557: Buying at the Peak, Surviving a Crash, and STILL Being Able to Quit at 38
Description
Have you ever made a poor financial decision? You’re not alone! But can a bad blunder disqualify you from FIRE? Today’s guest made a huge investment at the worst possible time, a move that had consequences a decade later. Despite this, he was still able to reach early retirement in just fifteen years!
Welcome back to the BiggerPockets Money podcast! Ryan Connell had a picture-perfect start to his financial independence journey—saving money at a young age and living well below his means. But then 2007 arrived, and Ryan made the “worst financial decision” of his life. He bought a house just weeks before the housing market began its historic collapse. But a move that could have derailed his quest for FIRE proved to be a minor setback because Ryan was still able to retire at the age of thirty-eight!
In this episode, you’ll learn why you should treat real estate as less of a “sure thing” and more like the stock market. Ryan discusses his current portfolio, which consists of 100% index funds, and what led him to pivot from real estate investing entirely. He even gives us a peek into the average day as an early retiree and shares why he has never had a FIRE number!
In This Episode We Cover
How Ryan rebounded from his “worst financial decision” to reach FIRE at thirty-eight
Real estate versus stocks and why you don’t need properties to retire early
Why time in the market is still more important than timing the market
Whether you can reach financial independence without stress and sacrifice
How to enjoy retirement with less productivity and more “negative time”
And So Much More!
Links from the Show
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Buy the Book “Rich Dad Poor Dad"
See Mindy and Scott at BPCON2024 in Cancun!
00:00 Intro
02:02 Buying a House...in 2007
09:42 Digging His Way Out
18:46 Ryan’s Journey to FIRE
28:25 Saving TOO Much?
35:00 Life After Early Retirement
40:49 Find Freedom Faster!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-557
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