You can attack financial independence from one of two angles. You can create a strict timeline for achieving FIRE, or you can calculate your FIRE number and take your time with it. Which approach works best, and should you ever move the goalposts? Stay tuned to find out!
Welcome back to the BiggerPockets Money podcast! Today, Scott and Mindy are reflecting on their journeys to financial freedom—how they started, set realistic objectives, and allowed those objectives to evolve. They’ll also share about the major “events” that propelled them toward their goals, the big lifestyle changes they have made since reaching financial independence, and the ONE thing they wish they had done differently!
Whether you’re starting from zero or already on your way to FIRE, there are some personal finance fundamentals you’ve got to master: lowering your expenses and increasing your income. This combination will allow you to save more money, multiply your investments, and accelerate your FI timeline. But that’s not all. You’ll also hear about the job “trap” that keeps so many people from reaching FIRE, and why time (NOT money) is the resource we’re all actually chasing!
In This Episode We Cover
The crucial figure you need to pin down before setting your FI timeline
Why time, not money, is the resource every FIRE-focused person really wants
When to move the goalposts on your quest for financial independence
The job “trap” that holds you back from FI (and how to get out of it!)
The two-pronged strategy that will accelerate your path to early retirement
Spending less and earning more (so that you have more money to invest)
Scott and Mindy’s number one “regret” from their aggressive pursuit of FI
And So Much More!
Links from the Show
Mindy on BiggerPockets
Scott on BiggerPockets
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Email Mindy: Mindy@biggerpockets.com
Email Scott: Scott@biggerpockets.com
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Buy Scott’s Book “Set for Life”
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BiggerPockets Money – Episode 563: Why Aren’t More “Normal” People Achieving FIRE?
(00:00) Intro
(00:49) The FI Timeline
(06:59) Lifestyle Changes After FI
(10:25) Getting Your Spending in Check
(17:14) Low Expenses + High Income
(24:40) Escaping the Job “Trap”
(31:04) Creating Milestones
(37:50) Share Your Journey with Us!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-576
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BiggerPockets Money Podcast