“Slow FIRE” at 55 Even After Falling into These FIRE “Traps” | Bigger Pockets Video

Episode #630

Baselane: Automate your real estate finances with banking and AI-powered bookkeeping. Claim your $100 bonus!
link

Get $100 Off Your Ticket to BPCon2025:
link

Episode Show Notes:
link

Join BiggerPockets for FREE 👇
link

Get to FIRE Faster with “Set for Life”:
link

Sign Up for the BiggerPockets Money Newsletter:
link

Find an Investor-Friendly Agent in Your Area:
link

The Middle-Class Trap That Could Keep You from FIRE (How to Escape It):
link

Connect with Diana:
link

Connect with Mindy:
link

Early retirement in your 50s is a dream for most Americans, but today’s guest is sharing how she could have retired in her 40s, a decade earlier, if she had avoided these FIRE “traps.” Yes, it IS possible to FIRE in your 40s even with much of your money in retirement accounts. “But I thought you couldn’t take out that money until you’re 59.5?” That’s where you’re wrong, and today, Diana Hummel is showing YOU how to withdraw from your retirement accounts even earlier.

In her mid-30s, Diana had a huge wake-up call. Her parents, who had just retired, suddenly passed away. This lit a flame that would eventually ignite a full FIRE under Diana to live life on her terms well before the standard retirement age. She and her husband saved diligently, invested heavily, and were able to quit their jobs at 45, starting two businesses, one of which broke even while the other turned a profit.

The problem? Diana most likely had enough money to retire once she quit her W2, but she didn’t realize she could FIRE so early. Thanks to Roth conversions, 72(t) strategies, and smart tax planning, Diana is fully retired and ready to teach you how to FIRE faster!

00:00 Intro
01:32 A Huge Wake-Up Call
04:16 Career Moves and Investments
06:06 FIRE Healthcare "Trap"
08:31 Leaving Their W2 Jobs
12:38 Selling the Small Business
14:41 A Big FIRE Regret
19:37 Early Withdrawal Strategies and 72(t)
23:38 Side Hustle While FIRE?
25:20 Bored in Retirement?
27:08 Retiring During a Stock Crash
32:32 Biggest FIRE Mistake
35:35 Connect with Diana!