How did my wife and I save 70% of our income before retiring in our 30s?
This is how.
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This is how.

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1: We both made good money.
Combined, our household income was slightly above $200K.
Naturally, that makes it way easier to save 70% of our combined income.
A big income is great, but it's not the only factor.
Combined, our household income was slightly above $200K.
Naturally, that makes it way easier to save 70% of our combined income.
A big income is great, but it's not the only factor.
2: We gave ourselves a reason to save.
You're much more likely to save if you're saving for a reason.
For us, it was early retirement.
For you, it might be retirement. Or a life of travel. Living overseas.
Whatever it is, know your reason.
You're much more likely to save if you're saving for a reason.
For us, it was early retirement.
For you, it might be retirement. Or a life of travel. Living overseas.
Whatever it is, know your reason.
3: We cut a LOT of expenses.
- No cable TV
- Rarely ate out
- Frugal vacations
- Minimized utilities
Minimized utilities? Yes -> Turned off lights, watched our water use, etc. This was no sweat, and we still live like this today out of principle.
- No cable TV
- Rarely ate out
- Frugal vacations
- Minimized utilities
Minimized utilities? Yes -> Turned off lights, watched our water use, etc. This was no sweat, and we still live like this today out of principle.
FYI: We lived off of about $40,000 a year leading up to early retirement.
Your cost of living has a huge impact on your ability to save.
The lower your COL, the easier it's going to be to save big money, fast.
Your cost of living has a huge impact on your ability to save.
The lower your COL, the easier it's going to be to save big money, fast.
4: We tracked our spending.
From produce to meat, to gas for our cars to Amazon, we knew exactly how much we spent on *everything*.
If you don't track, it's impossible to cut back.
From produce to meat, to gas for our cars to Amazon, we knew exactly how much we spent on *everything*.
If you don't track, it's impossible to cut back.
5: My wife and I talked about everything.
Our future. Hopes and dreams.
And, yes, our spending.
Open communication is not only healthy, it's critical.
It helps you make goals, build wealth and save for a lavish future.
Our future. Hopes and dreams.
And, yes, our spending.
Open communication is not only healthy, it's critical.
It helps you make goals, build wealth and save for a lavish future.
6: We wanted early retirement BAD ENOUGH.
I wanted out. Out of working a full-time job. Out of corporate America.
My wife wanted to travel. To control her day. To master her destiny.
If you want something bad enough, you'll find a way.
I wanted out. Out of working a full-time job. Out of corporate America.
My wife wanted to travel. To control her day. To master her destiny.
If you want something bad enough, you'll find a way.
Do you need to save 70% of your income to retire early?
Hell no.
We saved 70% to retire in our 30s. We wanted out quickly.
A 70% savings rate isn't required to retire "early".
But, you also can't save the recommended 10% and expect to retire early.
Up the ante.
Hell no.
We saved 70% to retire in our 30s. We wanted out quickly.
A 70% savings rate isn't required to retire "early".
But, you also can't save the recommended 10% and expect to retire early.
Up the ante.
To retire early:
- Make more
- Spend less
- Plan your future
- Find common ground
You and your spouse must be on the same page.
It rarely works otherwise.
- Make more
- Spend less
- Plan your future
- Find common ground
You and your spouse must be on the same page.
It rarely works otherwise.
BTW, this thread was inspired by @markallanbovair, one of the most insightful and authentic Twitter accounts that you'll ever find.
If you aren't following Mark, fix that NOW.
If you aren't following Mark, fix that NOW.
Questions?
Feel free to ask.
Feel free to ask.