FIRE at 50: The 4-Year Journey That Made Early Retirement a Reality

2024/11/15

BiggerPockets Money Podcast

Chapters

Eric discovered the FIRE movement through a friend and realized the potential for early retirement. He set a goal to reach financial independence by 50 and made aggressive financial decisions to achieve it.

Eric learned about FIRE from a high school friend.
He set a financial independence number of $2.5 million.
Eric treated his journey to FI like a death march, focusing on minimizing expenses and maximizing savings.

Shownotes Transcript

Could a few years of **aggressive **saving) put you in the fast lane for financial independence? Is the grind even worth it? Today’s guest was well on his way to a comfy retirement but had never thought about retiring early). Then he discovered the FIRE movement), and with just four years of all-out hustle, he was able to retire at fifty!

Welcome back to the BiggerPockets Money podcast! In 2020, Eric Reinholdt experienced a** financial “awakening” **that set him on a death march to FI and early retirement. For four years, he minimized his spending, maximized his savings, and threw every extra dollar at his investments. Today, he’s “chubby FI,” has a paid-off house, and is recently “retired”— working just ten hours per week on his own business while preparing to travel the world in 2025!

But was the glamorous destination worth the grueling journey? Should Eric have started earlier or slowed down to reach his FI number? Tune in to hear about the major lifestyle changes) he and his wife made to accelerate retirement, the different levers he pulled to grow his nest egg, and the steps you might need to take if you want to replicate his success!

In This Episode We Cover

How this entrepreneur) reached “chubby FI” by the age of** fifty**

When to slow down and enjoy the journey to financial independence

Flexing your “spending muscle” while saving for an early retirement

Why building your own business gives you a huge “buffer” for FIRE

Why you *need *monthly financial check-ins with your significant other

What Eric plans to do in retirement (and why he’s NOT giving up work entirely!)

And **So **Much More!

Links from the Show

Mindy on BiggerPockets)

Scott on BiggerPockets)

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