Debbie Emick and her husband Chris reached Financial Independence in their late 30s through rental real estate. Today, they’re both fully “retired” from W2 income and have dedicated themselves to a passion project they call “Go Bucket...
Debbie Emick and her husband Chris reached Financial Independence in their late 30s through rental real estate. Today, they’re both fully “retired” from W2 income and have dedicated themselves to a passion project they call “Go Bucket Yourself.” Today on CFO at Home, Debbie, Chris and Vince discuss their journey, their definition of “Financial Independence” and “Retirement”, the challenge of untangling our identities from our job when we retire, and more.
- When looking to make a change from being a W2 employee to a different lifestyle (entrepreneurial, retirement):
- Simply believing that a different lifestyle is possible can be an obstacle. Educate yourself about others who have already made the transition.
- Having a low level of debt can be empowering to some
- Passive investing is areas such as real estate can also be an option for income generation for some
- There’s more than one way to reach early Financial Independence (having enough passive income coming in to not have to depend on a job for income)
- People with higher incomes invest high %s of their income (typically in broad market index funds), accumulate a targeted amount (25X of annual expenses is a typical rule of thumb) that can generate annual income
- Choosing investments such as Real Estate to generate passive income (use of leverage can result in lower initial out of pocket investment)
- Rent can be used to pay mortgage on investment property
- Most early “Retirees” still are involved in generating income, but oftentimes in a way that allows for more lifestyle flexibility than a standard 9-5 job.
- The decision to retire is not always strictly financial because so much of our identity is wrapped up in what we do for a living.
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