Ok so maybe the title is a little melodramatic, but sit down, strap in, and enjoy the story. I’m going to rant as this is my testimonial, it’s not traditional, it’s not perfect, but like a toddler in a poopy diaper; it’s warm and it’s mine.
Seven years ago I was 22 years old and typical. I had just bought a ‘new to me’ Mini Cooper on a shitty loan, had credit card debt, was working full time delivering furniture while trying to finish my Math/Accounting degree. When it comes to stupid financial decisions I had some awesome ones. I had a car loan, 10k credit card debt on beautiful carbon fiber bikes, a 2,000 Alienware credit card for my gaming machine, 40k in student loans, and the icing on the cake was that I went into a rent to own house with an old friend.
I knew something needed to change. As I was finishing school I was actually making pretty good money delivering furniture 4 days a week so I made the decision to buckle down and get a second job on my days off. I have always been an athlete, as of today I have 20+ marathon finishes, Ironman finisher, multiple ultra distances up to 100k etc. I couldn’t and still can’t get enough of the endurance world so the logical place for a second job to start cleaning up my life was to work at the local running store.
I was hired on the spot for 2 days a week which took my annual income to about 45k. I half assed started to pay off some credit cards, but mostly enjoyed that sweet sweet employee discount on running consumables.
After about a year of working both jobs we bring ourselves to 5 years in the past and my roommate and I decided we needed out of this house. We listed the house and sold it pretty quickly at a break even rate, WHEW that was a load off my chest. I bought a condo for 80k with an 80/10 cause of course I hated the idea of PMI. My girlfriend moved in at this time, I graduated college and took an entry level accounting job.
As I started to become less of a weekend racer due to working 6-7 days a week I found a partner who owned a race timing business. He offered me $250 a day to drive around and time races! I ate it up and within a year I was doing this as a full blown part time job and negotiated a salary with him in addition to my accounting job. It was about this time I found MMM and was shitting on my debt.
After a period of unemployment from my primary job, eventually I took a much better accounting job during the week at 35k and was making 18k a year timing races. It was enough to eliminate all my non mortgage debt in 3 years. Roughly 2 years ago I said goodbye to my last non mortgage debt, got married, and we bought a house. I made the decision to keep the condo as a rental as a way to see if that was something I wanted to pursue in the future.
2014 was my first year to really focus on my savings and I was able to max out tax advantaged savings, save up about 10k in cash and really get my shit together. Until last month my long term goal was to ER by 40. Three weeks ago everything changed and I indirectly have the MMM principles to thank. For this part I should preface to say I have always lived in eastern Iowa with no deviation from this in my 30 years on this planet. Always the dreams of Hawaii or CO both of which I have spent time in through vacations or timing.
Through my years in working for the Timing company I have become very well known in the Midwest as one of the best and most experienced timers. I landed a customer in Chicago that does a lot of events and has a large cash backing to make things happen. His number 1 guy expanded their market to Golden CO to grow the west coast market. Through conversations in the last few weeks we have come to an agreement that I will be relocating to Golden and starting my own timing company with this company as a financial backer. We spent about a week negotiating the terms of their investment, but the words the owner said were huge "We've known each other a long time. I know who you are, so what does it take to make this happen?"
This is my version of ER, it has happened 10 years sooner than my best projections. I can hear the naysayers now “You are still working!” “Running your own business isn’t retirement!” etc. Keep in mind that I currently do this in addition to a 50 hour a week desk job. Being involved in racing is barely work to me; I love it and I’m great at it. The worst part about timing for me today is that I'm just an employee and don't participate in the profits and growth that I'm generating.
Now I would like to explain why I needed MMM principles to make this happen.
Even as little as 3 years ago there is no way I could have done this due to monthly payments, no cash cushion to move and be out of an income. Today I have enough cash to not bring a dime in for over a year.
Top this off with deciding to get a side job at a running store to dump my debt has led me down the path to owning my own timing company just 5 years later. If I had never decided to get control of the situation I would have never entered the field.
I am more of a lurker here, but I’m on here everyday and thank you all for the motivations, inspiring stories, face punches and general entertainment. I may not be the most mustachian, but the principles here improved my life, and before my 30th birthday I will be my version of ER. 1 month ago that dream was before age 40. 3 years ago that dream was age 65 like everyone else.
April 1st is the day I leave Iowa as a place of residence and go to a place I have dreamed about living for years. I’m quitting the security of being a controller for a great company. Who knows if I can ever get back to this salary level again, but who gives a shit.
Thank you all and if you are ever in the Golden area and need a beer, you know where to find one.
