BiggerPockets Real Estate Podcast

Late Start, Early Retirement: A Step-by-Step Fast Track to FI

Dec 30, 2024

Bill Yount and Jackie Cummings-Koski, co-hosts of the 'Catching Up to FI' podcast, share their inspiring journeys to financial independence, even after starting late. They present a practical four-step framework for anyone to begin saving for retirement, emphasizing that it’s never too late to plan. They discuss the importance of mindset shifts and proactive strategies, breaking down financial isolation through community support. With insights on budgeting techniques and personal finance tools, they're here to prove that financial freedom is attainable regardless of your starting point.

44:13

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Episode guests

Bill Yount

Jackie Cummings Koski

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Quick takeaways

It's never too late to start planning for retirement, and even late starters can achieve financial independence with the right mindset and strategies.

Establishing a clear financial plan, setting realistic goals, and viewing mistakes as lessons are crucial steps for late starters to succeed in retirement planning.

Deep dives

Acknowledging a Late Start

Many individuals, particularly from Generation X, find themselves with insufficient retirement savings as they approach their 40s and 50s. Factors contributing to this late start include life events like divorce, immigration, or simply not prioritizing savings earlier in life. Even those who have been proactive in their careers may wake up to the harsh reality of inadequate retirement planning. It’s essential for late starters to understand that their journey is more common than they realize, and achieving financial independence is still attainable.

Intro

2min

Empowering Late Starters: The Path to Financial Independence

7min

Acknowledging Financial Isolation and Community Support

2min

Maximizing Income Through Smart Real Estate Solutions

2min

Navigating Financial Independence

4min

Mastering Personal Finance: Tools and Techniques

9min

Strategizing Financial Goals and Cash Flow Management

2min

Crafting Your Financial Vision

17min

Got a late start on your retirement planning? Do you feel like you missed the boat and won’t be able to retire on your timeline? We’ve got good news for you in today’s episode—it’s never too late for retirement (and even EARLY retirement!). No matter what age you’re at, how much you have in the bank, and how much you make, you CAN retire on your terms, and our guests will prove it. The question is, will you follow through on their time-tested system for reaching retirement?

Bill Yount and Jackie Cummings Koski from the Catching Up to FI podcast are here to show you that whatever your situation is, you can get on track for retirement. Bill and Jackie both were late starters, only taking retirement seriously decades after starting their working careers. Even with their “late start,” Bill and Jackie were able to massively multiply their net worths and retirement savings, allowing them to reach financial freedom on their terms.

In today’s show, Bill and Jackie walk through the four steps that anyone can take to begin saving for retirement. You don’t need ANY money to take these initial steps, but doing so will change your entire financial future. Stick around for our next show as we get into the nitty gritty of retirement planning and put you directly on the path to retirement or early retirement!

In This Episode We Cover:

The four steps anyone can take to reach retirement

Why it’s okay to be a “late starter,” especially when it comes to retirement planning

How to do a “backward budget” to quickly and easily see how much you’re spending

Why you MUST look back on the financial “lessons” you’ve learned to build wealth now!

Getting clear on your goals and what you want to achieve so you can reach retirement

The “trifecta of mistakes” Bill made and how even that didn’t stop his financial freedom journey!

And So Much More!

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