Finance Friday: FI by 40? Make These Career and Investment Moves Now

BiggerPockets Money Podcast

Everyone wants to become “work-optional” at some point. Having enough money in investments and the bank would allow you to choose the job you love most, whether that’s running your own business, working part-time, or today’s guest, Travis’ dream, becoming a mountain biking guide. With a solid salary, dual income, and no plans for kids, he and his wife are on the fast track to FIRE, but can they get there by his goal of forty years old?

Travis’ wife may have an option to get a significant salary bump, allowing them to travel the country while she works, and Travis stays making money from his computer. But, even this may not be enough to get them to the “work optional by forty” goal they had set out for themselves. Scott and Mindy believe they need a financial “oomph” to get them over the edge, but what’s the next best move?

Should he stop his retirement account contributions to have more cash to invest for early retirement? Should he perform a live-in flip to make more money on the side while working his job? Would a side hustle or part-time job bridge the investing gap between where they are and where they need to be? If you’re stuck feeling like you can’t get to FI fast enough, this episode is for YOU!

In This Episode We Cover

How to fast-track your FIRE and become work optional in under ten years

House hacking and why it’s one of the best ways to lower expenses and build wealth

Live in flipping and how to turn your next home purchase into a money-making investment

Whether you should stop investing or double down on your retirement accounts when shooting for early retirement

Roth conversion ladders, HSAs (health savings accounts), and how to access retirement funds even earlier

Increasing your income by job hopping and leveling up the skills that’ll make you more

And So Much More!

Links from the Show

Mindy on BiggerPockets

Scott on BiggerPockets

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Email Mindy: [e-mail]

Email Scott: [e-mail]

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cFIREsim

How to Access Retirement Funds Early

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Grab the Book “First-Time Home Buyer”

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Finance Friday: How to Get to Early Retirement Even Faster

(00:00) Intro

(01:07) Goal: FI by 40!

(03:13) Money Snapshot

(04:14) Work Optionality!

(05:50) Stay at His Job?

(15:00) Traveling to Make More Money

(20:38) Stop Investing in 401(k)?

(31:13) Live in Flipping

(42:39) Can Travis Hit FI by 40?

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-574

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