BiggerPockets Money Podcast

Finance Friday: Chasing FIRE by 35 WHILE Supporting Extra Family Members

Feb 21, 2025

A guest aspires to retire by 35, but her budget is stretched thin by supporting family members and a troublesome rental property. The hosts dive into the complexities of balancing financial responsibilities with personal goals. They discuss strategies for selling her negative cash flow property and the best timing for a sale. Topics also include budgeting for future family plans and the emotional challenges of honest financial conversations. It’s a blend of actionable advice and insight into managing finances while supporting loved ones.

01:07:27

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Episode notes

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Quick takeaways

Sarah aims to achieve financial independence by age 35, yet her significant family support expenses create financial constraints that must be addressed.

The podcast emphasizes the importance of reevaluating financial strategies, including potentially selling negative cash flow rental properties, to streamline expenses.

Family planning discussions are crucial for Sarah as future costs related to children could impact her ability to maintain financial goals.

Deep dives

Background and Early Financial Journey

Sarah's financial journey began with her family's immigration to the U.S., where they faced financial struggles due to her parents’ low-wage jobs. Her situation became more challenging when her mother became a stay-at-home parent after the birth of her brother, necessitating a move to her uncle's house to cut costs. As she approached college, Sarah took control of her educational finances, opting for community college to avoid student debt. Working diligently as a server while studying allowed her to gain valuable work experience and financial independence without accumulating loans.

Intro

2min

Navigating Financial Responsibilities

7min

Strategic Financial Opportunities and Wealth Building

2min

Navigating Financial Independence

13min

Investment Strategies for Financial Goals and Family Support

4min

Navigating Timing for Real Estate Sales

2min

Timing Your Property Sale in Maryland

7min

Balancing Budgets and Family Support

30min

Is something stopping your FIRE? Today’s guest wants to retire early at 35, but with a shaky budget, extra expenses, and a problematic rental property, her path to early retirement isn’t clear. In today’s episode, we’ll break down her finances and help her get back on track!

Welcome back to the BiggerPockets Money podcast! Sarah earns a great salary and diligently saves for retirement each month. You’d think she’s on pace to leave her W2 job in a few years, but there’s one problem—she has more expenses than the average person. Financially responsible for two extra family members, Sarah pays for their mortgage, food, and lifestyle, all while covering her own expenses!

Does Sarah’s financial situation need a major shake-up? Tune in as Scott and Mindy debate whether it’s time for Sarah to part with a property that’s bleeding money, strategize about when to put it on the market, and discuss what to do with the money from the sale. We’ll also touch on the tough conversations Sarah needs to have with family members if she wants to achieve her retirement goal!

In This Episode We Cover

The three things Sarah must do to achieve her goal of FIRE by 35

How to reach your financial goals despite extra expenses

What to do with a rental property that has negative cash flow

The BEST time to put an investment property on the market

How to budget for future children (family planning 101!)

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

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