BiggerPockets Money Podcast: The “Set It and Forget It” Path to FIRE by Your 40s

Release Date: May 30, 2025
Hosts: Mindy Jensen and Amberly Grant
Guests: Andy and Oliver, aka Twin Finances

Introduction to the Guests

In this enlightening episode, hosts Mindy Jensen and Amberly Grant welcome twins Andy and Oliver, collectively known as Twin Finances, who are on a mission to achieve Financial Independence, Retire Early (FIRE) by the age of 45. The discussion delves into their unique journeys, investment strategies, and how they plan to escape the traditional nine-to-five grind decades ahead of the conventional retirement timeline.

Discovering Financial Independence (FIRE)

Andy’s Journey Andy discovered the concept of FIRE approximately six years ago, around 2019, while exploring the personal finance subreddit on Reddit. Initially unfamiliar with the term, his curiosity led him to extensive research through books, YouTube videos, and BiggerPockets content, eventually paving his way to the FIRE community.

Andy (01:35):
"I just discovered people kept talking about this FIRE thing. I had no idea what it was, but after doing some research, I figured out what it was and now I'm here talking about FIRE on BiggerPockets Money."

Oliver’s Path Oliver’s introduction to FIRE mirrored Andy’s, sparked by their first full-time jobs and the necessity to save and invest. Influenced by Ramit Sethi's book, he grasped the foundational aspects of investing, further solidifying their commitment to the FIRE movement.

Oliver (03:03):
"We knew we had to take it upon ourselves to learn as much as we could. That's where we went down the FIRE rabbit hole and discovered BiggerPockets."

Navigating Investments During Covid-19

The pandemic posed significant challenges for investors worldwide. Andy shared how Covid-19 impacted his investment strategy, revealing a commendable level of resilience and adherence to his financial plan.

Andy (02:24):
"I had read so much about staying the course and not panicking when the stock market was falling. This was my first true test, but I knew that staying the course was the best thing to do."

This disciplined approach allowed Andy to weather the market volatility without deviating from his long-term FIRE goals.

Setting FIRE Numbers and Goals

Oliver’s FIRE Number Oliver targets a FIRE number of $2 million, aiming to achieve this milestone by the age of 45. He plans to reach this through a combination of savings, investments, and real estate ventures, while remaining flexible to accommodate life's unpredictable changes.

Oliver (03:32):
"I would say right around $2 million by 45, with some assumptions built in. It’s early in our careers, so having milestones keeps us on the path."

Andy’s FIRE Number Andy’s FIRE goal ranges between $2 to $2.5 million, translating to an annual passive income of $80,000 to $90,000 based on the 4% rule. He emphasizes the importance of flexibility, acknowledging that future expenses, such as family growth, will influence his spending needs.

Andy (05:25):
"Our FIRE numbers give us around $80,000 to $90,000 a year based on the 4% rule. It’s a flexible mindset to adapt as our lives change."

Understanding and Calculating Net Worth

Oliver’s Net Worth Oliver’s current net worth stands at approximately $190,000, distributed across various accounts:

• 401(k): $58,000
• Roth IRA: $37,000
• HSA: $28,000
• High-Yield Savings: $52,000 (serving as an emergency fund and savings for future rental properties)
• Employee Purchase Program: $6,200
• Checking Account: $7,300

Andy’s Net Worth In contrast, Andy boasts a more substantial net worth of around $400,000, which includes real estate equity:

• Traditional 401(k): $75,000
• Roth IRA: $51,000
• HSA: $20,000
• High-Yield Savings Account: $26,000 (acting as an emergency fund)
• Brokerage Account: $21,000
• Checking Account: $12,000
• Real Estate: $95,000 (rental property) and $97,000 (primary residence equity)

Mindy Jensen (14:20):
"Oliver has $190,000 in net worth and Andy has $400,000, including their real estate. It’s interesting to see how they factor in property equity differently."

The hosts discuss the significance of including real estate equity in net worth calculations, highlighting it as tangible and potentially liquid assets compared to primary residences tied to personal use.

Investment Strategies: Set It and Forget It vs. Active Management

Automated Investments Both Andy and Oliver advocate for a "set it and forget it" approach to managing their investments. This strategy minimizes the need for constant monitoring and reduces anxiety related to daily market fluctuations.

Oliver (06:37):
"I resonate with the set it and forget it mindset to the point where I hardly ever check the stock market. I focus on day-to-day activities instead."

Regular Check-Ins They maintain a balance by conducting high-level reviews of their investment portfolios approximately once a week to ensure everything remains on track without obsessing over short-term market movements.

Oliver (08:19):
"I probably check my investments once a week or every other week, just to make sure everything looks good."

Mindy Jensen (09:01):
"If checking your investments makes you anxious, it might be too frequent. Once a quarter during significant market events could be a more manageable approach."

This disciplined yet flexible strategy allows them to stay committed to their FIRE goals while enjoying peace of mind.

Building a Real Estate Portfolio

Current Investments Both twins have invested in rental properties, leveraging their parents' experience in real estate investment and property management. Their father assists with managing these properties, providing valuable insights and hands-on support.

Oliver (17:13):
"Our dad is a real estate investor and property manager, so he helps us take care of our rental properties."

Future Goals Andy and Oliver aim to expand their real estate portfolios to between 7 to 15 properties over their lifetimes, focusing on long-term rentals rather than flipping houses. This strategy ensures a steady passive income stream aligned with their FIRE objectives.

Andy (23:07):
"I don't plan on owning 100 doors; anywhere from 7 to 15 properties seems feasible. We're currently investing in long-term rentals, which aligns with our strategy."

Mindy Jensen (24:20):
"I prefer a flexible approach, allowing us to seize opportunities as they arise rather than sticking to hard numbers. This makes it easier to pass on properties that aren’t a perfect fit and quickly capitalize on great deals."

Twin Finances YouTube Channel: A Resource for Beginners

Recognizing the complexities beginners face in personal finance, Andy and Oliver launched the Twin Finances YouTube channel. The channel offers step-by-step tutorials on various financial topics, including setting up automatic transfers, buying mutual funds, and optimizing credit card points for travel hacking.

Oliver (27:49):
"Twin Finances is our YouTube channel where we teach others how to set up automated systems within their finances. We create tutorials on simple tasks like transferring money from a checking account to automatic investments."

Mindy Jensen (31:50):
"Their channel, YouTube.com/finances, is a treasure trove of tutorials. From setting up Mint accounts to buying ETFs with Fidelity, it's all there. It’s invaluable for beginners who need clear, actionable guidance."

This initiative not only aids others in their financial journeys but also reinforces Andy and Oliver’s commitment to the FIRE community by providing accessible education.

Advice for Financial Beginners

Andy’s Tips Andy emphasizes the importance of simplifying financial processes to build good habits, advising newcomers to focus on tracking income and expenses before diving into more complex financial tools.

Andy (31:50):
"Simplify as much as possible. Start by tracking only your income and expenses to build a good habit before exploring advanced features."

Oliver’s Recommendations Oliver advocates for automating investments to minimize the need for active management, allowing individuals to focus on other interests while their finances grow steadily.

Oliver (33:20):
"Set up automatic transfers to your Roth IRA, 401(k), or HSA so you never have to think about it. This removes the temptation to procrastinate and ensures consistent progress towards your goals."

Final Thoughts and Encouragement

Mindy and Amberly commend Andy and Oliver for their strategic and disciplined approach to achieving FIRE. They highlight the value of Twin Finances' educational resources and encourage listeners to leverage these tools to overcome the initial hurdles of personal finance management.

Mindy Jensen (35:21):
"If you're a beginner or know someone who is, check out YouTube.com/finances. Their step-by-step guides make daunting financial tasks manageable and actionable."

Amberly Grant (36:23):
"Andy and Oliver are documenting their path and simplifying finances in a way that many can benefit from. Their similar yet unique strategies showcase that even twins can carve their own paths to financial independence."

The episode concludes with a reaffirmation of the importance of education, automation, and flexibility in achieving financial independence, inspiring listeners to take proactive steps toward their own FIRE journeys.

Key Takeaways

• Start Early: Discover and commit to FIRE as early as possible to maximize investment growth.
• Stay Disciplined: Maintain a set-it-and-forget-it approach to reduce anxiety and foster long-term investment growth.
• Educate Yourself: Utilize resources like Twin Finances to navigate the complexities of personal finance.
• Diversify Investments: Balance investments between the stock market and real estate to build a robust portfolio.
• Set Flexible Goals: Establish milestones but remain adaptable to life's changes to stay motivated and on track.

For more insights and step-by-step financial tutorials, visit Twin Finances on YouTube at YouTube.com/finances, TikTok, and Instagram under the same handle.

Quote Highlights:

• Andy (01:35):
  "I just discovered people kept talking about this FIRE thing. I had no idea what it was, but after doing some research, I figured out what it was and now I'm here talking about FIRE on BiggerPockets Money."

• Oliver (03:32):
  "I would say right around $2 million by 45, with some assumptions built in. It’s early in our careers, so having milestones keeps us on the path."

• Mindy Jensen (31:50):
  "Their channel, YouTube.com/finances, is a treasure trove of tutorials. From setting up Mint accounts to buying ETFs with Fidelity, it's all there. It’s invaluable for beginners who need clear, actionable guidance."

This comprehensive summary encapsulates the core discussions from the BiggerPockets Money Podcast episode featuring Twin Finances, providing valuable insights into their journey towards FIRE and offering actionable advice for listeners aiming to achieve financial independence.