454: Finance Friday: We Spend $12K a Month...Can We Still Retire in 10 Years?

Tyler and Jenna need to know how to retire in ten years or less so they can spend less time working and more time with their family. The problem? They’re spending more than $10,000 monthly in expenses, and even with a high salary, that hurts their bottom line. But, a bigger problem to take care of is the six-figure savings sitting in their bank account, not bringing them any closer to becoming financially free. So, what should they do next?
Today, Mindy is joined by her husband, Carl, as these lucrative lovebirds advise a young couple who just had their first child and are looking to speed up their early retirement timeline. Tyler works in finance, taking home a stable income, and Jenna runs her own business that’s still expanding. They want to increase their incomes, invest more, and move closer to early retirement, so where do they start?
With three FI-friendly investment options—index funds, short-term rentals, and syndications—Tyler and Jenna can use any (or all) of these to multiply their wealth. But, one of these options poses a substantially bigger risk than they may think, and Mindy and Carl feel that they MUST warn this couple about it before they pull the trigger. If you dream of hitting FI in a decade or less, this episode can help you get there!

In This Episode We Cover
How to hit financial independence in ten years or less (and what to invest in)
Tracking your expenses and categories you may want to cut out of your budget
Syndication investing 101 and why now may NOT be the time to invest in passive deals
Private money lending and becoming the bank for active real estate investors
Buying a short-term rental and how to ensure it’ll actually turn a profit
Index funds for early retirees and the easiest way to make your money grow 
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
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Money Moment
The Best Alternative Investment No One Knows About
Syndications: Everything You Need to Know BEFORE You Invest
Making $2,000/Month with Etsy Printables

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-454
 
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

Tyler and Jenna need to know how to retire in ten years or less so they can spend less time working and more time with their family. The problem? They’re spending more than $10,000 monthly in expenses, and even with a high salary, that hurts their bottom line. But, a bigger problem to take care of is the six-figure savings sitting in their bank account, not bringing them any closer to becoming financially free. So, what should they do next?

Today, Mindy is joined by her husband, Carl, as these lucrative lovebirds advise a young couple who just had their first child and are looking to speed up their early retirement timeline. Tyler works in finance, taking home a stable income, and Jenna runs her own business that’s still expanding. They want to increase their incomes, invest more, and move closer to early retirement, so where do they start?

With three FI-friendly investment options—index funds, short-term rentals, and syndications—Tyler and Jenna can use any (or all) of these to multiply their wealth. But, one of these options poses a substantially bigger risk than they may think, and Mindy and Carl feel that they MUST warn this couple about it before they pull the trigger. If you dream of hitting FI in a decade or less, this episode can help you get there!

In This Episode We Cover

How to hit financial independence in ten years or less (and what to invest in)

Tracking your expenses and categories you may want to cut out of your budget

Syndication investing 101 and why now may NOT be the time to invest in passive deals

Private money lending and becoming the bank for active real estate investors

Buying a short-term rental and how to ensure it’ll actually turn a profit

Index funds for early retirees and the easiest way to make your money grow 

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

Listen to All Your Favorite BiggerPockets Podcasts in One Place

Apply to Be a Guest on The Money Show

Podcast Talent Search!

Money Moment

The Best Alternative Investment No One Knows About

Syndications: Everything You Need to Know BEFORE You Invest

Making $2,000/Month with Etsy Printables

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-454

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