542: DIY Finance Friday: How to Create a Customized Path to Financial Independence

BiggerPockets Money Podcast

Want a personalized financial independence plan that’ll get you closer to early retirement? Well, we’ve got just what you’re looking for! On this second annual “Financial Independence Day,” Mindy and Scott are sharing a new way to get you to financial freedom faster. With so many applications for our “Finance Friday” series, we decided to make a downloadable that allows you to do your own personal finance review AND build a faster path to FIRE!

But before you start filling out your financial independence plan, listen to this episode. We review some common traps and pitfalls that have stopped our Finance Friday guests from achieving financial freedom. We’ll explain exactly what each net worth bracket should focus on, how to get through the saving and investing “grind” to FIRE, and the biggest mistake most people make that will STOP them from ever finding financial independence.

Want to reach financial independence faster? Download the DIY Finance Friday document here, and if you want Mindy and Scott’s personalized suggestions, apply to be a Finance Friday guest!

In This Episode We Cover

How to build your own plan for financial independence and reach early retirement faster

Coming up with your financial snapshot to see a complete picture of your net worth

The biggest opportunities to reach FIRE for different net worth brackets

The “middle-class trap” that will stop you from retiring early (even if you’re wealthy)

Getting through “the grind” and how to know you’re on the right path for FIRE

Whether building wealth comes through a “process” or a “single event,” and how to combine both

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

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 Finde

Apply to Be a Finance Friday Guest

BiggerPockets Money 426 - The New Path to Financial Independence is HERE

BiggerPockets Money 157 - The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple

BiggerPockets Personal Finance Forum

Review Mindy’s Budget

See Mindy and Scott at BPCON2024 in Cancun!

Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plan

00:00 Intro

01:59 FIRE for DIYers

04:45 Your Financial Snapshot

15:25 Opportunities for FI

23:08 Avoiding the “Middle-Class Trap”

32:58 Getting Through The “Grind”

39:32 You NEED Both of These

44:24 Changing Your Path to FIRE

52:07 Happy FI Day!

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-542

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