How to Achieve Financial Freedom Even Faster

Want to know how to get to financial freedom even faster than you planned? Those searching how to achieve financial freedom usually come away with one conclusion—you have to make much, much more money. Most financial independence pursuers think that a large salary or enormous sum of assets is what will bring them closer to FI. Fortunately for you, that isn’t always the case, and you’ll see exactly why when we talk to today’s Finance Friday guest, Rebecca.

Rebecca makes a great salary. Actually, she makes two great salaries, working at her government job during the day and her technical writing job at night. She’s pulling in six figures, owns her own home, and splits expenses with her boyfriend. But she’s struggling to put together a passive income portfolio that will give her a good amount of monthly income when she decides to leave work. So what’s the missing piece in this passive income puzzle?

Scott and Mindy sift through Rebecca’s finances and find some strikingly simple ways that she (and all of you) can save money every month and get to financial freedom decades in advance. This strategy isn’t hard, but it will take a little bit of willpower to get done. Thankfully, even those FIRE movement and financial freedom chasers who aren’t die-hard FI fanatics can still take these lessons to heart.

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Pensions 101: Are Pensions Worth It?
https://www.biggerpockets.com/blog/biggerpockets-money-podcast-259-grumpus?utm_source=youtube&utm_medium=description&utm_campaign=none
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How to Retire Early (From Someone Who Did at Age 27):
https://www.biggerpockets.com/blog/retire-early-real-estate-investing?utm_source=youtube&utm_medium=description&utm_campaign=none
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House Hacking—A Beginners Guide to Hack Your Housing and Live for Free:
https://www.biggerpockets.com/blog/2013-11-02-hack-housing-get-paid-live-free?utm_source=youtube&utm_medium=description&utm_campaign=none
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Present Value Calculator:
https://www.calculator.net/present-value-calculator.html?c1futurevalue=1000&c1yearsv=10&c1interestratev=6&x=81&y=9#future-money
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Try the Waffles on Wednesday Expense Tracker:
https://wafflesonwednesday.com/make-your-own-mobile-expense-tracking-app-in-30-minutes/
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Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
Guests: https://www.biggerpockets.com/guest?utm_source=youtube&utm_medium=description&utm_campaign=none
Finance Friday: https://www.biggerpockets.com/financereview?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Scott and Mindy on BiggerPockets:
Scott: https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none
Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none

Episode 314

Show notes at: https://www.biggerpockets.com/blog/money-314?utm_source=youtube&utm_medium=description&utm_campaign=none

00:00 Intro
05:57 Income and Expenses
16:59 Assets and Liabilities
19:19 Financial Goals
20:13 Planning for Passive Income
26:31 Building Your Financial Runway
29:20 Home Equity and House Hacking
40:33 Cutting Down the Variable Spending
47:31 An Inherited IRA
49:39 Controlling Your Spending
55:42 How to Value a Pension
01:09:44 Rebecca's Future FI Plan

#biggerpockets #biggerpocketsmoneypodcast #ep314