Is your FI number TOO high? Whether you are ultra-conservative with your finances or want a lavish retirement lifestyle, setting a high bar could make your financial independence journey much harder…but not impossible. Today, we’ll provide a roadmap for building massive wealth!
Welcome back to the BiggerPockets Money podcast! With a six-figure income and a six-figure net worth at just 25 years old, Austin Crofoot should have no problem reaching financial independence by age 50, right? The only issue is that his FI number of $5,000,000 is much higher than most. As you’re about to hear, he’ll need to make several “bets” over the next few years, cross his fingers, and hope that at least one of them pays off in a huge way.
Like many in the FIRE community, Austin also wants to avoid the middle-class trap. Scott and Mindy will show him how to balance his retirement accounts with a mix of cash, brokerage accounts, and real estate investments—giving him the financial flexibility to pursue entrepreneurial ventures and retire on his terms. Stick around to hear how Austin can take advantage of a rebounding housing market by taking on assumable mortgages with rock-bottom interest rates!
Mindy:
Today’s Finance Friday guest is hoping to retire by the age of 50, but doesn’t have a clear understanding of the investing order of operations and what is best. Today we are going to break down the options that Austin has to make his five dreams a reality. Today’s guest is young, he’s 25 years old, so it’s a great episode for you if you are young and on your journey to financial independence. But it’s also a great episode for you to introduce the concept of financial independence to someone younger in your life. Hello, hello, hello and welcome to the BiggerPockets Money podcast. My name is Mindy Jensen and with me as always is my followed his own FI Dream cohost Scott Trench.
Scott:
Thanks, Mindy. Great to be here with you and looking forward to helping Austin…