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7 Years to FIRE: How to Move Your “Lazy” Equity Now & Retire Early
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- เผยแพร่เมื่อ 3 ส.ค. 2024
- Episode #539
Want to retire early? You don’t have to wait until age sixty-five. With a few cash-flowing assets and smart money moves, you could accelerate your path to retirement and enjoy your riches much sooner than you thought possible!
Welcome back to the “BiggerPockets Money” podcast! Derek has worked hard to build a $1.7 million net worth and a portfolio of six rental properties. The only problem? He wants to retire at age fifty. In this episode, Mindy and David Greene work together to get Derek on the fastest path to early retirement. If he plays his cards right-redeploying some of his “lazy” home equity, increasing his cash flow, and starting a profitable business or side hustle-he could reach FIRE in just seven years!
Are you wary of today’s sky-high mortgage rates? We share an investing strategy that allows you to buy real estate notes at a deep discount and potentially acquire properties that are worth so much more! You’ll also learn how to use your 401(k) retirement funds today without incurring tax penalties. Finally, you’ll hear about the power of starting a business and reinvesting your profits!
Show Notes at:
link.chtbl.com/Money
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Books Mentioned in This Episode:
“Rich Dad Poor Dad”: store.biggerpockets.com/produ...
“The Richest Man in Babylon”: store.biggerpockets.com/produ...
“Short-Term Rental, Long-Term Wealth”: store.biggerpockets.com/colle...
“30-Day Stay”: store.biggerpockets.com/produ...
“Real Estate Note Investing”: store.biggerpockets.com/produ...
“Lend to Live”: store.biggerpockets.com/produ...
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Hear David on the "BiggerPockets Real Estate" Podcast:
link.chtbl.com/BPRE
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BiggerPockets Money - Episode 443: The Entrepreneur’s Guide to FI: A Day in the Life of a Finance Blogger:
www.biggerpockets.com/blog/mo...
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BiggerPockets Money - Episode 520: The BEST Side Hustles You Can Start in 2024 (Outside of Real Estate!):
www.biggerpockets.com/blog/mo...
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Connect with Derek on BiggerPockets:
www.biggerpockets.com/users/d...
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Connect with David on BiggerPockets:
www.biggerpockets.com/users/d...
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Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
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Finance Friday: www.biggerpockets.com/finance...
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Connect with Mindy on BiggerPockets:
www.biggerpockets.com/users/m...
00:00 Intro
01:45 $1.7M Net Worth!
10:20 Derek’s Money Snapshot
18:26 7 Years to FIRE
29:37 Moving “Lazy” Equity
39:42 Note Investing 101
48:45 Starting a Business
Our economy is afflicted by uncertainty, housing troubles, foreclosures, global shifts, and the aftermath of the epidemic, all of which contribute to instability. To restore stability and drive growth, all sectors must urgently address rising inflation, slowing GDP, and trade disruptions.
The US dollar is losing value due to inflation, while other currencies are gaining strength, creating uncertainty. Nonetheless, many people remain confident in the Dollar's perceived safety. I'm concerned that my 420K retirement funds may lose value, therefore I'm looking for other financial stability.
With my stressful career, I don't have time for investment analysis. For seven years, a fiduciary has managed my portfolio, responding to market situations, ensuring for effective navigation and informed decisions. Consider taking a similar plan of action.
At 9:00 mark. You can pull your contributions from a ROTH at any time for any reason. There are no qualifiers. However, once it's out, you cant put it back.
I am looking to take an SEO course right now so it’s a good idea. 🙌😃
With all due respect to Mindy, but i don't believe she has appropriate training to call herself an expert or have an expertise in any form of finance or financial planning. Maybe in real estate. Ramsey's peeps are very careful not putting themselves out that way with "expert financial advice" particularly to an individual, because that's how you get sued if things don't go right....like advising to do a 72T with such little information, or to roll over retirement $$ out of ERISA protected accounts without full disclosure of the dangers is actually financial advisor malpractice.
To save money by doing self-dentistry you learned on TH-cam might be similar advise...oyyy
+1 . Especially when he lives in Canada now - it would make financial advice much more nuanced. This is a very odd podcast - she asks him a question and then she responds back on a tangent. It was incredibly lame for her to start lecturing the guest about early retirement withdrawals . I guarantee he knows about early access to retirement funds, for example.
Mindy is so quirky ! I simply love it! Teheehee!!!!!!!!!!!!!!
Kids are always expensive! 😊
❤
How are you guys saving money when permission account it cost $20 for one meal and fast food and the grocery store prices are through the roof then when you count general expenses with housing and utility and insurance there’s really not a whole lot left when you’re raising a family and it’s not like they’ve implemented the cola to help adjust wages so I’m trying to understand how much money you guys are making a year because it’s just not possible to get a fire in seven years
Pretty much every guest on this show ends up making an easy 6 figures and many start saving early before kids and family. The key take away from all of these shows are start funding retirement at birth and make at least $100k or more depending on location. Where I live I make OK but nothing that will get me to 1 mil plus. I simply didn't save enough when I was younger so compounding didn't become the big deal it could have been. Depending on your age, you will need to save 20% or more a year to get to financial freedom. Also, some of the guests don't disclose the fully story so you have to go looking online for "The rest of the story".
California gets a bad "politically " but here, professionals in general can easily make 250k+ 2 person (sometimes 1) incomes. Renting with very high income save 30% of high income 5-7 years is easily attainable. Once you hit that number you need, anyone can take their bag 🎒 and relocate practically anywhere in the States, buy a home elsewhere and fire easily.
It’s possible, you have to house hack and eat less & more cheaply.
I went back to school instead of working a second job. Paid off student loans, lived off of one income and saved my husbands income.
2 Buckets of lettuce: $10
12 eggs(hardboiled): $6
Random veggies: $10
Salad dressing: $5
Any meat: $10
= 10 meals
(Also rice & beans)
I believe they are saying his job is in "SEO?" Anyone know what that is?
Search Engine Optimisation. Helping people have their webpages show up at the top of the results.
Search Engine Optimization - there’s more to it, but it’s basically optimizing websites in order to rank higher in google searches for anything related to your business.
Search engine optimisation
Search engine optimization. Helping businesses get to the top of a Google search
72t. I learned something here, thanks for the info!
Try self dentistry 1st, or juggle with sharp knives...probably should consult with an expert 1st....just saying.
I like my lazy equity.
Lazy equity provides me market cushion and risk reduction.
The return on investment on my equity is not exactly monetary but rather security.
Eventually, I want all my equity to be lazy as will be debt free real estate owners.
I definitely like the idea of a paid off portfolio eventually. Just need to figure out fastest way to get money to pay off the mortgages
@@happilybeforeandafter How many rentals do you have now?
@@jerrystpierreofficial12 LTR units and 1 STR unit across 6 properties