Is Quitting Your Job with NO Emergency Fund a Mistake?

about episode 217:

July 23, 2021

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As his financial knowledge began to grow, he was able to share what he learned with others. He’s written two books, spoken at TEDx talks, and been invited to numerous conferences to speak. This didn’t bode well with his employer, who would consistently ask him whether his outside-of-work activities were clashing with his nine-to-five responsibilities. After hearing this over and over again, he decided to “fire his boss” and focus on building his own income, all without an emergency reserve...

As his financial knowledge began to grow, he was able to share what he learned with others. He’s written two books, spoken at TEDx talks, and been invited to numerous conferences to speak. This didn’t bode well with his employer, who would consistently ask him whether his outside-of-work activities were clashing with his nine-to-five responsibilities. After hearing this over and over again, he decided to “fire his boss” and focus on building his own income, all without an emergency reserve...

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Is it a necessity to have an emergency fund or emergency reserve before you quit your job? While some may answer a hard “YES”, others, like Rahkim Sabree, have a different outlook.

Rahkim Sabree “aspired to be poor” when he was growing up. He saw his parents collecting section 8 housing vouchers, getting food stamps, and thought that this was the way life was. He didn’t grow up around many homeowners. All of his friends lived in apartment rentals and were in the same financial situation as him. There were no “financial literacy talks” at Rahkim’s dinner table.

It wasn’t until Rahkim left college and got a banking job that he decided to look at where his money was going and what it was doing for him. He started reading books like Rich Dad Poor Dad and The Millionaire Next Door, which shifted his mindset and gave him the foundation to chase financial freedom.

As his financial knowledge began to grow, he was able to share what he learned with others. He’s written two books, spoken at TEDx talks, and been invited to numerous conferences to speak. This didn’t bode well with his employer, who would consistently ask him whether his outside-of-work activities were clashing with his nine-to-five responsibilities. After hearing this over and over again, he decided to “fire his boss” and focus on building his own income, all without an emergency reserve stashed away!

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Hear More from Rahkim:
https://www.rahkimsabree.com/
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Grab Rahkim’s Books:
https://www.rahkimsabree.com/books.html
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Hear Rahkim’s Tedx Talk on Financial Empowerment:
https://youtu.be/31v3YdCd8YE
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How Much Money Should Be in Your Reserve Fund?
https://www.biggerpockets.com/blog/how-much-money-reserve-fund
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Episode 217

Show notes at: https://www.biggerpockets.com/moneyshow217

0:00 Intro
2:12 Welcome Rahkim
3:38 Making it Through College
9:24 Moving on To Multifamily
16:51 How Rahkim Shifted His Financial Mindset
22:24 Quitting His Job AKA Firing His Boss
31:51 Quitting with No Emergency Reserve
42:02 Savings Rates
46:02 Rahkim’s Plans for The Future
1:02:04 Famous 4
Reviewing Rahkim’s Story