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(743)

183: Mini Millionaires: How to Set Up Your Children for Financial Independence with Rob Phelan

183: Mini Millionaires: How to Set Up Your Children for Financial Independence with Rob Phelan

Those who are part of the FI or FIRE movement know how important it is to set yourself up on the right path in your youth. For parents, how do you get your kids excited about pursuing financial freedo...

29 Mar 202155min

182: What if My Career Gets Phased Out? Finance Friday with Mike

182: What if My Career Gets Phased Out? Finance Friday with Mike

Mindy and Scott don’t often get stumped on the Money Show, but it happens once in a great while. What do you do when you have a multi-million dollar net worth, appreciating properties, a maxed out 401...

26 Mar 20211h 3min

181: A Slow, Steady, and Sustainable Way to Buy Rentals with Julie

181: A Slow, Steady, and Sustainable Way to Buy Rentals with Julie

You may hear of 20 year olds with $1,000,000 in real estate, or a novice flipper doing 50 flips a year, or even a wholesaler who made six figures on one deal. What about the everyday investor who slow...

22 Mar 20211h 17min

180: So You’ve Reached Millionaire Status, What’s Next? Finance Friday with Brian Blask

180: So You’ve Reached Millionaire Status, What’s Next? Finance Friday with Brian Blask

What do you do once you’ve hit millionaire status? You have rental properties, brokerage accounts, and a good amount of cash on hand, so what’s next? This is the question that today’s guest, Brian Bla...

19 Mar 20211h 13min

179: “The Guy Who Did Everything Wrong But Still Figured it Out” with David Pere

179: “The Guy Who Did Everything Wrong But Still Figured it Out” with David Pere

Being in the military opens you up to an array of benefits for a financially abundant life. You have access to VA loans, a tax-free housing allowance, and a pension (if you stick around long enough). ...

15 Mar 20211h 8min

178: Finance Friday: From $33k in Debt to $100k+ in Net Worth Through House Hacking & Smart Saving with Budget Girl

178: Finance Friday: From $33k in Debt to $100k+ in Net Worth Through House Hacking & Smart Saving with Budget Girl

Last time we talked to Sarah, AKA Budget Girl, she was on Episode 6 of the Money Show. If you haven’t listened to that episode, here’s a quick recap. Sarah was $33,000 in debt from student loans, but ...

12 Mar 20211h 15min

177: Putting Yourself in the Best Financial Position as a First Time Home Buyer with Scott and Mindy

177: Putting Yourself in the Best Financial Position as a First Time Home Buyer with Scott and Mindy

It’s hard being a first time home buyer, especially if you don’t have any experience with real estate, property values, or market appreciation. You may be wondering how you’ll be able to buy a home th...

8 Mar 20211h 17min

176: How to Grow Retirement Accounts Before Having Kids | Finance Friday with Steve

176: How to Grow Retirement Accounts Before Having Kids | Finance Friday with Steve

Most listeners of the show will know that a cash cushion is always great to have and should be mandatory for almost everyone. Having a cash reserve of 6-12 months can help you cover unexpected expense...

5 Mar 20211h

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