You dream of retiring early, but you’re stuck in the “middle-class trap.” You’ve built up a solid net worth, maybe own a rental property or two, and on paper, you look like you’re on track to make it rich. But in reality, you don’t feel that way. With all your wealth tied up in home equity or retirement accounts, your “early” retirement may have to be pushed to the traditional age of sixty-five. So, how do you free up some of this wealth so you can start accessing it today to retire early tomorrow?This is the question Emily and Justin are struggling to answer. They’ve gone from nothing to a substantial net worth—$1,500,000! With big dreams to travel internationally and retire from their jobs in twelve years, they’re wondering if they can still make it to early retirement AND if they can do so while enjoying life a little bit more today. Mindy and Scott offer some unconventional advice for the personal finance space, but it may help this couple feel more secure so they can start living today instead of waiting to finally retire in twelve years!Support today’s show sponsor, BAM Capital, your path to generational wealth with premier real estate investment opportunities! In This Episode We CoverThe “middle-class trap” that stops even millionaires from retiring earlyWhy you should NOT sacrifice everything now just to retire a few years earlier What to do when you struggle to spend more, even on the things you lovePaying off your primary residence early vs. keeping a low-interest mortgage (and what to do with the money instead!)Putting your pension into your net worth calculation (and how it can get you closer to FIRE!)Roth conversion ladders and the smart way to save significantly on taxes in retirement 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 LendersProperty Manager FinderApply to Be a Finance Friday GuestHow to Access Retirement Funds EarlyHow to Estimate Capital Expenses On a Rental PropertySee Mindy and Scott at BPCON2024 in Cancun!Ramit Sethi’s Money Advice for Couples: Live a Rich Life, Together00:00 Intro02:19 Frugal Beginnings 07:58 Big Retirement Goals 13:48 Financial Snapshot 14:50 Struggling to Spend Money?24:18 Can We Retire in 12 Years?36:45 A HUGE Extra Income Source 45:46 Loosen Up Your Budget!52:13 Retire Even Earlier? 01:02:09 Emergency Reserves for Rental Properties 01:07:51 Don't Get Caught in The Trap!Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-543Interested 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.

Ask this episode

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

Transcript

Related