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But in the year prior to quitting her job she had lowered her risk by dramatically cutting her spending (among other things, she ditched cable TV and reshopped her insurance). "My parents said I was crazy," says Dore. So she decided to quit in August 2014 without another job lined up. "It was fun when I was younger," she says, "but I couldn’t do it at 40." Dore wanted to get into digital marketing but didn’t think she could make a switch while putting in so many hours as a promoter. She realized she couldn’t sustain that lifestyle and knew it was time for a career change. But seven years of frequent travel and working 60 to 80 hours a week had taken a toll on her. To top it off, she’s making 25% more money now.ĭore, now 31, enjoyed working as a concert promoter in Nashville, Tenn., lining up talent from comedians to big-name country artists, then marketing and producing the shows. "It was the perfect chance to learn more about digital marketing and apply what I already had learned - and get a 9-to-5 lifestyle," Dore says. The payoff: In November 2014, Dore got a full-time job with a technology company as a social media marketing strategist.Her big risk: Left a job without another one lined up.To do so, they cashed out their three children’s college accounts and got a second mortgage to raise more than $500,000. But then they had to come up with the money to manufacture their products and get them into Apple stores. They arranged a meeting with Apple’s retail-store buyers and sold them on their accessory concepts.
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So, in 2009, the two left their full-time jobs and drew upon their experience in graphic design, marketing, wholesaling and merchandising to create prototypes for a stand to hold a MacBook upright and a shelf to hold portable hard drives for Macs. The Greens had a love of Apple devices and recognized that the company’s iconic products were missing something: great accessories. They’ve paid off their second mortgage, refunded the kids’ college savings and are continuing to thrive, which Leigh Ann says they weren’t sure would be possible in 2009 when they took the risk to launch their company. Its products - which now include covers and stands for MacBooks, iPhones and iPads - are sold on the Twelve South Web site (opens in new tab), in Apple stores globally and through Apple resellers.
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She knew the risks: loss of compounded growth on her retirement savings and the prospect of having to pay it back in full within 60 days if she lost her job (see 4 Reasons It’s a Bad Idea to Borrow From Your 401(k)). So in 2010 she took a $20,000 loan from her 401(k) to cover the $19,500 price of the house. Problem was, Smith didn’t have enough cash to buy it.
(At the time, a Kiplinger’s Personal Finance article championed " Great Homes at Deep Discounts.") "I knew I wouldn’t get an opportunity again to buy as cheap and would regret letting the opportunity pass," Smith says.Ī friend had told Smith, a New York City resident, about a small two-bedroom house in Wilkes-Barre, Pa., that the owner was eager to sell to avoid foreclosure. In the aftermath of the Great Recession, Smith recognized that it was a great time to buy rental property at rock-bottom prices. With the equity in the properties, she plans to buy another rental property.
Now, the $1,725 she gets each month in rent from her two properties easily covers the mortgage and gives her a stream of income. When she lost her job - and one of the risks of borrowing from a 401(k) became a reality - she mortgaged the house to pay back her loan. She took out a new $40,000 loan from her 401(k) in 2012 to buy a $36,000, two-unit house in Wilkes-Barre. The payoff: Within two years, she had paid back the loan using the rent she had earned on the property.Her big risk: Borrowed a total of $60,000 from her 401(k) to buy rental properties.
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