Gerry Born is a teacher who is married to a teacher. He started his FI 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.
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 September 11 happened, 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 school – and discovered the magic of the 457 Plan. A 457 Plan is an additional retirement savings vehicle available to teachers and certain public employees. It has the same contribution limits as a 401k – 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 can give you tips for funding retirement that will blow your mind!
Check the full show notes here: …(read more)
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So awesome!I have access to 403b and 457b. They are offered in both Roth and Traditional options. I am curious how that would play in to all of this for FI. I do not make enough to really take advantage like I wish I could, like he does. So inspiring.
YO IM FROM RINGGOLD
This guy is my financial independence and spanish teacher at school 😀
This is my financial literacy teacher, and I can confirm he is as cool as he seems
Woo! Teacher power!
There is a way to do this without waiting until old age, but this is incredible.
This guy is beast: giving up your planning period as a teacher is not nearly as easy as this guy makes it sound.
I think goes like this! Dave Ramsey says “ You live like no one else So, you can be like no one else “
Great information. I started saving to invest in January of this year but he’s made me think of ways to save much more
My wife and I both educators and we are on a path to FI. This is definitely an impressive guy and this is some great information!
I am very frugal. What do you recommend for long time investment?
Absolutely butchers the Dave ramsey phrase
This guy is super creative with his finances. I wish I would have thought of this for my channel.
Love the show you two! Keep it up!
this guy seems pretty smart at saving buti had a hard time following his points..
I applaud his frugality, he has made me look inside for ways to invest more.
Impressive guy.
My name is Roberto from Michigan.
Is there anymore videos or books on this subject ( Grant's & Government loans)?