Super-saver Tanner Firl, 29, has saved close to $380,000 for retirement. He is part of the FIRE — financial independence, retire early — movement and has achieved his savings almost entirely through frugality. He estimates he is in the top 0.1% of most frugal people.
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How I Saved $380K By Age 29 To Retire Early | Fired Up…(read more)
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How I Saved $380K By Age 29 To Retire Early
Retirement is a dream that many people aspire to achieve, but only a few manage to retire early. However, with careful planning and disciplined saving, it is possible to build a substantial nest egg and retire at a young age. As proof of this, I share my journey of how I managed to save $380,000 by the age of 29, allowing me to retire early and live the life of my dreams.
The first step towards achieving this milestone was setting a concrete goal. I knew I wanted to retire early, so I started by determining the age by which I wanted to be financially free. Once I had a clear vision of my end goal, I calculated the amount of money I would need to retire comfortably. This involved estimating my annual expenses and factoring in inflation to ensure I would have enough savings for a comfortable life post-employment.
With my goal in mind, I created a strategic savings plan. The most significant aspect of my approach was an aggressive savings rate. I decided to aim for putting away at least 50% of my income each month towards investments and savings. This meant making sacrifices and cutting back on unnecessary expenses, but it was a sacrifice I was willing to make to achieve financial freedom in my 30s.
To make the most of my savings, I educated myself about various investment options. I diversified my investments across stocks, bonds, and real estate, spreading the risk and increasing my potential for higher returns. It was crucial to ensure that my money was working for me, so I continuously researched and monitored my investments to maximize profitability.
Another essential factor in my success was developing a frugal lifestyle. I lived well below my means and avoided unnecessary splurges. I focused on purchasing only what I truly needed and avoided frivolous expenditures. By practicing mindful spending, I was able to save more money and invest it wisely.
While savings and investments were instrumental in my journey towards financial independence, generating additional income streams played a significant role as well. I started a side business and explored various passive income opportunities. These additional revenue streams provided a boost to my savings and accelerated the growth of my retirement fund.
It’s important to note that the journey to early retirement wasn’t always smooth sailing. There were times when I faced setbacks and challenges. However, my determination and belief in my ultimate goal kept me motivated. I learned from my mistakes and adjusted my strategies accordingly, never losing sight of the bigger picture.
By age 29, I had managed to accumulate a savings of $380,000. This achievement allowed me to retire early and pursue a life of freedom and fulfillment. Instead of being tied down to a 9-to-5 job for the rest of my life, I now have the opportunity to travel, pursue hobbies, and spend valuable time with loved ones.
Saving $380,000 by age 29 to retire early is a significant accomplishment, but it is not an unattainable dream. With careful planning, disciplined saving, and smart investments, anyone can work towards financial independence and retire early. It may require sacrifices and a willingness to step outside your comfort zone, but the rewards are immeasurable. So start today, set your goals, devise a plan, and, most importantly, stay committed to achieving them.
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Isnt it better to just save some money, live comfortably and in a few years be able to do go down in worktime and work maybe 4-6 hours a day instead. Like I get that financial freedom and being free and all that sounds very nice. But at the same time you are also a decently rich family going through a level of self imposed economic stress that might have worse consequenses on your long term health than simply cutting down work hours.
Tip: invest in life insurance and protect your family. Especially since wife doesn’t work
Is it possible to do anything w/e you want with 25k a year?????
As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
Not making up to a million before retirement is unfulfilled retirement.!! I’m 54 and my wife 50 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. No longer putting blames on FED for our misfortunes. Saving and investing lifestyle in the stock market made it possible for us this early, even till now we earn weekly.
Found your video at the perfect time when I needed the most.I wish they taught me this in college.,"A good question opens the mind, a statement keeps it closed."Simply brilliant. "It's always a good time to be rich, Starting early is the best, you've helped me alot with your advice, imagine investing $4000 and receiving $16,300. Vilma Kim is the best.
Ruby's Pantry is a great idea!! I wish there was something like that in Virginia!!
I can respect the prudence and initiative to save money. In fact, most people live beyond their means and would be better off taking a note out of Tanner's book. However, he takes it to an extreme. Specifically in regards to his health. There's a reason why he looks like he's in his mid 40s at 29 years old. By cheaping out on your diet and for example, eating beans instead of meat, he is likely very nutrient deficient and that will likely lead to problems down the road. What's the point of sacrificing so much, putting all the effort in to save every dollar in order to retire early if you're not going to be able to enjoy those years because of poor health??
Not for me.
I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $950k. before I turn 60, I would appreciate any advice on potential investments.
Awesome! I appreciate your viewpoint. I currently earn $600k per year. I have no home or investments, and my job is in New York because I work from home. I need to act quickly or else I'll owe the IRS thousands of dollars come tax season. What should I do?
We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.
This dude is my spirit animal
I want to retire early too but I do not want to live so tight that I don’t have peace of mind. $25k – that isn’t much. I want to enjoy life too (travelling).
Planning retirement has never been this confusing! First SVB, then Signature bank and now First republic, these are all the signs of yet another 2008 market crash and recession 2.0, so my question is do I still save in the United States dollar, or could this be a good time to buy stocks? So I’m left wondering what 2023 has in store for us investors, I’ve been sitting on over $745K equity from a home sale and I’m not sure where to go from here,
29? More like 55
How long did it take him to save that much
I practice FDRL. Most of us do.
Wow. Ruby's Pantry needs to go nationwide.