BiggerPockets Money Podcast

FI With 5 Kids and Debt-Free in Just Over a Decade!

Sep 24, 2024

Emily, a world-traveling mom of five, and Joel, who secured financial independence in just over a decade, share their inspiring journey from $150,000 in student loan debt to financial freedom. They discuss the power of the "debt snowball" method and maintaining a family lifestyle without sacrificing travel. The duo emphasizes the importance of low spending, side hustles, and setting a target financial number. Their story proves that with dedication and smart budgeting, achieving FIRE is possible—even for large families!

44:37

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Episode guests

Joel

Emily

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Quick takeaways

Joel and Emily achieved financial independence by implementing the debt snowball method to eliminate $150,000 in student loans and maintain disciplined spending.

Their focus on side hustles and intentional budgeting allowed them to pursue family adventures while still prioritizing their financial goals.

Deep dives

A Journey from Debt to Financial Independence

Joel and Emily began their financial journey with an overwhelming $150,000 in student loan debt shortly after marrying. They faced significant challenges living on modest teacher salaries, which left them with little to no savings at the time. The turning point came when they discovered Dave Ramsey's Total Money Makeover, which provided them with a structured plan to aggressively pay down their debt through the snowball method. By remaining disciplined and focused, they were able to eliminate their debt and achieve financial independence by the age of 36.

Intro

2min

From Debt to Financial Independence

6min

Path to Financial Independence

4min

Path to Financial Independence

13min

Embracing Incremental Steps in Entrepreneurship

2min

Investing Made Simple

4min

Balancing Family and Financial Independence

13min

Unveiling Financial Superpowers and the Path to Freedom

2min

Does FIRE seem impossible while raising a family? We’re about to prove that you CAN have it all. Emily and Joel are financially independent while raising five kids and still have the money to travel the world, take plenty of vacations, and sleep in without worrying about a job. They reached FI in just over a decade and did it without EVER having a high income. How’d they do it? One “financial superpower” allowed them to do what most people won’t.

Emily and Joel started with $150,000 in student loan debt. Their accounts dwindled at the end of every month, so they began to pay off their loans with the “debt snowball” method. Fast forward a few years, and they were debt-free, but now they had a new challenge: building their net worth!

Today, they’re sharing the incredible journey they took to go from personal finance zeros to heroes, the “why” behind achieving FI at such young ages, and how they did it all (including keeping expenses SUPER low) while raising not one, not two, but FIVE children. Think FI isn’t possible for you? Think again—copy Emily and Joel’s plan!

In This Episode We Cover

How to pay off debt FAST with the “debt snowball” method

Minimizing your expenses and how spending less gets you to FIRE way faster

Why you DON’T need to cut out travel/vacations on your path to financial freedom

The “financial superpower” you must cultivate if you want to retire early

What 100% of Emily and Joel’s portfolio is in and the simple path to building wealth

Starting side hustles that pay for your life and why working while FI is NOT a bad thing

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

Kyle on BiggerPockets