4.8 • 16.5K Ratings
🗓️ 28 June 2022
⏱️ 76 minutes
🧾️ Download transcript
Before you quit your job, you’ll need to do a few crucial things. If you haven’t done these yet, but are strongly considering leaving your job soon, Henry Washington and Rob Abasolo may advise you to wait it out a bit longer. Quitting your job is a big decision, especially if your family relies on the income that you’re bringing in. The good news is, that if you’re prepared, you can walk away making much more than you did at your W2. But, if you aren't, you could simply be taking a breather in between jobs, instead of building a life you love and ruling your schedule.
Henry and Rob both have eerily similar quitting stories. They both quit during the same month of the same year, making the same salary all while building a real estate investment portfolio in the background. While Henry is more of a multifamily investing man, Rob has taken the short-term rental route to build his wealth. Both men have left the cushy healthcare-provided and retirement-matching lifestyles to build something much bigger not only for themselves but their families and employees.
If you’ve wondered “when should I quit my job” or “is now the right time to go full-time into real estate investing?” then this episode is a prerequisite for you. Henry and Rob go over the four things you need to know BEFORE you quit, things to be aware of as a full-time entrepreneur, how to handle taxes and healthcare, and some actionable tips for when you’re finally ready to take the plunge into full-time investing.
In This Episode We Cover:
Why quitting a high-paying job is probably worth it in the long-run
Spousal approval when quitting and why it’s mandatory before you start doing your own thing
How much should you have in safety reserves when you quit
The “work-life balance” myth and what a day in the life of an entrepreneur really looks like
Changing how you invest after you say goodbye to consistent income
Mapping out potential scenarios so you know what to expect on the other side of employment
And So Much More!
Links from the Show
Get Your Ticket for BPCon 2022
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Subscribe to The “On The Market” YouTube Channel
Hear Our Interview with Jason Drees on Exceeding Your Goals
Should You Quit Your 9-5 Job to Become a Full-Time Real Estate Investor?
10 Challenges to Seriously Consider BEFORE Quitting Your Day Job
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0:00.0 | Welcome to the Bigger Pocket Show number 628. |
0:03.2 | Just keep in mind that if you're on this path to quit your job that you need to keep what you're doing in focus. |
0:10.1 | And keep that scorecard, that running scorecard like people say as an investor you should keep your scorecard of your personal financial statement right so you track your net worth. |
0:19.9 | I think you should also track your hourly rate like the more money you start to make from side hustles and things you should continue to update that hourly rate. |
0:27.7 | And kind of keep that in front of you so you can see where you might hit that threshold of like alright it might be time to start thinking about transitioning over from one to the other. |
0:37.2 | The Bigger Pocket's real estate podcast show is all about keeping you the art of investing in real estate and hopefully achieving financial freedom one day whatever that means for you whether that means quitting your 9-5 job or having an entire portfolio that sustains your lifestyle. |
0:51.7 | We're here to show you how to do that and I'm joined here by my good friend and co-host Henry Washington. How you doing man? |
0:57.0 | Boom what's up buddy glad to be on the microphone with you again you're like my like unofficial twin our stories are similar. |
1:05.6 | We're weird animal we we basically look exactly the same and so I don't know how people don't get us confused more often. |
1:12.3 | I know man I know it happened someone at the airport the other day was like are you are you and I was like yeah Rob Bill and they're like no Henry Washington and I was like no what do people keep doing that. |
1:21.0 | What's new with you man. Hey man life is fantastic I am enjoying kind of growing and scaling my business. We kind of got to this kind of you know. |
1:32.7 | Pooper get off the pot moment with my business and so we've been growing and scaling and kind of taking this entrepreneurship to the next level so it was fun to kind of get to talk to you about that whole journey on this episode. |
1:43.5 | I know man this is it's very eerie because you and I have very similar stories you know we we both quit our job about a year ago it sounds like and yeah a lot of things really lined up for us so I'm excited to actually get into it because we're going to be talking a lot I mean we're going to be talking about our backstory you know four things that you need to know before you quit your job. |
2:02.8 | Things that you should be aware of like you know health insurance people judging you taxes all that kind of stuff and then we really wanted to end this episode I think with actionable tips for people that that really are set on quitting their 9 to 5 job. |
2:17.5 | Tangible things that they could do to kind of move towards that path what were some of your favorite parts about today show. |
2:23.7 | So I really really enjoyed talking about some of the the unsexy things with quitting your job that people don't talk about right everybody talks about all the fun stuff right like you get all this time and then you can take that time and you can make a bunch more money and then you're going to be this multi millionaire and it's super awesome. |
2:42.3 | But people don't tell you about some of the ugly stuff some of the expensive stuff like taxes suck and so you need to be prepared for and yeah health insurance is expensive and you need to have that as well that was a well time call if I like that health insurance call. |
2:58.4 | I keep muting myself every time I talk about this job man. |
3:02.4 | Yeah but but all these things are things people need to be aware of as they prepare for this this part of their journey in their life and so I love that we were able to touch on some of those things that like people don't talk about in 15 second videos on Instagram. |
3:16.4 | Yeah that's right we only talk about the good stuff in the 15 seconds but not the bad but yeah before we jump into it let's jump into our quick tip which is going to be brought to the audience by Sir Henry Washington himself. |
3:29.1 | Awesome yeah so the quick tip for today is to go and check out the on the market podcast on on the market we focus on talking about actual current events happening in a real estate space and how it's affecting our businesses what we're doing or what we're not doing because of things so we talk about things like inflation. |
3:48.4 | Higher interest rates and how that's affecting the real estate space and what we may or may not be doing because of it so go give us a listen we've got myself Kathy Fedky James Tainard and Jamil Dan G and it's hosted. |
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