BiggerPockets Money Podcast

Leif Dahleen, MD, known as the 'Physician on FIRE,' achieved financial independence but chose to work four more years before retirement. He discusses why many wealthy individuals delay retirement and questions the effectiveness of the 4% withdrawal rule. Leif shares insights on aligning personal values with financial goals, the importance of living in a low-cost area, and how to navigate the psychological aspects of retirement. He also emphasizes the need for additional income streams and reassessing financial strategies for a secure future.

Explore the journey to financial independence across different income brackets. Discover strategies to boost income through side hustles, while avoiding lifestyle creep even at higher earnings. Learn about the best investment options tailored to your career path and income level. The hosts discuss maximizing retirement accounts and using financial tools to enhance savings. Whether you're starting with $45K or earning up to $100K, the actionable steps shared will guide you toward achieving FIRE faster!

In this insightful discussion, Anna Foley shares her remarkable journey of paying off over $80,000 in debt and achieving a $100,000 net worth shortly after college. She reveals her effective strategies for saving big while still enjoying life in her twenties. Anna explains why she prefers renting over buying a home to maximize savings, and emphasizes the power of 'paying yourself first.' With a focus on smart investing and personal values, she inspires young listeners to adopt a repeatable path toward financial independence.

Emily, a world-traveling mom of five, and Joel, who secured financial independence in just over a decade, share their inspiring journey from $150,000 in student loan debt to financial freedom. They discuss the power of the "debt snowball" method and maintaining a family lifestyle without sacrificing travel. The duo emphasizes the importance of low spending, side hustles, and setting a target financial number. Their story proves that with dedication and smart budgeting, achieving FIRE is possible—even for large families!

Greg Roller, an expert mortgage loan officer with over a billion dollars in loans closed, dives into the intricacies of refinancing in today’s falling interest rate environment. He emphasizes the importance of timing and the costs involved, cautioning against the allure of low rates that can obscure hidden expenses. Roller explains the difference between cash-out and rate-and-term refinances, how to streamline the process, and shares tips to avoid pitfalls. His insights help homeowners make informed decisions about whether refinancing is truly worth it.

Dive into the world of passive real estate investing with a focus on syndications! Discover how this investment model allows you to earn 'mailbox money' without the stress of managing properties. Learn essential tips for vetting syndicators and making informed decisions. The hosts unpack the benefits of tax advantages that come with syndication and stress the importance of communication in the investment process. Whether you're new to investing or looking to diversify, this conversation offers invaluable insights!

The hosts reflect on whether their focus on financial independence, particularly FIRE, resonates with everyday listeners. They discuss the challenges many face in achieving financial goals and the need for relatable finance strategies. Key insights into essential financial tools, such as HSAs and 401ks, are shared to empower listeners. The episode invites engagement, asking for listener preferences on content, highlighting the contrast between traditional retirement advice and real-life success stories. It's a thought-provoking examination of pathways to financial freedom!

Achieving your FI number in just four years? If you want to do it too, you must try something different. This couple found a niche within a niche, allowing them to hit the coveted “1% rule” in real estate, skyrocketing their cash flow and passive income and allowing them to make more than almost any other landlord in their area. So, how did they do it, and what was the investment that got them there?David and Morgan Stanhope weren’t real estate investors five years ago. They didn’t come from investor families and had zero real estate investing experience. One day, at his job as a New York State Police Investigator, David met a mentor who would change how he thought about money, financial freedom, and passive income. This was perfect because David and Morgan were already in a great place to invest—Upstate New York. But David chose NOT to invest in his home market, and for good reason.They went south to a state known for higher home prices and crushingly high insurance costs. There, they found acreative rental property investing strategy, allowing them to make much more cash flow than regular rentals. Four years later, they’ve surpassed their $10,000/month FI goal. Now, they’re on track to hit an even bigger achievement: $70,000 per MONTH. Today, we’re talking to them about exactly how they’re getting there with investment properties you’ve probably never heard (or thought) about.In This Episode We CoverHow to hit real estate’s “1% rule” with creative, high-cash flow rentalsBorrowing from your 401(k) to fund your first real estate dealMaking real estate cash flow EVEN with eight percent mortgage rates (yes, it’s possible)Why David WON’T quit his job, even though he has already hit his FI numberFinding contractors and vendors when out-of-state real estate investing Using other people’s money to invest in real estate (and why you may want experience before you do)And So Much More!Links from the ShowBiggerPockets Money Facebook GroupNetwork with Other Investors on The Path to FIRE Through the BiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEMindy on BiggerPocketsScott on BiggerPocketsListen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Find an Investor-Friendly Agent in Your AreaFind Investor-Friendly LendersBiggerPockets Money GroupStanhope CapitalStart Investing with “The Book on Rental Property Investing”See Mindy and Scott at BPCON2024 in Cancun!Socially Conscious Investing: How to Start a Sober Living Home00:00 Intro01:17 Early Financial Education 05:13 Finding a Money Mentor 09:06 Hitting the 1% Rule in...Florida?17:31 Current Cash Flow Numbers20:41 $70K/Month Goal!?24:09 Is Sober Living Investing Stable?29:11 Borrowing Money to Invest32:04 How Much Time Does It Take?34:46 Connect with David and Morgan!Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-562Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Achieving financial independence brings new challenges. Rising expenses can threaten your dream lifestyle, especially after reaching your FIRE goals. A guest shares her journey from house hacking to building a thriving real estate portfolio. Discover how she navigated increased costs and the decision to potentially return to work. Explore the balance of leveraging financial strategies while maintaining a sustainable lifestyle. This discussion highlights the evolving nature of financial aspirations and the importance of strategic planning.

Eric Cooper, an early retiree who exited the workforce at just 47, shares his journey to financial freedom by utilizing the 72(t) rule. He reveals how this strategy allows him to withdraw $30K annually from his 401(k) without penalties. Eric discusses the intricacies of this rule, his sizable real estate portfolio, and significant tax benefits he enjoys. He emphasizes that early retirement is achievable for many and encourages listeners to explore smart investment choices and disciplined savings to unlock their retirement dreams.