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The Realistic, Repeatable Path to Investing for FIRE in Your 20s
Manage episode 442208087 series 2566047
Young, old, or in between, you need to hear this episode! Today’s guest paid off over $80,000 of debt, grew her net worth to $100,000 and did it all just years after graduating from college without a sky-high income. How did she make such quick progress, and what’s her secret to skyrocketing her net worth early in her career? She’s sharing it all in this episode, and you (no matter your age) can follow her repeatable path, too!
Want to see your net worth leap so you can fast-track your road to FIRE? Anna Foley is the person you should listen to. Through common-sense smart spending, diligent investing, and salary-increasing career pivots, Anna and her partner went from $80,000 debt to debt-free and finally hit six-figure net worth status. The best part? They did all of it WITHOUT giving up what makes life enjoyable, and they still sport a phenomenal savings rate!
Anna is sharing how she saves a significant portion of her income every month, why she decided to rent (not buy) a house, how “paying yourself first” can get you debt-free before you know it, and why she does NOT follow the traditional advice of chasing a “FIRE number.” In your twenties? Copy Anna’s plan! Closer to retirement? Follow Anna’s smart saving and investing tactics, and you can get there faster!
In This Episode We Cover
How to become debt-free and achieve a six-figure net worth before you’re thirty!
Why Anna decided to rent a house, not buy one, to maximize her savings
What Anna invests 100% of her income in (it’s not real estate!)
The “middle-class trap” to avoid when maxing out your retirement accounts
Why you DON’T need a FIRE number, and why Anna’s more achievable goals work better
Boosting your income and why job-hopping can explode your income-generating potential
And So Much More!
Links from the Show
Listen to All Your Favorite BiggerPockets Podcasts in One Place
BiggerPockets Money 558 - How to Start Investing for Retirement: 401(k), IRA, Roth?
BiggerPockets Money 560 - Dude ACTUALLY Withdraws From His 401(k) and Retires at 47
Email Your Savings Rate to mindy@biggerpockets.com!
Reach FIRE Faster with “Set for Life”
Find an Investor-Friendly Agent in Your Area
See Mindy and Scott at BPCON2024 in Cancun!
Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement
(00:00) Intro
(01:10) Investing Right After College
(03:00) Rent, Don’t Buy!
(08:58) Paying Off $80K in Debt
(12:42) Investing for Financial Independence
(16:16) Saving a TON!
(21:11) Better Than a “FI Number”
(25:27) Boosting Your Income
(27:19) Do This FIRST!
(29:11) Connect with Anna!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-567
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
591 episódios
Manage episode 442208087 series 2566047
Young, old, or in between, you need to hear this episode! Today’s guest paid off over $80,000 of debt, grew her net worth to $100,000 and did it all just years after graduating from college without a sky-high income. How did she make such quick progress, and what’s her secret to skyrocketing her net worth early in her career? She’s sharing it all in this episode, and you (no matter your age) can follow her repeatable path, too!
Want to see your net worth leap so you can fast-track your road to FIRE? Anna Foley is the person you should listen to. Through common-sense smart spending, diligent investing, and salary-increasing career pivots, Anna and her partner went from $80,000 debt to debt-free and finally hit six-figure net worth status. The best part? They did all of it WITHOUT giving up what makes life enjoyable, and they still sport a phenomenal savings rate!
Anna is sharing how she saves a significant portion of her income every month, why she decided to rent (not buy) a house, how “paying yourself first” can get you debt-free before you know it, and why she does NOT follow the traditional advice of chasing a “FIRE number.” In your twenties? Copy Anna’s plan! Closer to retirement? Follow Anna’s smart saving and investing tactics, and you can get there faster!
In This Episode We Cover
How to become debt-free and achieve a six-figure net worth before you’re thirty!
Why Anna decided to rent a house, not buy one, to maximize her savings
What Anna invests 100% of her income in (it’s not real estate!)
The “middle-class trap” to avoid when maxing out your retirement accounts
Why you DON’T need a FIRE number, and why Anna’s more achievable goals work better
Boosting your income and why job-hopping can explode your income-generating potential
And So Much More!
Links from the Show
Listen to All Your Favorite BiggerPockets Podcasts in One Place
BiggerPockets Money 558 - How to Start Investing for Retirement: 401(k), IRA, Roth?
BiggerPockets Money 560 - Dude ACTUALLY Withdraws From His 401(k) and Retires at 47
Email Your Savings Rate to mindy@biggerpockets.com!
Reach FIRE Faster with “Set for Life”
Find an Investor-Friendly Agent in Your Area
See Mindy and Scott at BPCON2024 in Cancun!
Finance Friday: How the “Middle-Class Trap” Stops Your Early Retirement
(00:00) Intro
(01:10) Investing Right After College
(03:00) Rent, Don’t Buy!
(08:58) Paying Off $80K in Debt
(12:42) Investing for Financial Independence
(16:16) Saving a TON!
(21:11) Better Than a “FI Number”
(25:27) Boosting Your Income
(27:19) Do This FIRST!
(29:11) Connect with Anna!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-567
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
591 episódios
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