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BiggerPockets Money Podcast

217: Don’t Quit Your Job, “Fire Your Boss” on Your Terms w/ Rahkim Sabree

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.53K Ratings

🗓️ 26 July 2021

⏱️ 74 minutes

🧾️ Download transcript

Summary

Rahkim Sabree “aspired to be poor” when he was growing up. He saw his parents collecting section 8 housing vouchers, getting food stamps, and thought that this was the way life was. He didn’t grow up around many homeowners. All of his friends lived in apartment rentals and were in the same financial situation as him. There were no “financial literacy talks” at Rahkim's dinner table. It wasn’t until Rahkim left college and got a banking job that he decided to look at where his money was going and what it was doing for him. He started reading books like Rich Dad Poor Dad and The Millionaire Next Door, which shifted his mindset and gave him the foundation to chase financial freedom. He bought a duplex, house hacked it, and started throwing all the money he could into investments. As his own financial knowledge began to grow, he was able to share what he learned with others. He’s written two books, spoken at TEDx talks, and been invited to numerous conferences to speak. This didn’t bode well with his employer, who would consistently ask him whether his outside-of-work activities were clashing with his nine-to-five responsibilities. After hearing this over and over again, he decided to “fire his boss” and focus on building his own income, all without an emergency reserve stashed away!  In This Episode We Cover Why it’s so difficult to break out of poverty without financial education Deciding to house hack so your mortgage can be offset  Why you should always keep a safety reserve in case of emergencies  Maxing out your 401(k), HSA, and ESPP contributions  Thinking of low-interest credit as another type of safety reserve Knowing when the appropriate time to leave your W2 is  And So Much More! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the Bigger Pogeth Money Podcast, show number 217, where we interview ReKim

0:05.5

Sabri from I Fired My Boss and talk about quitting your job to become an entrepreneur

0:10.5

even without a solid liquid emergency reserve.

0:14.6

Having grown up without money and understanding what scarcity looks like and how that can

0:20.5

impact either saving or overspending, I think out of sight out of mind for me has

0:29.8

worked and saying, I'm going to invest it all so that I don't accidentally splurge on

0:35.8

this nice thing.

0:37.4

Hello, hello, hello, my name is Mindy Jensen and with me as always is my breath of fresh

0:42.3

air co-host Scott Trench.

0:48.0

Thank you Mindy.

0:49.0

Great to be here.

0:50.0

Scott and I are here to make financial independence less scary, less just for somebody else.

0:54.7

To introduce you to every money story because we truly believe that financial freedom is

0:58.9

just a tangible for everyone, no matter when or where you're starting.

1:02.6

That's right, whether you want to retire early and travel the world, go on to make big-time

1:05.4

investments in assets like real estate or start your own business, even before reaching

1:08.8

financial independence.

1:09.8

We'll help you reach your financial goals and get money out of the way so you can launch

1:12.6

yourself towards those dreams.

1:17.1

Scott, I am super excited to bring Rick Hemsibri into the show today because he tweeted

1:31.4

a few months ago about how he quit his job, actually, how he fired his boss and his thought

1:38.6

process and his whole money story surrounding leading up to this.

...

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