Losing $150K, Starting Over, and STILL Retiring Early | Life After FIRE

Think you’ve blown your chances of achieving FIRE? You haven’t! Just ask Nik Johnson, who spent years growing his nest egg, only to have it completely wiped out with one bad financial decision. Despite losing everything, he managed to rebuild it from ground zero and still retire early! Welcome to another episode of “Life After FIRE”! Nik and his wife had done everything right. They practiced frugality, saved aggressively, and invested at every opportunity. But everything was turned on its head when Nik decided to empty his retirement accounts and open a car dealership. Within just one year, Nik’s company had gone belly up, and as a result, all the money he had worked so hard to save was gone. It seemed that he had missed his one shot at early retirement, but rather than giving up on that dream, he started over. If he could do it once, he could do it again! So, Nik found a W2 job, picked up a second job to fast-track his savings, and started throwing all his money at retirement accounts and real estate investments, and now, he and his wife are recently retired! Stick around as Nik shows you how to avoid the middle-class trap, what life looks like after FIRE, and the importance of community once you retire! In This Episode We Cover How Nik built, lost, and rebuilt his investments and still achieved FIRE Supercharging your investments by creating extra income streams How not to find seed money for a risky entrepreneurial venture The savvy financial moves Nik made to avoid the middle-class trap What the average “day in the life” of an early retiree looks like Why you need a strong community around you once you retire And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: Mindy@biggerpockets.com Email Scott: Scott@biggerpockets.com BiggerPockets Money Facebook Group Follow BiggerPockets Money on Instagram “Like” BiggerPockets Money on Facebook BiggerPockets Money YouTube Channel Everyday Money Heroes Podcast Join a ChooseFI Group Grab the Book, “Set for Life” Sign Up for the BiggerPockets Money Newsletter Find an Investor-Friendly Agent in Your Area Buying at the Peak, Surviving a Crash, and STILL Being Able to Quit at 38 Connect with Carl (00:00) Intro (01:22) Growing His “Empire” (08:58) Losing $150K! (12:05) Rebuilding His Wealth (16:48) Life After FIRE (24:20) Nik’s Investment Portfolio (28:34) Connect with Nik! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-618 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices