How quickly can I quit my high paying job?

Question

Dear Experts

Here is where I am and where I want to be. Please help me out.

Note: I live in Dubai but I'm going to convert the numbers from AED to USD to make it easier for you to understand.

I have what I believe to be a decent job. I make USD 6800 a month. Of that, I'm able to save USD 2700 a month because we can live with the rest and my wife's income.

I have saved like that for just 2 months now because before that we were focusing on closing down our loan back home.

Now, I want to quit my job as soon as possible because, frankly, I can't tolerate my boss anymore. There are many other reasons as well, but I'll stick with the top 1 here.

I can't get another job because I am not academically qualified.

What suggestions do you have for me to replace my income from real estate?

Thanks in advance

Sachin Acharya

Account Closed · Answer

Frankly, in your situation, I think it would be better to accumulate as much passive income as possible but continue to work at your job. There's nothing better than to not have to worry about completely losing your lifestyle because you got fired. if you have the passive income to back you up, you can come to work everyday with a giant grin and just dare your boss to mess with you and fire you. 6800 per month is a very decent wage and i would milk every penny of it out of the company before packing my bags and saying goodbye.

Kevin D. · Answer

So it sounds like your "freedom number" is $4100.  There was a good podcast on this recently.  Assuming you are a buy and hold investor, you'll need to generate $4100 of net passive income from real estate to be able to quit your job and not affect your lifestyle.  That, to me, is a very attainable goal.  Good luck!

Sachin Acharya · Answer

Thanks for the advice guys. I really appreciate it.

Besides buy and hold, do you see any other strategies that can produce cashflow?