531: Financial Freedom in 9 Steps: The Money Guy’s Financial Order of Operations

BiggerPockets Money Podcast

English - May 24, 2024 06:00 - 57 minutes - ★★★★★ - 2.8K ratings
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Previous Episode: 530: Reaching $1M Net Worth and FI in 6 Years with a “Home Run” Rental Property

Next Episode: 532: Building Generational Wealth? Don’t Lose It with This ONE Critical Mistake

If you follow these nine steps, you will reach financial independence. How do we know? Well, The Money Guy Show’s Brian Preston and Bo Hanson have tested it hundreds of times! Using this simple but extremely powerful “financial order of operations,” anyone from any background can achieve FIRE, even starting with nothing. From free money to becoming easily debt-free, building a solid financial foundation, and even paying off your mortgage early, Brian and Bo break down the exact route to financial freedom anyone can take.
But first, we’ll discover if you’re a “financial mutant.” The fact that you’re listening to BiggerPockets Money already proves that you might be. But for those who have struggled with high-interest credit card debt, low savings, and lackluster investing, this episode has EVERYTHING you need to become a financial powerhouse by making nine smart money moves.
We’ll walk through the entire financial order of operations, from saving money to cover your deductibles to building an emergency reserve, paying off bad debt, and the “hyper-accumulation” stage you must reach to watch your net worth explode. If you’re ready to take the steps to realize financial freedom in the not-so-distant future, stay with us and grab Brian’s newest book, Millionaire Mission!

In This Episode We Cover
The nine-step "financial order of operations" that will lead you to financial independence
Why building a $1,000 emergency fund is NOT enough and how much you really need
Whether or not to pay off your “high-interest” debt depending on your age
Why Brian and Bo advise people NOT to invest in real estate until they’re at THIS stage
The one investment account to max out before all the rest (it’s NOT your 401(k)!)
The “hyper-accumulation” stage that will explode your wealth (IF you can reach it)
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
BiggerPockets Money 404 - How to Build Wealth in Three Simple Steps w/The Money Guy Show
BiggerPockets Money 510 - Morgan Housel: Financial Lessons From History Anyone Can Use to Get Rich
Grab Brian’s New Book, “Millionaire Mission”

00:00 Intro
01:38 Financial "Mutants" Among Us
02:52 The Financial Order of Operations
05:54 Cover Your HIGHEST Deductible
07:38 Get Your Employer Match
09:49 Build an Emergency Reserve
11:11 Paying Off "High-Interest" Debt
22:23 DON'T Invest in Real Estate?
28:34 "Hyper-Accumulation" of Wealth
36:47 Prepay Future Expenses
38:22 Pay Off LOW-Interest Debt
46:11 Grab the New Book!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-531

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But first, we’ll discover if you’re a “financial mutant.” The fact that you’re listening to BiggerPockets Money already proves that you might be. But for those who have struggled with high-interest credit card debt, low savings, and lackluster investing, this episode has EVERYTHING you need to become a financial powerhouse by making nine smart money moves.

We’ll walk through the entire financial order of operations, from saving money to cover your deductibles to building an emergency reserve, paying off bad debt, and the “hyper-accumulation” stage you must reach to watch your net worth explode. If you’re ready to take the steps to realize financial freedom in the not-so-distant future, stay with us and grab Brian’s newest book, Millionaire Mission!

In This Episode We Cover

The nine-step "financial order of operations" that will lead you to financial independence

Why building a $1,000 emergency fund is NOT enough and how much you really need

Whether or not to pay off your “high-interest” debt depending on your age

Why Brian and Bo advise people NOT to invest in real estate until they’re at THIS stage

The one investment account to max out before all the rest (it’s NOT your 401(k)!)

The “hyper-accumulation” stage that will explode your wealth (IF you can reach it)

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