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38-year-old millionaire shares 5 secrets to retiring early
HipGnosis:
38-year-old millionaire shares 5 secrets to retiring early
http://clark.com/personal-finance-credit/millionaire-5-secrets-to-retire-early/
londonstache:
The 'killer app' to me is the following:
3. He became more valuable to his employer
To retire early, Chris knew that he needed to earn more money. He was already making a $75,000 salary at age 27, but he focused on growing his skills and investing in himself, which led to multiple promotions.
“I started to become more valuable because when you become more valuable you can earn more money,” he said.
Chris told me that he joined Toastmasters to improve his communication and leadership skills, read dozens of self-help books and found good mentors.
Although he had some truly face-punch worthy hobbies (Flying at $1k/month?) I'm sure that this is the biggest difference maker.
stashgrower:
Agree with 3.
He gave up the flying: "Chris eventually gave up his $1,000 a month airplane hobby by following this path."
ixtap:
--- Quote from: stashgrower on October 17, 2017, 08:24:36 AM ---Agree with 3.
He gave up the flying: "Chris eventually gave up his $1,000 a month airplane hobby by following this path."
--- End quote ---
Interesting. I find it easier to cut the big stuff because it feels like a no brainer.
MoneyRx:
How high did he get his salary? It must have increased dramatically over that time period - certainly $1000/month flying hobby, $5 daily latte, and I'm assuming other spendy habits, don't let you get far on $75k/yr, however, after ditching those, it is almost impossible to get to $1 million saved on $75k/yr in 10 years even with how the market has performed in the past 10 years (like 85%+ pre-tax savings rate/not paying any taxes hard).
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