For those who have money… or want more of it! Join Mindy Jensen and Scott Trench (from BiggerPockets.com) weekly for the BiggerPockets Money Podcast. Each week, financial experts Mindy and Scott interview unique and powerful thought leaders about how to earn more, keep more, spend smarter, and grow wealth.
https://www.biggerpockets.com/podcasts/money
episode 212: Finance Friday: When Should You Pause Your Retirement Contributions?
Starting a strong financial position in your youth is probably the most important thing you can do to hit financial independence. Sometimes that strong position includes maxing out retirement accounts, like Roth IRAs, 401(k)s, or even HSAs (health savings account), but sometimes, it doesn’t. Scott and Mindy talk to Kirsten about the potential option of pausing her retirement contributions to buy a duplex so she can house hack.
While this may seem counterintuitive, pausing retirement contributions isn't always a bad thing. This is especially true if you’re trying to do something that will radically change your income or expenses, allowing you to invest more into retirement later on.
This episode runs through house hacking, retirement contributions, FHA rules for owner-occupied loans, how to graduate with no debt, and when the best time to have a “money date” is. It doesn’t matter if you’re in your early 20s or mid-40s, these principles are key to having a financially successful life.
In This Episode We Cover
How to aggressively invest so you can retire young
The importance of side-income and why you should have multiple streams of income
Roth IRAs, 401(k)s, and HSAs (health savings accounts)
Graduating from college debt-free
Whether or not life insurance is necessary for young people
Having “money talks” and “money dates” with your partner
House hacking and using real estate to catapult your wealth
And So Much More!
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