Burned Out? How to Quit Your W2 Job and Still Achieve FIRE
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- Опубликовано: 27 июл 2024
- Episode #423
Is your W2 job causing you to burn out? You have dreams of achieving financial independence and retiring early, but the unrelenting demands of your nine-to-five job are causing you to work around the clock and miss precious moments with loved ones. If you’re feeling this way, you’re not alone!
Welcome back to another episode of the "BiggerPockets Money" podcast! Today’s guest, Amanda, has spent the last four years grinding toward an early retirement. Although the security of her husband’s reliable W2 income has allowed them to cover all of their expenses, invest in real estate, and grow their nest egg, they are quickly reaching a breaking point. As parents of four young children, they don’t want their busy work lives to keep them from what matters most. Is there a middle ground?
If your FIRE journey is causing you to burn the candle at both ends, this is an episode you won’t want to miss! Mindy and our guest co-host, Kyle Mast, share their perspectives on quitting your W2 job, finding work-life balance through real estate, and when it might be time to pump the brakes on your journey toward early retirement!
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00:00 Intro
02:44 Money Moment
03:17 Money Snapshot
08:20 An Impressive Rental Portfolio
20:02 Changing Jobs
32:46 Sell the 5-Plex?
38:25 Avoiding Burnout
48:03 Don't Rush Your Road to FIRE!
Yes, burnout is real. The wife and I are at that point where we need to take a long break and re-evaluate what's important in life. There's a big difference between having enough money and having a lot of money. It doesn't make sense for us to get to the end of the road with a little more money and a lot more stress. You want the money to live, but what's the point if you spent most of your life not living?
I won't be on my death bed saying I wish I spent more hours working.
😊😊😊😊
Just enough money scenario with me. 2 years into slow life, zero regrets.
Very well said, sir! 100% agree!
Also consider 1031ing into a NNN commercial property. Good enough return and very little management.
I faced this. Burnt out after 25 years of part time/freelance gigs. Went to limited earning/ slow life 2 years back. Have a decent investment portfolio (am an Indian citizen based in India), that fits the 4% criterion. Not drawing down. Leaving it for as long as possible. Living on current income, saving some of it.
Index funds are just so much less work and hassle than real estate. Press a few buttons and done 👍
Love bigger pockets🎉🎉🎉
Maybe consider payoff your high interest loans and throw the rest of the money into a money market or T-bills. Earn your 5% doing nothing. Probably make 10-15k /yr. Take a part time job for a change in pace. Reassess in a couple years when you aren't in burnout mode.
I'm burned out at work. I physically hurt when I have to go to meetings and such, literally makes my body weak. My home life is a wreck too because when I get home, no amount of downtime seems to help before having to go back to work. I get the Sunday scaries on Saturday now and I don't know what to do. I'm unfortunately late in the game trying to set money aside, but I really don't know how much long I can take these golden handcuffs.
That stinks. Sorry. Practical things that help me: 1. Make a plan (general life plan and financial plan), 2. Exercise (sauna and ice baths help too), 3. Look for other jobs within your field that might be better quality of life. 4. (But most important and 4th cause it’s less practical and more spiritual) is faith. Mainly faith in Christ. He came to set us free from all forms of sin and chains. Also, there’s hope for his kingdom and eternal life after this hard life we live.
Maybe asking your employer for opportunities to work from home a couple days a week will help too. I work remote and it makes my stressful job much more manageable since I get more time with my wife and kid plus I get to watch videos like this one to grow my financial literacy muscle 😁
She’s exhaustedly burnout, reminds me of my old vending route business. Hope you’re not buying more jobs to accumulate.
Hard work is not a crime. Sounds to me, since I’ve done this for 22 years, is you guys need to to put your big boy pants on and keep grinding on. If you can keep going you will reap. the benefits of your hard work it might take a little bit longer than you think but you’ll be a multimillionaire in your 50s I guarantee it. It’s okay to struggle, quit your whining, sounds to me that you’ll kick my ass. I have 8 rentals free and clear but I’m 54. Believe you me I struggled!!!!
If OK boomer was a person...
except 54 makes him a Gen-Xer, not a Boomer.
Welp, FIRE is about creating a life you love...so, seems like her concerns are totally valid.
Burn out is a legit problem, been dealing with it a few years now and no amount of self talk etc helps. It is a grind, but it's an even worse grind when burned out.
@@buddyrevell511
....Many GenXer's are psychologically boomers.
Painfully verbose and poorly structured discussion from the hosts. however, the discussion does hit close to home as I'm in a similar situation. I'm sure a lot of other part time investors are here as well. Deals are hard enough to get now that its weeding out all but the full time professional investors. Us part timers have to make a decision. Buck up and go hard in the paint, or sit on the sidelines and not score at all.