80K was not a lower middle income salary when she retired. She retired in 2019 and said that she averaged 80K for the previous 10 years so 80K/yr from 2009 to 2019 was a very good salary.
@@thenewbanker1225 She said several times she "lived" off 40-45k a year. She got $800/month for child support, the child became an adult before she retired, and she lives in Cincinnati Ohio which is relatively less expensive than most places.
@@pauobunyon9791 She didn't do anything spectacular. She has done a lot of these interviews here on RU-vid. She said all she did was max out every possible retirement accounts every single year in addition to the company match and made sure those moneys were invested properly in the 401ks, roth, HSA etc. She also got roughly 60k from the divorce settlement in the beginning which gave her a little start.
I watched out of curiousity, and came away super impressed with Jackie. Tough upbringing makes for tough and motivated people, and Jackie is absolutely kickass tough, smart, and motivated. We're doing quite well, but Jackie inspires me to do better.
One of the best interviews so far! I’m right at 41 learning all this. I liked where she said there is no doctrine that you have to follow exactly what other people do. It’s called “personal finance” for a reason 😊
great interview. I plan to move out of a higher cost of living area upon retirement, but it seems like the lower cost areas are becoming higher costs as well lol
Thank you for sharing your experience and details with quantitative data! This was a refreshing from many high level and abstract videos. Love BiggerPockets.
i told myself that years ago too- i will never be poor again and i also put myself thru school (once my dad was convinced by my sister to co-sign a student loan for about a total of 10k) paid it all back ahead of time and never looked back.
It's commendable that she was employed by a reputable corporate entity and had investments with them. It's noteworthy that she managed to sustain herself on an annual income of under $50,000, a feat not easily achieved, especially where I live in a region as expensive as Southern California - no way can you live on less than $200,000 seems almost possible. And due to me living paycheck to paycheck, regrettably, I was unable to save any money for a downpayment in order to capitalize on the exceptionally low mortgage rates available during the period of 2020-2021.
Well, this lady was and is money smart but she is fortunate she was getting $800 a month for child support and her employer was matching at 9%. You won’t get that a lot of times and very very reasonable mortgage. You go girl and she is also making much more now educating people. FIRE aid not just retiring and sitting at home, it is work in for yourself and being financially independent and not reporting to anyone. Actually they work much more
Girrrrrl I can relate to working 52 hours a week in college with a 2.6 gpa in Communications too wow wow😮but got my degree & 3 more after that with 4.0 woo hoo
@@shayraboeva7393you need to first add up your projected expenses for the month. Than times that number by 12 to get your yearly expenses. 25 times that number gives you the amount of money you will need to retire. 4% of that number divided by 12 is what you would have to live on each month in your retirement age. P.S. if that number is to low your need to save more money before you can retire comfortably.
Never I understand why people call it retirement, you changed careers. You now became business owner, a writer and social media influencer. Let’s stop this nonsense.
"Retirement" means you are financially free to do what you want. Some people choose to still be productive in ways that earn money. Difference is: they don't HAVE TO. That's retirement.
How can you retire on $1M? That’s cute Here I am thinking you needed a good $5M or even $7M before you can even THINK of retiring. Apparently I am wrong 🤔❓
Wrong! So you are saying if you retire by the the present Social Security system age of 67+ . You need between $250,000 and $350,000 a year for at least 20 years, living until at least 87 years of age.
Here’s what a lot of people don’t understand about eduction: it’s not just about making money it’s about EXPOSURE, soft skills and analytical skills. In underrepresented communities college is important (right school and right majors) for development and exposure. You see how she got her start because someone at her COLLEGE EDUCATED JOB got her into Better Investing, and in the path? That wouldn’t have happens in her childhood environment. College, like networking, expands the surface area of possibilities. Sorry, but I hate the “college isn’t for everyone” perspective. lol Happy for her. She’s amazing and I’m going to get the book to support.
🫶🏾‼️ You are spot on. Started as a poor immigrant. Choose the wrong major for my aptitude, but I needed to eradicate poverty. Obtained a BS, MS, and other grad degree. I don't work in my major directly but the soft skills, people analysis, understanding human behavior/motivation, networking learnt has been transformative.
I agree. Where I live once you graduate from HS you can go right to college for free. I'm trying to get my daughter to understand this, but she wants to work right now. Thank God she does have any bills, so she is saving but still doesn't understand the full magnitude of money. I am continuing to teach her from making the mistakes I did.
@@suzettebarclay6423 Can you encourage her to at least take 1-2 online classes to meet general education classes encase she decides to pursue a degree? Tell her she’d get a head start and have a chance at making more money in the long run.
Totally agree. I once heard someone say that a college education is sometimes more about earning the credentials to enter certain circles by way of getting hired by one company instead of another. Some employers used to gatekeep employment opportunities by requiring a bachelor’s degree at minimum.
This is the most interesting interview on this channel so far. She sounds like a real person instead of those tech robots who say "I had always been a saver. I saved 95% of my income"
I divorced at 48 without my own home, in a foreign country, with 3 kids to feed and no job (and not enough language skills to get one). Break down what you need to each quarter and don’t let the ‘starting from zero’ overwhelm you. You can do this! 🌸
You're still young. You have 20-25 yrs of investing left. You will do great. Open an investment calculator, start playing with numbers. Invest weekly what you can in a mutual fund or etf like the S & P 500 and the compounded interests will shock you.
Great episode! As a single income teacher household, we had my pension and Roth IRAs we were partially contributing to starting at age 26, but got intense four years ago at the age of 33 after paying off all debt. In 4 years our net worth has increased by 250%, and we are closing in on 1/2 million in our accounts. This is one of the gems of the FI movement - ANYONE CAN DO IT. It's about what you budget and keep vs. what you spend. Too many FIRE channels are about high income earners and most of the talk shows and podcasts are 100k+ households. Thanks for this!
I felt so connected. With this conversation of seeing ordinary people, how they did it that has inspired me. Thank you for your dedication. Thank you for these words and sharing your wisdom. That is a great blessing in my life. I am currently 40 years old. I have zero savings. I was a very young mother of three children, but it is never too late to start. May God bless you. Thank you and to everyone who reads this comment, we can move forward with the help of God. Happy Mother’s Day 10❤🎉😊❤😊
What an inspirational story! Shows that early retirement is possible - if you're willing to "live in means". I wish this content was available 20 years ago when I was just starting out
You go girl! Great story. I retired last year at 45 and it’s amazing. The first year has been an adjustment for sure, but no regrets. 🎉 I was the first to graduate high school so I can relate to how struggles make you want to work harder.
My biggest financial regret is not educating myself about investing much earlier than now. I was too busy spending money.😅 I was one of the people who didn't believe in stock investing because I didn't understand it. I thought of it as gambling, and with that mindset I was never taking it seriously. Also, I didn't know what it meant to plan for retirement. I thought it was something you did closer to retirement. My whole world changed a few years ago when I started educating myself. The good thing is that I still have some time to make a difference. That said, I'm doing whatever I can now. It's crazy to think that she retired with $1.3 million and 5 years later she is at about $2 million. The big issue now is that you can't assume the past will be repeated. Maybe the next 10 years will be magical, or they could suck for investors.
I am 65 yrs old. I worked a job since highschool. I didn't plan well. I have no 401k and no pension plan. I am still working. I am in debt about $20k. Right now I am homeless. I live in my van. I am at the point where I am working on fixing my debt and I got started in Real estate investing to increase my finances.
I really appreciate that Jackie emphasized not having to sign any FI doctrine. Hearing how she did things a little outside of FI orthodoxy is inspiring. Thank you both for a worthwhile episode.
I’m confused how did she amass $1.3 million by 45-46 years of age after a divorce and being a single mom? She only made $80k between 2009-2019. If she took care of her child and after taxes expenses etc probably saving $20k/year if at atll. Over 10 years thats just $200k. Somehow she had $1.3 million??? Math is simple. It either makes sense or not. What are we missing here since the math isn’t adding up based on her life experiences
@@thenewbanker1225 The math is mathing for me, when you consider she said she had a savings rate of 40% and a nice matching program through her employer. Then you add to that some wise investment strategies and a couple of bull markets I can see $1.3 million pretty clearly. She also mentioned some things that made me believe she is not the typical American consumer, i.e., buying a used car with cash and teaching her daughter to contribute for her first vehicle versus feeling obligated to provide everything for the next generation.
@@B4iBaSlave no it doesnt. she cant save 40% after post tax as a single mother. Quit playing that nonsense. That math makes no sense. Just because she said she did doesnt mean its true. Unless there’s some unique reason her expenses were so los
@@thenewbanker1225 the fact that you are highlighting she is a single mother might provide some insight as to why you do not believe her. However, I will set that aside for now. She also mentioned that she received $800 a month in child support and clearly lived beneath her means. Also, she said she did not start at zero from the divorce so perhaps there was a small nest egg to begin with. The story is quite compelling and very believable and it does make sense if you are looking through clear lenses.
@@B4iBaSlave i highlighted it to mention her expenses can’t be low. Her husband clearly wasnt rich either. She didnt have a crazy nest egg. Again there are people her age who make way more and dont have to take care of a child and still cant reach $1.3 million by 45-46. I’m only looking at this from a math perspective. You like to believe in the fantasy, but even under generous assumptions, at least from what she’s saying it doesnt make sense. There’s clearly stuff we’re missing here. Does this channel actually verify net worth?
I am definitely going to include reading up on FIRE as this is the first time I have heard of this concept. For about four months I have been following Dave Ramsey on RU-vid and have become very interested in turning my finances around for the better as I just turned 40.
That is awesome and true 👍, you have to learn about different funds in 401K, how they are gained, loss, and what type of funds or companies in each. After, I switch to growth fund, and a few others, I see the differences amounts my 401K are after 6 months
What an incredibly impressive woman, she is a role model for America. For those who whinge ‘you can’t get ahead in America anymore’ take a look at this lady and learn.
Most complaining is attributed to housing costs. Naturally, this is everyones biggest monthly expense. @31:20 In this example, she mentioned she had a low 2.50-3% mortgage rate, or something ridiculously low, and lives in a low cost of living area (Ohio). She stated her monthly mortgage was maximum $1,100/month (inclusive of principal and interest). She's also in her mid-50's, which makes her a part of "generation X". Along with the baby boomers, these 2 generations are super lucky to have been able to get property at less than half of what homes are going for now (as of 2024 the median home price in America is close to $400k). What she's done is super impressive on $80k/year, don't get me wrong. But most millenials and Gen Z'ers with similar salaries are out of luck in this day and age.
I like this woman. She is very smart. I learned a lot from this. Also thanks for being open about your mistakes, I certainly made mistakes financially. Congratulations on your Success. 🎉🎉🎉
This is wonderful. I love it. I love Catching Up to FI. I look forward to reading F.I.R.E book. Your daughter is really creative. I love that Instagram name. I look forward to learn more from you.😊
My time frame was covid. I found all the podcasts and videos on FIRE and became a junkie. I revamped all of my finances and while I am not depriving myself, I did focus on maxing out retirement accounts. Once my kids are out of the house and off to college then I will focus on beefing up my brokerage account.
This was a GREAT EPISODE! I’ve read her story and I love how it’s relatable with her never had made more than 100k prior to 2020. Only thing that I think should have been shared is if she got some of her ex- husband’s 401k. Cause even if it’s not half, with compounding interest whatever amount given, that would help accelerate her journey. Other than that, she gets all the props for having disciple, consistency and doing the work to reach FIRE.
This was SO inspiring, thank you both for the interesting, moving and enlightening interview. I will definitely be checking Jackie out. I dislike the shame, my own shame, involving feeling financially unsavvy. I know that’s usually an important first step to getting educated.
All these FIRE stories have 1 thing in common.. they all make more in retirement talking about FIRE and theyre good speakers. And we only hear the successes.. wonder how many try FIRE and fail, but we dont hear about it.
There is no "failing" when you attempt F.I.R.E. At best, you will reach your investment goals, within your planned time frame. But if that doesn't happen, you will still have more than the average person, since the core principle is eliminating debt and consistently investing/saving a sizable amount of your income each month.
I'm 62 and don't plan to retire until I'm 69. I get to work from home and use my vacations to travel the world, so there's really no need or desire for me to retire. I don't plan to live off my 401k, but use it and my brokerage accounts for special expenses. Social Security and penson will cover normal expenses, with half left over.
i do like the mortgage thing bc i have a pymt still but its similar to this guest's pymt and will pay it off in less than 10 yrs though i'm 49 now and still working.
This was the FI story I was looking forward. Being a single mom and starting later in life has its set of challenges that married couples dont face, thats not saying its easier, just different. I will definitely look out for the podcast and the book.
I have a similar approach with money. I was never a budgeting person. I knew how much to save in my retirement accounts and general investing. I lived off what’s left. The metrics I’ve watched since I was a kid was my net worth. As a kid, that was my saving account balance. 😊 And that balance cannot go below a certain amount.
Very impressive.she takes away excuses (if you’re not disable) regardless of gender, race, status, background to reach financial goals but early financial education is always key.
Well my husband and I have done everything in our life to build a strong retirement but so far our portfolio doesn't look anything like what she's talking about 😢. One still has to live, such as keeping a roof over our heads, food, transportation etc.
Great video. Proof that anyone on an average salary can do it. Think differently. If you work toward a career, you’ll have a career. Work toward FIRE. You’ll retire early.
