Staten island, NY · Member since 2016 · 30 posts · 5 votes
everyone said quitting their full time job. i work for the city and the biggest benefit of the health insurance is only a few dollars per month for my family. i went to those health insurance truck that parked on the sidewalk to get a quote. i am married with only one 2 year old and planning to have another one. they told me with my salary. it could cost me about $500 per person/month in my household. let just say without the 2nd kid. it will cost me about $1500 per month for 3 of us. that's without going to the hospital or anything happen. i want to quit my job too but my health insurance will be from a few dollars for my family per month to $1500 per month. what's your opinion? if you did quit your job what's your insurance policy like? any advises would be appreciated. do i have to buy 3 or more houses to cover the cost?
Health insurance is only one aspect of your "freedom" plan.
Tally your overall expenses: Housing, food, clothing, insurance, medical expenses (those babies aren't cheap!), transportation, entertainment, kids' education savings, etc. What is that total? That is the LOW END of your target. Inflation will make this grow.
How are you going to EXCEED that overall target? Why exceed? Your plan probably won't be executed to perfection. You might earn less. Some things might cost more. It is best to have a margin of error.
if you plan exceeds your target and is reliable and sustainable, then working your current job, some other job or doing something else all become options. Keep working on saving, building your capabilities, planning and executing if not.
If you have a stable job at the city that provides health insurance, you would be foolish, if not even irresponsible, to leave, especially with children. Most people I know who quit their W2 jobs, and these are not many, have a spouse through whom they get employer sponsored health insurance.
Health insurance is only one aspect of your "freedom" plan.
Tally your overall expenses: Housing, food, clothing, insurance, medical expenses (those babies aren't cheap!), transportation, entertainment, kids' education savings, etc. What is that total? That is the LOW END of your target. Inflation will make this grow.
How are you going to EXCEED that overall target? Why exceed? Your plan probably won't be executed to perfection. You might earn less. Some things might cost more. It is best to have a margin of error.
if you plan exceeds your target and is reliable and sustainable, then working your current job, some other job or doing something else all become options. Keep working on saving, building your capabilities, planning and executing if not.
Depends on your income. Your children could qualify for Child Health Plus from NYS. And your costs could be subsidized through the affordable care act. I know someone (self employed) who's adjusted gross income is about $65k per year and she said she pays about $700 per month for her and her husband. Her kids are covered with Child health plus for under $100 for both. So a family of 4 for around $800. Not bad. Now if your income is high, you're going to pay more.
At a time when the governing political party is destined to dial back health care access in the name of liberty, you want to be strategic about that. What is available now might exist only on Wikipedia in a year or two. Under no circumstances can you have your coverage laps for even a few months. Obviously, I know nothing about NY state subsidies.
Its very hard for most people to ever leave a JOB, especially if you have family to support and one probably shouldn't even consider it until they have replaced their income. Start off part-time and you can build up to a point where you've replaced your JOB income and making enough to pay for your own benefits. At that point you can make a decision if the JOB is holding you back from making more.
I spent several years in the Insurance business. One suggestion on health insurance is raise your deductible to the highest possible, bare minimum for major medical events, add on a HSA and self insure for everything else. This will save you a lot, unless you go to the doctor every month and use a lot of Rx. Insurance was not ever intended to be used for the little stuff and that's where they hammer you on rates.
I've been an entrepreneur almost my entire adult life and will tell you the least amount of money I've ever made was when I had a "real job". IMO, for someone with an entrepreneur mindset, you never have a JOB, a JOB owns you and limits your abilities to change a lot. I have a real job now, working for my own company, I have a salary, benefits, insurance, 401K, etc. But I also have a lot more freedom and control my own income.
Here city jobs are good. Insurance, 401k, pension, cost of living & seniority increases, credit unions with ridiculously loose guidelines. And next crisis can't be that far away. Don't worry about a proper time to make transition. It will be apparent :) Say you make 10k a month and you spend 20-30 on the construction - at this point your time should be spend watching your money. At some point it's not about another 1500. It is about time and things you want to do in your life / with your life. Good luck.
Thanks @Jeff Filali i guess i have to buy a few more houses to replace my income for the health insurance. you know most of time you don't need it when you have it(the insurance). you only need it when you don't have it. i don't like seeing the doctor but who knows if my kid fell, sick..etc. you are absolutely right. it just an entrepreneur mindset and motivation that i need to work for my own company and have my own salary, benefit, insurance, 401k etc. i am seeking for freedom to be with my family more that's why i want to quit. To cover that $1500 per month extra, i need about 3 more multi family or 6+ units to balance the health insurance.
Thanks @Dan Bryskin for the advise i guess that's one step at a time. i guess when i make 10k a month, i shouldn't worry about that $1500. that's why i am not there yet to quit my job.
i just want to see some numbers as investor to pay for their health insurance. i am wondering as an investor the amount of the policy. i know the more you make the more you pay. what's the numbers like?
You do need to be strategic about this. One key question is what is your game plan here? What do YOU want to do with your professional career? Is it real estate investing? Why real estate? Is it the money? Is it the actual passion for it? What is it?
The problem is too many people want to quit their jobs and do something they think will make a lot of money and that's that. I highly recommend reading, vising your local REI clubs, and educating yourself if you are truly serious about going into real estate. Then you need to get educated by someone who has done what it is you want to do in real estate.
I quit my job after I was able to purchase and stabilize several properties. I knew at that point that I no longer wanted to make real estate investing a side-gig. I really enjoyed it and wanted to do it full time badly.