9 incredible ways to accumulate and retire in youth

A small group of young people in the United States follows the trend of saving the maximum amount of money in order to achieve financial independence and retire early.

Фото: Depositphotos

These people save a lot from the ages from 20 to 40 years, after which they can enjoy life without having to work, writes Forbes.

Some of them go into retirement to continue saving, spending about 20 000 dollars a year, while others save enough to quit their jobs to live comfortably, like millionaires.

Here are some tips from supporters of this trend on how to save as much as possible.

Tanya Hester retired in 38 years with her husband Mark Bunge, who at that time was 41 year. They blog on savings and write books on these topics.

To save steam, it advises:

1. During the winter, turn on the thermostat by no more than 55 degrees Fahrenheit (about 13 degrees Celsius)

In winter, I maintain the temperature in our house at 55 degrees Fahrenheit. The first gas bill that my husband and I received after we moved into a house on Lake Tahoe was about 400 dollars. At that time we were heating the house to 62 degrees Fahrenheit (17 degrees Celsius), so we decided then that we could reduce this bill. We experimented on how much we can reduce the temperature, and in the end we came to 55 degrees Fahrenheit. If you make it colder, then we feel uncomfortable and cannot cope with this with the help of clothes.

2. Use coupons and your groceries will cost you $100 a month.

We used this technique for a short period of time. Collection of coupons and selection of the best deals takes several hours a day. At that time, we spent less than $ 100 per month on food for two in quite expensive Southern California. But we mainly ate junk food, because it is on these products that coupons are usually offered, so we ultimately decided that our health is more important than economy and refused to use coupons in extreme situations.

Sam Dogen founded the FinancialSamurai.com website in 2009 year as a way to cope with the crisis. In 2012, he retired. He now spends time taking care of his son, writes about personal finances and plays tennis in San Francisco.

His savings tips:

3. Renting an apartment with a friend

As an investment specialist in Manhattan, I lived in the studio for two years with my friend to save about 1000 dollars per month for rent. Meanwhile, my financial analytics colleagues lived in luxury one-bedroom apartments or their parents bought their own apartments for them.

Фото: Depositphotos

4. Worked on 14-hours a day to have lunch and breakfast for free

For the first two years in New York, I worked on 14 hours a day to have a free lunch, and also take home free fruit and cereal for breakfast. I came to work at 5: 30 in the morning and stayed until 19: 30 in the evening, because at that time the free cafeteria was opening.

J is the blogger behind the podcasts Millennial Boss and Fire Drill, which talk about saving and investing.

Savings blogger tips:

5. Fake wedding ring

My engagement ring is fake (the stone in it is moissanite, which is created in a laboratory), but no one knows this. This ring cost $300 and I get compliments on “my diamond” all the time.

6. Wedding dress in hand luggage

I packed everything I needed for a wedding weekend, including shoes, accessories and extra clothes, into a backpack because I didn’t want to pay for the luggage. I carried a wedding dress with me. It's all I need.

Фото: Depositphotos

Drew is a young man living in Washington, DC. He is an enthusiast who loves the mountains and is always up for an adventure. Drew is also an avid sports fan, has an eye for investing, and is obsessed with real estate.

7. Lived on 52 square feet (5 square meters.)

I found a way to live for free. In fact, I even got paid for it. The craziest example is living in 52 square feet. I decided to live in the smallest room of my rental property. I could live rent-free and still make a profit by staying in any room. However, I wanted to optimize my cash flow as much as possible, so I moved into a 52-foot room.

8. Drive a 20 year old car

Most of my friends rushed to buy new cars after getting their first job. Cars destroy the wealth creation process because they are a cushioning asset and lose their value over time. Plus they require a lot of attention. One of my friends bought a car for 30 000 dollars, which eventually cost him more than 240 000 dollars.

I decided to use my old car until it was 20 years old, and it did not drive more than 200 000 miles (321 900 km). Driving a used car helped I save over 6000 dollars a year.

Bryce and Christie lived in one of the most expensive cities in Canada, but instead of drowning in debt, they were able to optimize their expenses and retire in the 31 year, traveling the world.

9. Refuse to buy a house

This was the most controversial thing we’ve ever done, since general wisdom says that buying a home is a good investment. But when we calculated everything, we saw that buying a house, especially in such an expensive city like Toronto, does not make sense.

As a result, we proved our point, and this decision allowed us to become millionaires at the age of 31, since we invested all this money that we could spend to buy a house. Most people do not understand how expensive it is to own a house, and this causes them to make the worst financial mistake in their lives.

Read also on ForumDaily:

The American, who did not have enough housing, told about life in the car

Personal experience: how to save $ 8000 per year with coupons

15 US cities where the economy grows and wages

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