628: How Being a Quitter Will Make You a Millionaire

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 BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast 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 Rob's Youtube Rob's Instagram Rob's TikTok Rob's Twitter Rob's BiggerPockets Profile Henry's Instagram Henry's BiggerPockets Profile Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-628 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!

Episode 628 of the BiggerPockets Real Estate Podcast podcast, hosted by BiggerPockets, titled "628: How Being a Quitter Will Make You a Millionaire" was published on June 28, 2022 and runs 76 minutes.

June 28, 2022 ·76m · BiggerPockets Real Estate Podcast

Summary

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 BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast 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 Rob's Youtube Rob's Instagram Rob's TikTok Rob's Twitter Rob's BiggerPockets Profile Henry's Instagram Henry's BiggerPockets Profile Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-628 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode Description