BiggerPockets Money

What happens when you go from spending 120% of your income to saving 80%-90% of it and eventually reach financial independence in your 40s? Justin David Carl knows firsthand that making a high-income doesn't necessarily mean building wealth. After racking up $80,000 in debt during his Hollywood nightlife career and falling six years behind on taxes, he had to completely rethink his relationship with money. But once he discovered the Financial Independence (FIRE) movement, he turned things around in a big way.

Welcome back to the BiggerPockets Money podcast! Justin joins Mindy Jensen and Scott Trench to share how he went from nightclub VIP hosting to earning as much as $888,000 a year in tech sales, paying off debt, and building wealth through an aggressive savings and investing strategy. But reaching financial independence brought an unexpected challenge: figuring out what to do next. Now, instead of chasing the highest possible net worth, Justin is focused on maximizing his "net life", the quality of his everyday life.Tune in to learn how he built an 80%-plus savings rate, why he traded his Range Rover for a Prius, how he navigated the identity crisis of early retirement, and why financial independence should be about enjoying your life, not just growing your portfolio!

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

Connect with Justin David Carl:

• Social Media: @JustinDavidCarl
• Website: http://fitrichlife.com/
• Podcast: Fit Rich Life

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What happens when an energy shock sends oil prices soaring? The ripple effects can reach far beyond the gas pump, driving up the cost of groceries, transportation, and everyday goods while putting the Federal Reserve in a difficult position on inflation and interest rates.

In this episode of the BiggerPockets Money, host Scott Trench and longtime guest J Scott break down the economic domino effect of energy supply shocks and how disruptions in global energy markets can affect inflation, mortgage rates, household finances, and the broader economy. They explain how oil futures react almost immediately, why gasoline prices can take one to two weeks to respond, and how the effects can spread through supply chains for months or even years. They also explore how tariffs and deglobalization could intensify economic pressures, why energy-importing countries may face greater risks than the United States, and whether the Federal Reserve can control inflation without slowing economic growth.

Tune in to understand how energy shocks move through the economy, what policymakers can realistically do about them, and how to think about the financial consequences for your household.

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

Connect with J Scott:

• https://linktr.ee/jscottinvestor

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What if the key to a better retirement isn't saving more, but learning when it's safe to spend more? Financial planner Aubrey Williams breaks down retirement guardrails, a flexible withdrawal strategy that helps early retirees adjust spending based on portfolio performance instead of relying on a fixed withdrawal rate. Using a $1 million portfolio, he explains how to balance market risk with the often-overlooked risk of underspending and missing out on life while you're still young enough to enjoy it.

The goal is to spend confidently, adapt when markets change, and make the most of the money you've worked so hard to save.

To go beyond the podcast:

• Listen to the Full Episode (671): https://youtu.be/VSffAvPaxFE
• Interested in working with a Flat Fee Financial Planner? Go to https://biggerpocketsmoney.com/fipro/
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets
• Follow BiggerPockets Money on Social:
• Facebook: https://www.facebook.com/groups/BPMoney
• Instagram: https://www.instagram.com/biggerpocketsmoney/

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Can Gen Z still achieve financial independence and retire early (FIRE) in 2026? On this episode of the BiggerPockets Money Podcast, co-hosts Evan Lawler and Scott Trench break down whether Gen Z faces a tougher path to financial freedom than millennials. They examine housing affordability, career income growth, spending habits, side hustles, and the three key factors behind every FIRE plan: earning more, spending less than you make, and investing for long-term returns.

Whether you're in your 20s, building wealth, or planning for early retirement, this episode offers practical insights to help you make smarter financial decisions, set realistic FIRE goals, and build a financial independence plan that can withstand an uncertain economy.

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

Connect with Evan Lawler:

• Instagram: https://www.instagram.com/the_financialfoundation/
• YouTube: https://www.youtube.com/@The_FinancialFoundation

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Kevin Scanlan, better known as the Financial Tutor, joins Mindy Jensen and Scott Trench on the BiggerPockets Money podcast to share how he went from house hacking in Chicago to building nearly $2 million in net worth by age 32 and leaving his six-figure corporate job. He breaks down how buying and renovating a three-unit property helped accelerate his wealth, how side hustles grew into a new career, and why he ultimately decided to sell the property.

Now, with a growing family and more than $500,000 in proceeds from the sale, Kevin faces a new question: should he invest the money, pay down his mortgage, or build a business? It's a candid look at Coast FI, real estate investing, entrepreneurship, and what financial freedom actually looks like when your priorities start to change.

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

Connect with Kevin Scanlan:

• YouTube: https://www.youtube.com/@FinancialTutor
• Website: https://www.kevinfinancialtutor.com/

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What financial products do millionaires actually use, and which ones do they wish they'd avoided? Tad Fallows from Long Angle shares insights from a survey of high-net-worth households, revealing the credit cards, brokerages, mortgages, and insurance policies wealthy people recommend.

If you're building wealth or looking to make smarter financial decisions, these findings offer a useful look at what works for households with millions to manage.

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

Connect with Tad Fallows!

• Long Angle Website: https://www.longangle.com/
• LinkedIn: https://www.linkedin.com/in/fallows/
• Asset Allocation 2026 Report: https://www.longangle.com/research/high-net-worth-asset-allocation

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Can you achieve financial independence and retire in 15 years if you're starting from $0 at age 50? In this episode, we break down how to build wealth on a lower income by rethinking your biggest expenses, growing your earning potential, and making your money work harder. Learn how your first $25,000 can create a foundation for financial security, how house hacking and real estate investing can accelerate your progress, and why developing new skills and pursuing side hustles can help you reach your goals faster.

Whether you're a late starter or simply trying to get serious about your finances, discover practical strategies to save more, invest wisely, and build a realistic path to early retirement.

To go beyond the podcast:

• Listen to the Full Episode (668): https://biggerpocketsmoney.com/podcast/how-to-go-from-broke-at-50-to-retired-at-60/
• Interested in working with a Flat Fee Financial Planner? Go to https://biggerpocketsmoney.com/fipro/
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets
• Follow BiggerPockets Money on Social:
• Facebook: https://www.facebook.com/groups/BPMoney
• Instagram: https://www.instagram.com/biggerpocketsmoney/

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Your 20s can be the best time to take risks, but knowing which risks are worth taking can make all the difference in reaching financial independence. In this episode, we break down how to take smart risks with your money, career, and lifestyle to build wealth faster. Learn how to invest for long-term growth, negotiate a higher salary, start a side hustle, use house hacking to build wealth, and protect yourself with insurance and an emergency fund.

We also cover the risks to avoid, from high-interest debt to speculative investments, so you can pursue financial independence without putting your financial future at unnecessary risk.

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

Connect with Evan Lawler:

• Instagram: https://www.instagram.com/the_financialfoundation/
• YouTube: https://www.youtube.com/@The_FinancialFoundation

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How do you go from financial mistakes and debt to financial independence? On this episode of the BiggerPockets Money Podcast, Kelley Long shares her journey from money struggles in her twenties to reaching Coast FI and building a life with more flexibility and financial freedom. Kelley discusses paying off debt, changing her money mindset, investing for long-term wealth, and spending intentionally without sacrificing the things she loves.

If you're pursuing Coast FI, early retirement, or financial independence, Kelley's story offers practical lessons for creating a financial future on your own terms.

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

Connect with Kelley Long:

• Website: https://www.financialblisscoach.com/
• Instagram: https://www.instagram.com/financialblisscoach/

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How can you have a $3.8 million net worth and still have zero cash available? In this episode of BiggerPockets Money, Mindy Jensen and Scott Trench help a couple navigate a financial puzzle involving wealth tied up in real estate and retirement accounts, significant medical expenses, and a cash flow shortfall. They explore strategies for accessing money early, including Roth conversions, the 72(t) rule, and real estate sales, while considering healthcare costs, ACA subsidies, and tax implications.

If you're planning for early retirement, this case study shows why having a high net worth isn't always the same as having money you can actually spend.

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Is the massive investment in AI worth the cost? In this Best of BiggerPockets Money episode, Aswath Damodaran breaks down the trillions being poured into AI infrastructure, the revenue needed to justify that spending, and the risk of an AI investment bubble. Learn how to evaluate AI stocks, understand Big Tech valuations, and manage investment risk without trying to time the market.

To go beyond the podcast:

• Listen to the Full Episode (780): https://biggerpocketsmoney.com/podcast/aswath-damodaran-why-ai-needs-10-trillion-in-revenue-to-work/
• Interested in working with a Flat Fee Financial Planner? Go to https://biggerpocketsmoney.com/fipro/
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets
• Follow BiggerPockets Money on Social:
• Facebook: https://www.facebook.com/groups/BPMoney
• Instagram: https://www.instagram.com/biggerpocketsmoney/

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What would we do if we were 25 years old and starting from $0? In this episode of BiggerPockets Money, Mindy Jensen and Evan Lawler break down a step-by-step plan to build wealth and reach financial independence from scratch. Learn how to track your spending, build a $1,000 emergency fund, pay off high-interest debt, and make the most of your 401(k), Roth IRA, and HSA.

Whether you're just starting your financial journey or trying to get your money on track, these practical steps can help you build a strong financial foundation and put compound growth to work early.

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

Connect with Evan Lawler:

• Instagram: https://www.instagram.com/the_financialfoundation/
• YouTube: https://www.youtube.com/@The_FinancialFoundation

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How do you build a $2 million portfolio and retire at 54 without earning an enormous salary? Mike shares how 25 years of consistent saving, basic investing, and real estate helped him reach financial independence. In this episode of BiggerPockets Money, Mindy Jensen and Scott Trench explore his simple investing strategy, including the three-fund portfolio, tax-advantaged retirement accounts, and the importance of paying yourself first.

Mike also explains how he’s preparing for early retirement, from managing healthcare costs and ACA subsidies to planning portfolio withdrawals. His story shows how living below your means and sticking to a boring, long-term investment strategy can build lasting wealth without chasing hot stocks or timing the market.

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What if you had $1 million invested for financial independence at just 36, but still worried that buying a home could derail your early retirement plans? Cheryl and her family have two young kids, a $1 million FI portfolio, and big goals: reach Coast FI and potentially work part time within five years, while ultimately retiring with $3 million by age 59.5. But after buying a primary residence, Cheryl wants to know whether she’s made a major financial mistake or if she can make homeownership, part-time work, and financial independence all work together. On this Finance Friday episode, Mindy Jensen and Scott Trench break down Cheryl’s numbers and explore what it will take to balance her family’s goals without losing sight of the bigger FI plan.

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

Connect with Cheryl:

• Instagram: https://www.instagram.com/millionairecher/

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How much can you safely withdraw in early retirement, and is the 4% rule still a good guideline? Ben Felix breaks down portfolio risk, asset allocation, bonds vs. stocks, flexible spending, and the psychological side of investing in retirement.

To go beyond the podcast:

• Listen to the Full Episode Here: https://biggerpocketsmoney.com/podcast/ben-felix-100-equities-in-fire/
• Interested in working with a Flat Fee Financial Planner? Go to https://biggerpocketsmoney.com/fipro/
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Is house hacking still a good strategy for reaching financial independence in 2026? Scott Trench and Evan Lawler break down a real house-hacking opportunity, looking at mortgage costs, cash flow, market conditions, sold properties, and how to systematically find real estate deals that can help you build wealth. If you're considering house hacking, real estate investing, or using rental income to accelerate FIRE, this episode offers a practical framework for evaluating the numbers and knowing when to act.

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

Connect with Evan Lawler:

• Instagram: https://www.instagram.com/the_financialfoundation/
• YouTube: https://www.youtube.com/@The_FinancialFoundation

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How much do you actually need to retire, and once you get there, how do you turn your portfolio into income without running out of money? In this episode, Christine Benz from Morningstar joins us to talk about one of the biggest challenges of early retirement: decumulation. We get into how much you can realistically withdraw, what to do when markets are expensive or take a downturn, and how to build a portfolio that can support you for decades. Christine also explains why you don’t need a perfect portfolio or an overly complicated strategy to retire successfully, and why staying flexible may be one of the most important parts of a good retirement plan.

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

Connect with Christine Benz:

• Website: https://www.morningstar.com
• Podcast: The Longview

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What is happening with inflation, interest rates, energy prices, and the economy, and what does it mean for investors? In this episode of the BiggerPockets Money Podcast, Mindy Jensen and Scott Trench welcome back J Scott to break down the current economic landscape and explain how inflation, Federal Reserve policy, energy costs, housing, interest rates, money supply, and geopolitical events can affect your finances and investments.

They discuss why inflation still feels high, how rising energy prices impact the broader economy, why mortgage and borrowing costs can remain elevated, and whether investors should change their portfolios in response.

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

Connect with J Scott:

• https://linktr.ee/jscottinvestor

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What are the best careers for reaching financial independence? In this episode of the BiggerPockets Money Podcast, Mindy Jensen and Evan Lawler explore careers that can accelerate your path to FI. They break down how income potential, flexibility, pensions, benefits, variable income, and lifestyle can affect your ability to build wealth and reach financial independence faster.. They also discuss side hustles, managing inconsistent income, and why choosing the right career can be just as important as saving and investing when you're working toward FI.

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

Connect with Evan Lawler:

• Instagram: https://www.instagram.com/the_financialfoundation/
• YouTube: https://www.youtube.com/@The_FinancialFoundation

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How do you go from nearly $1 million in debt to building a $1.3 million net worth? In this BiggerPockets Money episode, hosts Mindy Jensen and Scott Trench sit down with Naseema McElroy to hear how she rebuilt her finances through intentional money decisions, strategic debt payoff, disciplined investing, and strong financial systems. Naseema shares how selling a home helped her eliminate debt, how she learned to control major expenses, and why boring, consistent investing became the foundation of her wealth.

She also opens up about navigating real estate setbacks, life transitions, and the path toward financial independence. If you’re paying off debt, investing, rebuilding after a financial setback, or working toward financial freedom, this episode is packed with practical lessons you can use to build wealth.

To go beyond the podcast:

• Interested in a Flat Fee Financial Planner? Go tohttps://biggerpocketsmoney.com/fipro/
• Interested in Learning More About Buying a Franchise? Check out:http://biggerpocketsmoney.com/franzy
• Get 50% Off Your First Year of Monarch by using code ‘Pockets’:https://www.monarch.com/pockets

Connect with Naseema McElroy:

• Website:http://financiallyintentional.com/
• Social: @financiallyintentional

We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.