BiggerPockets Money Podcast Can I Hit Financial Independence by 50 with THIS FI Number? (Finance Friday)
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Mar 14, 2025 Austin Crofoot, a 25-year-old software sales professional with a six-figure income and net worth, aims for financial independence by age 50. He discusses whether his ambitious $5 million FI number is realistic. The conversation dives into strategies for balancing retirement accounts with other investments, especially in real estate. Austin learns about leveraging assumable mortgages in Austin's rebound housing market and how to take calculated risks for wealth accumulation. Insights on cash flow management and investment flexibility are also shared!
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Austin's Background
- Austin Crofoot, at 25, has a six-figure income and net worth, starting with college scholarships and internships.
- This allowed him to graduate debt-free and gain experience in finance, leading him to software sales.
Financial Independence for Flexibility
- Pursue financial independence to gain job flexibility and optionality, like choosing or leaving jobs freely.
- Financial independence empowers you to go part-time, pursue passion projects, or leave bad work situations.
Balancing High FI Number with Lower Target
- Austin's FI number of $5 million is high but achievable in 25 years given his starting point.
- Mindy suggests also defining a lower "bare bones" FI number for added security and flexibility.