Investor · Syracuse, NY · Member since 2016 · 13 posts · 5 votes
Hey BP,
My first post ever!
So I am saving up to buy my first property and have the goal of eventually quitting my day job. However, the biggest plus to my day job is the medical benefits.
I was wondering how experienced investors who dont have a day job pay for medical benefits? Do u have private insurance which I hear is very expensive?
Any advise would be appreciated.
Thanks,
Jason J.
Investor · Louisville, KY · Member since 2014 · 202 posts · 111 votes
9y
@Brandon Turner This would be a great topic for a podcast as it is a pain point for many newbies and veteran investors. Maybe have topics on the same podcast that cover other items that fall under the “benefits” category??? I assume many folks have many questions about replacing their “benefits” if they were to leave their job. Maybe discussions with other BP folks that have replaced their “benefits” would help educate us that have not replaced them. The forum post pertaining to these topics do not seem to get much traction. Where a podcast can be listened to repeatedly. Just a thought.
Investor · Tobyhanna, PA · Member since 2015 · 61 posts · 46 votes
9y
that's the question that bothers me as well... it seems that many investors opt out for two things - being insured under a spouse (great, but doesnt work if both, you and your spouse, are investors) or suggest making enough money to buy private! great idea, except in modern environment, seems to be impossible to budget as there are so many unknowns given current political and economical environment. i am really looking forward to hear from some pros on this. thank you Jason for bringing it up!
Investor · Pittsburgh, PA · Member since 2015 · 1k+ posts · 1k+ votes
9y
@Account Closed I would never suggest that anyone quit their job and jump into this business. its something you should blend into your existing life. its going to take away from the little free time that you have now but it can take many years to be able to sustain an income that you can rely on through real estate ownership and flips. I have done this for 25 years and I am just starting to hit my stride. I have said this too many times but it deserves repeating. I dont want to stomp on anyones dreams. By all means go for it. Just go slow, be cautious, know your limitations, be humble but aggressive and be willing to sacrifice and work hard. It will happen but it will take time. Hopefully for you not 25 years as it did for me but I made a lot of mistakes and I want to help others learn from some of my mistakes.
Investor · Syracuse, NY · Member since 2016 · 13 posts · 5 votes
9y
@Tatyana M. I believe that this topic isn't ever talked about. Just wanted to bring some attention to it and see what other think! Thanks for the response.
Investor · Syracuse, NY · Member since 2016 · 13 posts · 5 votes
9y
@Alex Deacon I have no plans to quite my job any time soon. I know that one day I might not be able to do the full time job and invest. Just want to know how other people deal with this! Thanks for the response.
Investor · Tobyhanna, PA · Member since 2015 · 61 posts · 46 votes
9y
@Alex Deacon thank you Alex, 100% agree with you - slow and steady! how do you or investors you've mentored find ways to get health coverage? thank you so much! (Jason is right, nobody seems to be talking about the elephant in the room)
Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
9y
As a 51 yr old that has been doing this for a long time, I pay approximately $375 per month for health insurance. My deductible is $5200 and I have never even come close to meeting. It is a better deal than being on my wife's insurance. I have an HSA account that I am able to invest money within that grows tax free
Other than being in the military in the 80s, I have never had another career . The amount I pay just doesn't seem that exorbitant to me
Property Manager · Raleigh, NC · Member since 2014 · 729 posts · 596 votes
9y
I am in a similar boat. I left my day job about 18 months ago. Cobra is about to expire and I am looking into insurance. For a healthy family of four, I was quoted $1,500 per month with a $5,000 deductible. This is not an option as I will not pay that for insurance. There are subsidies which brings the cost down to more reasonable numbers, but, that means I have to NOT grow my business because if I go over the magic number of $96,000, then it costs me about $12,000 more per year (back into the I am not paying range). It is a horrible situation that has been created in Washington. Hopefully sane minds will fix it, yeah right.
Centerburg, OH · Member since 2014 · 7 posts · 3 votes
9y
Greg H, 350.00 a month is outstanding. Can you give us some details? Health insurance as a topic seems to be like the Elephant in the room that no one wants to go near but everyone needs to know how to address. You can't have financial freedom from the 9 to 5 day job if you have to stay in order to provide health insurance for yourself and family.
Investor · Louisville, KY · Member since 2014 · 202 posts · 111 votes
9y
@Brandon Turner This would be a great topic for a podcast as it is a pain point for many newbies and veteran investors. Maybe have topics on the same podcast that cover other items that fall under the “benefits” category??? I assume many folks have many questions about replacing their “benefits” if they were to leave their job. Maybe discussions with other BP folks that have replaced their “benefits” would help educate us that have not replaced them. The forum post pertaining to these topics do not seem to get much traction. Where a podcast can be listened to repeatedly. Just a thought.