Think it’s too late for early retirement? Do you feel like just because you’re in your late thirties, forties, or fifties, FIRE doesn’t make sense for you? Well, think again because today’s guest defied the odds by retiring over fifteen years early, all while raising her daughter on her own and without a six-figure salary to sail her swiftly to a million-dollar net worth. Plus, she did all of it with no investing experience. If Jackie Cummings Koski can do it, so can you!
Jackie grew up in a single-parent household. Her father worked hard to support her and her five siblings. This instilled a strong work ethic in Jackie and made her realize that running towards hard things, not away from them, was the true path to success. She figured out college on her own and, shortly after, landed a corporate job that took her far away from the small town she grew up in. She got married and had her daughter, but then everything changed.
Jackie was getting divorced, forcing her to rely on herself fully for her financial future. In true Jackie fashion, she took this as a challenge and began educating herself as best as she could. Through smart saving, spending, and life-changing investing decisions, Jackie built her wealth in record time, reaching financial independence just ten years after finding the FIRE movement—all without any advantages!
In This Episode We Cover
How to reach financial independence without a high salary, inheritance, or advantages
Stock investing 101 and how intentional investing can explode your net worth
Why you must max out THESE investment accounts to be richer in retirement
How Jackie spends just $40,000 per year owning her own home and raising her daughter
Why you DON’T have to follow all the traditional FIRE rules to retire early
And So Much More!
Links from the Show
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Scott on BiggePockets
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Money Podcast 154 - Bill Bengen (The Inventor of the 4% Rule) Talks Retirement, Past Crashes, and How You Can Withdraw Even More
Email Mindy for the Full 4% Rule Article!
Money Podcast 344 - Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions
Resources Mentioned in This Episode:
Better Investing
Root of Good
Mr. Money Mustache
Mad Fientist
1500 Days
00:00 Intro
01:14 FIRE at 49!
02:50 Making Money in Retirement
06:11 Early Years, College, and Getting Divorced
11:21 Working Her Way Through College
15:06 Getting Hired After College
15:50 Starting to Learn About Stocks
20:02 Finding the FIRE Movement
26:54 Spending and Saving
36:01 Jackie's Podcast and New Book!
38:20 Connect with Jackie!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-527
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459: Divorce Season: How to Protect Your Financial Future During Separation
458: Finance Friday: Pay Off Debt, Invest in Real Estate, or…Buy Vending Machines?
457: Money and Relationships: How to Have “The Talk” Before It’s Too Late w/Vivian Tu AKA “Your Rich BFF”
456: The Harsh Reality Real Estate Syndicators (and Investors) Face in 2024
455: REITs: How to Make Real Estate Money WITHOUT Owning Rentals
454: Finance Friday: We Spend $12K a Month...Can We Still Retire in 10 Years?
453: How to Conquer Financial Trauma & Develop a HEALTHY Relationship with Money
452: The 6 Investment Accounts You NEED for Financial Freedom
451: The 9-Step “Stairway to Wealth” That ANYONE Can Use to Become Rich
450: The “Middle Class Trap” That’s Keeping You in Debt
449: Coast FI in 4 Years: Cutting Expenses, Doubling Your Income, & HUGE Savings
448: The Average American’s Guide to Investing $10K–$100K
447: How to Use Your Financial Fears to Build Wealth Better
446: FIRE by 50: How to Have FUN on Your Journey Toward Early Retirement
445: Can’t Afford to Travel? Nomadic Matt Says You’re (Probably) Wrong
444: Financial Advisor Fees, LLCs, and Stock Investing 101 | Ask Mindy and Scott
443: The Entrepreneur’s Guide to FI: A Day in the Life of a Finance Blogger
442: Finance Friday: Planning for a Family Costs More Than I Thought…
441: Foreclosures Are Rising Across the Nation, But Who Should Buy Them?
440: Why ROE Beats ROI, and How to Earn Truly “Passive” Income from Real Estate
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