BiggerPockets Money Podcast Proof You Don't Need a High Salary for FIRE (Teacher Retires at 50)
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Nov 21, 2025 Andrew Luman, a middle school music teacher and savvy real estate investor, shares his inspiring journey to financial independence by age 50. He reveals how he achieved this on a modest teacher's salary of around $35,000 per year. Andrew discusses the importance of a high savings rate, cost-effective house hacking with multi-unit properties, and embracing a four-day work week. He also explores smart investment strategies, the significance of DIY finance skills, and how prioritizing time over money shaped his path to early retirement.
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How One Article Changed Everything
- Andrew discovered FIRE after a friend sent a New York Times article about Vicki Robin and he immediately spread out his tax returns to calculate his lifetime earnings.
- That moment launched nine years of deliberate financial practice toward early retirement at age 50.
Starting FI With Modest Means
- Andrew and his partner had about $200,000 net worth and roughly $150,000 in investments when they started taking FIRE seriously.
- They reached that saving despite living on under $50,000 household income and working as teachers in a high-cost area.
Budget To Reveal Your Savings Ceiling
- Make a realistic budget and calculate a bare-bones lifestyle to see how much you can save each month.
- Use that clarity to decide what to cut and what you truly value so you can raise your savings rate intentionally.
