124: Starting from $0 at Age 35 as a Teacher and Becoming "The Millionaire Educator"

124: Starting from $0 at Age 35 as a Teacher and Becoming "The Millionaire Educator"

Gerry Born is a teacher who is married to a teacher. He started his financial independence journey when he was 33—with a wife, $45,000 in college debt, and a job in Saudi Arabia teaching English as a second language (ESL). He knocked out his debt in two years, then threw everything he could into savings. The ESL job provided everything but internet and phone, so he really didn’t need to spend much money if he didn’t want to. After 9/11, they moved back to the United States and got jobs teaching—and you know what kind of salaries teachers make! Unhappy with that particular school, they moved on to a different one and discovered the magic of the 457 plan. A 457 plan is an additional retirement savings vehicle available to teachers and some public employees. It has the same contribution limits as a 401(k) but can be immediately accessed penalty-free as soon as you separate service from your employer. Gerry uses this to fund his life while reducing his taxable income to as close to zero as possible. If you’re starting late—or if you’re a teacher or public employee—this episode provides tips for funding retirement that will blow your mind! In This Episode We Cover: How he retired early on a teacher's salary The tax advantages he swears by The reason why he maxed out his 457 plan first What a 403(b) plan is His job in Saudi Arabia How he got into the concept of financial freedom How he paid off his debt How he saved his money How he maximized his income And SO much more! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Money Podcast 39 How We Saved 250k by Taking Crappy Jobs - The Millionaire Educator Mr. Money Mustache Learn more about your ad choices. Visit megaphone.fm/adchoices

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176: How to Grow Retirement Accounts Before Having Kids | Finance Friday with Steve

176: How to Grow Retirement Accounts Before Having Kids | Finance Friday with Steve

Most listeners of the show will know that a cash cushion is always great to have and should be mandatory for almost everyone. Having a cash reserve of 6-12 months can help you cover unexpected expense...

5 Maalis 20211h

175: Staying Flexible in Early Retirement with A Purple Life

175: Staying Flexible in Early Retirement with A Purple Life

Last time we talked to Purple from A Purple Life, she told us about her plan to retire at the end of 2020. If you haven’t listened to that interview, you can listen to it here to get the full scoop on...

1 Maalis 202154min

174: Finance Friday: Reaching Semper FI (Financial Independence) Before Retirement with Fabio

174: Finance Friday: Reaching Semper FI (Financial Independence) Before Retirement with Fabio

Real estate investors are known to have their hands in 20 different pots, this is doubly true for Marine and real estate investor Fabio. Fabio is a Captain in the Marine Corps and has been in service ...

26 Helmi 20211h 14min

173: Bringing in The ‘Dough’ with Brent TheFoodTruckCEO (Part 2)

173: Bringing in The ‘Dough’ with Brent TheFoodTruckCEO (Part 2)

Welcome to episode 173.5! Yesterday you heard from Brent, a former registered nurse who paid off over $100,000 in debt and started a mobile pizza truck! Brent’s original interview was recorded back in...

23 Helmi 20211h 1min

173: Leaving "Soul Crushing" Corporate to Chase Food Truck Dreams with Brent TheFoodTruckCEO (Part 1)

173: Leaving "Soul Crushing" Corporate to Chase Food Truck Dreams with Brent TheFoodTruckCEO (Part 1)

What does the average person do in their 20s? For most people, it means going into student debt, getting a car loan, getting a mortgage, and treating yourself. These are the “average financial decisio...

22 Helmi 20211h 1min

172: Finance Friday: Why You Don’t Need to Sacrifice Everything to Hit Financial Freedom with Jeff

172: Finance Friday: Why You Don’t Need to Sacrifice Everything to Hit Financial Freedom with Jeff

Jeff, like many listeners, feels as if there is enough money coming in every month, but somehow it’s slipping out, not allowing him and his wife to hit financial independence. A big reason this could ...

19 Helmi 20211h 28min

171: Putting Happiness Over a Bigger Paycheck with Brandon Richard Austin

171: Putting Happiness Over a Bigger Paycheck with Brandon Richard Austin

Most people would consider $80,000 a year a respectable salary, but what if you were making that much during college? That’s what today’s guest, Brandon Richard Austin, made in his sophomore year. As ...

15 Helmi 20211h 1min

170: Finance Friday: Trading Debt for Cash Flow and Liquidity with Teacher Erik

170: Finance Friday: Trading Debt for Cash Flow and Liquidity with Teacher Erik

Erik and his wife have three big debts to tackle: their mortgage on their primary residence, their mortgage on their rental property, and a HELOC (home equity line of credit) taken out as the down pay...

12 Helmi 20211h 16min

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