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FIRE at 50: The 4-Year Journey That Made Early Retirement a Reality
Episode Details
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
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Email Mindy: Mindy@biggerpockets.com
Email Scott: Scott@biggerpockets.com
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Buy Scott’s Book, “Set for Life”
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FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement
(00:00) Intro
(01:25) Discovering FIRE
(05:01) Major Lifestyle Changes
(14:15) High Income + Low Expenses
(22:53) “Retired” at Age 50
(27:08) Eric’s Investment Portfolio
(33:35) Life in Retirement
(37:14) Connect with Eric!
(38:06) A “Cheat Code” for Wealth!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-581
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See moreIn this episode of the BiggerPockets Money Podcast, hosts Mindy Jensen and Scott Trench interview Eric Reinholdt, an architectural designer who pivoted his business model to achieve financial independence and retire early (FIRE). Eric shares his journey of building a sustainable income-generating business over a decade and planning for a financially secure future. They discuss his strategies for reaching his FIRE goals, which include saving aggressively, investing wisely, and harnessing the financial potential of his business. Eric also opens up about the challenges and mindset shifts needed to make significant lifestyle changes to achieve FIRE. The episode explores the personal transformations and financial adjustments he and his wife made, emphasizing building a business as a buffer for financial security and why it’s crucial to have regular financial discussions with your partner.