DiscoverBiggerPockets Money Podcast333: From Broke at 40 to FI at 50 While Raising 4 Kids
333: From Broke at 40 to FI at 50 While Raising 4 Kids

333: From Broke at 40 to FI at 50 While Raising 4 Kids

Update: 2022-09-051


In the early retirement movement, becoming a millionaire is a crucial part of the financial path. While everyone has different spending habits, the first million will allow you to start pivoting so you can make choices for your enjoyment, not just for the sake of money. But when is it too late to start making these moves? Is there a certain point where early retirement, or retirement at all, is off the table? If you think so, listen to today’s episode with Courtney Robinson.

Courtney was raised frugal, and unlike most, she never strayed off that path. Buying old cars, eating at home, and seeing matinee movies were the norm for her, but this began to get harder and harder as her family grew. Courtney was raising four children on her own, making only $15,000 per year, with multiple debts to pay off. But now, only ten years later, she’s a millionaire with equity, retirement investments, a large cash reserve, and multiple rental properties.

How did she make the switch in the “late period” of her life? Courtney goes over the details that led her and her husbandout of bankruptcy, into investing, and eventually to millionaire status. By no means was this an easy or quick journey, but Courtney serves as living proof that even if you’re in your forties or fifties, you still have plenty of time to build a strong financial foundation, and maybe retire early!

In This Episode We Cover

Early frugality and the long-term benefits of teaching your children to save

Living off of $15,000 per year and how to intelligently increase your yearly income 

Bankruptcy, debt payoff, and differentiating the “needs” from the “wants” in your life

Paying off your mortgage and living for “free” in just a few years 

Calculating your FI number and making sure your investments match what you’ll need

Emergency funds, cash reserves, and how much to keep in each account

And So Much More!

Links from the Show

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Check Out Mindy’s 2022 Live Spending Tracker and Budget

Dave Ramsey Solutions

Early Retirement by 30 with $20K/Month in (Actually) Passive Income

Finance Friday: How to Get to Early Retirement Even Faster

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333: From Broke at 40 to FI at 50 While Raising 4 Kids

333: From Broke at 40 to FI at 50 While Raising 4 Kids