‘Walk or bike to work’: IIT-Bombay graduate’s tips for early retirement

Achieving early retirement at the age of 29 may seem like an unattainable dream for most people, but it became a reality for Daniel George, a graduate from IIT Bombay. Sharing his journey with Business Insider, Daniel revealed that he started thinking about early retirement at the age of 24. A turning point in his journey came when he landed a job at Google

Daniel’s strategy for early retirement included carefully investing in tech stocks including Google, Apple, Amazon, Nvidia and Tesla. Despite initial nervousness due to limited financial knowledge, he gradually overcame this hurdle during his tenure at Google. He began learning about finance and taxes, which was an important aspect of his financial journey.

In particular, Daniel discovered the importance of retirement accounts like Roth IRAs during his time at Google. A Roth IRA, a tax-advantaged individual retirement account, allows contributions in after-tax dollars. Daniel skillfully optimized his retirement accounts to minimize tax liabilities, an important step in his financial planning.

Daniel emphasizes a disciplined approach towards expenses, attributing his success to spending less than 10% of his income on daily costs. Practical choices, like walking or biking to work and enjoying a meal at Google, contributed to his frugal lifestyle. Despite the generally high cost of living in Silicon Valley, Daniel managed affordable rent by sharing an apartment with friends.

Importantly, Daniel avoided spending money on extravagances like cars or houses. Instead, he prioritized investments, allowing his funds to grow rapidly and compound. They envisioned the possibility of relocating to lower-cost cities and acquiring more desirable homes in the future.

Reflecting on his time at Google, Daniel expressed satisfaction and emphasized that he never felt compromised in his quality of life. His prudent financial decisions coupled with strategic investments and a disciplined approach to expenses allowed Daniel to turn his ambitious goal of early retirement into a tangible achievement. His story serves as an inspiration for those looking to move toward financial independence and early retirement.