555: Retiring Early Before 30 and Why You DON'T Need Millions for FIRE

This might be the fastest path to FIRE we’ve ever seen. In just two years, Emily and James were able to retire early and travel the world full-time. They didn’t have a trust fund, some huge inheritance, or a winning lottery ticket. But they did make some serious sacrifices , cutting almost everything unnecessary out of their lives to retire early and quit the jobs they were itching to get out of. How’d they do it? After realizing they were throwing away every cent they made , James stumbled upon a popular personal finance blog. He devoured it that day at work and came home a changed man. The AC temperature was going up, the restaurant expenses were going down, and he was deadset on achieving financial freedom . His wife, Emily, needed some convincing. But, with time, they both became locked in on FIRE. They moved to a cheaper house, rode bikes to work , and rarely ate out anymore. Just two years after discovering FIRE, they achieved it , and they did it without millions of dollars in the bank. And here’s the thing: you might be able to do it, too, IF you’re willing to put in the work. How much money are they living on? How did they cut their expenses so significantly? And how do you convince your partner or spouse to follow you on the path to financial independence? Emily and James are showing you how in today’s episode! 00:00 Intro 01:21 Poverty to Overspending 06:12 Convincing Your Spouse on FI 09:09 0% to 85% Savings Rate 16:30 Buying $50K Rentals 23:29 Retiring on $31K/Year 29:40 The Secret to FIRE 32:43 Are They Still Retired? 34:36 Advice for Finding FIRE 36:24 Connect with James and Emily! 37:19 Use These FIRE Tips Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-555 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