BiggerPockets Money Podcast

Is My Spending Reasonable? This Data Set Will Tell You

Are you actually spending too much, or does it just feel that way because of where you live? In this episode of the BiggerPockets Money Podcast, Mindy Jensen and Scott Trench break down a new budget benchmarking tool that compares your spending to households like yours using real government data, regional cost-of-living adjustments, fair market rents, childcare costs, and local pricing. They explain the difference between cost of living and affordability, compare high-cost and low-cost cities, and show how housing, transportation, and income all impact your path to financial independence. You'll learn how to benchmark your own budget, identify areas where you may be overspending, and use data, AI, and your own transaction history to make smarter financial decisions. Whether you live in a high-cost city or a low-cost market, this episode will help you optimize your spending, increase your savings rate, and reach financial independence faster. To go beyond the podcast: * Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ [https://biggerpocketsmoney.com/] * Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  * Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney [https://www.facebook.com/groups/BPMoney] We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Why $500K Is More Important Than $1 Million (Coast FIRE)

Is $500,000 actually a more important financial milestone than becoming a millionaire? In this episode of the BiggerPockets Money Podcast, Mindy Jensen sits down with Evan Lawler to explore why reaching $500K early could put you on track for Coast FIRE and potentially grow into millions by traditional retirement. They discuss the power of compound interest, high savings rates, intentional spending, and why financial independence doesn't always mean retiring early. Mindy and Evan also dive into the psychology of money, including the difference between being frugal and being cheap, building healthy spending habits after years of saving, and how lifestyle inflation, family, and changing priorities affect your FIRE journey. Whether you're just starting to invest or already pursuing financial independence, this episode will help you rethink the milestones that matter most. To go beyond the podcast: * Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ [https://biggerpocketsmoney.com/] * Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  * Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney [https://www.facebook.com/groups/BPMoney] Connect with Evan Lawler: * Instagram: https://www.instagram.com/the_financialfoundation/ * Email: The.FinancialFoundation00@gmail.com * YouTube: https://www.youtube.com/@The_FinancialFoundation [https://www.youtube.com/@The_FinancialFoundation] We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Should You Stay for the Military Pension? The Math Might Surprise You

Military service offers more financial advantages than most Americans realize, but is staying for a 20-year pension always the smartest move? In this episode of the BiggerPockets Money Podcast, Mindy Jensen and Scott Trench sit down with Carol and Doug to discuss how military benefits can accelerate financial independence. They cover military pensions, VA disability compensation, TRICARE, reserve retirement, and the opportunity cost of leaving active duty for a civilian career. Carol shares how she left active duty after five years, joined the reserves, and built wealth through disciplined investing. Doug explains why military compensation is worth more than base pay alone, how to think about pensions as a probabilistic asset, and why quality of life should be part of every financial decision. Whether you're active duty, a reservist, a veteran, or pursuing Financial Independence (FIRE), this episode is packed with practical strategies for building long term wealth. To go beyond the podcast: * Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ [https://biggerpocketsmoney.com/] * Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  * Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney [https://www.facebook.com/groups/BPMoney] Connect with Carol and Doug: * Carol: https://www.facebook.com/NextGenFinance [https://www.facebook.com/NextGenFinance] * Doug: militaryfinancialindependence.com [http://militaryfinancialindependence.com/]AND Nordsnords@gmail.com [Nordsnords@gmail.com] Resources from Todays Episode: * https://themilitarywallet.com/leave-active-duty-for-reserves/ * https://militarypay.defense.gov/Calculators.aspx [https://militarypay.defense.gov/Calculators.aspx] * https://militarypay.defense.gov/calculators/rmc-calculator/ [https://militarypay.defense.gov/calculators/rmc-calculator/] * https://tricare.mil/Plans/HealthPlans [https://tricare.mil/Plans/HealthPlans] * https://militaryfinancialindependence.com/2024/06/27/why-you-file-your-veterans-disability-claim-not-just-how/ [https://militaryfinancialindependence.com/2024/06/27/why-you-file-your-veterans-disability-claim-not-just-how/] We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

The Best Early Retirement Withdrawal Strategy (6 Proven Frameworks)

Reaching financial independence is only half the battle, knowing how to withdraw your money in early retirement is just as important. The right withdrawal strategy can help you minimize taxes, avoid unnecessary penalties, and make your portfolio last longer. In this episode of the BiggerPockets Money podcast, Mindy Jensen and Scott Trench break down six early retirement withdrawal frameworks. Whether you're planning to retire before age 59.5 or you're already financially independent, you'll learn how to access your retirement savings, reduce your tax bill, and create a withdrawal plan that fits your goals. If you're pursuing FIRE (financial independence retire early), this episode will help you make smarter decisions with the money you've worked so hard to build. Resources from this episode: * To access the slides from this episode: www.biggerpocketsmoney.com/withdraw * To use the Healthcare Costs Projection App: https://biggerpocketsmoney.com/healthcarecosts/ To go beyond the podcast: * Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ [https://biggerpocketsmoney.com/] * Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  * Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney [https://www.facebook.com/groups/BPMoney] We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Has the FIRE Number Gone from $1M to $2.5M?

In this episode of the BiggerPockets Money podcast, Mindy Jensen and Scott Trench tackle one of the biggest questions in the FIRE movement: Why has the traditional $1 million FIRE goal grown to $2.5 million or more? They discuss how inflation, rising living costs, lifestyle changes, and retirement planning have reshaped what financial independence looks like today. You'll learn how the 4% rule, healthcare, geography, and spending habits influence your financial independence number. Whether you're pursuing FI or early retirement, this episode will help you determine how much you really need to retire and build a plan that fits your goals and lifestyle. To go beyond the podcast: * Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ [https://biggerpocketsmoney.com/] * Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  * Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney [https://www.facebook.com/groups/BPMoney] We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]