How She Built a $1 Million Net Worth and Quit Her Job Before 35

24:17I'm in the 35 to 44 year old range here. At this point, median spend is about$8 ,000 per month. I imagine you're coming in below that to some degree. Is that fair? No, not this year. Yeah. Well, I guess if I'm just counting, say, not my business expenses, because I guess that that's where it gets a little funky. because my personal is closer to$4 ,000 a month personally. But then my business expenses, I've invested a lot, like I said. So it's closer to almost$25 ,000 to$3 ,000 a month, depending. Okay, but those are business expenses and they would not be counted here. Got you, got you. It looks like I'm actually very close, considering that you're a couple.

24:56And so half of that would be your spend there. And so let's do a couple with kids. So we're going to do a couple with two kids, age 35 to 44. Now your spending is going to go to$10 ,000 a month. And that's before childcare. So if you want to work full-time to some degree, that spending is going to go to$12 ,800 per month as a median level of spend in that area for a household of that type. Does that seem about right? I guess so. I think the next phase of your challenge here is thinking about how to cover that level of expense during the time when your kids are young. And what I'll also say is, you said, eh, I kind of want to chill and coast for a while, but your activity set does not seem to be doing that.

25:31Your activity set is, I'm expanding a rapidly growing business that's gone ramped to$200 ,000 run rate this year. And probably all signs are we'll see them ahead for next year too, right? Oops, right? And we just bought another rental and we're$50 ,000 away from covering retirement. I will say it's more of, I guess, just the mindset about it. You know, like really just still trying to be aware of, okay, where my money's going, where is it coming in? where is it? And I guess that gives me enough peace of mind over even the numbers, if that makes sense at all. But yeah, so I guess it's really just that because I agree with you.

26:14Even with this new purchase, I'm like, once again, oops, I bought it. Didn't really intend to, I guess. But at the same time, I guess I'm trying to be light about these big purchases and just the position overall and yeah, just not take things so seriously, I guess.

26:33Mindy Jensen:I think you have been so focused on your numbers that once you hit this 500 ,000, you're not going to completely stop. You're going to, oh, I want to save up for this house on the shore. Okay, great. You're going to, maybe you funnel some money there and then you decide, well, I want to just put a little bit more away for retirement. I want to just put a little bit more away. Now we're starting to talk about having a baby. I'm going to put a little bit more into my year and a half of cash. So now it's more like two years. So I have more of a cushion. I don't hear you as somebody who's like, oh, thank goodness I could stop saving for retirement.

27:11Mindy Jensen:I am so done with that. Now I'm going to spend all my money and just buy everything that I've never been able to buy before. No, I think that that's a good way to put it, Mindy. And it may be, yeah, that kind of is the whole idea is just the feeling that I'm still going to work. Like I'm probably still going to work. It just is what it is. And I mean, I love my work and I like to contribute and I like to help people. So as a result, I'll probably be making money and just that the priority won't be the retirement as heavy now. And it would be say a family or something else that money could be allocated to for, yeah, into cash or into a shore house or something else.

27:53It's interesting because you're married and you're planning on having a family, but you handle your finances separately. So let's say that you were combined and your husband had a similar net worth, I don't know, but your position might be$2.2 to$2.4 million, somewhere in that case, if he brought an exactly similar portfolio to there. That changes the math pretty dramatically. Right. So I think on the one hand I'm coming at it like a million bucks is good. You're doing great. But is it like truly I can really completely take my foot off the gas permanently if I'm if I'm just a few years out from having kids in a expensive area like New Jersey?

28:28I don't know. You know, that's where I get a little antsy and you're so relaxed about it. I think maybe that's because I'm anchoring to now I would be more comfortable with a larger number in a married household. But that is your piece of it. And it's more equivalent to an individual's one million bucks, which is clearly much farther along than the married couple. Yeah, no, I understand. I think like maybe my thoughts in the immediate haven't been as whole as say what things look like as a, say, family, like a family of four or, you know. So I guess when I am speaking like this, it is in this next, say, year of my life where I could feel kind of comfortable where I'm at personally.

29:10I mean, my husband's, say, income and the things that he has. I don't think that that really factors into like my feelings about my finances personally overall. But maybe when that conversation does come closer to the time of, say, starting a family and having having kids, maybe I won't be so relaxed. Maybe, you know, I'll be a little bit more anxious. One question I have is when you go to work, you show up and you perform an activity almost the entire time, right? If you're hardworking and a good employee, and that's what you get paid for, right? You show up for eight hours and you get paid for those eight hours of hustle.

29:46As an agent, it doesn't work like that. The revenue producing moments come at times. I'm sure responsiveness matters, but if you react to a client's question quickly, within a few minutes, you performed a great service and four hours could go by and you could play video games or stare at the wall or work out or whatever it is. And the revenue is totally untethered from the time that you're spending on that. Am I getting close with maybe something that's gone on in your life in the last year since you left the active income part? Yeah, I don't really like to play video games. But other than that, I think that that's pretty accurate.

30:22Well, I think, Mindy, you could relate. There's definitely both sides of it where I've definitely had clients who I ran around with. I put a lot of work into it. I did X, Y, and Z and nothing came out of it. And that could have been an opportunity cost of$20 ,000. right? And then there's things that to your point, Scott, you know, the input is more of the actions that you're doing and the prospecting and yes, following up with people and being there for people rather than it being time related. I mean, all those things take time, but it's not like you're being paid there. And, you know, my first job, I remember I was on YouTube much of the day, like don't tell anybody, but, you know, I mean, I was, I was listening to BiggerPockets.

31:07Okay. Like during that time, it was educational, but it was not my work. And I was being paid the same. That is a lot of it. You work hard for your money, that's for sure. Yeah, it comes in fits and spurts. I spent too much time in my first job listening to podcasts and watching YouTube videos. So if anybody listening to this or watching this on YouTube is doing so on the clock right now. They are. I don't know if there's a safe way to let us know that. So don't let us know. Yeah, I don't know. Maybe not on your work computer. Yeah.

31:36Mindy Jensen:Yeah, don't send it on your work computer, but you can let us know. We're not going to rant you out to your boss. Fair enough. So Alex, you've kept your expenses pretty similar since the first time you joined us, around$3 ,000 or$4 ,000 a month for personal expenses, which is like$48 ,000 a year. So what is that? Like four or five houses that you're selling in a year just to cover your basic expenses, which are not basic. That's your, I want to spend this much money expenses. So there's a lot of people who think that you can't be a real estate agent when you have a small baby. And that's just not true.

32:11Mindy Jensen:You can't be a full-time agent, maybe, unless you're putting the baby in daycare and having somebody take care of the baby for you. But you can absolutely be a four or five a year agent with a small baby. You just, you know, work it out on the weekends. I think that's a good point. I want to challenge that a little bit. And maybe I'm just being a worrywart here. I was very aggressive last time we chatted and said, go quit the job and become an agent. But I'm actually going to start to give you a little bit of like a, I'm slightly uncomfortable with where you're at right now. I think you should finish the play in the next couple of years.

32:42Like you're, you can have great time and all that, but I think, I think you should finish the play and get a little closer to FI if you're thinking about having kids, because I'm not as optimistic as Mindy on this. I think that even if you put the kid in daycare, you know, for a couple of years and want to be full-time agent, I think that's going to be hard because daycare closes and then people aren't torn houses at three o 'clock on Tuesday while kiddos in daycare. People are torn houses in the evenings and the weekends. And that's going to be very difficult to do at the same degree with a little one in tow.

33:12There's a situation here that evolves over the next couple of years where things are going great, but then we got to draw down a little bit, you know, in some of those years or work something out, have a conversation about how we're going to manage spending or income with the husband in those first few years with the kiddos. That could be a little uncomfortable there. I would actually encourage a little more caution from you on this one. Maybe like, I'm not going to go crazy. I'm not going to, you know, like you're obviously in a strong position. How many people would trade places with you with a million dollars net worth before having kids on your own?

33:38But I think the other side of kindergarten will feel a lot better. And at that point, I think you could fully take your foot off the gas here. But I'm just like, I have a little bit of apprehension about the way you're coming across, not with any of the numbers that are coming given your stated goals. But that's just one guy's take on this. I appreciate it, Scott. It's probably because I just came back from vacation and I've got a little bit of like a relaxed draw to my talk right now. I mean, I'm probably coming across more chill than is my reality. That's definitely true because, you know, I'm still just as aggressive tracking every single thing.

34:13Also to Mindy's point, I do think about, say, the future of, okay, well, if I could just kind of maintain kind of where I'm at right now with, say, six houses or seven houses, right? Can I do that with a kid? I think I probably could. At the same time, I see your caution as well. And like I said, I think at that point, it would be a conversation between my husband and I. Because, yeah, of course, he is also making income and those sort of things. and that's not being, say, considered here. And it's not, I guess, relevant for just like the immediate just talking about me right now. But I agree with you.

34:52I think that, you know, I don't think that I'm never going to work again, right? And I don't think I intend to not work or like retire early in the traditional sense of that phrase. It's more of, you know, the optionality or just flexibility of it. But I also don't see a time where I'm not working at all, if that makes sense or if that helps a little bit.

35:17Mindy Jensen:That makes perfect sense because that's where I'm at. I will always be a real estate agent. I might not be active. I sell about a house a month and that's good for me. I don't want to sell 50 houses a year. That's too much work for me. But about a house a month is great. I actually had one day where I had three houses under contract and then one closed. And I was like, oh, I got to make sure I'm doing all of this and all of this and all of this. And that's too much. Because right at the beginning of the contract is a lot of stuff going on. What I had meant was, Scott, she could sell four or five houses to cover her base living expenses.

35:53Mindy Jensen:And she can do that while coordinating with her husband's schedule. oh, I've got to show houses tonight. Can you be home with the baby? As opposed to just take your foot off the gas. I was a stay-at-home mom. That's when I got my license and Carl was working full time. So I didn't sell any houses that first year, but the second year I would coordinate with him, hey, I'm going to go show houses. So can you pick up the girls from school or can you keep an eye on Daphne because she's not even in school yet? It'll be workable when you get to that point, of course. It just may be a little harder than that.

36:28And it'd be a shame to let go of easy wins, which you're not doing. So you're crushing it. I probably just misread the vacation vibes there. That's okay. That's fine. You know? Well, cool. So we have a million bucks. We have a house hack and a rental property that we're presumably going to close on the next couple of weeks. The business is thriving, got married, thinking about kids, millions. I mean, it's just awesome. So what is a day in the life like right now when it's not active vacation? Let's see. When it's not active vacation, I go to the office every day. I do. I prospect most of the day and, you know, go on appointments and on Wednesdays or sometimes Tuesdays or Wednesdays, I go to my grandma.

37:05I hang out with her like the whole day. I just try to have some kind of a balance throughout the week, but I'm going on appointments every day, you know, and trying to just spend time with my family at night as much as possible, not trying to be out too much at night. That's just generally, you know, it's, I come across like this, but I really am working every day in some capacity and also different from the nine to five that you mentioned earlier, Scott, it's like as a realtor, and I'm sure you know, Mindy, you're just always working like just throughout the day, the night, the weekend. So it's a little bit different.

37:41Like the time is more spread out. So that's just kind of the, the operation. Yeah. Weekly. Well, congratulations on the massive progress. Your actions are clearly paying off here. There's clearly like a really awesome entrepreneurial effort that is beginning to compound. I say beginning to compound because I think it will continue to accelerate if you keep doing what you're doing on that front. And it just seems like all the stars are aligning for you right now, as far as we can tell. Is that how it feels? I appreciate it, Scott. I mean, you know, it feels all right. I mean, you're making me nervous now.

38:11Mindy Jensen:No, you directed the stars to align. This is what I'm going to do. This is what I'm going to do. This is what I'm going to do. And then you took action once they did. I think there's a lot of people who listen to these podcasts and they're like, hey, that sounds nice. You got to do something about it too. And you have. I appreciate it. It's hard too. I mean, I understand fear is a big component. I think fear held me back for a really long time in a lot of different ways. And, you know, moving past it as little, a little at a time, as best as possible, you know, strategically. I mean, if I was to give any kind of advice, it would be exactly that.

38:44Just kind of, you know, don't think that you could jump into something or you could get rich quick in one day. You know, this was say 10 years to be here and I still have work to do. So it's just like a day at a time. And yeah, you just got to do your best. Your story is so fascinating because you had the clear goal of FIRE. The stars aligned really well to go entrepreneurial. And you could argue that you might even been able to make the move to being a full-time agent sooner than even the podcast we recorded two years ago. Is that fair? Yeah, it's hard to say because it's like you never know what exactly could have been other than the reality of what actually happened.

39:19But I actually credit that time in my life to a big part to even though, yes, I was working two jobs, but that very much allowed for me to accelerate this also with a little bit of a safety net pretty aggressively in a short period of time. So, you know, I'm also kind of glad that in a way that it worked out that way. So it's hard. It's hard to say, of course.

39:43Mindy Jensen:And I think that's the way to start being a real estate agent. If you're like, if your mom is an agent and you're joining her team, that's different. But if you want to be a real estate agent, start with the safety net because there's a lot of lean, no commission months or years right when you start out, unless you're really, really, really working hard and doing it correctly. And I mean, right now, I don't even know that somebody could start from zero and just take off. One of the things that I think is so wonderful about what you've achieved is I think that what you are doing right now is in many ways the real goal of a lot of BiggerPockets money listeners, right?

40:23It's like a lot of BiggerPockets money listeners do not want to just retire. They want to earn some kind of active income post-fire, right? So this is from a last month. This is a YouTube poll. Do you earn or do you expect to earn some form of active income to at least some degree after you fire, which is how I worded that, which could include side hustles, part time work, business activities, managing rental portfolio, etc. 51 % of 639 people who responded to this said yes, just unqualified yes. Only 23 % said no, 20 % said perhaps, and six said no. And I specifically called this out because I got confusion last time.

41:01Not really, aside from managing my semi-passive handful of rentals, right? But 51 % want to do something along the lines of what you are doing. And I think this This is really interesting because I'm not aware of a lot of good academic literature, like sources, papers you can cite and refer to that talk about what the dynamic of your situation is right now. Like we have a 4 % rule on withdrawal. We have tons of conflicting, but generally within a reasonable band, research on what a withdrawal rate looks like if you're not going to earn any active income. But how does active income or the pursuit of it and its uncertainty as an agent, for example, impact this decision to go and work for myself?

41:40When is it time to pull the trigger and actually make that move? Your situation from last time was so far past it because, hey, I've got two and a half years of cash. Oh, and I'm house hacking. Oh, and I already make more from my agent commissions than I do for my full time job. Okay, we don't really need to do a very detailed analysis to say this is probably a good bet for you in this situation. But I think a lot of people's situation is much harder than yours was, right? Imagine that you were making$175 ,000 at your job when you came on two years ago instead of$68 ,000. And imagine your commissions were$96 ,000, same deal, right?

42:13That's a big income. It's actually a much larger and better income position than you were in. But it makes it a lot harder to leave that$175 ,000 base job. That's a problem I'm really interested in uncovering right now. So if someone listening is in something like that situation, right? please reach out to me at scott at biggerpocketsmoney.com or mindy at biggerpocketsmoney.com. We'd love to hear that story and begin unpacking that problem. We're probably not going to have the answer. It's probably going to be very conditional. But I think that there's a circular component to the choice of I'm not fire.

42:45I'm not ready to fully hang it up and never earn again. But I'm somewhere along this spectrum of it's I may be approaching past or well past the time to leave active income, if that's really my goal, and go into this uncertain world of self-employment or business building or entrepreneurship. That's what half the people listening to the show say they want.

43:02Mindy Jensen:Yeah, but Scott, with Alex's situation, she had set herself up to a point where she could comfortably or reasonably assume that she would be successful. This is not the same advice that I would give other people with different scenarios. I'm skeptical of a lot of financial products, but life insurance isn't one of them, at least not term life. For the vast majority of you listening, term life is simply the right answer. And the smartest way to buy it isn't one big policy, it's a ladder. Your need for coverage isn't flat. It declines over time. You've got a 30-year mortgage, a couple of young kids, maybe a spouse mid-career.

43:41In 15 years, the mortgage is going to be smaller and the kids are almost launched. So instead of buying one giant 30-year policy you'll overpay for, you stack a few, say a 10-year, a 20-year, and a 30-year layer. So your total coverage steps down as your actual obligations step down. You only pay for what you actually need when you need it. ethos is a platform that helps you find life insurance 100 online you can get a quote in seconds and apply in minutes there's no medical exam you just answer a few health questions online you can get up to 3 million in coverage some policies are as low as 30 a month that makes building a ladder genuinely fast get your free quote at ethos.com bpmoney that's ethos.com bpmoney application times may vary and rates may vary every business owner hits a point where they

44:24Mindy Jensen:need more expertise than they can handle alone, but another full-time hire isn't always the answer. That's where Upwork comes in. It's where growing businesses find highly skilled freelance specialists, not just for one-off tasks, but to build an entire team, fill critical skill gaps, launch projects faster, and scale support up or down at a fraction of the cost and without the commitment of permanent headcount. Visit Upwork.com right now and post your job for free. That's Upwork.com to connect with top talent ready to help your business grow. That's U-P-W-O-R-K.com. Upwork.com. Finding a financial professional who truly understands financial independence isn't easy.

45:03Mindy Jensen:That's why Scott and I created the FI Friendly Professionals List. This is a curated network of CXPs and tax professionals who understand the FIER mindset, early retirement, and wealth building. We're adding more vetted experts all the time. Find someone who speaks your FI language at biggerpocketsmoney.com slash FI Pro. That's biggerpocketsmoney.com slash F-I-P-R-O. That problem is what I'm interested in exploring because if that household that I just gave an example,$175 ,000 base salary plus some commissions, if they were spending$150 ,000 or$160 ,000 a year and had$750 ,000 portfolio, I don't know.

45:44I don't know the answer, but I'd probably be very uncomfortable with them leaving their full-time job. And I'd say, keep grinding it for a few years. If they're spending 75 or a hundred, maybe I feel very differently at that point. Maybe if they have two years of cash and a million to the answer changes still further. I think that that is a problem. Like that spectrum of problems may be what a lot of BiggerPocketsMoney listeners are going through right now in their household is some version of that. And I'm going to leave my the certainty and the upside, like that$175 ,000 a year income earner that I've just made up here is maybe making more in three years or five years if they stay at their job, because the prospects are good.

46:22Like something's gone right. If you're making an upper middle-class income single-handedly in your job, there's also upside in the entrepreneurial pursuit. And that's where the heart lies to some degree. And that's what, that's what they're working towards. So I think that's a problem I want to explore. And again, I think Alex, your situation, you made it so easy for us because the answer was so clearly, obviously you should go for it because the job was not paying very much, relatively speaking, and your setup was so ready for entrepreneurship or self-employment. Yeah, I think to speak to that, it's even for myself, like earlier in my career when I really wanted to leave to be a realtor was probably many years ago.

46:57And I stayed for exactly that reason, right? I was probably making like 100 ,000 at my job. I wasn't really making very much in real estate at that time. and to jump ship and take on some entrepreneurial risk felt very, well, I shouldn't even say risk because everything's a risk. Even your W-2 is a risk, right? There's no real certainty around any of it. But for the sake of your example, like, yeah, I'm sure there's a lot of people in that situation. And I think it is just, you know, possibly just taking the little bit of steps towards maybe exploring what else you want to do outside of your W-2 if it's not something that you enjoy going to every day.

47:37And I think that that's a tough thing, seeing that you're making $175 ,000 and it's comfortable, but you're not happy. And I've been there. So yeah, I would be curious to hear about people's situation in that too. I think you get there by building your wealth, getting closer to your five number. Two, building up the side income stream as a side hustle, if you can do it. Three, increasing your cash position or liquidity in there. And that's a real problem, right? For sure. The no longer middle class trap, no longer middle class trap, the deferral dilemma that we've talked about here on BiggerPocketsMoney, I think it's also circular with this because if all your wealth is in the 401k and you want to go into entrepreneurship and leave the job, now you have a circle, right?

48:17Because there may not be any window to do the 401k conversion, you know, the Roth conversions or 72T in a helpfully arbitraged tax bracket situation, or if things go poorly, there will be, but that then crushes our plan. So I think that There's something there as well to explore in the liquidity. But you had the liquidity. You had the part-time job producing more income than the full-time job. And it was time to go. And now here we are, thriving a few years later, seeing it all work. That's a function of your entrepreneurial spirit and the setup that you carefully constructed, perhaps well past the tipping point that made those conditions favorable.

48:50Mindy Jensen:All right, Alex, before we leave, where can people find you? And what area of the world do you serve as a real estate agent? Sure. You can find me on Instagram, Alex Preziosi Real Estate, probably. I also have a new Instagram, Jersey Girl Finance, if anybody's interested. I mean, I've just been casually posting, not super growth oriented right now, but it's okay. Or LinkedIn, Alexandra Preziosi. I service the North Jersey area, Bergen, Essex, Morris, Passaic, just really anywhere. I'm based out of Rutherford. So yeah, appreciate it if anybody wants to follow or if I could help them out. Awesome.

49:28Mindy Jensen:Alex, thank you so much for sharing your numbers and sharing your journey with us. It's been a lot of fun to watch your success. Thanks, guys. I really appreciate it. Will you come back on in another two years when you press like 1.5 or 2? All right. Maybe I'll have a kid and it'll be completely different. Everything will be upside down. So we'll see. Never know. I think we're two for two on these, but let's see. I'm going to take another guess for two years from now. But I think what's going to happen is you're going to keep your foot on the gas. I mean, I guess. Next year will be even better and the income will become large enough with a couple of these investments that the risk I am pointing out will really be not a major factor in your life by 2028 or 2029 if you do choose to have kids.

50:08That'd be my guess is where things will end up, but we'll see. I appreciate that.

50:12Mindy Jensen:All right, Alex, we will talk to you soon. Take care. All right, Scott, that was Alex's update. And wow, she is really crushing it. I think she's doing a great job in her choices. I think it took her a little while to quit the job, the W-2 job. But once she did, good for her. She's crushing it as a real estate agent. And I think she's the kind of person who will be able to weather the current and upcoming real estate agent storms, for lack of a better word. I was starting to worry just because of the way she was coming across on the show that the ambition was fading. And I think that two years ago, my enthusiasm for her going into being a full-time agent was partly because of the drive that I sensed and the numbers and the trajectory that all seemed to be lining up for entrepreneurship.

50:59But that only works if it sustains to a certain degree, in my view. But on the other hand, she's already got a million bucks and is clearly fine, clearly way ahead of most people her age by a huge margin. And is putting up numbers that say other than her, you know, her kind of relaxed attitude on the show. So that was my worry. What do you think? Was I justified or going too far in that?

51:19Mindy Jensen:Oh, I didn't get the not driven attitude that you did. I think that she is just as driven as she was before. She did say that she had just returned from vacation. So maybe she's still on island time or wherever she was on vacation. But no, I think she is going to be just as driven. I think she's got more time now to spend as a real estate agent. I think that you can do real estate agenting at her level or a reduced level when she has kids with just a little bit of finagling with your schedule and coordinating with your partner. She is fortunate that she has a partner to coordinate schedules with.

51:58Mindy Jensen:If he is willing to coordinate, I see no issue with her continuing to sell five to 10 real estate properties a year, which will more than pay for her current level of living or spending and definitely pay for the slightly elevated level of spending when she has a kid. Yeah. I'm going to walk it back and say, you know, we just had a relaxed attitude today on the show, but it's clear everything, everything that we're seeing from her update numerically and otherwise is saying, this is a thriving business that's off to the races right now. So I'm going to walk that back and say, keep crushing it, Alex, you go and we'll We'll hopefully talk to you in a couple of years, like I mentioned in the show, and see the positioning continuing to balloon into more and more optionality.

52:42Mindy Jensen:Yep. I agree. Awesome. Well, should we get out of here, Mindy? Yes, Scott. We should get out of here. But my dear listeners, do you want more financial independence information? You can follow us on Instagram, Facebook, and YouTube at BiggerPocketsMoney. And you can head over to our website, BiggerPocketsMoney.com slash FIPRO, that's F-I-P-R-O, to check out all of our awesome FI partners. Yeah. And also a quick shout out. We got mentioned on Reddit. Someone was asking about how you account for rising ACA healthcare costs. And someone linked the biggerpocketsmoney.com slash healthcare costs calculator that I built to do exactly that.

53:19So that was awesome. Made my day. Thank you for whoever that was. Attorney decent here. And we even got a criticism where the calculator has some holes. It offers the bare minimum plan. Yes, it does. It's a bronze and silver plan tool. I did not factor in the gold and platinum plans. That's the criticism is spot on. And it assumes you will basically never use your health insurance. That part is inaccurate in my view about the tool. I do assume you'll have out-of-pocket costs. Oop. And I assume that you'll have maximum out-of-pocket costs. Moop. In a couple of years. And I allow you to assume that for two to five years of your journey there.

53:53So some out-of-pocket costs are baked in every year, of course. And then the maximum out-of-pocket costs, the MOOP, are assumed for two to five years at your discretion, depending on how conservative you want to be. So that's the tool there. And yeah, thank you for whoever shouted that out. That made my day. It was a good birthday present, actually.

54:11Mindy Jensen:Well, congratulations, Scott, on getting mentioned on Reddit in a positive way. Thanks, Mindy. Should we get out of here? We should. All right. That wraps up this episode. He is Scott Trench. I am Midy Jensen saying gotta go, Dodo. When you're ready to start your business, Northwest Registered Agent helps you do more than just file paperwork. You get all the tools to build a real business identity from day one, a business address, website, phone number, operating agreement, free guides, and more at no extra cost. Northwest Registered Agent has been helping small business owners and entrepreneurs launch and grow businesses for nearly 30 years.

54:45Mindy Jensen:They are the largest registered agent and LLC service in the US with over 1 ,500 corporate guides. These are real people who know your local laws and can help you in your business every step of the way. With Northwest, your business is set up to stand on its own from day one. That means your home address, personal email, and phone number stay private. Don't pay hundreds or thousands of dollars for what you can get from Northwest for free. Visit northwestregisteredagent.com slash moneyfree and start using free resources to build something amazing. Get more with Northwest Registered Agent at northwestregisteredagent.com slash moneyfree.