If you’re asking “Do I Have Enough to Retire Next Year?”, it may a great time to double check your expenses and passive income. To retire early, you not only have to do more, with less time, but you have to stay diligent on your budgeting, expense tracking, and investing if you want to hit your goal by a certain age.
Today we talk to Lisa, who wants to retire next year, in her mid-50s. While most people think early retirement means retiring in your 20s and 30s, this isn’t necessarily true. Retiring 10 years early, like Lisa, is a massive accomplishment, but requires the same skills needed for retiring decades earlier.
Will Lisa be able to retire using the 4% rule with her retirement accounts? Or, should she use this last year of employment to double down on cash-flowing assets like rental properties?
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Join the BiggerPockets Money Facebook Group:
https://www.facebook.com/groups/bpmoney ~~~~
The “Mindy Method” of Expense Tracking and Budgeting:
https://www.biggerpockets.com/mindymethod?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~
Our Interview with Michael Kitces:
https://www.biggerpockets.com/blog/biggerpockets-money-podcast-120early-retirementasset-allocation-safe-withdrawal-rates-michael-kitces?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~
Our Interview with Bill Bengen (The Inventor of the 4% Rule):
https://www.biggerpockets.com/blog/biggerpockets-money-podcast-153-bill-bengen?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~
The Simple Math of Early Retirement With Real Estate:
https://www.biggerpockets.com/blog/the-simple-math-of-early-retirement-with-real-estate?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~
Follow Scott and Mindy on Instagram:
@scott_trench or
https://www.instagram.com/scott_trench/@mindyatbp or
https://www.instagram.com/mindyatbp/ Episode 230
Show notes at:
https://www.biggerpockets.com/moneyshow230 0:00 Intro
3:36 Income and Expenses
7:40 Investments
8:35 Underinvested for Retirement?
13:09 TRUE Retirement Expenses
16:48 Income Opportunities
27:58 Selling Her Plot of Land
36:37 Hunting for More Property
38:37 Expense Tracking and Budgeting
47:00 Reviewing Lisa’s Retirement Plan
