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30-year-old retires early after turning £1.82 in bank account into £800,000 in savings

News30-year-old retires early after turning £1.82 in bank account into £800,000 in savings

Grant Sabatier, the creator of Millennial Money and author of Financial Freedom, was forced to move back in with his parents after college due to his money issues. However, his business acumen meant he was able to accumulate $1million (£803,690) in savings and achieve early retirement.

Speaking to MarketWatch, Mr Sabatier shared how he was able to achieve FIRE (Financial Independence, Retire Early).

This is a financial movement of people who make larger contributions to their savings and investments in order to leave the workforce early.

By August 26, 2010, the finance expert only had $2.26 (£1.82) left in his account and knew he needed to make a change.

He explained: “When I graduated from college, I bounced around four different jobs. I never found the right fit.

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“At the age of 24, I was completely broke and had to actually move back home with my parents and kind of start over. 

“Even though my parents wouldn’t say that they were worried, I could just see it in their eyes and that bothered me the most.”

After hitting this low point, Mr Sabatlier set himself a goal of saving $1million (£803,690) to get back on his feet.

In order to do this, he started to build up a skill set with the idea of monetizing off of it and settled on running Google advertisement campaigns.

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The first website he built for a client was for $500 (£401.85) and within three months he was working on projects and getting paid $50,000 (£40,184.50).

By the end of his first year working in his new profession, Mr Sabatlier was making a six-figure salary.

While saving money, the early retiree would not keep more than $3,000 (£2,411.07) in his checking account and would instead invest. Of course, with investing, capital is at risk and people can end up with less than they put in.

However, the pressure of acquiring a savings pot of $1million within a five-year period was taxing on him.

READ MORE: State pensioners get £1k more tomorrow but incomes still shrink

Mr Sabatier added: “I became financially independent shortly after becoming 30. I was completely burnt out, even though I had all the money I needed.

“I ended up having to detox for over a year and a half from all those years of working 100-hour weeks, travelling and all the crazy stuff that I did to my body.”

Now married, the finance expert had adjusted his finances and style of FIRE living in order to accommodate his spouse.

While Mr Sabatier is financially secure for the next couple of years, the realises he will likely have to pivot and rely on other ways of generating income at a later day.

He said: “Financial independence: none of the freedom matters if you do not take advantage of it.

“If you have six months of expenses saved, you have freedom and if you’d have two years of expenses, you have freedom in your life.

“For me, I was so blind that I just had to get to the goal. I didn’t realise that so much of what I was craving I already had.

“Financial freedom is this idea that you already have so much more freedom than you realise and you’re going to be acquiring more of it as you make more money in your life.”

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