539: Finance Friday: Can I Comfortably Retire by 50 with My Current Portfolio?

539: Finance Friday: Can I Comfortably Retire by 50 with My Current Portfolio?

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 expert investor David Greene from the BiggerPockets Real Estate podcast 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! Support today's show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We Cover Creative money strategies that will fast-track your path to early retirement How to leverage your 401(k) retirement funds today without tax penalties Boosting your cash flow by converting properties into short-term rentals How to start a business with low money (and where to reinvest your profits!) How to (potentially) acquire valuable rental properties at a HUGE discount When you should hire someone to help manage your real estate portfolio And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder How to Access Retirement Funds Early Check Out J Money’s blog, “Budgets Are Sexy” Check Out Nick Loper’s podcast, “The Side Hustle Show” Hear David on the "BiggerPockets Real Estate" Podcast BiggerPockets Money - Episode 443: The Entrepreneur’s Guide to FI: A Day in the Life of a Finance Blogger BiggerPockets Money - Episode 520: The BEST Side Hustles You Can Start in 2024 (Outside of Real Estate!) 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 Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-539 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

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113: Single Hourly Employee with No College Degree and STILL FI by 40 with Bianca DiValerio

113: Single Hourly Employee with No College Degree and STILL FI by 40 with Bianca DiValerio

This week we sit down with Bianca DiValerio, a flight attendant who makes an hourly wage, has no college degree, experienced THREE short sales during the economic downturn, and yet is STILL financiall...

24 Helmi 20201h 23min

112: Choosing the Right Tax Professional for YOUR Specific Needs with Natalie Kolodij

112: Choosing the Right Tax Professional for YOUR Specific Needs with Natalie Kolodij

Natalie Kolodij is a tax strategist. (You’ve probably seen her in the forums!) With April 15 looming around the corner, we’re going to chat about ways to choose the RIGHT tax professional who can best...

17 Helmi 20201h 11min

111: Starting Late? Early Retirement Is STILL Possible with A Purple Mom

111: Starting Late? Early Retirement Is STILL Possible with A Purple Mom

On episode 110, we interviewed A Purple Life. As she was sharing her story of financial independence, she casually mentioned that her mother didn’t start investing until later in life, and STILL manag...

10 Helmi 20201h 2min

110: Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life

110: Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life

Purple graduated from college and got a job in New York City making $35,000 a year. And spending $35,000 a year. Her net worth was a whopping $5,000. Her partner shared the concept of financial indepe...

3 Helmi 202059min

109: Attacking Debt and Tenaciously Pursuing Financial Freedom with Airman Mildollar from Military Dollar

109: Attacking Debt and Tenaciously Pursuing Financial Freedom with Airman Mildollar from Military Dollar

This week, we sit down and talk with Airman Mildollar, from Military Dollar. (Spoiler Alert: Despite the name, Airman Mildollar is a woman!) Airman Mildollar shares her story of college debt, car loan...

27 Tammi 202057min

108: Starting Early & Finishing Strong with Real Estate with Kristi Tanner Smith

108: Starting Early & Finishing Strong with Real Estate with Kristi Tanner Smith

Kristi Tanner Smith considers herself privileged—she was an only child in a big house with lots of toys. But Kristi’s mom was diagnosed with a fatal disease and given six months to live when Kristi wa...

20 Tammi 202055min

107: Choosing Side Hustles (& Happiness!) Over Full-Time Employment with Financial Panther

107: Choosing Side Hustles (& Happiness!) Over Full-Time Employment with Financial Panther

Financial Panther (Kevin) went to law school, graduated from law school, and took a job as an attorney. Attorneys make a lot of money, right? So, with all this income potential, why is he doing side h...

13 Tammi 20201h 8min

106: Planning For Your Future Wealth with Megan Gorman from The Wealth Intersection

106: Planning For Your Future Wealth with Megan Gorman from The Wealth Intersection

Megan Gorman started learning about money very early – at age 5 she begged her parents for a Little House on the Prairie Dress. Her parents said we’re not buying it for you, but you can save up for it...

6 Tammi 20201h 4min

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