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Denis Sergienko • 2022-07-28

5 Simple Money Rules Helped an Early Retiree Save $1 Million

5 Simple Money Rules Helped an Early Retiree Save $1 Million

Steve Adcock retired in 35 with $1 million saved. He was not born rich though he managed to gain wealth using simple money rules he shared with others. These rules are an example of how anyone can accumulate a decent sum for early retirement using old-fashioned ways without starting their own business or developing a high-end financial strategy.

Setting proper priorities, avoiding haters, applying money management techniques, and keeping control over your budget – we have highlighted some of the most important points.

1. Do not Follow Your Passion

We can be passionate about many different things. Most people are not satisfied with what they currently do. Most of us are sure we are wasting time at our current jobs. We dream of becoming photographers, musicians, or world-famous chefs.

However, most of the above-mentioned require talents skills, and years of training. One should think twice before leaving a well-paid job as a marketing specialist or app developer (making about $55,000 per year) for something less stable and unpredictable.

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2. Learn from Millionaires

Not all millionaires prefer expensive clothes, posh cars, and luxurious vacations. Some well-known investors would rather have a cheap Casio watch instead of Rolex. There are examples of when millionaires drove a 6-year Honda Civic.

So, the idea is to learn the best practice. The challenge is not just to accumulate wealth but also to spend it properly. Instead of being jealous of rich people, one can learn from them, take notes and consolidate their experience. This is where copy trading is a great solution for those, who want to learn from the best in real-time and share profit.

3. Prioritize Your Health

A healthy person is happier and more productive. What’s more, having good health means avoiding unexpected medical costs. Keeping fit helps you save a lot. According to the latest studies, healthcare costs have grown sharply over the last 5 decades.

Before 1970, they were about $357 per person. In 2020, people spent more than $12,000 on different medical services and products. So, keeping yourself in a good shape will definitely let you save some good cash for early retirement.

4. Steer Clear from Credit Card Debts

Overall Americans’ credit card debt is $840 billion. At the same time, the interest rate is increasingly high making this particular type of debt the worst one. People get used quickly to the idea of spending money they do not have or cannot afford. It turns into a nasty habit and never-ending borrowing. The situation may quickly get out of hand.

5. Stop Visiting Bars

The privilege of having a couple of drinks with friends in a local bar normally cost from $70 to $100 per person. Regular weekly visits will wash around $400 off your wallet every month. Instead, you can invest that money in some reliable and trusted trading instruments. You would spend them anyway. This time, it can bring you some good profit.

Keeping your funds under control is not as easy as it may seem. However, having a fixed plan with clear and simple steps will prevent your wallet from unnecessary spending.