215: FI: More Than Retirement, a Chance to Take Risks w/ Diania Merriam

215: FI: More Than Retirement, a Chance to Take Risks w/ Diania Merriam

After years and years of working in licensing, Diania Merriam opened up her credit report and saw that she was (collectively) $30,000 in debt. This forced her to ask the question, “what am I working for?” It made sense at the moment: you get your paycheck, you can go out to a fancy dinner, you get another paycheck, you can buy yourself something nice. But Diania wasn’t happy, or at least as happy as she thought she’d be. She realized that she didn’t want to be stuck in a job she had to go to every day. She wanted autonomy, freedom, and financial independence that would allow her to rule over her schedule and pursue her passions and interests. So, she went to work and started saving whatever she could. She stopped eating out, started cooking all her meals, moved to a more inexpensive city, bought a house and house hacked, heavily invested in retirement, and did everything right. Now, she’s self-employed, hosting the Optimal Finance Daily podcast and the EconoMe Conference in Cincinnati. She was able to create her dream roles because she came from a position of financial strength, she also had a plan in mind and knew what her “worst-case scenario” looked like. In This Episode We Cover Getting out of consumer and student debt as quickly as possible Minimizing expenses and maximizing income to increase savings rates Building a strong financial runway so you can start your own business Buying a house and house hacking by renting per room Understanding your “worst-case scenario” before you take the leap into entrepreneurialism Finding your passions and cementing what you want to do when you reach FI And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Get Tickets to BPCon 2021 The Shockingly Simple Math Behind Early Retirement Get Tickets to the EconoMe Conference and USE CODE BIGGERPOCKETS for a Discount BiggerPockets Money Podcast 01 with Mr. Money Mustache BiggerPockets Money Podcast 120 with Michael Kitces BiggerPockets Money Podcast 153 with Bill Bengen Grab the House Hacking Strategy Check the full show notes here: https://www.biggerpockets.com/moneyshow215 Learn more about your ad choices. Visit megaphone.fm/adchoices

Jaksot(742)

FI With 5 Kids and Debt-Free in Just Over a Decade!

FI With 5 Kids and Debt-Free in Just Over a Decade!

Does FIRE seem impossible while raising a family? We’re about to prove that you CAN have it all. Emily and Joel are financially independent while raising five kids and still have the money to travel t...

24 Syys 202440min

Is Refinancing Worth It with Today’s Falling Rates? (+ How Much It’ll Cost)

Is Refinancing Worth It with Today’s Falling Rates? (+ How Much It’ll Cost)

When should you refinance your mortgage? Is now the time since interest rates have finally fallen? Or will refinancing down to today’s rates not be worth it when, six months from now, interest rates c...

20 Syys 202435min

564: How to Make Truly Passive Income with “Syndication” Real Estate

564: How to Make Truly Passive Income with “Syndication” Real Estate

Visit PassivePockets, your resource for passive investing with syndications.  Passive investing is most people’s goal, especially if they’re trying to achieve FIRE. They don’t want to be weighed down...

17 Syys 202436min

563: Why Aren’t More “Normal” People Achieving FIRE?

563: Why Aren’t More “Normal” People Achieving FIRE?

Has BiggerPockets Money become too focused on FIRE (financial independence, retire early)? For the past seven years, we’ve been bringing you shows highlighting the journeys of those who left their job...

13 Syys 202430min

562: Police Officer Surpasses $10K/Month FI Goal w/Out-of-State Sober Living Investments

562: Police Officer Surpasses $10K/Month FI Goal w/Out-of-State Sober Living Investments

Achieving your FI number in just four years? If you want to do it too, you must try something different. This couple found a niche within a niche, allowing them to hit the coveted “1% rule” in real es...

10 Syys 202438min

561: What Happens if High Expenses Extinguish Your FIRE?

561: What Happens if High Expenses Extinguish Your FIRE?

You did it; you achieved FIRE! After over a decade of hard work, you’ve reached financial independence and can retire early. You’re making more money than you spend from passive income, work-optional,...

6 Syys 202442min

560: Dude ACTUALLY Withdraws From His 401(k) and Retires at 47

560: Dude ACTUALLY Withdraws From His 401(k) and Retires at 47

Did you know you can use your 401(k) to retire early? Yep, it’s possible. And today’s guest, Eric Cooper, is doing it atage 47! Most FIRE chasers search for how to withdraw from a 401(k) early but kno...

3 Syys 202446min

559: How I Retired in My Mid-30s While Working Just 4 Hours a Week

559: How I Retired in My Mid-30s While Working Just 4 Hours a Week

What if you could “retire” early, working only FOUR hours a week? Coast FIRE achiever Diania Merriam did just that! After a decade of hustle in corporate America, Diania found herself financially behi...

30 Elo 202429min

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