BiggerPockets Money Podcast

Losing $150K, Starting Over, and STILL Retiring Early | Life After FIRE

Mar 19, 2025

Nik Johnson achieved financial independence but faced a massive setback when a failed car dealership wiped out his savings. Undeterred, he shares his journey of resilience, emphasizing how he rebuilt his wealth through multiple income streams and smart investments. Nik discusses avoiding the middle-class trap, the importance of community support, and life after achieving financial independence. His inspiring story proves that setbacks don't mean the end of dreams—just the beginning of a new path!

36:24

Episode guests

Nik Johnson

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Nik Johnson's journey illustrates that financial setbacks can be overcome through resilience, disciplined saving, and community support for retirement goals.

Diversifying income sources and investments is crucial to avoid reliance on a single financial path, ensuring long-term stability and independence.

Deep dives

From Aspirations to Entrepreneurship

Nick Johnson began his journey as a computer programmer, living a responsible life and contributing to retirement savings with his wife, who was a psychology professor. However, they felt unfulfilled and decided to pivot by opening their own car dealership in Jacksonville, Florida. They believed that having a car was a necessity for many people, particularly in a city known for its vast size and spread. This decision marked the start of a challenging period as they navigated the complexities and responsibilities of running a small business.

Intro

6min

Navigating the Challenges of Running a Car Dealership

5min

Resilience Beyond Financial Loss

10min

Embracing Financial Independence Through Community and Discipline

3min

Navigating Estate Planning and Financial Independence

10min

Think you’ve blown your chances of achieving FIRE? You haven’t! Just ask Nik Johnson, who spent years growing his nest egg, only to have it completely wiped out with one bad financial decision. Despite losing everything, he managed to rebuild it from ground zero and still retire early!

Welcome to another episode of “Life After FIRE”! Nik and his wife had done everything right. They practiced frugality, saved aggressively, and invested at every opportunity. But everything was turned on its head when Nik decided to empty his retirement accounts and open a car dealership. Within just one year, Nik’s company had gone belly up, and as a result, all the money he had worked so hard to save was gone. It seemed that he had missed his one shot at early retirement, but rather than giving up on that dream, he started over. If he could do it once, he could do it again!

So, Nik found a W2 job, picked up a second job to fast-track his savings, and started throwing all his money at retirement accounts and real estate investments, and now, he and his wife are recently retired! Stick around as Nik shows you how to avoid the middle-class trap, what life looks like after FIRE, and the importance of community once you retire!

In This Episode We Cover

How Nik built, lost, and rebuilt his investments and still achieved FIRE

Supercharging your investments by creating extra income streams

How not to find seed money for a risky entrepreneurial venture

The savvy financial moves Nik made to avoid the middle-class trap

What the average “day in the life” of an early retiree looks like

Why you need a strong community around you once you retire

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

Listen to All Your Favorite BiggerPockets Podcasts in One Place