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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30: How to Cut Expenses for a Faster Route to Financial Freedom

30: How to Cut Expenses for a Faster Route to Financial Freedom

We’ve interviewed more than 30 people for the BiggerPockets Money Podcast over the course of this year — and we’ve got a LOT more people to interview! We’ve heard from so many  listeners: “I’d like to...

23 Heinä 20181h 3min

29: From $200,000 in Student Loan Debt to $150,000 Net Worth in 3 Years with Nick and Alyssa Parros

29: From $200,000 in Student Loan Debt to $150,000 Net Worth in 3 Years with Nick and Alyssa Parros

Nick and Alyssa were high school sweethearts, who went to college where their family attitudes toward money came to light. Nick’s “save up for it” mindset saw him graduate with around $50k in student ...

16 Heinä 20181h 14min

28: How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper

28: How Anyone Can Easily Make Extra Money Using Side Hustles with Nick Loper

Side hustle is a huge buzzword in the FI community. Make extra money on the side doing something fun, something you love, or even just something that pays really well. Today we bring in Nick Loper, Fo...

9 Heinä 20181h 12min

27: How to Get Even MORE from Your Travel Rewards Credit Card with Lee Huffman

27: How to Get Even MORE from Your Travel Rewards Credit Card with Lee Huffman

Open up a credit card, earn miles, get a free plane trip or hotel room. Sounds great, right? But what if you could exponentially increase your travel rewards? Fly free every time. Never pay for a hote...

2 Heinä 20181h 16min

26: Graduating College on Track for Financial Independence with Cody Berman

26: Graduating College on Track for Financial Independence with Cody Berman

Cody Berman: Remember that name because this kid is going places. Currently traveling in Australia, Cody began his journey into personal finance and intentional living as a child, when his dad taught ...

25 Kesä 20181h 19min

25: Raising a Family While Seeking Financial Freedom with Chris and Debbie Emick

25: Raising a Family While Seeking Financial Freedom with Chris and Debbie Emick

Chris and Debbie Emick have two daughters—AND are well on their way to financial independence through a combination of local and long distance real estate investing coupled with frugality and consciou...

18 Kesä 20181h 8min

24: Getting Financially “Naked” with Your Significant Other — With Erin Lowry

24: Getting Financially “Naked” with Your Significant Other — With Erin Lowry

Erin’s parents taught her about money from a very early age. She paid for half of everything she wanted, which helped her figure out financial prioritization. When it came time for college, she decide...

11 Kesä 20181h 9min

23: A Mini-Retirement Road Trip in Your 20s with Becky & Noah

23: A Mini-Retirement Road Trip in Your 20s with Becky & Noah

Becky and Noah are in the first half of their gap gear, a pre-FI road trip around America. They didn’t grow up rich, but they carefully planned out their life to avoid student debt. Both earned the sa...

4 Kesä 201857min

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