How I Reached FI Without Saving 25 x My Annual Expenses | JT

Most early retirees will tell you that you'll most likely still make money even after retire. That's why JT decided he didn't need to reach the full 25 times his annual expense in order to quit his job and enjoy being with his family. Instead he has a runway for several years and is working on land investing to produce his main income. You'll love his story. We also chat about... Reaching FI with 4 kids The runway approach to FI JT's current assets How paternity leave gave him a taste of FI Land investing as an income His healthcare strategy Enjoy this chat with JT, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Youtube video: Land Flipping 101 for Beginners Episode: How to Create Passive Income from Etsy Digital Products | Mastermind Update Camp Mustache Chautauqua UK FIREDrill Facebook group Key takeaways from our chat with JT 1 - You don't need 25 times your annual expenses to quit your job JT tells us that when attending a Camp Mustache, most early retirees told him that he'd still make money even after he was retired. After hearing this he decided to take the runway approach to FI; saving up for several years, quitting his job but still working 10-15 hours a week on a different project that will produce revenue. He is nowhere near meeting the 4% rule, but that's absolutely fine with him because he's still making money and has several years saved up in case the projects don't work. 2 - How JT quit his job 2 weeks ago JT started talking to his boss about quitting in December of 2018, giving his company a good amount of time to find a replacement. Gwen explains that many people fall into two camps when quitting a job; either telling their boss well in advance and helping them find a replacement, or letting them know 2 weeks before quitting. This is really because it depends on the relationship with the manager and boss. JT tells us that he was lucky to have a good boss and his excellent relationship with his managers is what allowed him to make a large amount of money from the start. 3 - Land investing as an income JT's current project is real estate investing with a twist. He sources land below market price and then sells it to the market at a discount. He explains that it's an easy model since it mostly uses all cash and the transactions are fast and easy. The hard part is finding the land at below market place. So far he's done deals on 16 properties and it takes him 3 months or so to sell them off. This is a great model since he explains that he gets cashback and residual income, and can expect at least a 100% return. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.