BiggerPockets Money Podcast

• The “Set It and Forget It” Path to FIRE by Your 40s

  If you invest consistently, reaching FIRE (financial independence, retire early) by your mid-40s is absolutely possible. These two financial-freedom-chasing twins are proof of it! Only in their 20s, both Andy and Oliver from Twin Finances have six-figure net worths, rental properties, and fully-loaded stock accounts! Conveniently, right after getting their first jobs, they found out about the FIRE movement, and have been quickly approaching their FIRE numbers ever since! Andy and Oliver have made substantial financial progress in just six years by doing what’s simple—a “set it and forget it” investing strategy that means less stress and faster FIRE. With $2M FIRE goals each, they’ve got a big gap to fill, but starting in their 20s gives them a huge leg up. In this episode, they break down their net worths, assets, and how they balance stocks and real estate to stay on track for FIRE by 45!  Are you new to the FIRE movement? Check out Andy and Oliver’s beginner channel for personal finance, Twin Finances, and subscribe to BiggerPockets Money! In This Episode We Cover The “set it and forget it” investing strategy for FIRE by your mid-40s  Why you MUST be flexible with your FIRE number as your life changes  How to handle market corrections and crashes without losing your FIRE progress  Andy and Oliver’s impressive net worths (they’re only in their 20s!) Combining rental properties and consistent stock investing to diversify your FIRE income And So Much More! Check out more resources from this show on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.biggerpockets.com/blog/money-645 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

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• Leaving His Job at 36 to Give Back, NOT Get Rich During FI

  For many of us, FI (financial independence) isn’t just about having the biggest bank account. Growing wealth is one thing, but getting rich isn’t the goal. Freedom, time with loved ones, and giving back to your community are. So, when he reached the millionaire mark and achieved Coast FI, Ryan Brennan knew it was time to leave his new director role and focus on something that fueled his FIRE in a non-financial way. But, how did he get to a seven-figure net worth in his mid-30s anyway? A few very savvy (and repeatable) money moves catapulted Ryan’s net worth, allowing him to reach a level of financial freedom three decades before traditional retirement age. Through smart investing, unconventional living, and using his money to multiply his investments, Ryan secured the financial runway to enjoy a long sabbatical, doing what he truly loves—service work. After multiple volunteering trips, Ryan started the FI Service Corps, a group for those on their way to (or at) FI to give back to the community and help others in less fortunate positions. Ryan and his FI Service friends have helped build houses for qualifying low-income families, laid floors, and painted for Habitat for Humanity, and done it all while staying on track for early retirement. Want to give back, too? Join Ryan on a FI Service Corps volunteer trip!  In This Episode We Cover Repeatable money moves Ryan made to reach Coast FI by 36  Why financial independence is so much more than just growing your net worth (it’s about giving back!) How to know you’re ready to take a sabbatical or quit your job  The live-in flip house hack strategy that will supercharge your FIRE progress  Why Slow FI may be even better than retiring as early as possible  How to join Ryan and other FI friends on a trip to help those in need And So Much More! Check out more resources from this show on ⁠⁠⁠⁠⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.biggerpockets.com/blog/money-644 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

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• If No One Follows the 4% Rule, What IS the Right Withdrawal Rate?

  Most people assume the “safe withdrawal rate” for retirement (or early retirement) is 4%. But, if that’s the case, why is it SO hard to find anyone who’s gotten to their FIRE number, quit their job, and lived entirely off of the 4% rule? If the 4% rule is so safe and backed by solid math, why are so few FIRE followers confident enough to actually use it? We don’t know. So we asked Karsten, AKA “Big Ern,” from Early Retirement Now to help answer! Karsten has done the math, and the 4% rule checks out. But even he, an early retiree, doesn’t follow it. So, instead of the safe withdrawal rate, what’s the comfortable withdrawal rate early retirees should be following to FIRE on time and with less stress? And with turbulence in today’s stock market, and rising prices (which cause your spending to rise), what does the right FIRE portfolio look like? Karsten walks through how your portfolio should change as you approach FIRE. He explains why hedging with cash-flowing assets may be a smart move, how much cash to keep on hand, and whether those reserves can actually protect against sequence risk. Plus, should you pay off your mortgage on the path to FIRE? Scott and Karsten offer two different perspectives on whether it’s smarter to pay off your mortgage or invest that money instead. If you’re planning to FIRE, this is info you need to know! In This Episode We Cover Is the 4% rule math or myth, and why doesn’t anyone actually trust it enough to use it? The optimal FIRE portfolio for less risk and higher potential returns  Cash reserves and emergency “buckets” to limit your sequence of returns risk  Should you pay off your mortgage early or invest that money instead? One smart hedge to protect your portfolio against a stock market downturn  And So Much More! Check out more resources from this show on ⁠⁠⁠⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠https://www.biggerpockets.com/blog/money-643 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

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• No, Taxes Won’t Derail Your FIRE: Here’s What You’ll Really Pay in Retirement

  No, Taxes Won’t Derail Your FIRE: Here’s What You’ll Really Pay in Retirement Podcast Description Taxes in retirement have been called a “silent wealth killer” for those pursuing FIRE—but does the data tell a different story? If you’re worried about a ticking tax bomb wiping out a huge chunk of your investment portfolio or even delaying early retirement, you won’t want to miss this one! Welcome back to the BiggerPockets Money podcast! Today, we’re joined by fellow investor and self-proclaimed data nerd Mark Livingstone, who has created a free resource and spreadsheet YOU can use to estimate your tax burden in retirement. For most early retirees, taxes are negligible compared to the amount of income they can withdraw, and Mark will demonstrate this with a step-by-step walkthrough of his powerful FIRE tax tool! Along the way, you’ll learn the key differences between marginal and effective tax rates and why people who retire today pay much less tax than in decades prior. You’ll also hear about the four income “levers” you can pull in retirement, when income tax and capital gains tax kick in, and how to build the most tax-friendly withdrawal strategy possible! In This Episode We Cover Why taxes in retirement aren’t nearly as bad as you probably think A step-by-step walkthrough of Mark’s free retirement tax spreadsheet How the United States’ progressive income tax system works Marginal and effective tax rates explained (and how they impact your tax burden) The four income “levers” you can pull in retirement (and how each is taxed) How taxes impact the safe withdrawal rate (and why the 4% rule works) And So Much More! Check out more resources from this show on ⁠⁠⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠https://www.biggerpockets.com/blog/money-642 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

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• Scott Steps Down as CEO: A New Age for BiggerPockets Money

  BiggerPockets’ CEO Scott Trench announces his decision to step down as CEO, and focus full-time efforts on personal finance content with BiggerPockets Money. We also welcome BiggerPockets’ new CEO, Ale Ayestaran. Learn more about your ad choices. Visit megaphone.fm/adchoices

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