Episode #576
Episode Show Notes: https://link.chtbl.com/Money
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You can attack financial independence from one of two angles. You can create a strict timeline for achieving FIRE, or you can calculate your FIRE number and take your time with it. Which approach works best, and should you ever move the goalposts? Stay tuned to find out!
Welcome back to the “BiggerPockets Money” podcast! Today, Scott and Mindy are reflecting on their journeys to financial freedom—how they started, set realistic objectives, and allowed those objectives to evolve. They’ll also share about the major “events” that propelled them toward their goals, the big lifestyle changes they have made since reaching financial independence, and the ONE thing they wish they had done differently!
Whether you’re starting from zero or already on your way to FIRE, there are some personal finance fundamentals you’ve got to master: lowering your expenses and increasing your income. This combination will allow you to save more money, multiply your investments, and accelerate your FI timeline. But that’s not all. You’ll also hear about the job “trap” that keeps so many people from reaching FIRE, and why time (NOT money) is the resource we’re all actually chasing!
00:00 Intro
00:49 The FI Timeline
06:59 Lifestyle Changes After FI
10:25 Getting Your Spending in Check
17:14 Low Expenses + High Income
24:40 Escaping the Job “Trap”
31:04 Creating Milestones
37:50 Share Your Journey with Us!