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episode 483: Lean FI in 6 Years, Fat FI in 10, and Quitting Your Job The FIRE Way
At twenty-nine years old, Andy Johnson had achieved lean FIRE. He had enough to survive but not enough to make his future family comfortably financially free. All he needed to do was work a little longer, make a bit more money, and intensely invest. That plan went out the window when Andy woke up one day, unable to return to work. The high levels of stress and constant demand from clients got to him. He quit his high-paying job with no plan.
Over the next year, Andy did something incredible. Even without a steady paycheck, he built a massive real estate portfolio in just ten months, bolstered his family’s investments, and now, a few years later, in his mid-thirties, hasachieved true financial independence. How did he do it in such a short amount of time WITHOUT a job? His method is one only the savviest of investors would have thought of.
In this episode, you’ll hear how Andy bought twenty-one rental properties in under a year, paid just $1,500 in taxes on a $200,000 gain, and was able to move to a more expensive area, retire part-time (by choice), and reach ultimate financial freedom. If you’re stressed at your job and looking for a way out while keeping your investments and bank account intact, this episode is for you!
In This Episode We Cover
Quitting your job with NO plan and how to ensure you always have the ability to walk away
How Andy bought over twenty rental units in just ten months
Avoiding capital gains tax and how to legally lower your taxes DRAMATICALLY
Using real estate leverage to get rich and the right way to analyze a rental property
Long-distance real estate investing and how to get connected to the best agents, property managers, and contractors in the area
The “part-time jobs” Andy is taking up in retirement (even though he doesn’t have to)
And So Much More!
Links from the Show
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Scott on BiggerPockets
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Podcast Talent Search!
Money Moment
Turning 9-to-5 Burnout into 24 Doors (in a Year and a Half!)
What to Do Before You Quit the High-Pay & Benefits of Corporate World
Physician on FIRE’s Tax Loss Harvesting Blogs:
Top 5 Tax Loss Harvesting Tips
Tax Loss Harvesting with Vanguard
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-483
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