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

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 11 May 2020

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

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Summary

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

Transcript

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0:00.0	you don't have to have a reason just save money you'll find it when you have money behind you
0:05.5	couple with the awesome frugal lifestyles the way I always describe it.
0:09.4	Man your life has a lot of options.
0:12.4	Hello hello hello and welcome to the Bigger Pockets Money Podcast,
0:15.0	episode 124.
0:17.0	My name is Mindy Jensen, and with me as always is my early starting
0:20.0	co-host, Scott Trench.
0:22.0	Early starting, you know, Mind Mindy I actually wake up at
0:24.4	8.50 on the dot every single day. It turns out this is actually a condition
0:29.6	called 10 to 9thists. Oh my goodness. I had to look at that one up.
0:37.0	Scott is a well documented not early riser, but you did start early on your path to financial independence.
0:45.0	Ah, okay, well in that case, I'll take that.
0:48.0	And Scott and I are here to make financial independence less scary, less just for somebody else,
0:52.0	and show you that by following
0:53.8	the proven steps you can put yourself on the road to early financial freedom and
0:57.4	get money out of the way so you can lead your best life. That's right whether you
1:01.5	want to retire early and travel the world, go on to make big-time
1:04.6	investments in assets like real estate, or are just getting started later on the road
1:08.8	to financial freedom, will help you build a position capable of watching yourself towards those dreams.
1:14.0	Scott, I am supercharged for today's show.
1:19.0	Jerry is a teacher who is married to a teacher and you know how much teachers make right so he is
1:23.6	rolling in dough right they also started a little bit later on their journey to
	...

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