Podcasts about millionaire educator

Gerry Born is back on the FIT podcast to give an update on his current situation, answer some questions submitted via social media, and discusses the super power of the 457(b). Gerry's Blog Page:http://www.millionaireeducator.com/

In this episode: College Hacking, College Credits for less, ACE Courses, CLEP Exams, and The Most Cost Efficient Bachelors Degree A college education may be the most daunting expense members of the FI community have on their horizon. As we all know by now, the cost of modern higher education has skyrocketed and has shown virtually no signs of decreasing or even leveling off! However Gerry Born, also know as the Millionaire Educator, may have found a way to reduce the overall cost of said education while still retaining the aspect of freedom we in FI community hold so dearly. Listen along to see if this alternative path to a college degree could be applicable towards you or your loved one's futures! Millionaire Educator Website: millionaireeducator.com Twitter: @GerryBorn Timestamps 1:11 - Introduction 2:44 - The "College Experience" 6:55 - CLEP Tests 11:17 - Spending Credits 21:15 - The Cost Effective Option 25:35 - ACE Courses 28:48 - The Credit Stacking Experience 37:12 - Pairing This Methodology with the Classic College Experience 41:04 - The Most Optimized Bachelors Degree 47:32 - Using College to Learn Your Craft 52:53 - Conclusion Resources Mentioned In Today's Episode How To Test Out of College While You're Still In High School | Millionaire Educator | ChooseFI Ep 238 Sophia Learning Modern States Credly Study.com Sophia Learning's Partners A $7,500 College Degree in 12 Months? Subscribe to The FI Weekly! If You Want To Support ChooseFI: Earn $1,000 in cashback with ChooseFI's 3-card credit card strategy Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence Track your personal finances with Personal Capital Compare, buy, and save big on insurance with Policygenius Keep learning or start a new side hustle with one of our educational courses Slash your cell phone bill without sacrificing service with Mint Mobile

Gerry from the Millionaire Educator joins the show to discuss how he reached financial independence with a teacher's salary and magic money. We discuss the powerful 457b plan and the 7 pillars of FI. Reaching FI requires tracking your expenses and net worth. I use Personal Capital to do this for free! (Get a $20 Amazon Gift Card with this link when you add at least one investment account containing a balance of more than $1,000 within 30 days) We Discuss: The Power Of Using A 457 Account To Control Your Tax Rate The 7 Pillars Of Financial Independence How To Earn 2 Years Of College Credits In A Month Please Subscribe & Leave A Review More Resources Hacking College 7 Reasons To Love Your 457 Plan 457b Plan: Pros and Cons How To Max Out Your 401k/403b and 457 Millionaire Educator's Free Money Post Find More Episodes At InspiretoFIRE.com/Podcast These notes may contain affiliate links, which means I receive commissions if you choose to purchase through the links I provide (at no extra cost to you). Thank you for supporting my work! Disclaimer: This is not tax, investment, or financial advice. This is a podcast meant to entertain. None of what is said should be taken as financial advice. Please consult your own advisors regarding your own matters. Learn more about your ad choices. Visit megaphone.fm/adchoices

Brandon and Dave have Gerry Born (Millionaire Educator) back on the show! Gerry has a wealth of knowledge on a variety of financial topics and in this episode, he is here to MAINLY discuss free college credit alternatives and how it can save folks money.  Gerry has earned over 5 years of FREE college credit by taking these accredited programs and has his HS age son on his way to a debt free degree. 

Free flights, free lodging and discounted rental cars sound good to you? You don't want to miss our repeat guests discuss credit cards and travel rewards in our second to last episode of season #1! 

In this week's episode, Brad and Jonathan examine the concept of assets and where they fit in your general tax strategy. Together, they discuss the different factors that effect how and when you pay your taxes, compare the differences between Roth IRA's and 401k's, and explore potentially beneficial ways in which after-tax investments and 401k's overlap! Resources Mentioned In Today's Conversation The Unfair (FI) Advantage Of Teachers 457b | ChooseFI Episode 13 The Millionaire Educator's 2021 Free Money Article Subscribe To ChooseFI's Weekly Newsletter Want to start your own journey to Financial Independence? Sign up for the free 5-Day FI Challenge here!

Today's Episode with Gerry Born:Gerry grew up playing basketball and his senior year in college his team played in the conference tournament.He then went on to play basketball in Argentina and El Salvador where he learned to speak Spanish.From there, Gerry became a Spanish teacher and taught high school for 3 years, went to grad school, taught ESL in Saudi Arabia, moved back to the U.S. and began public school teaching.Through using his tax advantage accounts, Gerry has been able to save money each year and in 2016 he crossed seven figures.Gerry discusses how he uses the 457, 403b, and other resources to save money each year.Putting more money in a 403b or 457 makes your taxes less and less in addition to the other benefits.It is not just about saving money, it is about learning to invest so you can grow that money.In the short term, if you are struggling with how to strategize financially, see out a fiduciary advisor, Sean and Gerry say.Gerry does not shy away from talking about the specificities of making money. He goes in depth about how he has accumulated his money and all the advice he would give to other educators, and other people.Sean and Gerry also discuss his basketball days and his memories of watching Stephen Curry play on the court.He says his biggest challenge moving forward is figuring out Roth conversions to help him out down the road.Gerry loves working with kids but is realizing he wants to try other things, so he wants to work on pushing his message about strategizing financially as a teacher.Enjoy the show? Leave us a rating and review:https://ratethispodcast.com/earnmoretutoringHelp our podcast grow! Become a patron here for perks and benefits: https://www.patreon.com/earnmoretutoringIs there something you would like to see on this podcast that you're not seeing? Send us an email at info@earnmoretutoring.comThe Earn More Tutoring Podcast appreciates your support! We love being able to provide our podcast as a resource to the world! If you would like to make a donation, click our Venmo link here:https://venmo.com/code?user_id=3248415945261056545Support the show (https://www.buymeacoffee.com/earnmore)

Gerry (Spanish Teacher) and his teacher wife started with humble beginnings.   In their early thirties, they had $45,000 of student loan debt and both of their cars were kaput.  Over an 18 year period, they went from having a net worth of ZERO to just over 2 million in 2021.   Along the way they've have had many adventures, travel, an incredible son, and lots of fun. How does a teaching couple from GA invest over 50k per year? Check out his web site below! https://www.millionaireeducator.com/

Winter is over, spring is here, and Brad and Jonathan have hosted their fifth live event on Stereo! With the new season and sense of hope, people are beginning to think more about traveling and travel rewards points. Start thinking about a trip you want to take and join us on Stereo next week for a live group travel rewards coaching call with Brad. The focus of this episode is college. How can you do college for less or do you even need to go to college at all? After more than 400 episodes, optimization tactics related to college have popped up frequently. What has changed for 2021, what are the best practices, and what should you be thinking about? In the FI community, we take a step back, see the world for what it truly is, and look at a problem a little bit differently. Society tells us that college is on the path to success, but knowing what we know now, there may be another way or a way to improve the ROI of going to college. Back a generation or so ago, it wasn’t uncommon for a college student to be the first in their family to attend college. College was seen as a way to make it into the middle class. It may have been true then, can still be true in some ways today, but the difference is the cost of college has risen dramatically while the earning potential did not rise at the same rate. We have to be looking at college through the lens of ROI and understand what we are trying to get out of it. College signals that you can follow the rules, but an undergraduate degree doesn’t necessarily mean you have skills or mastery over something and it’s skills that matter today. No one can afford to go to college for one hundred thousand dollars and come out earning $50,000. It will create financial chaos for a decade or more of your life. Most people’s incentives to go to college fall into one or more of these three areas: wanting to have the college experience, access to higher-income jobs, or a love of learning. The college experience was not high on Jonathan’s list of priorities, nor was attending a prestigious university, so he did two years of community college before transferring to Virginia Tech. Brad’s goal for college was to get a job upon graduation. Though he was accepted to Ivy League schools, he chose not to go to them as they were too expensive and opted for the University of Richmond instead. If having the college experience or getting into the right school are top priorities for you, listen to ChooseFI episodes 114 and 154 to learn more about how to discount the cost of college using test scores and the FAFSA. In episode 083, Cody Berman talked about how he approached applying for scholarships as if it was a part-time job and thought about it systematically. Rob, from The Simple StartUp, called in to say that his parents used geo-arbitrage and moved back to Ireland so that Rob and his siblings could go to college for much less. For graduate school, Rob coached women’s soccer in a graduate assistantship so that he was able to get his Master’s for free and earn a stipend. In episode 138, Anthony Gary discussed how he hacking his college room and board costs by becoming a Resident Assistant. Other past guests have talked about utilizing niche scholarships, like ones for golf caddies. One listener left a voicemail asking how to incentivized kids to apply for scholarships. Jonathan would like to try and gamify it for the kids and Brad believes that there are a lot of merit scholarships available if which college your child attends isn’t concerned with attending the most prestigious schools. He and Laura have made it clear with their daughters that they don’t care about prestige when it comes to college. Choosing where to go to college may mean saddling yourself with student loan debt for decades. We are having 17-year-olds make these decisions that can negatively affect their lives for decades without thought or counsel. Jonathan suggests slowing down and providing kids with a better option. In 202, the average cost of college was $110-120,000 and the average annual income for a graduate was $50,000. It’s a lot of debt for a young adult to get out from under. A little bit of optimization can make it so much easier. If looking to improve test scores, considering investing and paying the fee for test preparation services from companies like Edison Prep. Chase called in to talk about the ROI of college in the military. He is in the National guard and gets reimbursed from both the military and his employer for going to school. When you chose to put the time in to serve our country, it’s possible to optimize the compensation package and never have to work again. Options to pay for college and serve include ROTC and the US military service academies. Marjorie called in about geo-arbitraging college. She attended college in Puerto Rico for a fraction of the cost in the US mainland. Many states have a guaranteed admissions program where you can attend community college for two years and then are guaranteed acceptance to a four-year-school, saving two years of higher-priced tuition, but make sure you know what credits will transfer over to the university. How can you test out a college? In addition to getting college credit for AP courses, dual enrollment while in high school can be an option. CLEP testing is a little-known secret as discussed in episode 238 with Millionaire Educator. Another listener called in to mention Scholarship For Service, where you can get tuition and fees paid along with a $25,000 academic stipend with a requirement to later work for a federal agency. This program is similar to the Department of Defense Smart scholarship mentioned by Sunny Burns in episode 139. If your desire to go to college is for the love of learning, do you really need to go to college? Jonathan says that they have proven there is a replicable path to earning six figures a year without going to college. The son of ChooseFI’s CEO, Edmund Tee, is earning his associate’s degree while in high school thanks to dual enrollment then plans on taking a gap year to pursue Salesforce through Talent Stacker. Resources Mentioned In Today’s Conversation Inspire your 10-18-year-old with the free download 102 Business Ideas for Young Entrepreneurs.  Learn why the Chase Sapphire Preferred is one of our favorite travel rewards cards. ChooseFI Episode 114 Demystify College Scholarships | Brian Eufinger | Edison Prep (Start at [4:00]) ChooseFI Episode 154 Hacking the FAFSA | Brian Eufinger Seonwoo Lee (Start at [4:05]) Edison Prep ChooseFI Episode 083 A Second Generation FI Case Study | Cody Berman | FlytoFI (Start at [15:00]) ChooseFI Episode 138 How to Get Paid to Go to College with Anthony Gary (Start at [12:50]) Colleges and Universities That Award Merit Aid ChooseFI Episode 095 A Military Path to FI | Military Dollar (Start at [40:00]) ChooseFI 238 How to Test Out of College While You’re Still in High School | Millionaire Educator Modern States Sophia.org Scholarship For Service ChooseFI Episode 139 Reaching FI With Real Estate With Sunny Burns (Start at [5:35]) DoD Smart Scholarship ChooseFI.com/Salesforce Visit ChooseFI’s college resource article: Should You Go to College in 2021? Ditch the spreadsheets and upgrade to NetSuite. If You Want To Support ChooseFI: Earn $1,000 in cashback with ChooseFI’s 3-card credit card strategy.  Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence.      

It's ChooseFI's first live radio show! Recorded live on Tuesdays at 7:30 pm Eastern using an app called Stereo, the live shows will be replayed for the Friday Roundup episode. The topic of this interactive live show is: “What is stopping you from reaching financial independence?”. Lorraine has a question about allocation and investing in one of Vanguard’s funds like VTI or VTSAX but the answer is situation-dependent. It’s important o know the investing timeline Lorraine is looking at, but hopefully, it’s investing for the long-term. Investing for the long-term provides for the highest likelihood of success. However, it’s money needed for something critical like an emergency fund, maybe consider keeping what you need in a savings account and investing the rest. Other factors to consider are risk tolerance, net worth, job security, and whether you have an emergency fund. How sacred you were in March is a good indicator of your risk tolerance. The right allocation will allow you to sleep at night, be confident in your plan, and stay the course. The best thing to do is take action and get invested without getting hung up on the details. Keeping your expenses low with low-cost broad-based index funds, like total stock market or S&P 500 index funds, make a significant difference over your investing lifetime. Getting to the point where you can make work optional can often seem like luck. However, the FI community believes we have the power to impact change in our lives and in our communities. Taking small actions to optimize and seeing that you can still live a life without a feeling of deprivation becomes a motivating positive feedback loop. No matter how much you earn, the message of FI can be valuable. If you are living paycheck-to-paycheck, it doesn’t matter how much you earn. You need some amount of gap between what you earn and what you spend. Growing the gap by cutting expenses is usually the most effective place to start, but you can widen the gap by earning more as well. It doesn’t mean going back to school or taking on a second job delivering pizzas. One way to increase your income is by negotiating your salary. If you research the highest paying professions, the search leads to a list of six-figure careers, however, the return on investment in these career paths is not what it seems. They may require a significant number of years in school and the student loan debt that goes along with it. Today it’s possible to skip a degree program in favor of a certificate program and land a high-paying job in less time and at less expense. Matthew has been listening to the show for about six months. One question he’s had is how people are retiring early when you cannot withdraw from retirement accounts without a penalty until you reach the age of 59.5. There are strategies for investing in retirement accounts where it goes in tax-free, grows tax-free, and is withdrawn tax-free ahead of the traditional retirement age. Investing in something like a traditional 401K account lowers your taxable income and gives you a current tax deduction. Once you reach FI and decide to not work anymore and are living off savings, you are earning $0. You can at that time pull take money from your 401k and convert it into a Roth IRA, an after-tax account, in a process known as a Roth IRA Conversion Ladder. The conversion is a taxable event, however, your earned income is $0 so the only amount subject to tax is what you convert. Even then, the total amount won’t be taxed. You can still take the standard deduction and only be taxed on the remainder at the lowest possible marginal tax rate. The account will then grow tax-free. Another method to access 401K retirement funds a few years earlier is with Rule of 55. One listener wants to know what other podcasters or influencers Brad and Jonathan follow. Brad’s long-time favorite is The Tim Ferris Show, Dr. Peter Attia’s The Drive, and Naval. Jonathan’s podcast listening tends to be focused on what will help build his talent stack. On YouTube, he likes Real Coffee with Scott Adams. The book by Scott Adams, How to Fail at Almost Everything and Still Win Big, had helped Jonathan change his mindset. He went from fearing failure, to understanding there is a process and failure is completely fine. Brad thinks the best podcast that exists is Armchair Expert with Dax Shepard. Listener Josh left a voicemail saying the episode featuring the Millionaire Educator and the mentality of keeping money on your side of the ledger was one of the most impactful shows for him. The Millionaire Educator learned the rules and used them to his advantage to reduce his tax rate to zero. When the question of dream podcast guests came up, Jonathan says he’s going to reach out to Scott Adams, while Brad’s dream guest would be Mark Cuban for his open-minded and entrepreneurial spirit. Send in your ideas for who you’d like to hear on the show. The next voicemail asked when is the best to move from 100% equities to bonds if you are about halfway to FI. Jonathan projects he’ll be at FI within 10 years and currently doesn’t have anything in bonds. He thinks he would make the move to become more conservative once he has a clear exit date in mind, such as within five years. The conventional split is 60% stocks and 40% bonds, but it should match your risk tolerance. Brad mentioned that Big Ern discussed how paying off your mortgage is an alternative to holding bonds in your portfolio. Although Brad has reached FI, he doesn’t have any bonds either. He thinks a young adult with a long time horizon, equities have the highest likelihood for maximizing net worth. If you can reduce your structural expenses at the point of retirement, it could act as a substitute for having bonds. Passive income is another alternative. Jonathan is currently allowing his equities to continue to grow, but before he retires, he will pay off his mortgage and get rid of that structural expense. Resources Mentioned In Today’s Conversation Join the live show at ChooseFI.com/live. ChooseFI Episode 147 Negotiate Your Salary with Tori Dunlap ChooseFI Episode 211 How to Negotiate Your Salary Without Burning Bridges with Financial Mechanic Learn more about the Roth IRA Conversion Ladder. ChooseFI Episode 297 From Pandemic Layoff to 100K+ | A Salesforce Success Story Find out more about the Salesforce 5-Day Challenge. The Tim Ferris Show The Drive Nav.al Real Coffee with Scott Adams How to Fail at Almost Everything and Still Win Big: Kind of the Story of My Life by Scott Adams Armchair Expert The Prof G Show ChooseFI Episode 013 The Unfair (FI) Advantage of Teachers | 457(b) ChooseFI Episode 019 The Stock Series Part 1 JL Collins ChooseFI Episode 066 The Emergency Fund…Is it a Bad Idea? | Big Ern ChooseFI Episode 035 Sequence of Return Risk | Big Ern Early Retirement Now: Why We Will Not Have a Mortgage in Early Retirement If You Want To Support ChooseFI: Earn $1,000 in cashback with ChooseFI’s 3-card credit card strategy.  Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence.      

Gerry Born, The Millionaire Educator stops by the corner to give us some financial wisdom, topics also include the Mayor John Cooper scandal, Bigfoot, small town USA, and hanging out with some horses Sponsored by Peg Leg Porker Podcast production by Skyscraper Media Music by Andy Velo

Gerry Born, the Millionaire Educator, joins the show to talk about strategizing college via online classes, dual enrollment, and CLEP Testing.  For more information, visit the show notes at https://ChooseFI.com/238

It can't be reiterated enough: financial independence is freedom from much of the drudgery and anxiety that many people encounter in their lives. While money may not solve every single problem on the planet, having financial independence does guarantee you a measure of peace in your mind about pressures that arise from your finances. On today's show, Lee and Kat Hughes are joined by Gerry Born, also known as “The Millionaire Educator.” Lee, Kat, and Gerry talk about the freedom afforded by someone who's attained financial independence. Get started on this worthwhile journey today!

Update with Millionaire Educator

Gerry Born is a teacher who is married to a teacher. He started his financial independence 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 (ESL).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 9/11, 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 one and discovered the magic of the 457 plan. A 457 plan is an additional retirement savings vehicle available to teachers and some public employees. It has the same contribution limits as a 401(k) 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 provides tips for funding retirement that will blow your mind!In This Episode We Cover:How he retired early on a teacher's salaryThe tax advantages he swears byThe reason why he maxed out his 457 plan firstWhat a 403(b) plan isHis job in Saudi ArabiaHow he got into the concept of financial freedomHow he paid off his debtHow he saved his moneyHow he maximized his incomeAnd SO much more!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets Money Podcast 39How We Saved 250k by Taking Crappy Jobs - The Millionaire EducatorMr. Money Mustache

Are teachers poor?  Can they reach financial independence.  We discuss the fascinating topic of how education is not a bad path to financial independence with The Millionaire Educator, Frogdancer Jones, and Educator FI.

#44 Disclaimer: We are not financial advisors. The content on this podcast and YouTube videos are for educational purposes only and merely cite our own personal opinions.  In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary.  Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won't experience any loss when investing.   Always remember to make smart decisions and do your own research! Interview with Ed Mills The Millionaire Educator. Ed is a huge inspiration to me personally as well as to many others interested in Financial Independence and within the FIRE community. Ed Mills shows the path he as a teacher and his family have taken to take care of business and their future using various retirement saving pots like the 401K and Roth IRA and 457B Plan. Ed's advice is to avoid debt, become a hard core saver and work a plan, even if it's not perfect just getting started can leads to great results in the long term. The front loading strategy. Ed also discusses the tax advantages of saving in Pre-Retirement accounts. Ed's courage and willingness to move jobs and location to break service and move money to a better platform with lower costs. Geoarbitrage advantages. Also Ed has a passion for travel particularly Mexico and South America. As well as to be careful of the plan fee's. Types of investments.  Be sure to check out Ed's Website: https://www.millionaireeducator.com Twitter: @Ed_Mills_ ----   Podcast:   https://podcasts.apple.com/us/podcast/superb-diamond-range/id930684983?mt=2     https://podcasts.google.com/?feed=aHR0cDovL3N1cGVyYmRpYW1vbmRyYW5nZS5saWJzeW4uY29tL3Jzcw     https://tunein.com/podcasts/Educational/Superb-Diamond-Range-p677627/     https://www.stitcher.com/podcast/libsyn-9/superb-diamond-range   Follow on:   https://twitter.com/superbdiamondra     https://www.youtube.com/channel/UCztKXSrR8fC4CbVVJ9aC8_w   Contact the show:   superbdiamondrange@gmail.com

Want to know how you can become a millionaire educator? It’s totally possible! Just ask today’s guest, Gerry Born, The Millionaire Educator, who gained Financial Independence and built a net worth of over a million dollars!   Be one of one million! Find, Join, Like. OMA Facebook OMA Website Text APPLE to 66866 for exclusive offers and show recaps! Need a fee-only financial planner? I'm here to help! Contact, me, Breanna, at breanna@wealthofconfidence.com 

Take away: Building wealth is easy but it takes time.   Action step: Put your financial numbers on the fridge so you constantly seem them.    Money Learnings: School never taught Ed about money. His family taught him the value of hard work, but he didn't learn about money skills.   bio:“Ed Mills” blogs at the Millionaire Educator (hyperlink here?), a website dedicated to teaching educators how to build wealth on a teacher’s salary via frugal living, hardcore saving, and prudent investing.  From 2002 to 2016 both he and his wife worked as public school teachers in Georgia. During that time they enjoyed a seemingly normal middle-class lifestyle, had an incredible son, and grew their net worth from $100k to $1 million.  The Mills family spent the 2017-18 school year in Merida, Mexico where they studied Spanish, worked out daily, and simply enjoyed life.   Highlights from this episode:Link  www.millionaireeducator.com https://www.facebook.com/MillionaireEducator/ https://twitter.com/Ed_Mills_ Richer Soul Life Beyond Money. You got rich, now what? Let's talk about your journey to more a purposeful, intentional, amazing life. Where are you going to go and how are you going to get there? Let's figure that out together. At the core is the financial well being to be able to do what you want, when you want, how you want. It's about personal freedom! Thanks for listening! If you like the show please leave a review on iTunes: http://bit.do/richersoul https://www.facebook.com/richersoul http://richersoul.com/ rocky@richersoul.com Music: https://www.bensound.com Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.

065R | College hacks, a great credit card debt hack and the importance of not wasting your privileges. What you’ll hear in today’s show: Voicemail from Chris about replacing broken items Review of Monday’s episode with Mrs Frugalwoods Why you shouldn’t waste your advantages Voicemail from Steve about educational programs The student debt loan movement happening in March Voicemail from Noah about a college hack Voicemail from Millionaire Educator on another college hack Nicholas’ hack on optimizing credit card debt Voicemail from Kelly about tax liability vs withholding Apple Podcasts review and book giveaway   Links from the show Contact ChooseFI: feedback@choosefi.com The College Investor March Student Debt Challenge The Millionaire Educator ——————-   Thank you for being a part of the ChooseFI community! 

How One Teacher Lives the FIRE Life, and You Can Too!  I knew early on that Ed was a guy that would be my poster boy for what’s possible for teachers.  But not JUST teachers only.  Ed is actually a living, breathing example of what the FIRE movement is all about.  And what the Financial Independence Retire Early theory actually looks like in practice.

Is it possible for a millionaire to become a teacher salary? In this episode, I talk with Ed the Millionaire Educator. I first learned about the 457 plan from Ed when he was a guest on another podcast. If you listened to Episode 2, How We Saved $85K, you'll know that I credit access to a 457 plan through my husband's job as one of the ways we were able to maximize our savings last year. It really changed the game for us.  In this episode with Ed, we discuss: How he paid off $45,000 and saved $100,000 in 5 1/2 years The benefits of a 457 Plan and how to figure out if you have access to one Why the fees that you pay on your investment accounts matter How to become more tax efficient and how tax planning can substantially increase your ability to save and invest Ways to save and invest no matter your income How to live a good life while saving more than half of your income Other related blog posts/links mentioned in this episode: Ed's post's- 2017 Free Money , How We Saved $500,000 in 4.5 Years, YNAB -  You can try it free for 34 days and after that its $5 a month or $50 a year. I recommend you at least sign up for the free trial. If you don’t want to continue after the trial, you will have at least practiced active budgeting for a month. If you sign up beyond the 34-day free trial using my referral link, you’ll get a month free and I’ll get a month free, seems like a win-win to me! Connect with Ed: millionaireeducator.com Follow Ed on Twitter Connect with me: Instagram Twitter Facebook Page Join the private Facebook Group  

029R | In today's Friday Roundup we discuss our key takeaways from Episode 29: The Reluctant Frugalist vs. the Aspiring Minimalist, plus feedback from the audience as well as two of our in-house experts. How Jonathan used travel rewards points to book two round-trip flights to South Africa to visit his wife’s family. Only 128,000 points! How to think through a travel rewards redemption and where to start The essential nature of the psychology when considering financial independence How to approach your spouse/significant other about FI and what to avoid – namely the word “retirement” What is Brad willing to spend significant money on? Email from Bo about a new term: A ‘Valuist’ and how this applies to Brad Feedback from our Facebook group from Christopher about a ‘false dichotomy’ Feedback from Jessica – there are no rules of being a minimalist, it’s a journey and a mindset Voicemail from Geoffrey about reducing stuff and choice with a cool challenge with your clothes How the KonMari method tidying has transformed lives How to have a conversation with friends and coworkers about FI when they know nothing about it The difficulties of talking about FI at work and how to navigate that Know your audience when discussing FI and figure out an approach that will resonate with people Update from in-house experts: Millionaire Educator released his 2017 Free Money tables Big Ern responds to Mark’s question on the pluses and minuses of ETFs and mutual funds and how to choose between the two New in-house expert: Noah from Money Metagame who will share life hacks Voicemail from Noah about how to save on purchases using discount gift cards as payment Voicemail from Marilyn challenging the ‘sacred cow’ of always buying used cars and how it can be a smarter decision to buy a less expensive new car that you plan to keep for a long time Can a car loan make sense if you have a lower interest rate? How to negotiate on purchases by mass emailing multiple competitors and Brad’s challenge to the audience Frugal wins of the week from our private Facebook group Book giveaway and iTunes review Links from the show: Decision Fatigue article at Wikipedia Headspace Mad Money Monster: Early Retirement Resistance - When Friends Push Back 1500 Days ESI Money Mr. Money Mustache Millionaire Educator’s 2017 Free Money! Tax tables Early Retirement Now Money Metagame Gift Card Wiki Books Mentioned in the Show: The Life Changing Magic of Tidying Up

028R | In today's Friday Roundup we discuss tax-deferred accounts, the Roth IRA conversion ladder, frugal wins of the week, an 'expert answer' from the Millionaire Educator as well as the Hot Seat with community member Chad! In Today’s Podcast we cover: The Friday Roundup after Episode 28 where we discussed the order of operations for savings as well as the available ‘buckets’ Brad’s discussion of his new health targets: CrossFit and Gracie Jiu-Jitsu and how he saves money through a Gracie Garage Our preference is to fill your tax-deferred buckets as much as possible Message from Amy on the Facebook group on maxing out Roth IRAs How the FI community thinks differently in regard to Roth IRAs and investing in general Explaining the Roth IRA conversion ladder Voicemail from Stephen about the Roth IRA conversion ladder and how the calculation changes when you are making income in FI The essence is living a frugal lifestyle and everything else takes care of itself Brad’s explanation of how to mentally approach having income in FI and even having a higher income than you anticipated Frugal wins of the week: Call from Eric from our Facebook group about how he saved big on his Chicago apartment The love for the InstantPot from the ChooseFI community Anne Marie raised the deductible on her insurance and saved money on her premiums; Brad saved on car insurance with Geico Congrats to Eli on his new baby and the newest 529 account! Question from Scott about 457s and pensions to help with early retirement and the expert answer from the Millionaire Educator Voicemail from SaraEllen about how to save as a solo entrepreneur in the legal profession and by extension to other professionals as well How you can save on office space by using a coworking space The Hot Seat with ChooseFI community member Chad How people in the FI community can consider giving back Favorite life hack: Using Swagbucks The danger of cosigning on someone else’s loan If Jonathan loans someone money he mentally writes it off as never being paid back and that’s how he approaches the decision to loan money Voicemail from Eron from San Diego on financial advisors and the potential benefits A fee only financial advisor would be the best option for most people (especially in the FI community) 

027R | In today's podcast we highlight our takeaways from Episode 27 with Jay from Slowly Sipping Coffee, plus we discuss the 'Mount Rushmore' of FI and help debunk a lot of the misinformation surrounding the value of the mortgage interest deduction. In Today’s Podcast we cover: The Friday Roundup bringing in many aspects of our audience and community plus our thoughts on the Episode 27 with Jay from Slowly Sipping Coffee How to join the Choose FI Facebook group Looking at the great team of Mr. and Mrs. Slowly Sipping Coffee and how they gained flexibility and freedom How they made a game out of personal finance and that enabled them to save big on their credit card bills Just by being more conscious of their spending allowed them to save over 50% of their discretionary spending How ‘grazing’ by shopping at stores like Target can help fuel lifestyle inflation It’s important how we spend our time. Batch processing with intentionality is a way to fix our inefficient use of time How Jonathan can come up with a system in his life to find a work/life balance between the ChooseFI site and podcast and his ‘real’ life Multitasking is not a real thing What does your life look like post-FI? And when do you start thinking about that life? The Mount Rushmore of Financial Independence: Who do we put on that list? Who would you as the community put on the Mount Rushmore of FI? What do you want to do with your time when you reach FI? Fully Funded Lifestyle Change as an alternative to “retirement for the sake of quitting work” Risk tolerance and cFiresim Article submitted by Luis on CNNMoney on a couple who achieved FI Hot Seat conversation on the Facebook group The power to spread the message beyond of FI beyond this community Message from Austin who is a former student of the Millionaire Educator Voicemail from Ed Mills from the Millionaire Educator on ways to get your children involved in saving money Voicemail from Juan from Finance Clever about the value (or lack thereof) of the mortgage interest deduction and only getting value from it if your itemized deductions are above the standard deduction Brad’s example of the benefit of itemized deductions Feedback from the audience from Grumpus Maximus about retirement calculators and one in particular from Darrow Kirkpatrick at CanIRetireYet.com Voicemail from Kris with incredible feedback about the action she took after hearing Noah’s voicemail about removing escrow accounts Voicemail from Steve about the importance of umbrella insurance policies plus feedback from Tiffany about the same More information from Ken about ESPPs and call options 

022R | In today's Friday Roundup we discuss the True Cost of Car Ownership, how to maximize your travel rewards points plus a big announcement on a new in-house 'expert' for ChooseFI! In Today’s Podcast we cover: Episode review of our podcast Episode 22 on The True Cost of Car Ownership Your best-case scenario is buying a 5 to 10 year old gas sipping car Even a low cost car is going to cost you at least $2,000 per year Your fixed structural expenses move the needle significantly on your path to FI, and the car is the easiest one to change. Comment from Matt on how he introduced this to his algebra class on why buying a new car is a bad decision and what it amounts to when compounded Second generation Fire: Starting out right and not buying an expensive car (plus house hacking) will set people up for Financial Independence by 35 Question on Saverocity about living close or far from work and how that impacts your path to Financial Independence Is bicycling a pillar of FI or is it unrealistic for the vast majority of people and might even turn people off from pursuing FI? In a post-FI lifestyle, does bicycling make more sense? Comment from the audience on Cargo Bikes Voicemail from Rebecca on what to do with her car situation Our thought is that it makes sense for Rebecca’s life and financial situation to move towards the Honda Fit Our final thought on cars: Don’t buy a new car; buy a used car and drive it into the ground Choose FI is bringing on in-house experts on real estate, taxes, business building and all things number crunching Alan’s brainstorming ideas for helping the community build businesses Should building a side hustle be a Pillar of FI? Travel Rewards question from Noah: Should he cash in his miles & points and invest them in VTSAX or save them for future travel? Brad’s advice is to save them for future value where the value can be 2x-4x or more How the Millionaire Educator takes his rewards points to invest in an ESA fund Travel rewards question from Satya on travel to India using Chase Ultimate Rewards points Feedback from the audience: Kevin’s follow up to Friday Roundup 18. He spoke with his wife and she just wants to spend more time with him where she gets his full attention Human connection is the most important aspect of happiness FI in the news: Our upcoming guest ESI from ESI Money was featured on the Washington Post FI in the News: Article that Brittinni sent in about net worth being the key to wealth, not income Frugal Wins of the week from the audience Aaron’s feedback about the true cost of car ownership and he teased us with how he sells boats for a profit Final word on Jonathan’s pullups 

013 | Our guest: Millionaire Educator shows us how to invest your money. He shows how teachers, firefighters, police officers and public employees can leverage the power of pretax savings to supercharge their retirement , and become millionaires. Take this information to learn how to invest your money and retires decades before your peers Ed’s journey from a college basketball player to a Spanish teacher Graduate school led to $45,000 total debt at age 33 Taught ESL in Saudia Arabia and paid off debt Returned to the US from Saudia Arabia with a $110,000 net worth Had to figure out the concept of FIRE before it even existed Taught in public school in Georgia for the next 7 years The two retirement plans available to public sector employees: 403(b) and 457 Teachers can fully fund both of these accounts ($18,000 to each in current year) Putting away this money helps dramatically decrease your taxes In 2007 his net worth was $400,000 2009: Next phase of their retirement journey 403(b) fees are significant, so it was to their benefit to move jobs to roll their 403(b) accounts to a lower fee (‘separation of service’ clause) 457b is a special account as it doesn’t have the 10% penalty for pre-59.5 age withdrawals Phase 3 of retirement plan: Starting in 2014 they worked for 2 years and saved $238,000 What they are living on: a) $90,000 from 457s b) 72-T withdrawals from IRAs How to control your tax bracket for big savings (potentially down to $0) Debt avoidance: debt is paid with after-tax dollars Geo-arbitrage and living abroad or even just a lower cost state 457b account is an emergency fund that is pre-tax dollars How Brad and Ed are not “perfect” with their investing Pay increases for teachers when attaining new degrees. Raises that last a lifetime Earning extra money for coaching and extended day teaching to max out retirement accounts How they saved over $100,000 in a year towards retirement accounts 

In episode 18, Ed Mills, a.k.a. "The Millionaire Educator" described how he and his teacher wife socked away more than $100,000 in 2015. In this episode, Ed describes how he and his family did what many dream of doing.  Millionaire Educator Accessing money prior to age 59 1/2 Roth conversion 403(b)wise Meridian Wealth Management   

Dan and Scott talk with Ed Mills a.k.a. The Millionaire Educator. Ed and his wife, who is also a teacher, saved $104,000 in 2015. Not only are he and his wife hard-core savers, they are also willing to move from one school district to another to gain access to better 403(b) investment choices, or to trigger the separation from service provision that allows them to move their 403(b) assets to lower cost investments. Beer (and Wine) Ed drinks a red "Black Box" cabernet wine. Scott drinks a Chain Breaker White IPA from Deschutes Brewery of Bend, Oregon. Dan drinks an Adobe Igloo, a winter style brown ale by Santa Fe Brewing Company of Santa Fe, New Mexico.

Wired Educator host, Kelly Croy, interviews the "Millionaire Educator" Ed Mills from www.millionaireeducator .com. Ed is a high school Spanish teacher in Georgia where he lives with his wife and fourth grade son. Ed blogs about financial independence and wealth building from a teacher's perspective. He has amassed an incredible personal wealth by applying his five pillars of financial independence. Ed's message and website is to help educators live a better lifestyle by applying some basic but important rules of finances. His fortune has been built not by speaking engagements and endorsements, but by applying some basic rules that you will learn in this podcast. (Sometimes Ed doesn't even work full time.) Mentioned in this podcast: www.millionaireeducator.comwww.Vanguard.comwww.403bWise.com The book The Millionaire Next Door by Thomas J. StanleyThe Millionaire Mind by Thomas J. StanleyYou Need a Budget: Software to Help You Budget Easily and Wisely  Discussed in this Podcast: Financial Advice for the First Year TeacherFinancial Advice for the Teacher About to RetireFinancial Advice for the Teacher in the MIddle of Her CareerHow to Earn Extra Money as a TeacherBest Investment Strategies for Teachers Educators and Taxes: How to Lower Your Tax ObligationHow to Live on Less The Millionaire Educator's 5 Pillars of Wealth: Debt avoidance Hardcore savings via retirement accounts Tax minimization Prudent investing Embrace frugal living

Hear how two teachers used tax-avoidance and geographical-arbitrage strategies to save nearly a million dollars in only 16 years! Highlights: Using international and domestic geographic arbitrage to increase income How to save $250,000 in 3 years on teachers’ salaries Setting up SEPP 72(t) distributions to access retirement account funds before standard retirement age Going from $0 net worth to nearly $1 million in just 16 years Living off 457(b) funds while fully funding other tax-deductible accounts To read the full article, visit http://www.madfientist.com/millionaire-educator-interview/

Today, we celebrate our 100th episode! I'm thrilled to hit this milestone! In today's show I share with you a bit about the genesis of the show, the path we've been on so far, and why I have done it the way I have. Additionally, I share with you my vision for the future of the show. Specifically, today I'm launching The Irregulars, my new membership support program. Please listen to the show and understand why I've chosen a listener-support approach to earning money from the show instead of accepting advertisers, affiliate programs, etc. It will make a huge difference in the show. Enjoy! Joshua Links: So far, the most listened to show is the interview with Curtis Stone. Second most listened to show is the interview with Jacob Lund Fisker. Third most listened to show is the Millionaire Educator interview!

I have a special spot in my heart for teachers. In many ways, the teaching career is an ideal career for building financial independence. But, it comes with its own unique set of challenges. Many people automatically assume that because of the “low salaries” that teachers earn, they can’t easily build wealth. But, our guest […]