Brandon Ganch, known online as crazy dinosaurIn 2016, at the age of 34, he retired by actively saving and maintaining lean consumption.
Although he does not regret his “excessive focus” on the wealth he accumulated Save 70% of your income“Knowing what I know now, I could have put my foot off the gas,” he told host Paula Pant on a recent episode of the show. “Afford Anything” Podcast.
Before taking early retirement, the software developer and his wife lived frugally “in the woods of Vermont” while pursuing financial independence. But during that time, “I fell into poverty, and my wife and I were unhappy,” Ganchi said.
Now with two young children, his spending habits have changed. Rather than being “super frugal”, he prioritized spending money on things that would improve his family’s quality of life, such as buying a house in Scotland where they now live – a decision he describes as “purely frugal” compared to his previous frugality. luxury”.
“For the first time in my life, I’m enjoying home ownership,” Ganchi told Painter. “I’m not going to let it stress me out. I know there’s going to be expenses,” so he’s not too worried about “saving every penny.”
“Don’t maximize your net worth”
Ganchi’s shift in mindset came from reading Bill Perkins’s Zero Death, a book that emphasizes balancing financial independence with enjoying life experiences now, rather than just saving for the future.
Looking back, Ganchi wishes he could have embraced certain moments in his 20s, like the bachelor party he skipped to avoid expensive plane tickets.
“I didn’t want to spend a drunken weekend with friends in my 40s, but I’m sad I missed that opportunity in my 20s because it would have been fun — and we’d have great stories ,” he said.
He still appreciates the freedom of retiring early and wants to keep his savings intact, but he’s become more relaxed about spending. “You can’t maximize net assets. You should maximize net realizations,” he said.
“My biggest financial regret is not my spending, but my thoughts.”
Like Ganchi, Alex Trias wishes he wasn’t so obsessed with achieving his goal of early retirement. before trias After retiring at 41 and moving to Portugal with his wife, he spent several years obsessing over his investments – a habit he, in hindsight, wishes he had avoided.
“My biggest financial regret is not my spending, but my thoughts,” Trias previously told CNBC Make It. “I always thought about investing at a low price, waiting, and then selling at a higher price. I can’t explain the anxiety and waste that this mental framework creates.”
Looking back, “I think trying to focus on (your net worth) month by month or even year by year was probably counterproductive,” Trias said. “Don’t focus so much on the end result, but focus on the habit you’re forming.”
Sam Dogan, Founder Financial Samurai and author of the forthcoming book, “millionaire milestone,” I don’t regret my decision to retire early, but I hope I can work in the workplace for a few more years.
“I realize now how young I was when I retired,” Dogen, who retired at 34, wrote in a 2019 article for CNBC Make It. “A few people even commented on how bad my decision was. Responsible and reckless, especially since I was just entering my peak earning years.”
Dogen worked in investment banking for 13 years before leaving with a net worth of $3 million, generating about $80,000 in passive income annually. But if he hangs on a little longer, he’ll be able to save more for retirement and potentially explore new opportunities.
“In retrospect, I could have stayed another year and found a new role in another office within the company,” he wrote. “I’ve always thought about working overseas – like Hong Kong, Taiwan, Beijing or London. Maybe this will reignite my interest and convince me to work for a few more years.”
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