USA.- With only five dollars in his bank account, Grant Sabatier decided it was time to change his financial lifeat 24 years He set himself an ambitious goal: earn a million dollars and retire as soon as possible.
Five years later, his savings exceeded a million dollars thanks to following three tips. Goal accomplished. Now about to turn 40, Sabatier is an early retiree, author of the financial freedom book ‘Financial Freedom: A Proven Path to All the Money You Ever Need’ and founder of Millennial Money.
According to him, most people in the United States can retire in ten years or less if they earn at least $70,000 a year and consistently save between 50% and 70% of their income.
This will require a significant lifestyle change, such as reducing housing expenses, increasing sources of income, and maintaining long-term motivation.
Sabatier Tips
Sabatier’s first piece of advice is to reduce housing expenses. This can be accomplished by living in the least expensive apartment possible, getting roommates, or even buying a two-bedroom property and renting out the other bedroom to keep housing costs as low as possible.
If these expenses can be significantly reduced, 10 to 15 years can be saved in the time it takes to retire.
Sabatier’s second piece of advice is to look for other sources of income. To be a millionaire or retire young, both reducing expenses and increasing income are necessary.
The expert recommends earning a little extra money, and as you earn it, invest it rather than spend it. For every $1,000 invested, time will be saved in retirement.
Sabatier’s third piece of advice is to stay motivated for the long term. The key to achieving financial freedom is to be consistent in achieving objectives, steps and goals, even over several years. Being disciplined with money and having a thrifty mindset is essential to achieve this.
According to Sabatier, being a young millionaire is not an easy task, but it is possible with dedication, perseverance and patience. Furthermore, this is not only possible in the United States, but also in other countries.
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A good option is to invest in the stock market, something Sabatier did to achieve his goal.. However, Sabatier advises to be careful when investing and always seek financial advice from trusted professionals.
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