Episode #413

Early retirement is possible for almost anyone, no matter where you start or how much you make. If you can sacrifice and save more than you spend, there’s a good chance you could retire years or even decades earlier than the rest. In fact, you can retire early on a median income salary without any retirement savings to start with…but you’ll need to do one crucial thing. As you’ll see from today’s guests, David and Danielle, one smart purchase may have set them up for life!

We’re back with another Finance Friday, where we talk to David and Danielle, two median-income earners trying to figure out the right path to early retirement. After Danielle’s sales-based burnout, the couple has been surviving with just one income, cutting it close every month. But, with a return to work on the calendar for Danielle, the chances of financial freedom are looking bright. But where do they go from here?

With David and Danielle’s real estate dreams, Scott and Mindy come up with a handful of ways that this couple could use their primary residence to bolster their chances of early retirement and allow them to save a significant amount of money every month. So if you feel like you’re starting over on the path to FIRE and don’t know which move is right, this is an episode for you!

Show Notes at:
https://www.biggerpockets.com/blog/money-413?utm_source=youtube&utm_medium=description&utm_campaign=none
~~~~
Join BiggerPockets for FREE 👇
https://www.biggerpockets.com/signup?utm_source=owned_media
~~~~
Join the BiggerPockets Money Facebook Group:
https://www.facebook.com/groups/bpmoney
~~~~
Find an Investor-Friendly Agent in Your Area:
http://biggerpockets.com/agentmatch
~~~~
Find Investor-Friendly Lenders:
http://biggerpockets.com/lendermatch
~~~~
Got a Money Tip to Share? Send Us an Email:
moneymoment@biggerpockets.com
~~~~
Grab The Classic from Scott Trench, “Set for Life”:
https://store.biggerpockets.com/products/set-for-life-revised-edition?utm_source=owned_media
~~~~
House Hacking: A Beginners Guide to Living for Free:
https://www.biggerpockets.com/blog/2013-11-02-hack-housing-get-paid-live-free?utm_source=youtube&utm_medium=description&utm_campaign=none
~~~~
Grocery Shopping Got a Hold on Your Wallet? Check Out These Episodes:
Cutting Your Grocery Bill in Half: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-03-cutting-your-grocery-bill-in-half-erin-chase?utm_source=youtube&utm_medium=description&utm_campaign=none
The Most Efficient Path to Financial Freedom: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-75-efficient-path-financial-freedom?utm_source=youtube&utm_medium=description&utm_campaign=none
Food Spending Eating Away at Your FI Plans? Here’s How to Eat for Cheap: https://www.biggerpockets.com/blog/money-299?utm_source=youtube&utm_medium=description&utm_campaign=none
Slash Your Food Budget by $150+ Per Week with EASY, Healthy, and Tasty Meals: https://www.biggerpockets.com/blog/money-405?utm_source=youtube&utm_medium=description&utm_campaign=none
~~~~
Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
Guests: https://www.biggerpockets.com/guest?utm_source=youtube&utm_medium=description&utm_campaign=none
Finance Friday: https://www.biggerpockets.com/financereview?utm_source=youtube&utm_medium=description&utm_campaign=none
~~~~
Connect with Scott and Mindy on BiggerPockets:
Scott: https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none
Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none

00:00 Intro
04:27 Money Moment
04:54 Money Snapshot
07:31 Wiped Out Retirement and Financial Instability
15:38 $1,700/Month on Food!?
20:41 Back to Work (and Double the Income!)
26:25 Use Your Home to Retire Early
45:52 This Is a MUST for FIRE