553: $100K by 23, Coast FI by 27 Thanks to One Smart Money Challenge

Once you hit Coast FI, you don’t need to worry about retirement. While traditional FIRE may take a bit more extra work, Coast FI allows you to let your foot off the gas and enjoy life NOW, knowing that you’ll be set for retirement by the time you’re sixty-five. Lisa hit her coast FI number at the (very) young age of twenty-seven, and she will have millions of dollars waiting for her in retirement, even if she stops investing now. How’d she do it so quickly?

When her father challenged her to save $100K by age twenty-five, Lisa said, “Why not!” She hit the goal—actually, she got there two years earlier! After much saving and significant sacrifice, Lisa had a six-figure net worth in her early twenties. From there, she began heavily investing in her retirement accounts, which now boast over a quarter of a million dollars, and she’s on track to have half a million at thirty!

How did Lisa get so far ahead of the average twenty-seven-year-old, and what can you teach your kids, grandkids, nephews, nieces, or siblings to get them on the same path? Tune in because Lisa shares how to save $100K, the easiest way to invest for retirement, the tax-free account that will make your future self rich, and her best advice for growing wealth at a young age.

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In This Episode We Cover

How to save $100K in just a few years (even if you’re starting your career)

The tax-free retirement account you can’t afford to overlook

Coast FI 101 and how to hit it early so you can enjoy spending again

The sacrifice of saving and whether or not it’s worth it to go fully frugal

Index fund investing and why it’s one of the easiest ways to start investing

Lisa’s retirement portfolio and exactly what she’s investing in now

And So Much More!

Links from the Show

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The Simple Path to Wealth—Index Funds Explained with JL Collins

See Mindy at BPCON2024 in Cancun!

BiggerPockets Money 124 - Starting From $0 at Age 35 as a Teacher and Becoming ‘The Millionaire Educator’

00:00 Intro

01:37 Early Financial Education

03:53 $100K by 25 Challenge

07:08 Sacrificing to Save

10:26 Current Salary and Spending

13:13 What She Invests In

15:15 Coast FI at 27

21:45 Save Your First $100K!

24:56 Follow Her Lead!

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