HomeBlogArticlesTips for Earning Money: Millionaire Shares How He Retired Early at 35 | Personal Finance | Finance

Tips for Earning Money: Millionaire Shares How He Retired Early at 35 | Personal Finance | Finance

by webmaster

Jul 26, 2022

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Steve Adcock and his wife retired in their early 30s despite coming from a modest family with no inheritance. He reveals how he retired young with a million dollars in the bank.

Retiring early doesn’t have to be a pipe dream, some people are managing to put their feet up before their 40th birthday.

A former IT consultant shared how he handled it and says it’s possible with hard work and sound financial planning.

“I will remember December 23, 2016 for the rest of my life. It was my last day working a full-time job,” he told CNBC.

“My wife and I retired early at ages 33 and 35, respectively, after amassing $870,000 working in information technology.”

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The finance expert shares 13 tips for others looking to retire early:

Don’t follow your passion if it won’t make you money
Learn from millionaires: follow what they do and invest well
Get rid of the losers and hang out with the high achievers: People tend to act like the people they associate with.
Exploit nine to five by taking full advantage of employee benefits and employer pension contributions
Don’t stay in one job for too long – pay raises often come with new jobs
Automate everything from paying bills to investing
Ignore the haters who might not understand spending less on nights out
Don’t try to keep up with the neighbors: cars depreciate and don’t make you rich.
Discuss financial goals with a partner
Prioritize health since money is not everything
Don’t get into credit card debt
Say yes to a promotion and learn how to do it later
Get rid of the bar and invest the money instead.

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The new full state pension is worth £9,627, which is just under the £10,200 a year that the Pensions and Life Savings Association (PLSA) says is needed to achieve a ” minimum standard of living” in retirement.

To enjoy any luxury in retirement, people will need to have at least twice as many, according to PLSA calculations.

According to the Office for National Statistics, the median salary for full-time workers in the UK is £38,131.

The good news is that it is possible to save a million for retirement on an average salary if people start working early enough.

Pensions expert Tamsin Calne told Express.co.uk: “If you can save 10 per cent on a pension (five per cent personal contributions and five per cent employer contributions, so £317.76 per month) and your investments grow at five per year, in 10 years you would have £49,548. In 20 years, you would have £131,154.”

In 40 years of saving like this, someone would have £758,422.

Tamsin added: “If we assume that income rises with three per cent inflation (I know it’s much higher at the moment), this amount becomes £167,837.

“Increasing the contributions to 15 per cent (10 per cent from the individual and five per cent from the employer), you would have £1,137,639.”