BiggerPockets Money Podcast

If you follow the almost unbelievable path of today’s guest, you, too, could achieve financial independence [https://www.biggerpockets.com/blog/money-426] in your thirties. Would we recommend mimicking his strategy step-by-step? No! Because if you get it wrong, you could be further from FIRE [https://www.biggerpockets.com/blog/fire-financial-independence-retire-early] than when you started. Only the most prudent, risk-tolerant, and financially savvy among us could do what Andrew Schrader did.  After racking up six figures in car loans and student debt [https://www.biggerpockets.com/blog/biggerpockets-money-podcast-267-robert], Andrew knew something needed to change quickly. Thanks to his financial discipline, he paid his debts down fast, but what would he now do with the money he was sending toward debt every month? After a coworker threatened to quit on the spot without a care in the world (the coworker was FI), Andrew knew exactly what his next goal was. So, he set out to do the impossible: Stretch his dollar as frugally as possible, spending in a year what many Americans live off of for a month and taking calculated bets that he knew the risks of. His unbelievable journey to FI will have you squirming in your chair (like Mindy did!) as you hear what incredible lengths you can go to reach your financial goals WAY faster than most Americans.  In This Episode We Cover How to reach financial freedom [https://www.biggerpockets.com/blog/financial-freedom-at-the-lowest-barrier-of-entry] in your thirties by taking “calculated” risks  The exact method Andrew used to pay off $100,000 in debt  Why house hacking may be the single best decision for FIRE-chasers  Why Andrew put an entire home renovation on a credit card when he was close to broke Emergency funds [https://www.biggerpockets.com/blog/how-much-do-you-need-to-save-in-an-emergency-fund] 101 and why it’s crucial to have money in the bank when buying real estate  Saving tons of money by cutting out a “category” every month  And So Much More! Links from the Show Mindy on BiggerPockets [https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none] Scott on BiggerPockets [https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none] Listen to All Your Favorite BiggerPockets Podcasts in One Place [https://www.biggerpockets.com/podcasts?utm_source=youtube&utm_medium=description&utm_campaign=none] Join BiggerPockets for FREE [https://www.biggerpockets.com/signup?utm_source=owned_media] Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group [https://www.facebook.com/groups/3307645739309341] BiggerPockets Creative Financing Forum [https://www.biggerpockets.com/forums/50] Finding and Funding Great Deals [https://store.biggerpockets.com/products/finding-and-funding-great-deals] Raising Private Capital, Revised Edition [https://store.biggerpockets.com/products/raising-private-capital-revised-edition] Wealth without Cash [https://store.biggerpockets.com/products/wealth-without-cash] Andrew’s YouTube Channel  [https://www.youtube.com/channel/UC3daSJrdgY4KTH96kQmme2A] Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate [https://www.biggerpockets.com/connectinvest] Grab "The Book on Investing in Real Estate with No (and Low) Money Down" [https://store.biggerpockets.com/products/investing-in-real-estate-with-no-and-low-money-down?utm_source=owned_media] Find an Investor-Friendly Agent in Your Area [http://biggerpockets.com/agentmatch] House Hacking 101: What It Is and How to Get Started [https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy?utm_source=youtube&utm_medium=description&utm_campaign=none] Connect with Andrew [https://biggerpockets.com/users/andrews310?utm_source=youtube&utm_medium=description&utm_campaign=none] (00:00) Intro (01:48) Stock Betting and $100K Debt (04:12) Watching His Coworker FIRE (07:16) Income and “Overtime” (08:41) Taking SERIOUS Risk (BIG Reward!) (16:21) 10Xing His Money (19:46) Rock Bottom Expenses (27:34) Building a Business (36:45) Quit His Job? (43:16) Make the RIGHT Bets Check out more resources from this show on BiggerPockets.com [https://www.biggerpockets.com/] and https://www.biggerpockets.com/blog/money-583 [https://www.biggerpockets.com/blog/money-583] Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com [advertise@biggerpockets.com] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Would you move abroad to reach FI faster? That wasn’t Brooklin Nash’s original goal when he left the US and began freelancing from afar. But now, years later, he realizes how much of a leg up he has financially by going all-in on “geo arbitrage.” He’s saving a boatload in Guatemala, paying less to live the life he loves, and enjoying a tiny tax bill. Now in his mid-thirties, he’s already Coast FIRE [https://www.biggerpockets.com/blog/money-323] and works when and where he wants. But Brooklin’s money story didn’t start so stable. Being raised in a home with “risky” finances, to say the least (pyramid schemes [https://www.biggerpockets.com/blog/money-369], gambling, etc.), left him scarred and constantly worrying about keeping enough money in the bank. Thankfully, he changed his ways and realized that making money, rather than just saving every cent, was crucial to becoming financially free [https://www.biggerpockets.com/blog/financial-freedom-at-the-lowest-barrier-of-entry]. He’s paid off a significant sum in student loans and did it all while making a very meager income. Then, he scaled from freelancing abroad to building an entire business, making a phenomenal income while living in a low-cost-of-living area. He’s living his dream life outside the US, making more money than Americans at home. Imagine what THAT can do for your FIRE number [https://www.biggerpockets.com/blog/discover-you-fire-number]!  In This Episode We Cover Using “geo arbitrage” to save more, invest more, and lower your cost of living  An almost unbelievable income tax exclusion Americans abroad can access  How Brooklin paid off $80,000 in student debt (even on a lower income) Turning your freelancing work into a full-blown (and VERY high-paying) business  Why the optimal FIRE [https://www.biggerpockets.com/blog/fire-financial-independence-retire-early] lifestyle may actually include working a few hours a day  And So Much More! Links from the Show Mindy on BiggerPockets [https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none] Scott on BiggerPockets [https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none] Listen to All Your Favorite BiggerPockets Podcasts in One Place [https://www.biggerpockets.com/podcasts?utm_source=youtube&utm_medium=description&utm_campaign=none] Join BiggerPockets for FREE [https://www.biggerpockets.com/signup?utm_source=owned_media] Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group [https://www.facebook.com/groups/3307645739309341] Beam Content [https://www.beamcontent.co/] Try Baselane, the One Platform for All Your Property Banking & Finances [https://www.baselane.com/lp/bigger-pockets?utm_source=partner_biggerpockets&utm_medium=Social&utm_campaign=bp_social_youtube] Reach FI Faster with “Set for Life” [https://store.biggerpockets.com/products/set-for-life-revised-edition?utm_source=owned_media] Find an Investor-Friendly Agent in Your Area [http://biggerpockets.com/agentmatch] The Best (and Worst) States in the US to Retire in 2024 (FIRE Faster?) [https://www.biggerpockets.com/blog/money-578?utm_source=youtube&utm_medium=description&utm_campaign=none] Connect with Brooklin [https://www.biggerpockets.com/users/brooklin?utm_source=youtube&utm_medium=description&utm_campaign=none] (00:00) Intro (01:00) Pyramid Schemes, MLMs, and Risky Bets (04:35) Paying Off $80K Debt (10:30) Finding FIRE and First $100K (14:19) Freelancing to Boost Income (16:40) Building His Business (20:11) FIRE Progress (26:40) Why Live in Guatemala? (30:54) Investing from Abroad (32:43) Geographic Arbitrage 101 (38:19) Connect with Brooklin! Check out more resources from this show on BiggerPockets.com [https://www.biggerpockets.com/] and https://www.biggerpockets.com/blog/money-582 [https://www.biggerpockets.com/blog/money-582] Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com [advertise@biggerpockets.com] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Could a few years of aggressive saving [https://www.biggerpockets.com/blog/saving-money-ultimate-guide] put you in the fast lane for financial independence? Is the grind even worth it? Today’s guest was well on his way to a comfy retirement but had never thought about retiring early [https://www.biggerpockets.com/blog/retire-early-real-estate-investing]. Then he discovered the FIRE movement [https://www.biggerpockets.com/blog/fire-financial-independence-retire-early], and with just four years of all-out hustle, he was able to retire at fifty! Welcome back to the BiggerPockets Money podcast! In 2020, Eric Reinholdt experienced a financial “awakening” that set him on a death march to FI and early retirement. For four years, he minimized his spending, maximized his savings, and threw every extra dollar at his investments. Today, he’s “chubby FI,” has a paid-off house, and is recently “retired”— working just ten hours per week on his own business while preparing to travel the world in 2025! But was the glamorous destination worth the grueling journey? Should Eric have started earlier or slowed down to reach his FI number? Tune in to hear about the major lifestyle changes [https://www.biggerpockets.com/blog/5-lifestyle-changes-make-now-build-wealth-2020] he and his wife made to accelerate retirement, the different levers he pulled to grow his nest egg, and the steps you might need to take if you want to replicate his success! In This Episode We Cover How this entrepreneur [https://www.biggerpockets.com/blog/takes-succeed-entrepreneur] reached “chubby FI” by the age of fifty When to slow down and enjoy the journey to financial independence Flexing your “spending muscle” while saving for an early retirement Why building your own business gives you a huge “buffer” for FIRE Why you need monthly financial check-ins with your significant other What Eric plans to do in retirement (and why he’s NOT giving up work entirely!) And So Much More! Links from the Show Mindy on BiggerPockets [https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none] Scott on BiggerPockets [https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none] Listen to All Your Favorite BiggerPockets Podcasts in One Place [https://www.biggerpockets.com/podcasts?utm_source=youtube&utm_medium=description&utm_campaign=none] Join BiggerPockets for FREE [https://www.biggerpockets.com/signup?utm_source=owned_media] Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group [https://www.facebook.com/groups/3307645739309341] Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate [https://www.biggerpockets.com/connectinvest] Buy Scott’s Book, “Set for Life” [https://store.biggerpockets.com/products/set-for-life-revised-edition?utm_source=owned_media] Find Investor-Friendly Lenders [http://biggerpockets.com/findlenders] FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement [https://www.biggerpockets.com/blog/money-446?utm_source=youtube&utm_medium=description&utm_campaign=none] (00:00) Intro (01:25) Discovering FIRE (05:01) Major Lifestyle Changes (14:15) High Income + Low Expenses (22:53) “Retired” at Age 50 (27:08) Eric’s Investment Portfolio (33:35) Life in Retirement (37:14) Connect with Eric! (38:06) A “Cheat Code” for Wealth! Check out more resources from this show on BiggerPockets.com [https://www.biggerpockets.com/] and https://www.biggerpockets.com/blog/money-581 [https://www.biggerpockets.com/blog/money-581] Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com [advertise@biggerpockets.com] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Is paying off debt [https://www.biggerpockets.com/blog/pay-off-debt-fast] or investing (and potentially using more debt) the best way to reach FIRE [https://www.biggerpockets.com/blog/fire-financial-independence-retire-early]? The average American has $104,215 [https://www.businessinsider.com/personal-finance/credit-score/average-american-debt] in mortgages [https://www.biggerpockets.com/blog/what-is-a-mortgage], student loans, credit cards, and other debt. Where do YOU stand? If the end goal is FIRE, you need a game plan for your debt, in which case this episode is for you! Welcome back to the BiggerPockets Money podcast! Not all debt is bad. When used responsibly, it can be a powerful tool that allows you to buy appreciating assets and hedge against inflation [https://www.biggerpockets.com/glossary/inflation]. Today, guest co-hosts Kyle Mast and Amanda Wolfe join our panel to share their thoughts on debt. We’ll share how much debt we each have (ranging from zero to millions), how our philosophies on debt have evolved, and how debt can ultimately help you reach FIRE. But that’s not all. We’ll also discuss the types of bad debt that could derail your FIRE journey and the investments you don’t want to be stuck with during an economic downturn [https://www.biggerpockets.com/glossary/downturn]. We’ll even get into the most important financial protection against debt risk—savings and reserves—and why these funds should grow proportionally to your debt! In This Episode We Cover Paying off debt versus investing (and which strategy is best for FIRE) Why well-leveraged debt is one of the best long-term hedges against inflation The types of debt that could propel you toward an early retirement “Bad” real estate investments [https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide] you don’t want to be holding during a market downturn The most irresponsible uses of debt (that you should avoid at all costs!) Why you should always grow your savings and reserves in tandem with debt How much debt WE have (and how our opinions on debt have changed) And So Much More! Links from the Show Mindy on BiggerPockets [https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none] Scott on BiggerPockets [https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none] Listen to All Your Favorite BiggerPockets Podcasts in One Place [https://www.biggerpockets.com/podcasts?utm_source=youtube&utm_medium=description&utm_campaign=none] Join BiggerPockets for FREE [https://www.biggerpockets.com/signup?utm_source=owned_media] Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group [https://www.facebook.com/groups/3307645739309341] Buy Scott’s Book “Set for Life” [https://store.biggerpockets.com/products/set-for-life-revised-edition?utm_source=owned_media] Find Investor-Friendly Lenders [http://biggerpockets.com/findlenders] Pay Off Student Loans or Invest in Real Estate: Which Makes You Wealthier? [https://www.biggerpockets.com/blog/real-estate-984?utm_source=youtube&utm_medium=description&utm_campaign=none] Connect with Kyle [https://www.biggerpockets.com/users/whoiskylemast?utm_source=youtube&utm_medium=description&utm_campaign=none] Amanda’s Website [https://www.shewolfeofwallstreet.com/]   (00:00) Intro (01:23) How Much Debt WE Have (06:15) Paying Off Debt vs. Investing (13:46) Starting Your FIRE Journey (21:51) Debt Strategy 101 (31:38) “Unreasonable” Debt (38:23) Bad Real Estate Investments (46:48) Key Takeaways (50:18) Connect with Kyle and Amanda! Check out more resources from this show on BiggerPockets.com [https://www.biggerpockets.com/] and https://www.biggerpockets.com/blog/money-580 [https://www.biggerpockets.com/blog/money-580] Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com [advertise@biggerpockets.com] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Yes, it’s possible to retire early [https://www.biggerpockets.com/blog/retire-early-real-estate-investing], even if you’re just now diving into the FIRE movement [https://www.biggerpockets.com/blog/fire-financial-independence-retire-early]. Early retirement could be within reach whether you’re in your twenties, thirties, forties, or fifties. Imagine having complete freedom in a decade or less: no office politics, no boss, and, best of all, no spreadsheets! That’s the life Arik Peterson built when he retired early at forty-four, leaving behind a demanding career in corporate investing. After reading Mr. Money Mustache [https://www.biggerpockets.com/blog/money-377]’s unmatched FIRE blog, Arik drastically changed his saving and investing habits, increasing his savings rate to seventy percent and redirecting his money into simple, steady investments many overlook. Today, his life looks vastly different—he spends his days fishing, biking, creating art, and working on DIY projects instead of staring at a computer screen, crunching numbers. In this episode, Arik shares his complete strategy for reaching financial independence [https://www.biggerpockets.com/blog/financial-freedom-at-the-lowest-barrier-of-entry], why he’s skeptical of the 4% rule, his current investment choices, and how an unexpected layoff turned into his golden opportunity. Ready to ditch corporate America? Follow Arik’s plan! In This Episode We Cover Why you must increase your savings rate if you want to reach FIRE fast  The simple, low-cost investment Arik has in his early retirement portfolio  Why you don’t need to follow the 4% rule to finally quit your job and retire Making money in retirement and living off of side income [https://www.biggerpockets.com/blog/side-hustle-ideas] streams Arik’s killer advice for Roth investing that could make you tax-free millions  And So Much More! Links from the Show Mindy on BiggerPockets [https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none] Scott on BiggerPockets [https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none] Listen to All Your Favorite BiggerPockets Podcasts in One Place [https://www.biggerpockets.com/podcasts?utm_source=youtube&utm_medium=description&utm_campaign=none] Join BiggerPockets for FREE [https://www.biggerpockets.com/signup?utm_source=owned_media] Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group [https://www.facebook.com/groups/3307645739309341] Live Long Live Often [https://livelongliveoften.com/] Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate [https://www.biggerpockets.com/connectinvest] Get to FIRE Faster “Set for Life” [https://store.biggerpockets.com/products/set-for-life-revised-edition?utm_source=owned_media] Find an Investor-Friendly Agent in Your Area [http://biggerpockets.com/agentmatch] What to Do Before You Quit the High-Pay & Benefits of Corporate World [https://www.biggerpockets.com/blog/money-305?utm_source=youtube&utm_medium=description&utm_campaign=none] (00:00) Intro (00:58) Discovering FIRE (02:11) A VERY Stressful Job (04:58) Secret to Get to FIRE Faster (08:35) “Obsessing” Over Money (10:16) What He Invests In (12:44) Ignore the 4% Rule? (14:22) FIRE at 44! (17:07) Connect with Arik! Check out more resources from this show on BiggerPockets.com [https://www.biggerpockets.com/] and https://www.biggerpockets.com/blog/money-579 [https://www.biggerpockets.com/blog/money-579] Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com [advertise@biggerpockets.com] Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]