BiggerPockets Money Podcast – Details, episodes & analysis

Did you know you can use your 401(k) to retire early? Yep, it’s possible. And today’s guest, Eric Cooper, is doing it atage 47! Most FIRE chasers search for how to withdraw from a 401(k) early but know that doing so will hit them with substantial penalties. The best way around this? The 72(t) rule—which is precisely what Eric has been taking advantage of. Eric uses the 72(t) rule’s “substantially equal periodic payments” to take early withdrawals from his 401(k) of $30K per year, starting at age 47. But how does it work? Eric comes on the show to describe exactly how this early withdrawal rule works, how much you can take out, the regulations to follow so you avoid penalties, and why early retirement may be much closer than you think. But this isn’t the only early retirement income Eric has got. We’ll review his substantial real estate portfolio and detail Eric's almostunbelievable tax savings from combining tax-advantaged rental properties with rule 72(t). Plus, Eric shares how he built a multimillion-dollar nest egg by his mid-forties and why those starting young on the path to early retirement can repeat his strategy to be much richer in retirement. Do you have money sitting in retirement accounts that you’re ready to use? The 72(t) rule might be just what you need. In This Episode We Cover How to access retirement funds early with the often overlooked 72(t) rule Escaping the “middle-class trap” that stops you from retiring on your terms Avoiding 401(k) penalties and using retirement accounts to actually retire early  The rules and regulations you MUST follow to withdraw penalty-free  How Eric amassed such a massive retirement account balance (and how you can, too) Early retirement healthcare and how to lower your taxable income to greatly reduce premium costs 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 BiggerPockets 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 BiggerPockets Money Group How to Access Retirement Funds Early 72(t) Calculator  See Mindy and Scott at BPCON2024 in Cancun! How the “Middle-Class Trap” Stops Your Early Retirement 00:00 intro 01:14 What is Rule 72(t)? 05:30 Avoiding Early Withdrawal Penalties 11:12 Building a BIG Nest Egg 17:14 Retiring Early at 47! 18:00 Different Investment Accounts 21:41 Why Withdraw Early? 24:52 Rental Income and Healthcare 30:44 Selling the Rentals? 32:54 Calculating Your 72(t) Income 38:40 Advice for Early Retirement 41:18 Connect with Eric! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-560 Interested 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/adchoices

What if you could “retire” early, working only FOUR hours a week? Coast FIRE achiever Diania Merriam did just that! After a decade of hustle in corporate America, Diania found herself financially behind with $30,000 in debt. Dreaming of a life-changing adventure but lacking the funds, she decided to overhaul her finances. Fast forward, and now in her mid-thirties, she’s debt-free, successfully self-employed (or, as she puts it, happily “unemployed”), living life on her terms. So, how did Diania save enough to walk away from her nine-to-five? The answer might surprise you. She didn’t need millions in the bank, and neither do YOU, to embrace early retirement. Diania asks, “Do you have enough to take a risk?” If you do, you could live the Coast FIRE lifestyle, just like her, working minimal hours and maximizing time freedom. Ready to slash your workweek and dive into what you love? Stick around—by following Diania’s example, early retirement could be within your reach, EVEN if you’re just getting started on your FIRE journey! In This Episode We Cover Why you must be financially prepared to quit a soul-sucking job  Achieving Coast FIRE without millions in the bank and how to be happy living off of little Why self-employed health insurance isn’t as big of an expense as most people think Burning out before you hit FIRE and why being hyper-fixated on a financial goal could kill your drive How starting your own business can save you a ton on taxes How to “retire” early without replacing your full-time salary  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 BiggerPockets 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 BiggerPockets Money Group Let Us Know What You Thought of the Show! Grab Dave’s Newest Book “Start with Strategy” See Mindy at BPCON2024 in Cancun! Coast FI: The Calculated Way to Retire Early WITHOUT Giving Up What You Love 00:00 Intro 01:03 $30K in Debt! 03:22 Quitting Her "Toxic" Job 09:23 What About Health 12:02 How Much She Makes 20:53 You Have ENOUGH Money! 25:24 Connect with Diania! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-559 Interested 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/adchoices

Todd retired early at age forty-four, just three years after discovering the FIRE movement. The most interesting part? He quit without reaching his FIRE number. That’s right. After realizing he couldn’t go one more day working his job, he quit, even without the perfect amount of money on the sidelines. Did he survive in the FIRE life, or did he eventually have to return to work to rebuild his portfolio? Stick around and find out! Although Todd made a good income, he spent most of it on his lifestyle. As his family’s sole provider, every expense took away from his income, leaving him with a respectable but by no means large savings rate. One day, as Todd surfed the internet at work, he stumbled upon a financial independence blog post, and the rest was history! He chased FIRE ruthlessly for three years and eventually was able to retire on his terms. If you’re looking to retire in your forties, quit your job, find financial freedom, or finally grow your savings, tune in for Todd’s advice. Even if you don’t have a high income, you can follow his cost-cutting, “boring” investing advice to achieve financial independence faster than you thought possible! In This Episode We Cover The “boring” investments that lead you to financial independence and early retirement Coming up with your FIRE number and whether the 4% rule still works Getting richer in retirement and how to build wealth WITHOUT working How cutting your expenses will fast-track your path to early retirement Quitting your job and why you MUST prepare for life in retirement BEFORE you walk away from your salary 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 Apply to Be a Finance Friday Guest Subscribe to The BiggerPockets Money YouTube Channel  Apply to Be a BiggerPockets Money Guest Apply to Be a Finance Review Guest Email [email protected] for the 4% Rule Article or Todd’s Contact Information See Mindy at BPCON2024 in Cancun! How to Retire Early (From Someone Who Did at Age 27) 00:00 Intro 01:09 Finding the FIRE Movement 03:24 Getting His Wife on Board 04:38 His FIRE Number  05:32 FIRE Movement Myths  07:37 Getting Richer in Retirement  11:55 Quitting His Job! 13:14 Prepare for Post-FI! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-551 Interested 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/adchoices

You want to retire, but you’ve got credit debt, auto loans, and student loans. It feels like every time you get your paycheck, it quickly slips away, and at the end of every month, you’re left in the same position, or worse, than thirty days prior. What’s happening, and why is it SO hard to get out of debt? And will you EVER be able to retire if you keep living this way? Seth Godwin was fired from his job while holding $30,000 in credit card debt. He had no way to pay it off, but somehow, over the next two years, he was able to become debt-free, increase his credit score by hundreds of points, and become one of the internet’s leading financial influencers. After crawling out of debt, Seth began working at a financial institution, looking at car loans, realizing how many people, like him, had been scammed into throwing tens of thousands of dollars away. Now, on the other side of the financial spectrum, Seth is financially flourishing with a steady stream of income, stable investments, and twenty-seven (!) credit cards—but he’s still debt-free! In this episode, Seth will show you EXACTLY how car salespeople are scamming you, how to escape credit card debt confidently, what to do now that student loans are resuming, and why you SHOULDN’T trade in your old car. In This Episode We Cover The common auto loan scams that trick you into spending FAR more than you should Why you should NEVER trade in a “negative equity” car to upgrade The best car makes to buy (and two that rarely break down) How to crawl yourself out of credit card debt and come out with a 700/800 credit score How much money Seth makes on TikTok every month (it’s WILD!) Student loan resumption and whether college is worth the increase in salary And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Is College Worth It (Part1) Is College Worth It (Part 2) Liz Frugalwoods Tinian Crawford Side Hustle Resources: Side Hustle Nation Budgets Are Sexy Click here to check the full show notes: https://www.biggerpockets.com/blog/money-461   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Will the housing market crash? If you’re like most Americans, the economy is starting to feel a bit unsettling. But, with so many homeowners locked into low mortgage rates or owning their homes outright, is there even a possibility of a housing crash, regardless of whether a recession does happen? The answer isn’t as straightforward as most people think, and if you don’t know the facts, you could get caught off guard. Mindy and Scott are back to answer YOUR money questions. This time, we’re taking questions from our Facebook Group, and MANY have to do with mortgage rates, home sales, and a potential crash. First, we answer what could cause a housing market crash in the near future. Then, a listener asks whether or not they should sell their home to pay off credit card debt. An investor wants to know if paying off their mortgage early beats the stock market, and a divorcee seeks to sell her home because of “bad juju.” The problem? She’s got a killer mortgage rate. Finally, we’ll debate stocks vs. real estate as the best path to FIRE! Got a money question you want to ask Mindy and Scott? Head over to the BiggerPockets Money Facebook group, or click here to submit your question on our next Q&A episode! In This Episode We Cover Could the housing market crash? And if so, which areas will be most affected? Crazy credit card debt and whether selling your home is worth being debt-free Should you stay in a house you hate just because you have a low rate? When leaving your business to go back to a W2 makes sense Paying off your mortgage early vs. investing in stocks when rates are sky-high The fastest path to financial freedom and whether stocks vs. real estate gets you there sooner And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Money and Relationships: How to Have “The Talk” Before It’s Too Late w/Vivian Tu Seriously—Why Hasn’t the Housing Market Crashed Yet? Should You Pay Off Your Mortgage Early or Invest? I Will Teach You To Be Rich Episode 80 Click here to check the full show notes: https://www.biggerpockets.com/blog/money-460   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Marriage and money are known for mixing like oil and water, but a little financial knowledge will allow you to navigate these sensitive issues with confidence. Today’s guest is an expert on this front and is here to equip you with some future-saving finance tips! Welcome back to the BiggerPockets Money podcast! In this episode, we’re joined by Tracy Coenen, a forensic accountant who specializes in unearthing money shenanigans in marriages. On most days, Tracy works closely with spouses who suspect financial infidelity or that their partner is making financial arrangements in preparation for a divorce. This is a vulnerable position for any partner to be in, but with Tracy in their corner, they can better handle their finances and weather the storm. Whether you’re single, preparing for marriage, or filing for divorce, this episode is loaded with all kinds of personal finance tips that will help you protect your financial future. Tracy shares why it’s critical for all couples to draft up prenuptial agreements before getting married, the biggest warning signs of financial infidelity in a partner, and when you might need to hire a forensic accountant to assist with your marital money problems. Stay tuned until the very end to hear about some of the wildest cases Tracy has worked on over the years! In This Episode We Cover Common marriage and money-related stressors that contribute to divorce When to hire a forensic accountant for your marital money issues The biggest warning signs of financial infidelity or divorce planning Why you and your partner NEED a prenuptial agreement before getting married Keeping legal costs under control during the divorce process How a couple’s finances and assets are typically divided in a divorce And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment What Out for These Financial Infidelity “Red Flags” in Your Marriage w/ Tracy Coenen Why You’re (Probably) Wrong About Prenups w/ Aaron Thomas Money and Relationships: How to Have “The Talk” Before It’s Too Late w/ Vivian Tu Getting Financially “Naked” with Your Significant Other w/ Erin Lowry Connect with Tracy and Get $100 Off Your Divorce Money Guide Click here to check the full show notes: https://www.biggerpockets.com/blog/money-459   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

What if one part-time side hustle could replace your entire income? Even better, what if you could keep your full-time job and spend a few hours a week making thousands extra a month, raking in cash, and reaching financial freedomfaster? If you’re today’s guest, Ryan, then this is the situation you find yourself in. Don’t know which super lucrative side hustle we’re talking about? Stick around because you may have never thought of it before. Ryan works full-time as a registered nurse in one of the most expensive areas of the country, Northern California. He’s made some ingenious money moves that allowed him to quadruple his income in just four years and live close to free every month in his own house. But, with a baby on the way, Ryan’s lucrative house hacking lifestyle may be coming to a close, and he’s debating what to do next. Should he pay off student loans, buy another home for his new family, stay in his current property, or expand his successful side hustle? The good thing is that any of these moves could make Ryan richer, but he’ll be strapped for time with a sixty-hour-per-week working schedule and a newborn requiring constant attention. So, what’s the best money move to make for his future family? And should he go all-in on this wild side hustle that could make him even more than his job? In This Episode We Cover Ryan’s unbelievably profitable side hustle that almost anyone can start NOW House hacking 101 and how to live-mortgage free every month When paying off debt DOESN’T make sense (and what you should do with the money instead) Investing in real estate vs. your side hustle and why mortgage rates have changed the game Buying businesses from retiring baby boomers and the HUGE opportunities out there How Ryan quadrupled his salary in just four years (without burning out!) And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Alex Hormozi on The “Weak Links” That Will Make Anyone a Millionaire Leila and Alex Hormozi’s Unbelievably Simple Investing Advice Codie Sanchez: These “Boring Businesses” Will Make You Rich How to Make Extra Money in 2023: 21 Ideas for Part-Time Gigs & Side Hustles Passive Income, Aggressive Retirement Click here to check the full show notes: https://www.biggerpockets.com/blog/money-458   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Vivian Tu, AKA “Your Rich BFF,” is the internet’s expert on money and personal finance. She was doing schoolyard trades before she worked on Wall Street, and now, as the host of Networth and Chill, she talks about the much more profound aspects of finances. Stuff like love, marriage, happiness, and when to ditch another date with someone who could put you in financial ruin. Americans tend to think with their hearts and less with their heads when finding love. The problem with that logic? Money is usually the single-largest reason for divorce, so if your partner doesn’t have their money right, your relationship could be rocky. So, how do you know from the jump if someone is financially savvy enough to build your life with? And, if you already have a partner, what do you do if they’re not in the financial spot you need them to be in? In this episode, Vivian walks through the financial red flags you should look for on a first date, questions to ask to see how a potential partner is doing financially, the BIGGEST money mistake in relationships, and how to start financial planning together so you can live a happier, healthier, and wealthier life. In This Episode We Cover The biggest money mistake that most couples make (and how to fix it NOW) Money questions to ask on a first date (they won’t know you’re asking about money...) The mandatory “money date” that Vivian and her partner regularly have Make a change or break up? What to do when your partner isn’t on the same financial path as you Financial planning as a couple and accomplishing your biggest financial goals together And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Amanda's Instagram Amanda's Website Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment 16 Money Skills They Didn’t Teach You in High School Divorce: The Biggest Marriage and Money Mistakes to Avoid Smart Money Mamas’ Emergency Binder Click here to check the full show notes: https://www.biggerpockets.com/blog/money-457   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Many real estate syndications are facing absolute failure in 2023. But, even if you aren’t investing in any, this could be a learning experience like no other to help you build your wealth in the future. If you’ve never heard of a real estate syndication before, here’s a quick summary: a real estate syndication is where an “operator” raises money from a group of investors to buy a large commercial property, often an apartment complex, self-storage facility, or housing community. Over the past ten years, these investments have boasted massive profits, but everything is about to change. Real estate syndications face obstacles like they never have before. Rising interest rates and vacancies, a backlog of evictions, plummeting prices, and inexperienced operators who have NEVER been in a down market. These failed deals could lead to opportunities for you to invest at a massive margin, but how do you know which deal is worth putting money into? J Scott, world-famous investor, flipper, syndicator, and author, is on the show to explain exactly what to look for in a syndication, whether investing now is the right move to make, and what to know before investing in a syndication. The right syndication can make you hundreds of thousands in a completely hands-off, passive investment. The wrong syndication can tank your entire net worth. How do you know which is which? Tune in!   In This Episode We Cover Syndication investing explained and whether putting money into this “passive” investment is worth it The commercial real estate crash and why property values are plummeting Massive economic headwinds syndicators face in 2023 and why many won’t survive The danger of “floating rates” and why many syndicators could be forced to sell Accredited vs. non-accredited investors and who should consider syndication investing The most critical question you should ask ANY syndicator   And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Grab the Best-Selling Real Estate Books by J Scott Syndications: Everything You Need to Know BEFORE You Invest The Biggest Crash Imaginable is Coming For Commercial Assets REITs: How to Make Real Estate Money WITHOUT Owning Rentals w/Jussi Askola  Click here to check the full show notes: https://www.biggerpockets.com/blog/money-456   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]   Learn more about your ad choices. Visit megaphone.fm/adchoices

Want passive income? Well, DON’T invest in rental properties. Buy REITs (real estate investment trusts) instead. Yes, you read that right. Although rental properties are a phenomenal way to build wealth and cash flow and pay fewer taxes on your income, they aren’t the most “passive” type of investment around. Between the 2 AM tenant phone calls, leaky toilets, evictions, and common headaches of owning a house, rental properties might not be worth the extra incomefor most Americans. But REITs probably are. REITs are traded on the stock market just like your favorite index fund. The difference between REITs and traditional stocks? REITs let you buy a share in a large landlord company, which passes their income down to you via dividends and often an appreciating share price. And now, as many commercial real estate values are dumping, top REITs could be selling at a HUGE discount. So, how do you start investing in them? We brought Jussi Askola on to help. Jussi runs Leonberg Capital, where he consults with some of the largest REITs in the world. He also writes the “High Yield Landlord” newsletter for Seeking Alpha and is arguably the world’s most up-to-date REIT expert. In today’s episode, Jussi gives you a top-to-bottom breakdown of REIT investing, who should (and shouldn’t) invest in them, how to know whether one is worth buying, and why rentals PALE in comparison to the passive income REITs provide. In This Episode We Cover REITs vs. rental properties and why one beats the other on profit and passive income potential How to make TRULY passive income by investing in REITs today Private vs. public REITs and which are safer, easier to exit, and provide better returns  The MASSIVE REIT discount in today’s stock market and which companies are worth investing in REIT industries to avoid in 2023 that may continue to see their prices drop And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Connect with Scott on BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Passive Income (Without the Properties!) by Investing in REITs w/Matt Argersinger What Are REITs And How Can You Invest In Them? Click here to check the full show notes: https://www.biggerpockets.com/blog/money-455   Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices