BiggerPockets Money Podcast

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]

Should you move to reach FIRE [https://www.biggerpockets.com/blog/fire-financial-independence-retire-early]? And if so, where to? In this episode, we’re pulling back the curtain and revealing the best places to retire in the US in 2024. Living in one of these states could help fast-track financial freedom [https://www.biggerpockets.com/blog/your-idea-of-financial-freedom-is-different-than-mine], and moving there for retirement could help your nest egg go further and improve your quality of life! Welcome back to the BiggerPockets Money podcast! Alex Gailey, a lead data reporter at Bankrate, has ranked all fifty states for retirement based on five weighted “buckets” made up of dozens of crucial data points. Today, she joins the show to share her findings with us. Whether you’re looking to put down roots in a low-cost-of-living area or find a location that delivers your ideal retirement lifestyle, this list of states is a useful launching point for one of the most important life decisions you’ll ever make! In this episode, you’ll learn how changing your address could accelerate your financial independence timeline and allow you to retire early [https://www.biggerpockets.com/blog/retire-early-real-estate-investing]. Alex will break down the five factors people value most in retirement—affordability [https://www.biggerpockets.com/blog/real-estate-1011], well-being, cost and quality of healthcare, weather, and crime. Stay tuned to find out which states came out on top and which states you might want to avoid. The results even surprised us! In This Episode We Cover Breaking down Alex’s list of best (and worst) states to retire in the US [https://www.bankrate.com/retirement/best-and-worst-states-for-retirement/?tpt=b] How to accelerate your FI timeline simply by changing your address The top five “buckets” that make up an ideal retirement destination The most crucial factors to consider when choosing where to retire How to take advantage of unique opportunities in high-cost-of-living areas 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] Best and Worst States for Retirement [https://www.bankrate.com/retirement/best-and-worst-states-for-retirement/?tpt=b] Alex’s Twitter/X [https://www.x.com/alex_gailey] Buy Scott’s Book “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] How to Get PAID to Live in an Affordable City & Fast-Track Financial Freedom [https://www.biggerpockets.com/blog/money-522?utm_source=youtube&utm_medium=description&utm_campaign=none] (00:00) Intro (01:26) Alex’s Criteria (05:05) Best and Worst Places to Retire (11:38) Biggest Surprises (22:32) Retiring in an Expensive Area (29:10) Connect with Alex! (29:43) Accelerate Your FI Timeline! Check out more resources from this show on BiggerPockets.com [https://www.biggerpockets.com/] and https://www.biggerpockets.com/blog/money-578 [https://www.biggerpockets.com/blog/money-578] 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]