208: Finance Friday: 23 Years Old, Steady Pay, Low Income, Should I Invest?

208: Finance Friday: 23 Years Old, Steady Pay, Low Income, Should I Invest?

We’ve said it before and we’ll say it again: it’s never too early to start your journey to financial independence. Today we talk to Mackenzie, a 23-year-old college graduate, working a government job and paying for only minor expenses. She has a serious emergency fund she’s managed to save up and has questions on house hacking, setting up retirement accounts, and the fastest way to get to FI. When you start your financial journey at such a young age, you have many different opportunities. Even just maxing out your Roth every year may be enough to make you a tax-free millionaire, but what about more aggressive strategies like owning rental properties or even shooting for a far higher-paying job? These are all questions that Mackenzie wants answers to, so we have Scott and Mindy here to help! In This Episode We Cover Living at home when you’re young to save money on rent and food Graduating debt-free so you can come out of college ready to build wealth TSP accounts, Roth accounts, and the 457 plan House hacking as a way to fund future investments Looking for other jobs or side income that can help you increase your investing rate And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

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18 Marras 202521min

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14 Marras 202531min

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Most people think index funds are the only path to financial independence—and they'll get you there in 15-20 years. But what if you could get there faster? In this episode, Mindy Jensen and Scott Tre...

11 Marras 202546min

How Can Paul Fast Track to FIRE by 45? ($1.6M Net Worth)

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Paul has a $1.6 million net worth at 40 years old—impressive by any standard—but he's stuck wondering: Can I retire in the next 5-6 years? In this episode of BiggerPockets Money, Paul shares his jour...

7 Marras 202550min

How to Avoid (or Escape) the Middle-Class Trap and Retire Early

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You're doing everything right—buying a house, maxing out your 401(k), investing in real estate—but what if these "smart" money moves are actually trapping you in your job? It's the paradox plaguing th...

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