Personal finance doesn’t have to be complicated. Saving, investing, and retiring early shouldn’t be a stumbling path to wealth, but many Americans feel this way. So, to clear up some of the money misconceptions, we’re doing personal finance for beginners FAQ episode, where we take some of the most common money questions and answer them for you so you can start building wealth and get closer to financial independence!Many of these questions come directly from the BiggerPockets Money Facebook page, where you can ask your money questions 24/7! First, we answer, “How many bank accounts should you have?” and walk through exactly how we split up our money. If you’re looking to start building wealth, we touch on the numerous ways to invest in real estate, from basic beginner investing strategies to purely passive income-generating expert tactics.How much money do YOU need to retire? With the 4% rule, you can calculate it in seconds! We’ll explain this common money metric early retirees love to use and whether or not it still works in 2024. If you’re close to early retirement, should you start selling your investments to fund your financial freedom? We’ll share why most early retirees never need to sell their stocks, and speaking of stocks, we’ll also get into how to pick stocks and when to sell them!In This Episode We CoverThe beginner money questions that you must have answers to if you want to build wealthHow many bank accounts do you REALLY need, and Scott’s 3-account-setupBeginner and expert strategies to start investing in real estate (even with little money)The 4% rule explained, and how much money you actually need to retireHow to pick stocks and whether or not index fund investing is a smarter move to makeWithdrawing money from your accounts when you finally reach financial freedom And So Much More!Links from the ShowBiggerPockets Money Facebook GroupNetwork with Other Investors on The Path to FIRE Through the BiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEMindy on BiggerPocketsScott on BiggePocketsListen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Find an Investor-Friendly Agent in Your AreaFind Investor-Friendly LendersGrab Your Copy “The House Hacking Strategy”Past Episodes Mentioned in Today’s Show:BiggerPockets Real Estate 136 - Shawn HolsappleBiggerPockets Money 35 - Craig CurelopBiggerPockets Money 120 - Michael KitcesBiggerPockets Money 151 - Tony J RobinsonBiggerPockets Money 153 - Bill BengenForbes: What Is The 4% Rule For Retirement Withdrawals?Secret IRS Rule 72(t)! | Eric Cooper Shares Early Withdrawal Hack!00:00 Intro01:14 How Many Bank Accounts? 07:04 Ways to Invest in Real Estate 16:25 The 4% Rule Explained23:36 Selling Investments to Retire Early?30:28 How to Pick Stocks Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-526Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoicesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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