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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145: From Hedge Fund Manager to Smart Money Mama with Chelsea Brennan

145: From Hedge Fund Manager to Smart Money Mama with Chelsea Brennan

Chelsea Brennan was a hedge fund manager for several years - until her second pregnancy when she ended up in the hospital with sever complications brought on by the stress and emotional toll her job t...

5 Loka 20201h 17min

144: Alternative Investments: How to Determine Which Option(s) Are Right For You with Kirk Chisholm

144: Alternative Investments: How to Determine Which Option(s) Are Right For You with Kirk Chisholm

Kirk Chisholm is a fee-only investment advisor with a secret passion - finding new and different ways to invest money. Kirk shares his Big List of 75 Alternative Investments with us today - and more i...

28 Syys 20201h 13min

143: How to Pay Off $160k in Debt in 3 Years While Making $90k

143: How to Pay Off $160k in Debt in 3 Years While Making $90k

Shannon Gauthier discovered the debt she and her husband had gotten themselves into when a debt collector caller her at work and she started asking questions. Shocked to discover $30,000 in unpaid deb...

21 Syys 20201h 11min

142: Ask Us Anything: Questions From the Audience with Scott & Mindy

142: Ask Us Anything: Questions From the Audience with Scott & Mindy

Scott & Mindy sit down today to answer questions sent in by listeners. They address topics all over the board - from student loan repayment and early retirement account withdrawal under the CARES act,...

14 Syys 202058min

141: How to Graduate College Debt-Free and Pursue FI Before 40 with 4 kids!

141: How to Graduate College Debt-Free and Pursue FI Before 40 with 4 kids!

Blake Nielson is a college professor whose wife stays home to raise their four children. Despite having only one income - and six mouths to feed - they have paid off their home and are on the path to ...

7 Syys 20201h 14min

140: How to Get Financial Freedom So You Can Do What You’re Meant to Do with Belinda Rosenblum

140: How to Get Financial Freedom So You Can Do What You’re Meant to Do with Belinda Rosenblum

Belinda Rosenblum is a CPA, a certified coach and her clients include Harvard Business School, Harvard University and the SEC. She’s worked for Arthur Andersen and L3 Enterprises. She’s got money all ...

31 Elo 20201h 30min

139: Everything You Never Wanted to Know About Life Insurance (But Absolutely Need To) with Joe Saul-Sehy

139: Everything You Never Wanted to Know About Life Insurance (But Absolutely Need To) with Joe Saul-Sehy

Life Insurance is the most exciting topic on the planet! Just kidding. But just because it isn’t a super exciting topic doesn’t mean you don’t need to know about it. Today, Joe Saul-Sehy, host of the ...

24 Elo 20201h 16min

138: Financial Blunders to Financial Buff: How Farnoosh Torabi's Money History Grew Her Career

138: Financial Blunders to Financial Buff: How Farnoosh Torabi's Money History Grew Her Career

Farnoosh Torabi grew up talking about money. Her parents are from the Middle East, and in her culture, they “never miss a moment to talk about money.” As the go-to girl for finance advice among her fr...

17 Elo 20201h 17min

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