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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121: Should I Refinance Or Wait For Better Rates? How Coronavirus Is Impacting The Mortgage Market with Seth Jones

121: Should I Refinance Or Wait For Better Rates? How Coronavirus Is Impacting The Mortgage Market with Seth Jones

In this episode, Mortgage Broker Seth Jones talks about the current mortgage market. We discuss mortgage forbearance - how it affects your credit and why it's NOT a good idea to go into forbearance if...

20 Huhti 20201h 3min

120: Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces

120: Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces

Michael Kitces joins us today to talk about Early Retirement - and how the recent stock market movement affects the FIRE Community and the 4% rule. We spend a lot of time on the 4% rule - including th...

13 Huhti 20201h 20min

119: Coronavirus: Is it Time To Give Up On Financial Independence?

119: Coronavirus: Is it Time To Give Up On Financial Independence?

In this week’s episode, Scott & Mindy bring back four previous guests (and introduce a brand new–and future–guest) to talk about retirement, the stock market, and how this current environment is affec...

6 Huhti 20201h 46min

CARES Act: Everything You NEED to Know About the Coronavirus Stimulus Package

CARES Act: Everything You NEED to Know About the Coronavirus Stimulus Package

This Bonus Episode of the BiggerPockets Money Podcast is to help keep you informed of the Stimulus act that Congress is putting into place to help Americans with the Coronavirus and unprecedented shut...

2 Huhti 202040min

118: Retirement Planning During (and After) The Coronavirus with Kyle Mast

118: Retirement Planning During (and After) The Coronavirus with Kyle Mast

Kyle Mast is a Certified Financial Planner, back for his third episode to answer YOUR questions about our current market conditions. We ask him the questions YOU had on your mind, including rebalancin...

30 Maalis 20201h 3min

117: Coronavirus Q&A with Scott & Mindy

117: Coronavirus Q&A with Scott & Mindy

Today, Scott and Mindy discuss the biggest news story of the century: Coronavirus or COVID-19. This episode covers a wide range of topics both money and real estate -- with a guest spot from Brandon T...

23 Maalis 20201h 14min

116: Long-Term Investing: Coronavirus Changes Nothing with JL Collins

116: Long-Term Investing: Coronavirus Changes Nothing with JL Collins

The stock market is up, then down, then down, then up. What is an investor to do? Today we bring JLCollins from JLCollinsNH.com back to the show to calm our fears and help us understand what is happen...

16 Maalis 20201h 11min

115: Growing an Empire From Nothing with Felipe Mejia

115: Growing an Empire From Nothing with Felipe Mejia

Felipe Mejia’s relationship with money started at an early age - when his parents divorced and his world turned upside down. His mother introduced him to the power of real estate by fixing up the base...

9 Maalis 20201h 4min

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