Early Retirement Success Story: How Joseph Worthey Sold Two Homes for Over $1 Million and Retired at 46 Without a College Degree
Title: California Man Retires Early and Builds Real Estate Empire with $1 Down Payment
In a remarkable turn of events, Joseph Worthey, a former HR manager at a Fortune Global 500 company, decided to retire early at the age of 46 without the typical $1 million-plus balances adherents to the FIRE (financially independent, retire early) movement usually amass. Worthey’s unconventional path to retirement involved making two wise investments in real estate that ultimately allowed him to leave the corporate life behind.
Worthey’s journey began in 2008 when he purchased a Northern California home through a first-time home buyers program that required only a $1 down payment. In 2017, he leveraged a cash-out refinance on that home to make a 5% down payment on a new property in Southern California. By July 2021, he had flipped both homes for a significant profit, paving the way for his early retirement.
With newfound financial freedom, Worthey set his sights on a more affordable lifestyle outside of California. After exploring various cities, he settled on Peoria, Illinois, where he purchased a modest home for himself and three rental properties using the equity from his Bay Area home. By managing the properties himself, Worthey was able to generate enough rental income to cover his living expenses.
Despite initial uncertainties about leaving California behind, Worthey has found peace and contentment in his new life in Peoria. He spends his days enjoying outdoor activities and building connections within the community. With minimal expenses and a frugal mindset, Worthey has embraced a simpler way of living that aligns with his values.
Worthey’s story serves as an inspiration for others looking to explore alternative paths to homeownership and early retirement. By taking calculated risks and investing in real estate, he was able to achieve financial independence and lead a fulfilling life on his own terms. As Worthey continues to navigate this new chapter, he remains optimistic about the future and the possibilities that lie ahead.
For those interested in learning more about Worthey’s journey or sharing their own retirement stories, Fortune is actively seeking interviews with retirees to explore life after leaving the workforce. To participate, individuals can reach out to senior writer Alicia Adamczyk at alicia.adamczyk@fortune.com.
Worthey’s story is a testament to the power of perseverance, strategic investing, and the pursuit of a life that brings true fulfillment. As he continues to embrace his newfound freedom and independence, Worthey serves as a reminder that with determination and resourcefulness, anything is possible.