How to Retire Early: A 10-Year Plan to Go from $1,000 to FIRE | Bigger Pockets Video

Episode #632

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Most people chasing FIRE (financial independence, retire early) are doing it all out of order, and it’s costing them years of financial freedom. So, we thought, “What’s the fastest way to achieve FIRE, and which steps would you take if you were starting from scratch?” Today, we’re bringing you a supercharged financial independence plan, sharing the exact financial order of operations that’ll take you from a $1,000 emergency fund to fully-fledged early retirement.

We know the steps because we’re reverse-engineering our own paths to financial independence, and we WISH we had done some of these earlier. If you’re a beginner in the FIRE movement, start here and work through these steps to FIRE the fastest. If you’re close to FIRE already or at a significant financial milestone, don’t worry. We have tips you can use right now to retire earlier and avoid the “middle-class trap” that kills so many FIRE dreams.

We’re going through retirement accounts, emergency funds, cash-flowing investments, and side hustles to help you earn more. Plus, what to do once you make TOO much money to invest in tax-advantaged retirement accounts.

00:00 Intro
01:38 The BASIC Financial Foundation
08:11 Start Tracking Expenses
11:10 Calculate Your FIRE Number
13:50 Roth vs. Traditional Accounts
16:21 Backdoor Roths (for HIGH Earners)
18:05 HSAs (Health Savings Accounts)
20:42 Brokerage Accounts and Real Estate
23:00 Cash Flowing Side Hustles
25:13 Start Stockpiling Cash
26:55 You’re Retired! Now Do THIS.