BiggerPockets Money Podcast

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

22 snips
Mar 19, 2025
Guest
Nik Johnson
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!
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ANECDOTE

Car Dealership Venture

  • Nik Johnson built his finances, lost it all in a car dealership venture, and then rebuilt it.
  • He decided to open a car dealership after considering real estate, due to the need for cars in spread-out Jacksonville.
ADVICE

Business Fit and Experience

  • Understand the business and your personality's fit before starting.
  • Consider work-life balance and potential costly mistakes due to lack of experience.
ANECDOTE

Changing Car Dealership Model

  • Nik explains the old car dealership model where down payments covered vehicle costs, but now it's harder to find such deals.
  • This leads to deficits as down payments don't fully cover costs anymore.
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