14 Oct My financial independence – before and after quitting my job
When my former employer let go 1,000 workers in one single day, I realized that there were no guarantees as long as I realized on someone else to put money in my pocket. That day, I internally quit. I decided that I would rather spend my time bringing my life forward than giving it all to a corporation that might decide to cut its ties with me at any time. Soon after, a process was also set in motion that has allowed my family and me to be safe financially, to be secure.
On October 17, 2003, less than three years after that fateful day and just ten short months after I finally had determined what method I was going to use to get financially free, I was able to quit my job at the tender age of 33 (my wife was 28). While still having a job, I had become financially independent. And now I have built up a Forever Cash Flow, with tens of thousands of dollars coming into my accounts.
When I worked at that company as an employee I had:
- Substantial (five-digit) student loans
- Thousands of dollars in credit card debt
- Two car payments
- One house payment
- Consumer loans that added up to almost $10,000 (and included items like my couch, my bed, my refrigerator, my water softener…)
But by the day I quit my job, I had paid off:
- All my consumer debt (credit cards, all the consumer loans)
- All my student debt
- One car payment
- That means my overall expenses had dropped from $5,000 a month to around $3,000 a month.
On top of being free from consumer debt, I had built up:
- $5,000 a month coming in through a permanent monthly cash flow for years to come
- More than $50,000 cash in the bank (which—at that time—equaled about one year of living expenses)