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 salaryThe tax advantages he swears byThe reason why he maxed out his 457 plan firstWhat a 403(b) plan isHis job in Saudi ArabiaHow he got into the concept of financial freedomHow he paid off his debtHow he saved his moneyHow he maximized his incomeAnd SO much more!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets Money Podcast 39How We Saved 250k by Taking Crappy Jobs - The Millionaire EducatorMr. Money Mustache