The Millionaire Next Door: 29-Year-Old American Saves Over Rs 3 Crore for Early Retirement
The 29-year-old Tanner Firl from Minneapolis is "allergic" to spending money on anything other than the basic necessities.
Saving has become a major challenge for the youth in the era of inflation and ever-increasing prices of essential commodities. But, saving can take you a long way by ensuring your financial security. A man named Tanner Firle from the United States, by the age of 29, had accumulated Rs. 3 Crore ($3,80,000) in savings has proven this. Tanner recently opened up to media about how he and his wife Isabelle have trouble spending money when people are struggling. In exactly the opposite way. The 29-year-old lives in Minneapolis with Isabel and they are "allergic" to spending money on anything other than what they need. They have a similar attitude towards their needs which enables them to follow a strict financial strategy.
Tanner Firle is part of the FIRE (Financial Freedom Retirement Early) movement, and likes to be on the "lean" side which aims to "supercharge" their savings by cutting expenses as low as possible to practitioners. So far, he has saved $3,80,000 and plans to increase his savings to $6,25,000 by the age of 35 and then retire for good. This will give his family $25,000 in annual income once he quits his job.
Currently, Tanner takes care of the financial needs of his family which includes his wife and his 1-year-old son Teddy and three cats. He earns $1,35,000 (over Rs. 1 core) a year as a software engineer. While he spends a portion of his salary on food and lifestyle expenses, the rest is invested. It all started for Tanner as a child in a family with five other siblings. As part of a large family with a sole breadwinner, he knew the importance of money and while in college he discovered a blog written by Peter Adeniyi. Peter is one of the most prominent figures in the FIRE movement.
He graduated from the University of Minnesota in 2015 with a degree in mathematics and landed a job at the National Security Agency. His package at the time was $66,000 a year and the same year, he and Isabel got married. Since then, they have saved and come a long way in life.