553: $100K by 23, Coast FI by 27 Thanks to One Smart Money Challenge
Description
Once you hit Coast FI, you don’t need to worry about retirement. While traditional FIRE may take a bit more extra work, Coast FI allows you to let your foot off the gas and enjoy life NOW, knowing that you’ll be set for retirement by the time you’re sixty-five. Lisa hit her coast FI number at the (very) young age of twenty-seven, and she will have millions of dollars waiting for her in retirement, even if she stops investing now. How’d she do it so quickly?
When her father challenged her to save $100K by age twenty-five, Lisa said, “Why not!” She hit the goal—actually, she got there two years earlier! After much saving and significant sacrifice, Lisa had a six-figure net worth in her early twenties. From there, she began heavily investing in her retirement accounts, which now boast over a quarter of a million dollars, and she’s on track to have half a million at thirty!
How did Lisa get so far ahead of the average twenty-seven-year-old, and what can you teach your kids, grandkids, nephews, nieces, or siblings to get them on the same path? Tune in because Lisa shares how to save $100K, the easiest way to invest for retirement, the tax-free account that will make your future self rich, and her best advice for growing wealth at a young age.
In This Episode We Cover
How to save $100K in just a few years (even if you’re starting your career)
The tax-free retirement account you can’t afford to overlook
Coast FI 101 and how to hit it early so you can enjoy spending again
The sacrifice of saving and whether or not it’s worth it to go fully frugal
Index fund investing and why it’s one of the easiest ways to start investing
Lisa’s retirement portfolio and exactly what she’s investing in now
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
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
The Simple Path to Wealth—Index Funds Explained with JL Collins
See Mindy at BPCON2024 in Cancun!
00:00 Intro
01:37 Early Financial Education
03:53 $100K by 25 Challenge
07:08 Sacrificing to Save
10:26 Current Salary and Spending
13:13 What She Invests In
15:15 Coast FI at 27
21:45 Save Your First $100K!
24:56 Follow Her Lead!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-553
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