Personal Finance for Beginners: Banking, Investing, Early Retirement [Video]

Episode #526

Personal finance doesn’t have to be complicated. Saving, investing, and retiring early shouldn’t be a stumbling path to wealth, but many Americans feel this way. So, to clear up some of the money misconceptions, we’re doing personal finance for beginners FAQ episode, where we take some of the most common money questions and answer them for you so you can start building wealth and get closer to financial independence!

Many of these questions come directly from the “BiggerPockets Money” Facebook page, where you can ask your money questions 24/7! First, we answer, “How many bank accounts should you have?” and walk through exactly how we split up our money. If you’re looking to start building wealth, we touch on the numerous ways to invest in real estate, from basic beginner investing strategies to purely passive income-generating expert tactics.

How much money do YOU need to retire? With the 4% rule, you can calculate it in seconds! We’ll explain this common money metric early retirees love to use and whether or not it still works in 2024. If you’re close to early retirement, should you start selling your investments to fund your financial freedom? We’ll share why most early retirees never need to sell their stocks, and speaking of stocks, we’ll also get into how to pick stocks and when to sell them!

Show Notes at:
https://link.chtbl.com/Money
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Past Episodes Mentioned in Today’s Show:
BiggerPockets Real Estate 136 – Shawn Holsapple: https://www.biggerpockets.com/bpp136-shawn-holsapple-podcast-transcript-building-an-incredible-real-estate-pipeline?utm_source=youtube&utm_medium=description&utm_campaign=none
BiggerPockets Money 35 – Craig Curelop:
https://www.biggerpockets.com/blog/biggerpockets-money-podcast-35hacking-life-live-almostfree-craig-curelop?utm_source=youtube&utm_medium=description&utm_campaign=none
BiggerPockets Money 120 – Michael Kitces:
https://www.biggerpockets.com/blog/biggerpockets-money-podcast-120early-retirementasset-allocation-safe-withdrawal-rates-michael-kitces?utm_source=youtube&utm_medium=description&utm_campaign=none
BiggerPockets Money 151 – Tony J Robinson: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-151-tony-robinson?utm_source=youtube&utm_medium=description&utm_campaign=none
BiggerPockets Money 153 – Bill Bengen:
https://www.biggerpockets.com/blog/biggerpockets-money-podcast-153-bill-bengen?utm_source=youtube&utm_medium=description&utm_campaign=none
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Forbes: What Is The 4% Rule For Retirement Withdrawals?
https://www.forbes.com/advisor/retirement/four-percent-rule-retirement/
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Secret IRS Rule 72(t)! | Eric Cooper Shares Early Withdrawal Hack!
https://podcasts.apple.com/us/podcast/secret-irs-rule-72-t-eric-cooper-shares-early-withdrawal/id1730601757?i=1000648469191
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Finance Friday: https://www.biggerpockets.com/financereview?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Scott and Mindy on BiggerPockets:
Scott: https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none
Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none

00:00 Intro

01:14 How Many Bank Accounts?

07:04 Ways to Invest in Real Estate

16:25 The 4% Rule Explained

23:36 Selling Investments to Retire Early?

30:28 How to Pick Stocks