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S928

Contributor
Aug 7, 2007
161
27
27
Many people on this forum actually have a daily job working for others. For those of you who are dependent upon your job (believe RK calls it the E or S quadrant) as the main source of income, how long do you intend to stay on board? Now, I *know* this is the Fastlane forum, but realistically many people can't just quit their job and go cold turkey due to a lack of security.

So, if you meet the criteria mentioned above, and plan on leaving your job in the future, how long will it realistically take you to get out of the rat race ... er rat marathon? Also, do you have a plan in writing to guide you through the process?

Since I'm the one who's starting the thread, I'll go first. I plan on leaving the rat race in Jan '10. Yes, that's a little over two years away, but I'm doing everything I can to establish myself economically. By the time I leave the rat race, I'll have a few RE investments under my belt (with over 150k in equity), a substantial retirement plan (will probably cash out of it), and enough savings to get me through at least a couple of years in living expenses. So, I'm looking towards the future ... where's the remote, I want to fast-forward!
 

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JesseO

Contributor
Jul 25, 2007
542
32
33
Phoenix, AZ
I'm not quite in the fastlane yet, but I'm signaling and moving toward the onramp right now. I think in 5 years or so I'll be able to quit working a job and start investing full time.

"... where's the remote, I want to fast-forward!" My sentiments exactly =)
 

thecoach

Contributor
Aug 29, 2007
125
24
23
Regina, SK, Canada
I'm no where near fast lane, but I'm working on it, but here's my job situation...I currently have a casual "E" job and a full time "S" job.

My plan is to be out out of my S job within 10 years (before age 40, although I'm fine tuning my plan to be a lot shorter). I just started working on the plan and the main reason I'm taking so long is that I'm turning the S into a "small B" (RK says a true B has 50 employees, mine will never reach that, but I won't be working at it, so I think it's close enough). Currently, it's just me in my business, but my goals is to have roughly 8-10 people running the business (managers and employees), so I never have to be there.

As for the E job, I don't know if I'll ever quit there. I keep it around as a very small source of guaranteed income ($300-$500/month) to cover my mortgage payments on the really bad months from my S job, but it's not about the money. I honestly don't even know exactly what my hourly wage is. I do security work for one of our local stadiums, so essentially I get paid to watch hockey games, concerts and major events and get extra perks like free or discoutned tickets and autographed memorobilia (which I generally pass on to my clients in the S job as gifts). I also do a lot of networking since at every event there is anywhere from 2000-8000 people there. I'm bound to run into a few potential clients. Basically, I'm there to get paid $100 to watch an event instead of me forking out $50-$100 to see the exact same show. I'm sure at somepoint once I'm fully in the fast line I'll pack it in there, but it's not even really work being there.
 

yveskleinsky

Silver Contributor
Speedway Pass
Jul 26, 2007
2,217
508
192
44
I plan to be totally out of a job (lol) by July 31, 2008. ...Granted I don't need a lot of passive income to cover expenses, as my obligations are under $550/month. I suppose goal #1 is to exit the rat race and goal #2 is to increase my passive income to where I can travel and do al the things I want as often as I want. ...and start my non-profit for kids. :)
 

Luke12321

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Jul 27, 2007
662
206
115
North Carolina
I currently have 2 1/2 more years of school left and have been an E for almost 3 years now. My goal is to never have to "market" my degree to others and be well positioned in a company my friends and I are starting. So 2 1/2 years from now I want to be out of the E quad. and fully into S. After that, a few more years (5-10) of growing the business and (my wealth) and then selling out.
 

tchandy

Contributor
Read Millionaire Fastlane
Aug 16, 2007
458
95
46
Kansas, for now
I plan to be out of my JOB in approximately 9 years. At that point I will get 50% of my pay and that will be around $3-4000 a month which will enable me to use that to move quicker in the fast lane. For me, my JOB helped to pay for my school loans and get established and pay for my masters degree. No complaints from me.

Tom
 

Zvolen

PARKED
Aug 30, 2007
5
0
8
I am no where near being able to jump ship and currently do NOT have a written plan, however I am not sure I ever will more so just find a vocation that I enjoy and it won't be considered a job but a passion in my life. However I plan not to depend on that money and will have other endeavors that will also give me some cash flow.
 

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JesseO

Contributor
Jul 25, 2007
542
32
33
Phoenix, AZ
I plan to be out of my JOB in approximately 9 years. At that point I will get 50% of my pay and that will be around $3-4000 a month which will enable me to use that to move quicker in the fast lane. For me, my JOB helped to pay for my school loans and get established and pay for my masters degree. No complaints from me.

Tom

If 50% of your pay is 3-4k a month, are you doing any investing right now? Why wait 9 years to get into the fastlane?
 

tchandy

Contributor
Read Millionaire Fastlane
Aug 16, 2007
458
95
46
Kansas, for now
If 50% of your pay is 3-4k a month, are you doing any investing right now? Why wait 9 years to get into the fastlane?

Glad you asked. I have started investing and own two rental properties, Arizona and Hawaii. I am looking for another SFH or duplex/4plex in San Antonio. I also have stock and mutual fund investments. I think I'm on the path to the fast lane. Always eager to learn more.

Tom
 

wildambitions

Bronze Contributor
Read Millionaire Fastlane
Aug 29, 2007
811
120
80
Southern NM
I'm no where near fast lane, but I'm working on it, but here's my job situation...I currently have a casual "E" job and a full time "S" job.

I like this example...it is similar to my own plan and much of my history. Here's some background.

In 2001, I tried quitting my job and use my retirement as investment to develop a business and get out of the rat race. All did not work out as planned. However, it did force me to come up with a financial plan starting from scratch to recover from that first flawwed plan (We had downsized from earning $150,000/year to $20,000/year but did not have the knowledge to live within those means).

By September of 2005, we had reached the end of the initial financial plan toward recovery. We managed to aquire approximately $2300 gross passive income that we learned to live on. Now this was great but was only enough to live on. There was really no "disposable income" with which to invest with.

Now, we still have the passive income, moved to a lesser cost of living area and gotten casual jobs.

Our plan: live on our existing passive income, work for "disposable" investing income, invest to aquire additional passive income until it exceeds the earned "disposable income", quit the job when and if we feel like it and and live more than comfortably.

A job is only a J.O.B. if it is only keeping you Just Above Broke. I think comfort is when what used to be a job can now considered a hobby.

Although technically we may already be out of the rat race, (the passive income exceeds the expenses) we will truely feel to be out of the rat race once we have enough passive income to do whatever, whenever we want to.

Our plan is in phases. The first ended Sept 2005. The phase we are in now ends October 2007 and the next phase (details still not determined) of our plan begins in November. I suspect we will be able to accomplish the final phase within 2 years.
 

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