BiggerPockets Money Podcast

527: Retired at 49 on an Average Salary after Getting a “Late Start” to FIRE

May 10, 2024

Guest Jackie Cummings Koski retired 15 years early on an average salary, raising her daughter solo and hitting a million-dollar net worth without a big paycheck or investing experience. She shares tips on reaching financial independence without advantages, the basics of stock investing, and the importance of diverse income streams. Jackie's journey from a low-income upbringing to breaking the cycle of poverty through financial literacy is a testament to the power of determination and smart financial decisions.

47:22

Episode guests

Jackie Cummings Koski

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Episode notes

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Quick takeaways

Achieving early retirement is possible on an average salary by practicing smart saving, spending, and investing decisions.

Financial independence can be reached without a high income through intentional investing and maintaining a low expense lifestyle.

Deep dives

Jackie's Financial Independence Journey

Jackie shares her journey towards financial independence, highlighting how she retired at 49 on a middle-income salary without ever earning a six-figure income. She emphasizes that she achieved this goal by not depriving herself and by maintaining a low expense lifestyle. Jackie's story introduces a new perspective to the financial independence movement.

Introduction

2min

Achieving Financial Independence through Diverse Income Streams

7min

Breaking the Cycle of Poverty and Embracing Financial Literacy

13min

Drive for Education and Financial Improvement

6min

Journey to Financial Independence and Early Retirement

20min

Wrapping Up the Episode with a Book Recommendation and Sponsor Message

2min

Think it’s too late for early retirement? Do you feel like just because you’re in your late thirties, forties, or fifties, FIRE doesn’t make sense for you? Well, think again because today’s guest defied the odds by retiring over fifteen years early, all while raising her daughter on her own and without a six-figure salary to sail her swiftly to a million-dollar net worth. Plus, she did all of it with no investing experience. If Jackie Cummings Koski can do it, so can you!

Jackie grew up in a single-parent household. Her father worked hard to support her and her five siblings. This instilled a strong work ethic in Jackie and made her realize that running towards hard things, not away from them, was the true path to success. She figured out college on her own and, shortly after, landed a corporate job that took her far away from the small town she grew up in. She got married and had her daughter, but then everything changed.

Jackie was getting divorced, forcing her to rely on herself fully for her financial future. In true Jackie fashion, she took this as a challenge and began educating herself as best as she could. Through smart saving, spending, and life-changing investing decisions, Jackie built her wealth in record time, reaching financial independence just ten years after finding the FIRE movement—all without any advantages!

In This Episode We Cover

How to reach financial independence without a high salary, inheritance, or advantages

Stock investing 101 and how intentional investing can explode your net worth

Why you must max out THESE investment accounts to be richer in retirement

How Jackie spends just $40,000 per year owning her own home and raising her daughter

Why you DON’T have to follow all the traditional FIRE rules to retire early

And So Much More!

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