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| Couple who retired in their 30s with 'multi-millions' explain how much they had to save | Couple who retired in their 30s with 'multi-millions' explain how much they had to save |
| (4 days later) | |
| About 13 years ago, Jeremy Jacobson and Winnie Tseng decided to get serious about their savings goals. | About 13 years ago, Jeremy Jacobson and Winnie Tseng decided to get serious about their savings goals. |
| “At that time we had this epiphany that the path we were on wasn't going to be a long-term path to happiness,” Jacobson told Farnoosh Torabi on her personal-finance podcast, “So Money.” | “At that time we had this epiphany that the path we were on wasn't going to be a long-term path to happiness,” Jacobson told Farnoosh Torabi on her personal-finance podcast, “So Money.” |
| They changed their lifestyle immediately in order to accelerate their retirement track. | They changed their lifestyle immediately in order to accelerate their retirement track. |
| Exactly 10 years and one day later they were submitting their resignations. | Exactly 10 years and one day later they were submitting their resignations. |
| For the past three years, they've been enjoying 52 weeks of vacation and traveling the world, from Mexico and Guatemala to Taiwan, Belize, and all over the US. | For the past three years, they've been enjoying 52 weeks of vacation and traveling the world, from Mexico and Guatemala to Taiwan, Belize, and all over the US. |
| The husband-and-wife team, who are still in their 30s and recently had their first child, clearly figured something out — and they share tips and strategies on their personal blog, “Go Curry Cracker!” — but just how much sacrifice did it take to retire comfortably well before the age of 40? | The husband-and-wife team, who are still in their 30s and recently had their first child, clearly figured something out — and they share tips and strategies on their personal blog, “Go Curry Cracker!” — but just how much sacrifice did it take to retire comfortably well before the age of 40? |
| How much of their combined $135,000 salary was going to savings? | How much of their combined $135,000 salary was going to savings? |
| More than 70 per cent, they explain on their blog. | More than 70 per cent, they explain on their blog. |
| They also spent five to six years paying off student loans prior to their 10-year stretch of diligent saving, and “another three years of being retired during a bull stock market to get there,” Jacobson explains in a recent blog post. | They also spent five to six years paying off student loans prior to their 10-year stretch of diligent saving, and “another three years of being retired during a bull stock market to get there,” Jacobson explains in a recent blog post. |
| “To get to a high savings rate, we cut spending in the areas that are typically the largest money drains: transportation (a car), housing, food, and entertainment,” they write. “By using a bicycle and the bus for transportation, living in a comfortably sized apartment in a walkable neighborhood, and finding joy in home-cooked meals and nature instead of consumerism, we eliminated, or significantly reduced, our cost of living.” | “To get to a high savings rate, we cut spending in the areas that are typically the largest money drains: transportation (a car), housing, food, and entertainment,” they write. “By using a bicycle and the bus for transportation, living in a comfortably sized apartment in a walkable neighborhood, and finding joy in home-cooked meals and nature instead of consumerism, we eliminated, or significantly reduced, our cost of living.” |
| Thanks to ten years of living well below their means, Jacobson and Tseng's net worth is “multi-millions,” they told Torabi, and live on about $4,000 a month. | Thanks to ten years of living well below their means, Jacobson and Tseng's net worth is “multi-millions,” they told Torabi, and live on about $4,000 a month. |
| Their lifestyle is feasible for anyone, the two — who both came from lower-income families and dealt with paying off student loans — encourage. | Their lifestyle is feasible for anyone, the two — who both came from lower-income families and dealt with paying off student loans — encourage. |
| “Many assume that you have to work 40 or more years to retire, or that long term international travel is only for college drop-outs and dirty hippies living on rice and beans,” they write. “It doesn't require winning the lottery, inheriting a windfall, or getting lucky on some penny stocks. There is really only one thing that determines how quickly you could join us on the road: savings rate.” | “Many assume that you have to work 40 or more years to retire, or that long term international travel is only for college drop-outs and dirty hippies living on rice and beans,” they write. “It doesn't require winning the lottery, inheriting a windfall, or getting lucky on some penny stocks. There is really only one thing that determines how quickly you could join us on the road: savings rate.” |
| This article has been updated following a response from Jacobson and Tseng. | This article has been updated following a response from Jacobson and Tseng. |
| Read more: | Read more: |
| • Deutsche Bank slashes fixed income — 75 jobs cut in London and New York• Brexit panic has pushed the pound to a 7-year low• The biggest sign it's time to quit your job | • Deutsche Bank slashes fixed income — 75 jobs cut in London and New York• Brexit panic has pushed the pound to a 7-year low• The biggest sign it's time to quit your job |
| Read the original article on Business Insider UK. © 2015. Follow Business Insider UK on Twitter. | Read the original article on Business Insider UK. © 2015. Follow Business Insider UK on Twitter. |
| Download a free guide on how you can retire at 55, from Independent Partner, Hargreaves Lansdown. | Download a free guide on how you can retire at 55, from Independent Partner, Hargreaves Lansdown. |