Many young people today want to save and invest enough money to retire early. One such person is his 22-year-old Ethan Only, a software engineer at Google. He is aiming for early retirement with the goal of saving his $5 million (approximately Rs 410 crore) by the age of 35. CNBC report.
The young technologist from Orange County, California, credited his parents for teaching him the importance of investing in stocks instead of just saving money.
“”[My parents] Very well explained, they said, ‘Leave the money here.’ [in a savings account]”Over time, it will become worthless,” and they said we should really learn to invest it in something,” Guongli said. CNBC “Make It”.
“When I was younger, my main thought was, ‘This money keeps growing, it keeps growing, and I’m not doing any work for it.’ This allows me to invest I really got into the idea that I don’t have to actually work actively for it, so make money,” he added.
His determination to achieve financial freedom led him to avoid student loans and earn a degree in computer science from the University of California, Berkeley in just two years. He also chose to live with his family after completing his bachelor’s degree in order to save on his rent.
After that, I got a job at a software company while completing my master’s degree in information and data science. He completed this course in his August 2022. On the way to his master’s degree, he got a job at Google as his software engineer. His annual income is $194,000 (approximately Rs 1.6 billion) including bonuses and share units.
Currently, he has nearly $135,000 (Rs. 1.1 crore) invested in retirement and other investment accounts, as well as homes in Florida and California. He aims to invest his 35% of his take home salary each year and plans to expand his real estate portfolio in the near future.
Guongli bought an investment property in Riverview, Fla., in early 2022, and about a year later, bought the main residence in La Palma, Calif., where he lives with his dog.
He doesn’t spend much on food because Google offers free breakfast and lunch. Furthermore, he doesn’t believe in splurge on branded clothes and prefers to wear simple and affordable clothes. He loves to travel, usually three to four times a year, but sticks to low-cost options rather than luxury upgrades, such as sharing his Airbnb with his friends.
To reach his $5 million goal, he plans to continue investing in his retirement account and add to his real estate portfolio by purchasing new properties every few years.
Of the books that really inspired him to travel, he said, “It tells you that while you’re young and healthy, you should spend more money on experiences and travel.” This is why I actually set this goal. At 67, I’m not trying to climb a mountain, but I want to do so while I can fully enjoy these experiences. “