How 2 leave a w2 job?
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
     
     
How 2 leave a w2 job? (by Frank [MI]) Jan 1, 2019 8:54 AM
       How 2 leave a w2 job? (by AllyM [NJ]) Jan 1, 2019 9:02 AM
       How 2 leave a w2 job? (by WMH [NC]) Jan 1, 2019 9:12 AM
       How 2 leave a w2 job? (by NE [PA]) Jan 1, 2019 9:21 AM
       How 2 leave a w2 job? (by Frank [MI]) Jan 1, 2019 10:27 AM
       How 2 leave a w2 job? (by Deanna [TX]) Jan 1, 2019 10:42 AM
       How 2 leave a w2 job? (by plenty [MO]) Jan 1, 2019 11:43 AM
       How 2 leave a w2 job? (by Dave [MO]) Jan 1, 2019 12:01 PM
       How 2 leave a w2 job? (by Beth [WI]) Jan 1, 2019 4:30 PM
       How 2 leave a w2 job? (by AllyM [NJ]) Jan 1, 2019 6:06 PM
       How 2 leave a w2 job? (by GKARL [PA]) Jan 1, 2019 6:35 PM
       How 2 leave a w2 job? (by Ray-N-Pa [PA]) Jan 1, 2019 7:23 PM
       How 2 leave a w2 job? (by Ray-N-Pa [PA]) Jan 1, 2019 7:23 PM
       How 2 leave a w2 job? (by Homer [TX]) Jan 1, 2019 7:57 PM
       How 2 leave a w2 job? (by Hoosier [IN]) Jan 1, 2019 8:54 PM
       How 2 leave a w2 job? (by Matt [VA]) Jan 1, 2019 9:34 PM
       How 2 leave a w2 job? (by Jeff [OH]) Jan 2, 2019 2:50 AM
       How 2 leave a w2 job? (by David [NC]) Jan 2, 2019 4:14 AM
       How 2 leave a w2 job? (by Nicole [PA]) Jan 2, 2019 6:56 AM
       How 2 leave a w2 job? (by WMH [NC]) Jan 2, 2019 10:17 AM
       How 2 leave a w2 job? (by Sisco [MO]) Jan 2, 2019 10:33 AM
       How 2 leave a w2 job? (by WMH [NC]) Jan 2, 2019 11:29 AM
       How 2 leave a w2 job? (by Mickie [OH]) Jan 2, 2019 1:05 PM
       How 2 leave a w2 job? (by BRAD 20,000 [IN]) Jan 2, 2019 10:16 PM
       How 2 leave a w2 job? (by Robin [WI]) Jan 3, 2019 3:33 AM
       How 2 leave a w2 job? (by Cjo’h [CT]) Jan 4, 2019 6:48 PM
       How 2 leave a w2 job? (by C.J.O’H. [CT]) Jan 4, 2019 6:53 PM
       How 2 leave a w2 job? (by Ray-N-Pa [PA]) Jan 4, 2019 7:08 PM

Click here to reply to this discussion.
Click Here to send this discussion to a friend

How 2 leave a w2 job? (by Frank [MI]) Posted on: Jan 1, 2019 8:54 AM
Message:

Hello everyone. My 2019 resolution is to leave my w2 job by 2020. How did you transtion? I have been maxing out my 401k past 2 years.. I do not use any of my take home pay all goes into a seperate bank account for emergency or i throw at stock or something. I am comfortable living off my real estate. I am ok with my debt an not worried about that... Have about 30 homes free an clear.. Couple have loans on them but under 5% an i am ok with. Primary is at 3% an owe under 100k worth about 400k. What i am not sure how to prepare for is insurance? How do you do that? My job now has great insurance i pay about 150 a month for family of 4 with a 250 deductible...

--107.77.xxx.x




How 2 leave a w2 job? (by AllyM [NJ]) Posted on: Jan 1, 2019 9:02 AM
Message:

I heard of a family of four locally that is paying ten thousand dollars a month for a family of four. I think Ocare goes by your income when charging for the insurance. You may want to think about that a little and find someone locally to talk to who is in your same situation. How old are your kids? I was paying for my own Horizon BC/BS and it was 800 dollars a month at age 62 and I had to take SS early to pay for that. Now I am on Medicare and they take a hundred and some out of that and I pay Medigap insurance at about $500 per quarter. So I am paying about three thousand a year as a retired 72 year old. --73.248.xxx.xxx




How 2 leave a w2 job? (by WMH [NC]) Posted on: Jan 1, 2019 9:12 AM
Message:

Go to Healthcare.gov and price plans in your state. The price does not vary by income, the SUBSIDIES vary by income.

For us, at 61+, our plan this year is close to $2800 for two per month for a so-called Bronze plan, HSA-eligible with a $13k deductible. If we keep our taxable income under a certain amount, we qualify for subsidies (90% of people covered under the AHA qualify for subsidies of some sort.)

The subsidy you receive is based on your estimated income for the coming year. If you exceed your estimate you have to pay a penalty. If you go over the actual cliff by even a dollar, you have to pay back all of the the subsidies and a penalty too. Google the Healthcare Cliff.

That's a very simple explanation of a complicated problem. And it varies greatly by state. --50.82.xxx.xx




How 2 leave a w2 job? (by NE [PA]) Posted on: Jan 1, 2019 9:21 AM
Message:

I quit. Granted I was 25 and didn't have a wife, kids, house or many responsibilities.

Sink or swim. When you take chances like this, strange things happen to help you succeed. --50.32.xxx.xx




How 2 leave a w2 job? (by Frank [MI]) Posted on: Jan 1, 2019 10:27 AM
Message:

I am 42. Should have have mentioned that. Thanks for replies so far --107.77.xxx.x




How 2 leave a w2 job? (by Deanna [TX]) Posted on: Jan 1, 2019 10:42 AM
Message:

Congrats on your 30! That's DH's goal. :)

We've been self-insured since 2009, when I quit my day job. BCBSTX is expensive, and goes up like clockwork every year. The amount depends on everything else-- it was reasonable up until ACA passed, and then it went up very steeply. I keep it because it's grandfathered, but if I ever dropped BCBS, I'd probably give a long look at some sort of health-sharing ministry/program (Liberty, Samaritan, Medishare, etc) before going back to a place like Aetna or Cigna or whatever.

Another thing I'd strongly consider before cutting the cord on the W2 job would be deciding if I was done with getting new mortgages or loans from the banks. I had tried taking out a loan several years ago, working solely through the LLC. I put up a house that was owned by the LLC as collateral and took out a loan against it. However, I had to personally guarantee the LLC (which made sense, because it was a single-member LLC), and then my husband had to personally guarantee me (because I was a SAHM with no W2 income). The bank didn't care that the biz was bringing in $x/month or $y/year or that the value of the house was about twice as much as the amount of the loan-- the bank just wanted that loan to be guaranteed by someone with a W2 job. --96.46.xxx.xx




How 2 leave a w2 job? (by plenty [MO]) Posted on: Jan 1, 2019 11:43 AM
Message:

Could you work with your employee to keep your current insurance, perhaps working there one or two days a week? Negotiate with them for services? --99.203.xx.xx




How 2 leave a w2 job? (by Dave [MO]) Posted on: Jan 1, 2019 12:01 PM
Message:

Contact a local healthcare provider, we have United Health care that is a group plan even though we are both self employed. --173.216.xxx.xxx




How 2 leave a w2 job? (by Beth [WI]) Posted on: Jan 1, 2019 4:30 PM
Message:

When you look at the ACA plans in your area... look to see the prices at different ages. At least in my area I would not mind the premium price at age 42. However, in my area, there is a BIG increase when you turn 50, and another BIG increase at age 60. --47.12.xxx.xx




How 2 leave a w2 job? (by AllyM [NJ]) Posted on: Jan 1, 2019 6:06 PM
Message:

Foueteen hundred per month per person and that makes 2800 per couple? That's insane. You are paying someone else's way just like all insurance does but in the case of Ocare, that someone else is paying nothing. Normal insurance is capitalistic socialism where we all pay in and then we take out when we need it and it's run by a business usually. With Ocare those with money pay in and those who don't work pay nothing. That's just pure socialism. --73.248.xxx.xxx




How 2 leave a w2 job? (by GKARL [PA]) Posted on: Jan 1, 2019 6:35 PM
Message:

WMH--that's a lot. Fortunately, my wife has a union job that has negotiated decent benefits including health care. The last time I paid for health care was back in 2008-2009. I think the bronze plan was running around $ 1400 a month for a family of four back then and the prescription coverage was bad. I have maintenance medicines I must have and out of pocket cost for those was about $ 500 a month, so altogether I was out of pocket around $ 2000 a month. Pre-ACA insurance cost for better coverage was about the same.

Needless to say, the wife getting that job was good thing. For the self employed, health insurance costs are very steep and have risen sharply. I'd hate to think how much family coverage would cost now. If a couple is paying 2800, I'd have to think family coverage would be nearly 4000 a month now. --209.122.xx.xxx




How 2 leave a w2 job? (by Ray-N-Pa [PA]) Posted on: Jan 1, 2019 7:23 PM
Message:

The website SCORE . org has a great tool for monitoring a businesses cash flow. You are asking if you will enough cash flow to quit your day job.

There isn't a right answer here. Some places can get by with six houses that are free and clear. If you have 30 you probably should be able to make it.....but it depends if these 30 are occupied or if you have 15 that are livable and 15 that are bull doze-able.

You are asking a rather personalized question though as everyone's spending patterns are unique. --72.23.xxx.xx




How 2 leave a w2 job? (by Ray-N-Pa [PA]) Posted on: Jan 1, 2019 7:23 PM
Message:

The website SCORE . org has a great tool for monitoring a businesses cash flow. You are asking if you will enough cash flow to quit your day job.

There isn't a right answer here. Some places can get by with six houses that are free and clear. If you have 30 you probably should be able to make it.....but it depends if these 30 are occupied or if you have 15 that are livable and 15 that are bull doze-able.

You are asking a rather personalized question though as everyone's spending patterns are unique. --72.23.xxx.xx




How 2 leave a w2 job? (by Homer [TX]) Posted on: Jan 1, 2019 7:57 PM
Message:

Neither my wife or I have a job. We live well off the rentals. I am early 50s, she is late 40s. The health insurance for the two of us is steep at $1450 a month with 5000 deductible per person. That’s the only drawback to not having a job. Buy an extra rental to cover the extra health insurance cost. --75.141.xxx.xxx




How 2 leave a w2 job? (by Hoosier [IN]) Posted on: Jan 1, 2019 8:54 PM
Message:

WMH says it all. I use the exchange insurance and pay about $310/mo after subsidies applied. The key is to keep your AGI income (which is measured differently for insurance than it is for tax purposes) below the threshold....if you go one dollar over then you lose the subsidy. it is a tricky balancing act if you are near the subsidy limits.

Too complex to completely cover in this forum as WMH says. Good luck. --99.92.xxx.xxx




How 2 leave a w2 job? (by Matt [VA]) Posted on: Jan 1, 2019 9:34 PM
Message:

Fear is running your life right now. The first leap is the hardest. Take it and don’t look back. 2020 is a fear based goal. Change that to January 15th, 2019. --73.177.xxx.xx




How 2 leave a w2 job? (by Jeff [OH]) Posted on: Jan 2, 2019 2:50 AM
Message:

At age 41 in 2013 I quit my $200k W2 job. At the time had a good nest egg and 23 free and clear. Fast forward 5 years and we have 35 free and clear homes and money is not an issue. But if you are a social person you may want to think twice about your dream. At your age none of your friends have any freedom and you can quickly become exiled. Socially, work (W2) is what so many of us have in common, and when that goes away it is very different. Personally I am happy I quit, but even for a introvert it was quite an adjustment. Good luck! --142.54.xx.xxx




How 2 leave a w2 job? (by David [NC]) Posted on: Jan 2, 2019 4:14 AM
Message:

All you folks that have free and clear houses that support you, I congratulate you! Awesome! What you have accomplished is my goal. Thanks for showing it is possible. --65.188.xxx.xx




How 2 leave a w2 job? (by Nicole [PA]) Posted on: Jan 2, 2019 6:56 AM
Message:

$1448 MONTHLY health insurance premium for me - 63 years old. My deductible is only $800. 10% coinsurance once the deductible is met.

I specifically chose this policy because I knew I was going to spend some money on (hopefully) routine medical stuff this year that I've ignored for several years.

I also have copays of $20, $40 and $50 for different services. --72.70.xxx.xxx




How 2 leave a w2 job? (by WMH [NC]) Posted on: Jan 2, 2019 10:17 AM
Message:

We chose no coinsurance. The good news with our plan is once you hit the 13k OOP, you are done. Of course, that's if all the services are provided in-plan. --50.82.xxx.xx




How 2 leave a w2 job? (by Sisco [MO]) Posted on: Jan 2, 2019 10:33 AM
Message:

Frank, health insurance means different things to different people. For some (most?) it means a level pay medical plan- no out of pocket medical expense- Dr., Hospital, Meds, ambulance, med device.

For others (like me) it is only thought of as asset protection in the event of a catastrophic injury/illness.

If you and your family make frequent trips to the Doc for chronic conditions and plan to continue this method of dealing with these conditions - then you would likely prefer a vastly different policy than I. --72.172.xxx.xx




How 2 leave a w2 job? (by WMH [NC]) Posted on: Jan 2, 2019 11:29 AM
Message:

Our plan is considered a "catastrophic illness" plan as it is the lowest premium price available with a high deductible. We pay more for services if we do go to the doctor, and not as many services are covered. But if we get seriously sick, we have a max OOP which we can budget for each year. --50.82.xxx.xx




How 2 leave a w2 job? (by Mickie [OH]) Posted on: Jan 2, 2019 1:05 PM
Message:

I think you have to know what the cost is up front (without subsidies) and then you can figure out the number of houses (what you net). The number of houses will be dictated by the amount of rent you gross for a typical house. For some people it's 1 house for others it may be 3 or 5 because it's dependent on the state and area. Then for my own purposes I'll add a few houses for health care inflation because the cost won't be going down anytime soon and I'll want to make sure I have room in the budget to absorb the extra cost (or be able to buy an extra house).

That's my plan at least. --199.253.xxx.xx




How 2 leave a w2 job? (by BRAD 20,000 [IN]) Posted on: Jan 2, 2019 10:16 PM
Message:

Frank,

Congrats on your success! Obviously you are a smart guy and are doing something right!

I retired at 41 so I was at the same crossroads back then.

What are you waiting for?

Me? I want total FREEDOM!!! from the bank. Things happen, loans are sold, bank officers make changes, employees make errors, loans are called...there is still risk. Equity is great but the bank still demands payment.

With recession coming I want you totally free. “Sleep well when the wind blows.”

Health ins: Don’t be afraid. And don’t let it hold you captive to a job. One extra property can cover ins costs.

We joined a nationwide business asociation for $15 per month and get their group rates which are lower than O care rates and I don’t have to pay a fine when my income increases.

Congrats! Come to National Convemtion and join me and others on a chair yelling FREEDOM!!! once you leave the job.

BRAD --73.102.xxx.xxx




How 2 leave a w2 job? (by Robin [WI]) Posted on: Jan 3, 2019 3:33 AM
Message:

First of all Frank, well done! You've accomplished something amazing. Ocare couldn't have been designed better to kill small business owners. If you have any kind of decent income, you'll make too much to afford the subsidies.

We made the transition involuntarily. DH was let go from his job, so I put him to work on our rental business, which I'd been running by myself. Lo and behold, we made the transition from dependent on the day job to being self-reliant in about two years. Health insurance is tough.

The ONLY affordable option we've found is a healthcare-sharing coop. We use CHM. We've had a couple of incidents and they've covered it all. The one downside is that so many people have joined lately that they're swamped and it's now taking 5 months to get reimbursed.

If you're not eligible for a program like that, if you can figure out a way to form a company with as few as two employees you'll be eligible for a business plan, which should be more affordable. Sure wish someone would come up with something for landlords, but since the majority of us have grey hair by the time we quit the day job, it would probably be too expensive! --204.210.xxx.xxx




How 2 leave a w2 job? (by Cjo’h [CT]) Posted on: Jan 4, 2019 6:48 PM
Message:

Frank,I think you’ll be alright .But like Deanna says if you ever need to borrow ,you can’t beat the day job. And the comaraderie.Miss Ally, and WMH, you both have been posting here and seem like fairly intelligent people, Why in the name of all that’s Holy don’t you tell those insurance carriers to shove those policies where the monkey shoved the nuts.Im only a country boy from the wilds of Co Derry. And don’t want to spell it out for you .but if I have to I will. If you put those premiums in a mutual fund even one that isn’t performing the way it should you’ld be miles ahead, even an old sock. Neither of you get sick that much.............. Charlie.....,,,,,,,, ,,,,,...... --32.214.xxx.xx




How 2 leave a w2 job? (by C.J.O’H. [CT]) Posted on: Jan 4, 2019 6:53 PM
Message:

And follow Brad 20,000s advice!!! --32.214.xxx.xx




How 2 leave a w2 job? (by Ray-N-Pa [PA]) Posted on: Jan 4, 2019 7:08 PM
Message:

Our local manufactures association offers a group medical insurance plan --72.23.xxx.xx



Click Here to send this discussion to a friend
Report discussion to Webmaster


Reply:
Subject: RE: How 2 leave a w2 job?
Your Name:
Your State:

Message:
How 2 leave a w2 job?
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers.
Email Address: