I quit my job at age 36 hey there I'm Tiffany Thomas with wealthy Tiffany
dot com and in today's video I'm gonna be telling you how I was able to quit my
job at age 36 because who doesn't dream of retiring early and living on a beach
somewhere okay maybe we don't all want to go live on a beach somewhere but I
think we do want the option to retire early and we can stay at our job if we
really enjoy it or we can quit our job if we're not happy they're like I wasn't
happy at my job toward the end of it so I decided to quit and pursue other
passions like starting my own business helping people learn how to manage their
money better and invest it so that they can become financially free at a young
age and also travel I do enjoy traveling and going to the beach but not actually
living on the beach although I did date a guy for a little bit who lived on the
beach for a while he would actually climb up those pavilions that they have
there and sleep on top of them so the beach Patrol or whatever they're called
the beach cops wouldn't kick him out at night so there was that okay anyway I
digress so let's get back to the point even if
you don't want to just spend your days the lounging on the beach or hiding from
the Beach Patrol I'm sure you want the option to be able
to quit your job so let's dive into the details on how I was able to accomplish
this so if you're ready to dive right into the information click that like
button and we're gonna get started one of the major things that helped me be
able to quit my job at age 36 was actually saving my money and this is
only part of it but it's really important that you're not spending more
money than you're actually making you actually have money to save so that was
the first thing that I did I actually saved my money and I'm sure he had a
pretty high savings rate I know people calculate this all the time and I've
never actually calculated it but I did have fifty four thousand dollars sitting
in the bank at age 31 so I was able to save a significant amount of my money
throughout my 20s and yes I did leave it sitting in my bank account and the
version of Tiffany now would not do that she would be investing that and we're
gonna talk about that later but how was I able to save a significant amount
we talked about that there are three expenses that are usually the highest
for most people and that is your housing transportation and food so I want to
kind of focus on those three things and how I was able to save so much money in
those three areas now the first one housing this one I actually I lived at
home while I went to school which was so convenient my parents were nice enough
to let me live in their home while I attended college but there are other
options you can live with roommates you can get student housing that might be
less or get some type of job associated with student housing that actually pays
for your housing or you can even buy a place and rent it out for more money
than you're being charged to rent the place there's other options and I've
talked about this in other videos so you guys can check those videos out and yes
I did move out after I graduated from college and I moved in with someone so I
had a roommate so we were splitting that rent payment which made it less
expensive and eventually I ended up buying my own property and having
roommates there so they helped to pay my mortgage so you guys if you can really
focus on how to reduce your housing costs that is going to help you save a
significant amount of money think about how much that rent is each month and if
you're able to save you know even 30% of that then that's going to really
increase your savings rate and the second item transportation once again I
was fortunate enough to share a car with my sister and eventually she bought her
own card so I was able to use that car as I went to college and it was a very
small car it was a mercury tracer I don't actually remember the year 80s of
some sort and it got really good gas mileage and it was a manual so it was
fun to drive and I drove that thing pretty hard during college I took that
on roads I probably should not have taken it on but it survived so you guys
I drove this really cheap car through college and
it worked great for me because I was able to save so much money for my
transportation costs and you guys if you can really think about ways to save
money on transportation that's going to help you increase your savings rate
because think of that car payment that you might have right now how expensive
that is and if you didn't have that car payment at all you could put that money
directly towards savings or just think about ways that you can commute with
others you can carpool and that's another thing I did when I was attending
college I carpooled with different people all of the time we would take
turns driving and it works out great because we weren't spending that much
money in gas and we weren't getting as much wear and tear on our vehicles
because we were splitting that up so I would not recommend buying a brand new
car to drive because as soon as you drive that off the lot your value drops
a significant amount and you're not going to be able to sell it for anywhere
near the amount that you originally paid for it
so keep that transportation cost down as much as possible and then the third
thing that I want to talk about is your food a lot of people go out to eat all
of the time I've seen it with a ton of my co-workers they would go out to eat
every day and I was not one of them I did not go out to eat hardly at all
while I was working and yes while I was going to college since I lived at home
my mom would cook me food which is so great I really missed that yeah I must
let a lot okay but anyway when I had a full-time job I would bring my lunch
pretty much every day and I created another video on this how I saved twenty
six hundred dollars per year so you guys can check out that video if you want
details on how I was able to do that not eating out as much is going to increase
that savings rate significantly take a look at how much you've spent the past
month on food alone on eating out and that you can really start to see how
much money you could really save if you were to make your meals at home and
especially if you're going out to eat every day that's going to make a huge
difference in your savings rate so take a look at your largest expenses right
now and decide how you can decrease those because that is going to have a
significant impact on how much you're going to be able to
save sure clipping some coupons and you know decreasing a few things that are
you know a few dollars is going to help but it won't help as quickly as
decreasing your largest expenses as well so really focus on those all right if
this has made sense so far I want you to comment decrease largest expenses in the
comments below so I know you were understanding this all right what else
contributed to me being able to quit my job at age 36 I was doing a little bit
of investing over the years I had a 401k at my employment so I was investing at
least the minimum that they would match and with one of the employers that I had
they actually had a separate type of pension account for us that they were
contributing money to so that was really nice of them and I know that hardly ever
happens but I was able to get that little bit extra money in a retirement
account and I was able to purchase my first home at age 25 and I was receiving
that income from my roommates so at age 31
I had just over sixty two thousand in my retirement accounts and I did have a
house that I was paying on not too bad for a 31 year old and I know it could
have been a lot better had I have known what I know now back
and then because I know a lot more about investing and I've done a lot more of
that in my 30s than I did in my 20s so you guys learn from my mistakes start
investing as early as possible the main point being that I was able to save my
money I wasn't spending more money than I was bringing in investing is the next
part that I want to talk about this is going to make such a huge difference in
whether or not you'll be able to retire because honestly if you are not
investing your money if you are only saving your money you will not be able
to retire you will not be able to quit your job and live off of your
investments because you won't have any I can't emphasize that enough you have to
be investing your money alright so when I started investing more of my money and
got better and better that's when things really started to take off I finally
bought my first stock at age 33 and I love doing that so I bought more and
more stocks and I remember making 5,000 off just one stock after I had started
doing this I had ended up cashing out some of that money and putting it toward
another investment and I remember thinking wow I all I did was invest in
these stocks and they have given me such a high return there's no way I could be
able to work that much and make that kind of money and the same amount of
time so you guys once again investing is so important and I get them it's not
always going to be that way the market goes up and down but it does go up over
time and I also liked the passive income that I had from my roommates so I wanted
to invest in another property I had a boss who was really successful with
rental properties and I had a really good friend that was also successful
they both had their own strategies so I talked to both of them I asked them a
lots of questions and decided to buy another property that would be a rental
for me I took advice from each of them that I felt like would work for me
created my own strategy and purchased that second property at age 34 at that
same age I decided to start a blog and a couple years into it I decided I wanted
to turn it into more of a business and that was part of the reason that I ended
up quitting my job is because I wanted to focus more on this on my business and
get that going I had gone out with another guy that had ended up just
quitting his job his full-time job because he was making more from his blog
and a couple other websites he had then his nine-to-five could ever pay him and
he was making really good money at his current job so seeing him do that I
thought I can do that too and yes it took a while to grow that business to
get it going and really figure out where I wanted to focus so I have not created
a full-time income from my business yet but it's in the works and I am making
money so it's very gratifying to pursue one of my passions and be able to make
an impact and make an income at the same time so I
don't want you to think oh I should just quit my job and start a business and
everything will be great it doesn't work quite like that there's a lot of work
that has to go into it and it takes some time to build it up once I had purchased
that second property it was doing well for me and I wanted to purchase another
property so I bought another property at age 36 two days after my birthday so
happy birthday to me I actually ended up moving into that third property so that
I wouldn't have to put a large down payment on the property I was able to I
think I put 5% down on this property that I moved into and guess what I also
got roommates for this property so I'm creating passive income by having
roommates here and I left my old roommates on my old place and replaced
myself there and I'm receiving passive income from that rental as well
and yes rentals do take work but it's definitely not a full-time job so I
would much rather build up my own dream and create passive income that way and
spend a few hours here and there managing my rental properties after
purchasing these three properties I didn't have quite enough income coming
in to cover all of my expenses but I did have a significant amount in savings and
in the stock market I had money in my Roth IRA and actually a traditional IRA
but also a brokerage account so I could pull out money from my brokerage account
at any time without a penalty of course I'd have to pay taxes on that money but
there's no penalty to pull that money out I had these things in place so that
I could actually quit my job and feel comfortable with doing that because I
had my rental properties and I had my brokerage account and I had my Roth IRA
which I could pull money out that I had actually contributed to my Roth IRA
without a penalty but I had things set up and I had my business going a little
bit so I really felt like it was a good time for me to quit my job and pursue my
passions and since my three properties were doing so well I wanted to get one
more property and if you do want to see more
detailed information about how much the property's cost how much they're worth
how much I did for a downpayment I do have another video on that so I
will leave the link below and you can check out that video to get more details
so I ended up purchasing a single-family home at age 37 and I pulled out a chunk
of money from my brokerage account and some money from my Roth IRA that I had
contributed to put toward my downpayment on that property and when I purchased
that property the people that had owned it previously wanted to stay for another
month so I let them stay in the property for another month so they covered my
mortgage for that month and then I ended up getting tenants in there a put single
girls in the property because I had purchased the property right before my
birthday by age 38 I was financially free I had created enough passive income
from my investments to cover all of my expenses is super exciting and it is
such a great accomplishment that I was able to do this and I'm not sharing this
information to brag at all I know there are other people out there that have
done this way sooner than I have so that's the basic timeline for me being
able to quit my job at age 36 and become financially free at age 38 just to kind
of clarify I could have really reduced my expenses to a bare minimum and been
okay at age 36 but you guys I like to have a little fun I like to travel a
little bit and you know do some fun things so I wanted a little more passive
income to have a little more fun in my life and I still want to be able to
travel a little bit more and experience a few other things so I'm still trying
to create more passive income so that I can really do the things that I want to
be doing without feeling any stress around money so these were the main
things that helped me be able to put my job at age 36 become financially free at
age 38 and hopefully this kind of just inspires you and motivates you to start
with saving your money first off if you're not doing that and then start to
invest your money because that is you guys and I know a lot of other
youtubers and other people have done this at a lot earlier age than I have
and I am so happy for them I think it's so amazing and that's why I'm sharing my
story so if you are younger than me you can apply these principles that will
work for you and become financially free at a younger age quit your job when you
want to and if you're a little bit older than me or even the same age you can
still apply these principles and retire in 10 years instead of 25 years or
whatever it might be but hopefully this gives you an idea on how it can be
possible for you and if you found this video helpful please at the like button
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on when I post a new videos and just as a side note if you guys are interested
in getting two free stocks Weebl is doing a promotion if you sign
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thanks so much for watching I'll see you in the next video