurfing & Traveling the World! 57:39 Pay Down the Mortgage? 01:02:54 Enjoy Life AND Build Wealth! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-541 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

Renting vs. buying a house: when it comes to FIRE, many people assume that you must own a home and preferably have it paid off to reach financial freedom. But is this really true? With renting so much cheaper than buying in 2024, would it be wiser to rent a place and send the savings to your investment accounts? Today, we’re tackling this topic and a few other heavy hitters as we give our takes on four of the hottest financial headlines. Kyle Mast, certified financial planner, joins Scott Trench to share FIRE-first thoughts on these not-so-easy-to-answer questions. First, we give our take on the ever-relevant renting vs. buying debate and ask whether things have changed since high mortgage rates have made buying a home much more expensive. Then, how do you manage savings and investments with interest rates so high—should you keep your money in a high-yield savings account or search for better opportunities even with savings yields so high? Think your nest egg is a little too light? We share the average 401(k) balance for those close to retirement and give our strategies to boost retirement savings before you leave full-time work. Finally, for those struggling to take care of elderly parents, our last headline is for you. We talk about the growing number of Americans physically, mentally, andfinancially caring for aging parents and how you can set yourself up in the best position possible to care for those in your life. In This Episode We Cover Buying vs. renting a house in 2024 and whether homeownership is required for FIRE The best housing investments you can make to propel your net worth and savings rate Saving and investing during higher interest rates and the type of “opportunities” you must be looking out for The shocking average 401(k) balance and what you can do to increase income in retirement How to ensure your children DON’T have to financially care for you in your old age 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 Join BiggerPockets for FREE Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finde Renting is Increasingly Cheaper Than Buying a Home How to manage retirement savings with interest rates remaining elevated This Is the Average 401(k) Balance for Ages 55 to 64 When Caring for Your Parents Comes at a Cost to Your Career See Scott at BPCON2024 in Cancun! Grab the Book, “First-Time Home Buyer” Hear Our Episodes with “Catching Up to FI”: BiggerPockets Money 537 - Late Start, Early Retirement: A Step-by-Step Guide to Get On Track to FI BiggerPockets Money 538 - Late Start, Early Retirement: The Huge Advantages of Investing Later in Life 00:00 Intro 01:57 Renting vs. Buying a House 10:49 Best Home Purchase for FI? 13:35 Saving and Investing with High Rates 25:05 Average 401(k) Balance  33:02 Caring for Elderly Parents  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-540 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

Want to retire early? You don’t have to wait until age sixty-five. With a few cash-flowing assets and smart money moves, you could accelerate your path to retirement and enjoy your riches much sooner than you thought possible! Welcome back to the BiggerPockets Money podcast! Derek has worked hard to build a $1.7 million net worth and a portfolio of six rental properties. The only problem? He wants to retire at age fifty. In this episode, Mindy and expert investor David Greene from the BiggerPockets Real Estate podcast work together to get Derek on the fastest path to early retirement. If he plays his cards right—redeploying some of his “lazy” home equity, increasing his cash flow, and starting a profitable business or side hustle—he could reach FIRE in just seven years! Are you wary of today’s sky-high mortgage rates? We share an investing strategy that allows you to buy real estate notes at a deep discount and potentially acquire properties that are worth so much more! You’ll also learn how to use your 401(k) retirement funds today without incurring tax penalties. Finally, you’ll hear about the power of starting a business and reinvesting your profits! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  In This Episode We Cover Creative money strategies that will fast-track your path to early retirement How to leverage your 401(k) retirement funds today without tax penalties Boosting your cash flow by converting properties into short-term rentals How to start a business with low money (and where to reinvest your profits!) How to (potentially) acquire valuable rental properties at a HUGE discount When you should hire someone to help manage your real estate portfolio 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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder How to Access Retirement Funds Early Check Out J Money’s blog, “Budgets Are Sexy” Check Out Nick Loper’s podcast, “The Side Hustle Show” Hear David on the "BiggerPockets Real Estate" Podcast BiggerPockets Money - Episode 443: The Entrepreneur’s Guide to FI: A Day in the Life of a Finance Blogger BiggerPockets Money - Episode 520: The BEST Side Hustles You Can Start in 2024 (Outside of Real Estate!) 00:00 Intro 01:45 $1.7M Net Worth! 10:20 Derek’s Money Snapshot 18:26 7 Years to FIRE 29:37 Moving “Lazy” Equity 39:42 Note Investing 101 48:45 Starting a Business Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-539 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

Are you a late starter who wants to reach retirement (or early retirement)? Then we’ve got just what you need! We’re back with Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast as we share how to invest for retirement as a “late starter.” Did you know there are some serious advantages to investing later in life? Some of these advantages are so secret that even our hosts didn’t know about them! But today, we’re sharing them with you so you can achieve financial freedom on your terms! From top to bottom, we’re sharing everything you need to retire sooner—from the best retirement accounts to debating 401(k)s vs. Roth IRAs vs. HSAs and more! Worried about healthcare if you retire before you turn sixty-five? DO NOT put your retirement plans on pause because of this! With some smart healthcare saving and investing, you won’t have to worry about visits to the doctor’s office! But before you start investing, we need to get your spending in check. Bill shares how he went from paycheck to paycheck to exploding his savings rate by “downsizing” his spending, which makes reaching financial independence even easier! If you’re ready to retire, stick with us and follow these steps to a tee if you want to be financially free! Missed part one? Listen to it here! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  In This Episode We Cover How much do you need to retire? Here’s the exact calculations we use The best retirement accounts to invest in that have substantial tax advantages Social Security and whether or not you can plan on receiving it when you retire  The “triple tax benefit” healthcare account that you’ll wish you knew about sooner How to “downsize” your life so you can invest more and retire faster  “Catch up” retirement investing and the investment accounts that late starters must take advantage of 401(k)s vs. Roth IRAs vs. HSAs: Which should you invest in first? 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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Finance Friday: How to Get to Early Retirement Even Faster BiggerPockets 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) w/Bill Yount BiggerPockets Money 527 - Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE w/Jackie Cummings Koski Want to Be a Guest on the BiggerPockets Money Show? Apply Here Catching Up to FI Podcast HSA – The Ultimate Retirement Account Open Social Security The Shockingly Simple Math Behind Early Retirement 00:00 Intro 01:19 Create a Simple Plan 04:58 How Much Do I Need to Retire? 09:18 What About Social Security?  16:27 Reducing Your Expenses 19:59 Healthcare and HSAs 33:28 Best “Catch Up” Investments  38:31 Roth vs. HSA vs. 401(k)  47:34 Investing Beyond Retirement Accounts  49:38 It’s NEVER Too Late!  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-538 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

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! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities!  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 BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Finance Friday: How to Get to Early Retirement Even Faster BiggerPockets 422 - The Late Starter’s Guide to Financial Independence (Even in Your 50s!) w/Bill Yount BiggerPockets Money 527 - Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE w/Jackie Cummings Koski Want to Be a Guest on the BiggerPockets Money Show? Apply Here 00:00 Intro 01:14 Late Start, Early Retirement 06:01 Before You Can Start 08:06 “Backwards” Budgeting  17:12 Make a Plan  28:26 Acknowledge Your “Lessons”  33:19 Stick Around!  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-537 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

If you get your property management wrong, you could lose tens of thousands of dollars. A sketchy property manager could take all your rent and run, leaving you with the bills and no hope of recovering your long-lost rent checks. That’s precisely what happened to today’s guest, a seasoned real estate investor who’s even looked up to as an expert in the industry. Even he made a sizable property management mistake, and in this episode, we’re trying to help you avoid the same fate. The BiggerPockets Podcast Network is bringing you a crossover episode with the Real Estate Rookie podcast’s Ashley Kehr and the BiggerPockets Money podcast’s Scott Trench. Scott is not only the host of BiggerPockets Money but also the CEO of BiggerPockets. And today, he’s sharing every painful detail about how he lost over $40,000 by hiring a bad property manager. This IS an avoidable mistake, but some easily overlooked red flags could put you in the same position as Scott unless you’re very careful. Scott shares the entire story and gives the top red flags to look out for. He’ll explain why he DOESN’T give his whole portfolio to one property manager, why you MUST set communication standards from the start, the questions EVERY investor should ask before hiring a property manager, and the fees you should refuse to pay the next time you outsource your property management. Need a property manager? We’ll share the best tool ANYONE can use to find a property manager TODAY! In This Episode We Cover Deadly property management red flags and signs you should run from a property manager Why you never, EVER give your entire portfolio to a single property manager/property management company Simple questions to ask that immediately show if a property manager is legit Negotiating fees and why Scott is okay with paying a higher monthly rate Communication expectations and what a property manager should be sending you EVERY month The easiest way to find a great property manager wherever you invest 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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Want to Self-Manage Your Rentals Instead? Grab the New Book, “Self-Managing Landlord” Ask Other Investors Your Property Management Questions on the BiggerPockets Forums Past Episodes Mentioned in Today’s Show: Real Estate Rookie 59 - Rookie First-Time Home Buyer Questions Answered by Scott and Mindy Real Estate Rookie 200 - Scott Trench’s 10-Step Checklist to Buy Your First Rental Property Real Estate Rookie 401 - Boost Your Cash Flow in 2024 with These “Self-Management” Tips BiggerPockets 513 - The “Red Flags” of Investment Fraud from a Former $3.8M Ponzi Scheme Manager Connect with Ashley on BiggerPockets Connect with Scott on BiggerPockets 00:00 Intro 01:20 Hiring the Property Manager  03:37 Things Start Going Wrong  06:12 Losing $40K! 09:32 Property Manager Red Flags  15:39 Questions You MUST Ask 23:34 Negotiating Fees  30:05 Asset Type Matters!  34:54 Communication Expectations  37:29 Vetting for Legitimacy  43:16 Find a GREAT Property Manager  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-536 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

What would it take for you to achieve financial freedom? Now, think about what it would take for you to achieve it for your family. Many of us have parents we’ve seen work day in and day out, providing for us when it meant putting their dreams on the back burner. But what if you could repay your parents for all they’ve done for you, helping them retire and ensuring they can truly live the life they love without worrying about money? That’s exactly what today’s guest did for her mother and herself. After her parents divorced when she was a teenager, Delyanne Barros began what seemed like a two-decade-long non-stop grind. Fearing what would happen to not only herself but her family if she didn’t provide, Delyanne chose to go to law school to not only help those in need but also bring home a steady paycheck that would support her and her mother. After realizing that the nine-to-five grind wasn’t what she thought, Delyanne began searching for a way to get into a better financial position. As a result, she found the debt-free and the FIRE movements. Now, only in her early forties, she’s already started a business that brings in millions, retired her mother, achieved financial freedom, and did it all just within six years of finding the FIRE movement. Her biggest tip for success: Take a calculated risk and bet on yourself! If you want to find FIRE like Delyanne did, don’t skip this one! In This Episode We Cover When it’s worth it to quit your “dream job” to start your own business and bet on yourself Supporting your family and retiring your parents BEFORE they’re sixty-five years old Why even lawyer salaries often can’t afford you the life you want to live Paying off huge student loan debt and why you SHOULD invest before you’re debt-free The importance of investing EVEN when the market is dropping fast and you’re feeling fear Why you DON’T have to be self-employed to achieve FIRE (but you DO need to take risks) 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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder What Is the FIRE Movement? How to Calculate the Risks Before Investing The Mad Fientist on Early Retirement in Your 40s and 4% Rule Updates From Extreme Poverty to DIY Wealth and 2 Full-Time Incomes w/The She Wolfe of Wall Street 00:00 Intro 01:10 Supporting Her Family as a Teen  07:34 Why Law School?  14:15 Finding FIRE and Switching Gears  21:50 Watching the Market Crash 27:37 Quitting Her High-Paid Job  35:35 Can W2 Workers Achieve FIRE? 39:19 Retiring Her Mom  41:44 Best FIRE Advice 42:54 Connect with Delyanne! 43:24 Take a Risk!  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-535 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

Could Coast FI be your BEST path to financial independence? Maybe you don’t want to retire early—not yet, at least. Hustle for a few years, invest your money, and watch it snowball instead! This twenty-four-year-old saved nearly $100,000 with this strategy, and in today’s episode, she’ll show you how to do the same! Emma von Weise was determined to take control of her finances at a very early age, getting her first job at just fourteen years old and saving money at every opportunity. This allowed her to not only escape college debt-free but also build a $99,000 net worth, a figure that will make her Coast FI until retirement—which isn’t on the radar anytime soon! Using her newfound financial freedom, Emma has built her “dream” life by working in a field she loves and taking plenty of time off to travel. In this episode, Emma shares about all of the different jobs and side hustles she took up to supercharge her savings, as well as several creative “hacks” she used to help fund her college tuition. She also talks about some of the pivotal moments that shaped her views on personal finance, such as discovering the power of compound interest and finding an entire support system through the FI community! In This Episode We Cover How Emma became Coast FI by twenty-four and built a $99,000 net worth Creative ways to fund your college education and escape debt-free The real value of buying used cars from private owners (and where to find deals!) How to create a fun and fulfilling life you don’t want to retire from How to fast-track your fortune using the power of compound interest Making your money work harder for you after stockpiling cash 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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money Episode 474 - Mindy and Scott’s Favorite Sleepaway Camp for FIRE Chasers BiggerPockets Money Episode 449 - Coast FI in 4 Years: Cutting Expenses, Doubling Your Income, & HUGE Savings BiggerPockets Money Episode 323 – Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love w/Jessica from The Fioneers Learn More About EconoMe Conference 00:00 Intro 01:18 Working & Saving at 14! 07:32 Taking Control of Her Finances 10:52 Buying Used Cars 15:32 Creative Ways to Fund College 23:28 Learning to Invest 30:12 Joining the FI Community 37:48 $99K Net Worth at 24! 45:07 The Power of Coast FI Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-534 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

Are you working towards FIRE or building a financial legacy? Then DON’T skip this episode! What’s the point of creating generational wealth if it will be lost after you’re gone? Jenny Rozelle, estate and elder attorney, is back on the show to answer some of our most pressing questions about wills, trusts, estate planning, and everything in between! She’s got some answers that even personal finance experts Mindy and Scott didn’t know. And if you’re just starting to think about preserving your future wealth, this episode may shock you, too. From “napkin” wills to bad inheritances, protecting your heirs’ wealth from potential future divorce, and whether or not you’re owed millions after your tipsy Aunt promised you her vacation home, Jenny clears up all the misconceptions that most Americans have about inheritance and estate planning.  Plus, if you’ve got children or loved ones you’re planning to pass your wealth on to, it’s crucial to follow Jenny’s advice on updating your will. Neglecting to update your estate plans or planning around the wrong people could put your wealth at risk!  Check out Jenny’s part one episode here!  In This Episode We Cover Whether or not a verbal promise of inheritance will hold up in the future  Revocable vs. irrevocable trusts and the ONLY two situations you’d choose an irrevocable one When to update your will and why Jenny DOESN’T keep a set timeline  Protecting your heirs from losing their inheritance to divorce  What to do when you get an inheritance that brings you more headache than it’s worth  Why communication is critical in estate planning and who you should estate plan with  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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 532 - Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake w/Jenny Rozelle BiggerPockets Money 401 - The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future BiggerPockets Money 503 - How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!) 00:00 Intro 01:28 Revocable vs. Irrevocable Trusts 02:29 The Estate Planning Timeline 05:35 Verbal Promises and Inheritance  10:21 When to Update Your Will 12:04 Protecting from Divorce  14:58 Who to Estate Plan WITH 18:23 The Downside of Inheritance  22:54 The “Napkin” Will 25:34 Make Your Estate Plan Today!  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-533 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

You’re working hard to build wealth, but without estate planning, your assets could easily land in the wrong hands, causing your family a great deal of trouble. No one likes thinking about their death, but you NEED to tackle this issue head-on if you hope to preserve your legacy! Welcome back to the BiggerPockets Money podcast! Today, we’re tackling two of the most taboo topics—death and money—with estate and elder attorney Jenny Rozelle. If you’re nearly ready to retire, you MUST develop an estate plan. Otherwise, intestate succession laws will determine your fortune’s fate. Even if you’re young and have little to your name, there are basic steps you can take today to ensure that your current and future assets don’t go to the wrong person. In this episode, you’ll learn how to find the BEST estate planning attorney and prepare for your first meeting. Jenny also shares the truth behind probate and why it isn’t nearly as painful as it sounds! Stick around for part two, where we rapid-fire estate planning questions at Jenny as she shares information even we didn't know about! In This Episode We Cover Basic estate planning documents every person needs (regardless of age) What really happens in probate court (and why it’s NOT as scary as it sounds) Intestacy explained, and how to stop your assets from landing in the wrong hands How to make sorting out your estate as easy as possible for your loved ones 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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 397 - Estate Planning, Wills, and What to Do NOW to Protect Your Heirs BiggerPockets Money 401 - The Post-Passing Plan: 3 Steps to Protect Your Family’s Financial Future BiggerPockets Money 503 - How to Keep MORE of Your Inheritance From the IRS (Avoid These Tax Mistakes!) 00:00 Intro 01:27 Why You NEED an Estate Plan 07:52 Finding an Attorney & Probate 101 18:10 First Steps for Early Retirees 24:56 Getting Organized & Estate Planning Costs 37:00 Connect with Jenny! 37:29 Start Planning Today! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-532 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

If you follow these nine steps, you will reach financial independence. How do we know? Well, The Money Guy Show’s Brian Preston and Bo Hanson have tested it hundreds of times! Using this simple but extremely powerful “financial order of operations,” anyone from any background can achieve FIRE, even starting with nothing. From free money to becoming easily debt-free, building a solid financial foundation, and even paying off your mortgage early, Brian and Bo break down the exact route to financial freedom anyone can take. But first, we’ll discover if you’re a “financial mutant.” The fact that you’re listening to BiggerPockets Money already proves that you might be. But for those who have struggled with high-interest credit card debt, low savings, and lackluster investing, this episode has EVERYTHING you need to become a financial powerhouse by making nine smart money moves.  We’ll walk through the entire financial order of operations, from saving money to cover your deductibles to building an emergency reserve, paying off bad debt, and the “hyper-accumulation” stage you must reach to watch your net worth explode. If you’re ready to take the steps to realize financial freedom in the not-so-distant future, stay with us and grab Brian’s newest book, Millionaire Mission!  In This Episode We Cover The nine-step "financial order of operations" that will lead you to financial independence Why building a $1,000 emergency fund is NOT enough and how much you really need Whether or not to pay off your “high-interest” debt depending on your age  Why Brian and Bo advise people NOT to invest in real estate until they’re at THIS stage  The one investment account to max out before all the rest (it’s NOT your 401(k)!)  The “hyper-accumulation” stage that will explode your wealth (IF you can reach it) 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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder BiggerPockets Money 404 - How to Build Wealth in Three Simple Steps w/The Money Guy Show BiggerPockets Money 510 - Morgan Housel: Financial Lessons From History Anyone Can Use to Get Rich Grab Brian’s New Book, “Millionaire Mission” 00:00 Intro 01:38 Financial "Mutants" Among Us 02:52 The Financial Order of Operations  05:54 Cover Your HIGHEST Deductible  07:38 Get Your Employer Match 09:49 Build an Emergency Reserve  11:11 Paying Off "High-Interest" Debt 22:23 DON'T Invest in Real Estate? 28:34 "Hyper-Accumulation" of Wealth 36:47 Prepay Future Expenses  38:22 Pay Off LOW-Interest Debt 46:11 Grab the New Book! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-531 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

You DON’T have to spend your entire life chasing financial independence. Play your cards right, and you may not even need a whole decade! With a little hard work and sacrifice, today’s guest became a millionaire (and financially free) in just SIX years! Welcome back to the BiggerPockets Money podcast! After years of “drifting” through life and racking up bad debt, Erichad a moment when he realized he might not be able to rely on his W2 income for as long as he had hoped. Seeing the writing on the wall, he decided to get serious about achieving financial independence—buying rental properties, fixing them up, and eventually flipping them for a huge profit. One “home run” deal catapulted him toward his FI goal and a $1 million net worth! If you dream of financial freedom but don’t want to spend your whole life getting there, this episode is for you! Eric offers some helpful advice for those who are looking to start their own FIRE journey—including why new investorsshould buy “grandpa’s house,” how to uncover “rare” real estate deals on the multiple listings service (MLS), and how to get the maximum return on a few years of sacrifice! In This Episode We Cover How Eric became a millionaire and reached financial independence in SIX years Why buying “grandpa’s house” is a cheat code for building wealth How to start fixing and flipping houses (and turn a HUGE profit!) How to find “rare” real estate deals on the multiple listings service (MLS) Building your real estate portfolio by using your profits to buy MORE properties 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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Grab Your Copy of “The Book on Flipping Houses” BiggerPockets Money 516 - Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke BiggerPockets Money 481 - Building a $1 Million Net Worth in Only 3 Years by Investing in Real Estate Connect with Eric on BiggerPockets 00:00 Intro 01:22Millionaire in 6 Years! 03:34 Buying “Grandpa’s House” 09:04 Eric’s BIG Turning Point 15:24 The Journey to $1 Million 19:08 The “Home Run” Rental 31:45 Moving to New Hampshire 33:13 How to Reach FI 36:13 Share Your Money Story! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-530 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