260: Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less)

260: Finance Friday: How to Hit $10M Net Worth in 10 Years (Or Less)

Stocks vs. real estate is a regular feud among many financially savvy forums on the internet. While some investors love the passive aspect of stocks, other investors love the tax savings and flexibility of real estate. Regardless of your preferred asset, it’s better to stick your hard-earned money in something that makes money for you, instead of spending it or letting it sit. Our guest today, Madison, is having trouble deciding which asset class she and her husband are best suited for. They have high-income jobs, a great net worth for their age, and just moved from the expensive San Francisco Bay Area to far more reasonable Texas. They’ll have a lot more money to stash away without the high rent, gas prices, or child care they had in California. But neither Madison nor her husband have plans to retire early, so should they even plan for early retirement? Scott and Mindy walk Madison through her multiple different investing options, along with giving her the structure to formulate a three, five, and ten-year plan for wealth building and financial freedom. We may hear back from Madison very soon on the progress she’s made! In This Episode We Cover Why relocating to another state can be a massive savings lever Understanding when you want to retire and how your assets play a part in retirement Putting in your “500 hours” to any asset you truly have an interest in Turning your primary residence into a rental property after you upgrade Stock investing vs. real estate and the pros and cons of both Reducing your spending so you can save (and invest) much more And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Episoder(749)

From $69K Debt to Financial Independence in NYC

From $69K Debt to Financial Independence in NYC

Kim Hunter Borst didn’t start her financial independence journey in New York City—but it’s where everything changed. After building a high-income life, she and her husband found themselves $69,000 in...

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Paula Pant Quit Her Job with $25K (Now She’s FI in NYC)

Paula Pant Quit Her Job with $25K (Now She’s FI in NYC)

Paula quit her $32,000 job in 2008—before she’d ever heard of the FIRE movement—with just $25,000 saved to travel the world. When she came back, she started freelancing and made a pivotal decision: b...

23 Apr 33min

She Retired at 39… After Moving to New York City

She Retired at 39… After Moving to New York City

Most people think you need to leave expensive cities to reach financial independence. Walli Miller did the opposite. After discovering the FIRE movement in 2015, Walli Miller moved to New York City—o...

22 Apr 42min

Coast FI by 30 in a HCOL City (Here’s How He’s Doing it)

Coast FI by 30 in a HCOL City (Here’s How He’s Doing it)

In this episode, discover how Eli, a 24-year-old living in NYC, is on track to hit financial independence and retire early—despite the city’s high living costs. His strategies and mindset shift challe...

21 Apr 37min

9 Things No One Tells You About Financial Independence

9 Things No One Tells You About Financial Independence

In this episode of the BiggerPockets Money Podcast, Mindy Jensen and Carl Jensen (our guest host for the week!) break down 9 financial independence (FIRE) lessons most people don’t discover until it’s...

17 Apr 42min

How This Teacher Reached Financial Independence with Rentals

How This Teacher Reached Financial Independence with Rentals

Corby Goade went from a modest teacher salary to financial independence through real estate investing—and he did it by mastering the fundamentals. In this episode, he shares how house hacking, long-te...

14 Apr 50min

Retiring Early in 5 Years? Do THIS First

Retiring Early in 5 Years? Do THIS First

Thinking about early retirement in the next 5 years? This episode breaks down exactly how to prepare—financially and emotionally—so you don’t just retire early, but stay retired. Mindy Jensen and Scot...

10 Apr 41min

How She Quit Full-Time Work at 27 Without Millions (Coast FI)

How She Quit Full-Time Work at 27 Without Millions (Coast FI)

What if you didn’t have to grind your way to financial independence? In this episode, Alyssa shares how she reached Coast FI by prioritizing flexibility, intentional spending, and what she calls “hobb...

7 Apr 46min

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