The Financial Independence Plan Anyone Can Use to Retire Early

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Күн бұрын

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@tpinellas4141 5 ай бұрын

I love Scott's breakdown of the Middle Class Trap. I woke up from this a few years back and was able to make the adjustments just in time. It certainly takes a bit of deprogramming but it's doable and worth it when you recognize you want something different. It's the road less traveled.

@johnl9135 5 ай бұрын

I have notice a lot of people came over to the show have a big shovel. People with big shovels, it's more easier for them to catch up to FI. I hope to see more people with a lower income from $30k - $80k how they make a comeback to FI from their 40s, 50s or 60s.

@Tpres1420 5 ай бұрын

Yes I agree! I’d love to see ppl that make 35-50k on here

@scotttrench4169 5 ай бұрын

@@Tpres1420 I think that we will find that for most who do catch up to FI without a big shovel... find a way to get a bigger shovel. Many people start at $35K per year. But, few end their successful journey to FI there. The MEDIAN pay for someone with 10 years of workplace experience is $54K. Someone who is consciously attempting to become a millionaire has a predisposition to maximize earnings along the way and has a good chance to outpace that. A great way to think about it is this: If you accumulate a $1M portfolio in 10 years, or are on track to, that is like managing a $1M budget for a company, or $1M in resources. Someone capable of accumulating and managing $1M in capital is unlikely to be valued at $35K - $50K per year at their job. They get raises, or find other opportunities, like side hustles and other businesses that materialize for them. I cannot find quality people to manage $1M budgets at BiggerPockets for $35K per year, for example. So what inevitably happens is even when we talk to people who begin their journey with median or lower incomes, they almost never END a successful money journey with that median income. Then, they get called unrelatable, even when, in the context of any feasible catching up to FIRE journey, theirs is the logical, and likely in the context of that journey, median, outcome.

@JustAnotherNorthman 5 ай бұрын

@@Tpres1420Exactly: People with low salaries starting in their mid forties and reaching FIRE by their mid fifties. That is something that I really would like to see more of.

@KeeptheChange41 5 ай бұрын

My wife and I are 4 yrs into our journey and have made around 120 k yr combined.

@Monkey-oy1us 5 ай бұрын

Read Pathfinders from JL Collins. That book is full of those stories

@irenesdiary6943 5 ай бұрын

I started my FIRE journey 6 years ago I was 35 at that time. Now I have about $830K Networth. I just bought Tesla Y last year with cash. i felt a little guilty because that was my first NEW car that I ever bought and I paid cash for it. This episode made me feel better knowing that I should be enjoying life. I am almost at my goal at 1 million dollars networth.

@KSymoneCafe 5 ай бұрын

This is inspiring, I am 35 now. Any tips from your journey?

@irenesdiary6943 5 ай бұрын

@KSymoneCafe First make a budget know how much coming in and try to cut a lot of uncessary expenses out. Pay off your debts (anything over 5%). Then open Roth IRA and start investing in index fund. I drove my old car until recently. You can do it!

@WorkdaySounds 5 ай бұрын

I am almost 35. Curious on what your income was or how much you were investing per month during that time?

@KSymoneCafe 5 ай бұрын

@@irenesdiary6943 thanks!! 😊💪🏾

@lilibethvilella 5 ай бұрын

Could u do an episode for women retiring alone? 50+?

@natehighlander5227 3 ай бұрын

it will be no different then a man retiring at 50. Stop listening to the stupid Democrats that divide people by race and gender. We are all human and their are plenty of insanely wealthy women. I can tell you one thing very important besides financial independence is having good relationships and people in your life to keep you active. Next would be take care of your health and cut out all the sugar, seed oils, and breads. Stay active, get sun, eat red meat and avoid big pharma medications. Meet other single men with the same mindset. Vote for Trump so America does not go further into communism with potential world ending wars on the horizon. Media is nearly all propaganda and lies.

@ericnewman6523 2 ай бұрын

Easy get a bunch of cat food!!

@CessnaPilot99 Ай бұрын

@@ericnewman6523eat a bunch of cat food? They love the cat food -District 9

@tylercampbell6058 5 ай бұрын

That grind is so real. It’s fun and exciting at first and there is a ton you can do to move the needle but at around 15x your annual expenses it gets tough to keep moving the needle with your savings. Have to keep your savings rate up at that point though because it’s like the follow through when your throwing a baseball or hitting a golf ball. But by this point you’ve likely optimized almost everything you can. Feels like you’re trying to boil water (pronounced bowl water if you come from where myself and Brian Preston come from) and the water is almost at 100 degC but even after it hits 100 you have to wait for the enthalpy to increase to get that state change before it starts rolling. Nothing to do but keep on grinding for 6 more years. (Looking for 30x with CAPE ratios so high).

@Cyclepilot85 5 ай бұрын

Why no consideration for using IRS rule 72(t) to access 401k funds early, and without penalty?

@CITIGIRL07 5 ай бұрын

Love this episode! Will seek to be on finance Fridays

@rowddyone3570 5 ай бұрын

Mindy, is there RMDs when the 401k has been rolled over into a Roth IRA and has been in it for 10 years? Thanks

@lilibethvilella 5 ай бұрын

Love your energy & passion. U guys are one of my fav go to as a new single divorced mom starting over at 52 ❤

@youdqtube 5 ай бұрын

What I found to download wasn't a Google Sheet but a fillable pdf. 😡

@melinda858 5 ай бұрын

❤️you all from Bigger pockets !!

@wilty5 5 ай бұрын

I’ve always heard your home is not an asset, in fact the word “mortgage “ when translated means “dead pledge”.

@Chris_Heather_livingbestlife 5 ай бұрын

2033 and later: The age to begin RMDs will increase to 75 for those who turn 74 after December 31, 2032. For me at age 52 it will be 75

@wilty5 5 ай бұрын

Experts disagree on whether or not you should pay off your mortgage and give examples of why you should.

@anchalavasthi4881 5 ай бұрын

How do I become part of finance Friday consult?

@diniquebunche4438 5 ай бұрын

I’m interested in becoming a guest on finance Friday.

@BiggerPocketsMoney 5 ай бұрын

You can apply to be on the podcast at biggerpockets.com/guest

@lilibethvilella 5 ай бұрын

Scot I have 30k in a HY savings. I’m 52, have 400k in equity, primary home; would u put it in vanguard S&P 500 or buy a property in another state rental income? I’m in unaffordable miami. 😮

@lilibethvilella 5 ай бұрын

Thank u for explaining middle class trap. Got it! Makes sense ❤