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

Episoder(749)

197: 4 Children, a Lower Income, and STILL Hitting Financial Independence

197: 4 Children, a Lower Income, and STILL Hitting Financial Independence

There are a lot of excuses we hear from people as to why they can’t reach financial independence. They needed that new car, they needed that nicer apartment, they needed the expensive vacations. Often...

17 Mai 20211h 10min

196: Finance Friday: Debt-Free, Great Pensions, But Will it Be Enough?

196: Finance Friday: Debt-Free, Great Pensions, But Will it Be Enough?

Getting out of debt can be very empowering, which is exactly how Azar and Jeffrey felt when they paid off $83,000 of debt in under 3 years! They thought it may be the best time to start investing in r...

14 Mai 20211h 28min

195: 3 Degrees, Debt Free, and “Coasting” to Financial Independence

195: 3 Degrees, Debt Free, and “Coasting” to Financial Independence

Student loans can often drag people into debt, especially when chasing more than one degree. But here’s an unusual story: Brenda Olmost, PhD student, nurse practitioner, and member of the FIRE communi...

10 Mai 202157min

194: Finance Friday: Will I Still Be Able to Hit Retirement At 60?

194: Finance Friday: Will I Still Be Able to Hit Retirement At 60?

It’s a common concern among many Americans on whether or not they can retire on a timeline they feel comfortable with. In this episode, we talk to Deb, who’s having some of those same concerns. She ha...

7 Mai 20211h 16min

193: Building a Business After Homelessness, Addiction, and Debt

193: Building a Business After Homelessness, Addiction, and Debt

Part of the mission of the BiggerPockets Money Show is to share journeys from all walks of life. Our guests show that no matter where you’re at, you can reach financial freedom and enjoy your life on ...

3 Mai 20211h 27min

192: I Make Great Money - Why Do I Feel So Broke? Finance Friday

192: I Make Great Money - Why Do I Feel So Broke? Finance Friday

In many of our lives, we make a decent salary, we try to save and invest, but we still feel bogged down by debt. How is it possible to feel “broke” while making a great salary? That is the question th...

30 Apr 20211h 5min

191: It’s Not Your Money, It’s Your Future Self’s Money with Angela Rozmyn

191: It’s Not Your Money, It’s Your Future Self’s Money with Angela Rozmyn

Many of us have had the benefit of growing up in households where our parents taught us about money, saving, and investing. Angela Rozmyn was raised in one of these households, and when she wanted som...

26 Apr 20211h

190: Why You Should Always Have Side-Income: Finance Friday with Rachael

190: Why You Should Always Have Side-Income: Finance Friday with Rachael

Side businesses can be a fantastic way to boost your savings and investing rates, especially if you’re making a low salary! Rachael works in the insurance industry and is keen on getting a promotion s...

23 Apr 20211h 1min

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