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☆ A boomer who retired with a $2 million net worth despite working modest jobs shares his advice on retiring comfortably
▼ + stars: | 2024-11-16 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

AdvertisementAn Idaho couple retired with a net worth of over $2 million by living frugally and making smart investment choices. Richard learned investment strategies later in life after losing thousands in the dot-com bubble. He worked and lived frugally while attending the University of Illinois, which he said cost just $173 his first semester. Advertisement"I haven't been a disciplined, smart investor throughout my life, but I have always lived frugally," Richard said. In retirement, Richard has produced over 70 books about his hometown, American history, and trail guides.

Persons: Richard, weren't, wasn't, it's, I've, He's Organizations: University of Illinois, Air Force, Social, Social Security Locations: Idaho, Illinois, Sacramento, Airbnbs

It all started with a summer project when he was 12 and "super into the game Minecraft," Guo tells CNBC Make It. He recently moved from Southern California to Bali, Indonesia, where he splits a villa with friends and spends his free time surfing. The expense is well worth it for high-quality food, Guo says: "One of the best parts about Bali is how clean and healthy the food is. "Most of my expenses go towards food, but if I do spend money, it's typically towards gifts for family or my girlfriend." As far as what he doesn't spend on, "I absolutely refuse to spend money on things that depreciate in value," like luxury goods, Guo says.

Persons: Steven Guo's, Guo, Steven Guo, Roth, frugally, China who's, We're Organizations: CNBC, University of California, Amazon Prime, YouTube, Transportation Locations: Southern California, Bali, Ruda Putra, Indonesia, Irvine, U.S, Philippines, UK, India, California, Canggu, Portugal, Australia, Hawaii, China, Canada

☆ He moved into a 194-square-foot apartment in Japan — and found that downsizing boosted his productivity
▼ + stars: | 2024-10-10 | by ( Amanda Goh | ) www.businessinsider.com time to read: +8 min

AdvertisementBefore LaJuan, 32, moved into his micro-apartment in Nagoya, Japan, he was worried. The shoebox apartment was merely 194 square feet, with a divider separating the living and sleeping space from the kitchen and toilet. Moving to JapanHailing from Trinidad and Tobago, LaJuan first came to Japan in 2016 on a teaching exchange program after college. "I'm like, oh, I'm going to live life purely based on what I want to get out of life, and purely with intention." "Where I live right now, there are a lot of really nice luxury vehicles, so I see it on a regular basis.

Persons: —, wasn't, LaJuan, I'd, it's, It's, LaJuan's, frugally, he's, he'll, doesn't Organizations: Service, Netflix Locations: Nagoya, Japan, Trinidad and Tobago, It's, Fuji, Tokyo, Kyoto, Trinidad ., Trinidad, homeownership

☆ Moving to Amsterdam, paying off loans: 3 millennial moms on the major money moves they made to feel confident having kids
▼ + stars: | 2024-10-09 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +7 min

It was less a comment on my sister's personal financial situation and more reflective of the fact that having kids isn't just expensive. Some managed to follow the previously typical trajectory of getting married, buying a house and then having kids when the time felt right. Outside of Baltimore, 'having a house really made us feel comfortable having children'Achieving the major financial milestone of homeownership helped Marie Medina, 28, and her husband, Daniel, feel ready to start having kids. "Having a house really made us feel comfortable having children," Medina says. She and her husband moved from the Bronx to Portland, Oregon, in 2021, in part to make their dream of having kids more financially feasible.

Persons: you'll, it's incalculable, it's, aren't, homeownership, Marie Medina, Daniel, Medina, Marie, Daniel Medina, Yolanda Cando, Gilleran, Yolanda, Graham Cando, Alejandra Rojas, didn't Locations: Baltimore, Columbia , Maryland, New York City, Bronx, Portland , Oregon, Portland, Oregon, Amsterdam, Colombia, Netherlands, Maryland

☆ A retired boomer who gets $1,662 in Social Security moved in with roommates to afford her medical bills: 'It's the only way I can afford to live comfortably'
▼ + stars: | 2024-09-10 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

Still, getting by even in a one-stoplight town is challenging, given her $1,662 in Social Security only goes so far. "I now have roommates for the first time in my life, but it's a way to live comfortably," Marion said. AdvertisementRising costs and losing incomeMarion's father was in the military, and her family moved around the country as a child. She relied on Social Security Disability Insurance payments to keep her afloat, which were much less than her salary. She said her sister and her boyfriend are better off financially, as they get small pensions on top of their Social Security.

Persons: —, Marion, Marion's, She's, you've Organizations: Service, Business, Social Security, Nutrition, Social Locations: Washington, Ohio, Germany, Massachusetts , Florida , Michigan, Texas, Seattle, Mechanicsburg

☆ Sick of the grind, he ditched the city to live in a tiny house in the woods. Now, he estimates he gets by on $750 a month.
▼ + stars: | 2024-09-06 | by ( Amanda Goh | ) www.businessinsider.com time to read: +12 min

Anders Boisen. Anders Boisen. AdvertisementDuring the pandemic, he quit his job in order to focus on building his tiny house. Anders Boisen. He had already been building a tiny house on the side, and he decided to focus on the project full-time.

Persons: —, Anders Boisen, he's, Boisen, It's, I'm, isn't, I've Organizations: Service, Business Communication, Business Locations: Denmark, Danish, English, Aarhus, There's, homeownership, Boisen

Though many say they are thankful to have Social Security payments at all, they aren't enough to fill the gap. To help pay the bills, nearly 80% of retirees receive some Social Security income, per BI's calculations, and the Social Security Administration estimates that 97% of older adults will ultimately receive benefits. She told BI that her expected $2,000 monthly Social Security payments may not be enough. As pensions dissipate and only higher-earning retirees have savings, Social Security might only become more pivotal for retirees. Advertisement"I don't want to be rich, I just need to be comfortable," 62-year-old Angela Babin — who lives on her $1,100 monthly Social Security check — told BI.

Persons: —, Emma Echols, she'll, Echols, she's, She's, Xers, Tracey Gronniger, Cheryl Simmons, Franklin D, Roosevelt, they've, Mary Dacus, Stephen, They've, Becky Davenport, Davenport, Donald Trump, Bernie Sanders, Elizabeth Warren, Gronniger, Angela Babin — Organizations: Service, Social Security, Business, Social, Security, Social Security Administration, SNAP, Pew Research Center, Republican, Republicans, allisonkelly Locations: Alabama, San Diego, Spain, Greece, Robinson , Illinois, Florida, Anchorage

☆ A boomer gets just $1,056 a month in Social Security and works as a bus driver: 'I don't see myself being able to retire, but I'm grateful and healthy'
▼ + stars: | 2024-07-21 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

Read previewEmma Echols, 68, lives off $1,056 a month in Social Security and a part-time bus driver job in Alabama. Echols has worked since she was 12, working as a chef, a convenience store general manager, and a bus driver. "I always wanted to earn my own money," Echols said. "I always wanted to work, and at the age of 14, someone started my Social Security records for me. AdvertisementHer Social Security is $1,056 a month, a 25% reduction from her potential full benefit because she accepted payments early.

Persons: —, Emma Echols, she's, Echols, I've, hasn't Organizations: Service, Social Security, Business, Survey, Security Locations: Alabama

☆ A boomer lives on $2,600 monthly from Social Security and his Walmart job: 'If I had $1 million, I don't know what I would do with it.'
▼ + stars: | 2024-07-14 | by ( Allie Kelly | ) www.businessinsider.com time to read: +4 min

He works two or three days a week at a Walmart warehouse and cashes his monthly Social Security check, which he said is enough to finance his "simple" lifestyle. AdvertisementHe lives in Finleyville, Pennsylvania, a town 45 minutes south of Pittsburgh and receives $1,022 a month in Social Security, according to documents viewed by BI. Some are living paycheck to paycheck on Social Security, which could start shrinking by 2030 . The paychecks help supplement this Social Security income, and he said the job keeps him active and social. Are you an older adult living on Social Security?

Persons: —, George Dziamniski, frugally, Dziamniski, doesn't Organizations: Service, Walmart, Social Security, Business, BI, Northwestern Mutual, Survey, SNAP, Medicare Locations: Finleyville , Pennsylvania, Pittsburgh, Finleyville

☆ A FIRE couple who retired early at 29 and visited every national park and state share their favorites — and the ones to skip
▼ + stars: | 2024-07-11 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

Read previewSteven and Lauren Keys, now 33 and 34, retired at 29 and have visited every state and national park — managing to grow their wealth while doing so. They've explored much of the country, deciding their favorite national parks are in California and Alaska — while their least favorite are in the Midwest. "We've been to Yosemite a couple of times, and there are areas where you're sitting in traffic literally in a national park for an extra 45 minutes." About 41% of the total cost of attending all national parks came from traveling to Alaska, Hawaii, and other American territories. Their least favorite national park was Hot Springs in Arkansas, which was the first national park they visited.

Persons: —, Steven, Lauren Keys, They've, Lauren, It's, We've, Hawaii's Haleakalā, St . Louis, St, Rushmore Organizations: Service, Business, University of Florida, Facebook, Yosemite, Hawai'i Volcanoes, Springs, Voyageurs, Kansas City Locations: California, Alaska, Tampa, Florida, New York, Hawaii, Gainesville —, Australia, Canada, Yosemite, Eureka Valley, Badwater, Hawai'i, Maui, Yellowstone, American Samoa, Carlsbad, Arkansas, St ., Minnesota, Guadalupe, Texas, Utah, Southern California, Oahu, Kansas , Missouri, South Carolina, New Jersey, Kansas, Louis, North Dakota, South Dakota , Idaho, Montana

☆ How a Seattle couple achieved financial independence in their mid-30s after paying their way through school — and why they don't want to retire early
▼ + stars: | 2024-07-06 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

Mai-lan Phan and her husband, Ryan Wagoner, both 36, reached financial independence, but neither wants to fully retire early. Many Americans are working to achieve financial independence — or having enough savings or income to live comfortably for life. Advertisement"I want to be able to walk away from any job if it's not working," Wagoner said. Nerve damage in her right hand prevented her from returning to work full-time. She said their finances were solid enough from not "keeping up with the Joneses" that she could work less while her husband continued to work full-time.

Persons: Phan, Ryan Wagoner, Wagoner, it's, —, I'm, we're, they've, she's, They've, — Phan, We've, we've Organizations: Service, Seahawks, Business, FIRE, Subway, Michigan State University, Microsoft Locations: Phan, Seattle, Michigan, Mexico, Paris, Thailand, Europe, Asia

☆ Retiring early sounds like the dream — but not achieving FIRE could actually help you live longer
▼ + stars: | 2024-07-06 | by ( Serafina Kenny | ) www.businessinsider.com time to read: +5 min

Read previewBeing part of the financially independent / retire early movement sounds like the dream. Members of the "FIRE" movement prioritize living frugally to save and invest as much of their income as possible, creating a huge nest egg that enables them to retire early. Longevity is also a buzzy topic, and research suggests that people who live longer tend to have a strong sense of purpose. As many people get this purpose from work and their careers, could retiring early be detrimental to our health? But she said that evidence suggests the potential benefits of working or retiring vary from person to person.

Persons: —, Karen Glaser, Glaser, WHERL, Drazen Zigic Organizations: Service, Business, gerontology, Kings College London, University of Glasgow, Ageing, FIRE, Aging

☆ A couple who achieved financial independence and retired in their 30s shares their $280,000 a year budget raising 2 kids in San Francisco
▼ + stars: | 2024-06-16 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

AdvertisementHow a FIRE family budgetsIn 2012, Dogen reached financial independence after 13 years in banking, predominantly in San Francisco. His wife retired in 2015 at 35 and worked part-time until they had their first kid. Other family expenses include $7,800 for three family vacations, $6,000 for entertainment, including sporting events and social functions, and $4,200 for baby items. He also said he feels safer as an Asian American in San Francisco than in many other parts of the country. He's itching to "fill that void" with part-time consulting work in the tech or startup industry, hoping to get more involved with AI companies in San Francisco.

Persons: —, Sam Dogen, haven't, Dogen, Uber, should've, they're, I'm, he's, it's, Dogen didn't, didn't, you've, I've Organizations: Service, Business, FIRE, Bay Area, Uber Locations: San Francisco, American, Memphis, Houston, Bay

☆ I work 2 full-time jobs from 9 a.m. to 10 p.m. I'm sacrificing sleep, friends, and hobbies so I can retire in my 30s.
▼ + stars: | 2024-06-09 | by ( Ella Hopkins | ) www.businessinsider.com time to read: +6 min

I started working two jobs while I was finishing my sociology and business major in college in 2021. My marketing job was flexible, so I could do my college work during my lunch breaks or quiet periods. I kept up my 2 jobs after collegeIt felt natural to continue working two jobs after graduating from college in 2022. I kept up my customer service job, working 65 hours over two weeks. If you work two full-time jobs and would like to share your story, email Ella Hopkins at ehopkins@businessinsider.com.

Persons: —, Jane, I'd, I'm, I've, Ella Hopkins Organizations: Service, Business, FIRE Locations: Canada, ehopkins@businessinsider.com

☆ What 5 self-made millionaires refuse to spend money on: It's 'fun being able to buy something and choosing not to'
▼ + stars: | 2024-05-26 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

Make It has spoken with plenty of millionaires over the years and often asks them, "What do you refuse to spend money on?" "It's actually really fun being able to buy something and then choosing not to," he previously told CNBC Make It. Here's what he and four other self-made millionaires say they never spend money on. Fast fashionJonathan Sanchez, a self-made millionaire and founder of Parent Portfolio, maintains a low clothing budget by keeping things straightforward. That's Crush Your Money Goals founder Bernadette Joy's thinking when it comes to workout clothes.

Persons: Todd Baldwin, frugality, It's, Jonathan Sanchez, I'm, Steve Adcock, Adcock, Jim Cramer, wouldn't, Cramer, Bernadette Joy's Organizations: CNBC, Parent

☆ Inflation is scrambling Americans' perceptions of middle class life
▼ + stars: | 2024-05-05 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +8 min

For many in the middle class, inflation is at the heart of this feeling. That's making people feel locked out of many of the milestones long associated with middle-class life. 74% of middle class Americans have cut back on non-essential spending, according to Primerica's survey. 46% of middle-class Americans said they've dialed back or completely paused saving for the future and 38% said they didn't think they could afford an unexpected expense over $1000. Buying a home may be the greatest example of a tenet of middle-class life feeling out of reach for many, and that struggle is very real rather than merely negatively perceived.

Persons: —, Vincent, he'd, he's, Eoin Sheehan, Chris Collins, Collins, Jessica, they're, Kayla, Primerica, they've, Sheehan Organizations: Service, Business, Pew Research Center, Redfield & Wilton, Federal, Northwestern Mutual's Collins, Northwestern Mutual, Newsweek, National Association of Realtors Locations: Santa Barbara, California, Alabama, Primerica

☆ Here's what 93-year-old Warren Buffett and YouTuber Ryan Trahan, 25, have in common
▼ + stars: | 2024-04-28 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Warren Buffett, 93, has more in common with YouTuber Ryan Trahan, 25, than you might think. Trahan specializes in turning a penny into hundreds or even thousands of dollars within days. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . If the 93-year-old investor watched YouTube, he might be a fan of Ryan Trahan.

Persons: Warren Buffett, YouTuber Ryan Trahan, Trahan, —, Ryan Trahan, Charlie Munger, Berkshire Hathaway, vlogger, hawking, Buffett, penny's Organizations: Service, YouTube, Berkshire, Buffett —, HBO Locations: California, North Carolina, McDonald's, Berkshire

☆ A millennial couple who reached financial independence by their mid-30s but don't want to retire early share how they still save 80% of their income
▼ + stars: | 2024-04-25 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Lindsey and David Barber save 75% to 80% of their income for retirement and their son's future. Despite having enough to retire early, the millennial couple plans to keep working. AdvertisementLindsey Harrison Barber, 34, and her husband, David Barber, 35, have enough to retire early, but neither intends to slow down. Lindsey owns a marketing agency, while David owns an insurance agency, which bring in a combined eight figures in top-line revenue. Some are part of the FIRE movement — financial independence, retire early — though others are moving away from early retirement, whether to continue building generational wealth or transitioning to lower-stress roles that still give them something to do.

Persons: Lindsey, David Barber, they've, —, Lindsey Harrison Barber, David, we've, we're, he's, hasn't, they're, she'll, they'll Organizations: Service, Business, North Carolina Locations: North Carolina , Texas , Kentucky, Ohio, Lindsey, North Carolina

☆ My husband and I are trying to visit every country in the world. Spending so much time together has made us work on our relationship.
▼ + stars: | 2024-03-06 | by ( Lauren Crosmedlicott | ) www.businessinsider.com time to read: +5 min

Emily and Hudson Crider have been traveling the world for seven years. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . We wanted to tell stories of travel, so started dreaming up an idea of spending a year traveling the 50 states in an RV. We decided to travel internationally, which eventually turned into wanting to visit every country in the world. As much as we love travel, we plan to finish our goal of visiting every country within the next year.

Persons: Emily, Hudson Crider, —, Emily Crider, Hudson, we've, they've Organizations: Service, Craigslist Locations: Hudson, Times, Switzerland

☆ After 35 years, he got $119,500 in student debt forgiven. Then the government refunded him $56,801
▼ + stars: | 2024-02-16 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

Under the U.S. Department of Education's income-driven repayment plans, student loan borrowers are entitled to get any of their remaining debt forgiven after 20 years or 25 years. Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, refuted that the companies benefit by veering from the government's orders. Shortly after Fox heard that his student loans were forgiven, he received a payment from the government for $56,801. When he told people he was still paying off his student debt, they scratched their heads. Over the decades, based on Fox's records which CNBC reviewed, he paid around $200,000 to his federal student loans.

Persons: Marlon, George, servicers, Nadine Chabrier, Fox, he'd, Scott Buchanan, Buchanan, I've, Marlon Fox, overpayments, Biden, Debbie Organizations: Biden, U.S . Department, Center for, Lending, The Education, Student Loan, Alliance, Palmer College of Chiropractic, CNBC Locations: forbearances

☆ Couple has chance to earn over $700,000 a year—'I Will Teach You to be Rich' author says 'maximizing' isn't always the answer
▼ + stars: | 2024-01-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

Many Americans would accept a job offer that pays over $500,000 a year without batting an eye. The couple spends about "three to four hours a day" talking about money, they told Sethi. "The two of you excel in structured ways of thinking," Sethi told them. She told Sethi that despite the couple having over $300,000 in the bank between savings and investments, she's still nervous it's not enough. Seeing the projections for each salary offer in their spreadsheet helped put Mel and Babu at ease about having their immediate financial needs met.

Persons: Mel, Babu, Ramit Sethi, Rich, Sethi, that's, they'd

Facebook fired Kagan in 2006 after he leaked company information to the press at Coachella. "I didn't work too hard at Intel and I didn't spend a lot of money," Kagan says. Following his firing from Facebook, Kagan ran conferences for aspiring entrepreneurs (a hustle he had started while at Intel), taught English in South Korea and picked up consulting work for Silicon Valley tech firms. In addition to working on AppSumo, Kagan manages rental properties and creates content for his YouTube and social media channels. In addition to his AppSumo business and his book, Kagan operates a YouTube channel and manages five rental properties.

Persons: Noah Kagan, Kagan, Bill Gates, Kagan's, Facebook, Camila Ortega, He'd, Maria, didn't, hadn't, AppSumo, They'll, We've, everyone's, we've, Kagan didn't, wasn't, Rolexes, —, he's Organizations: CNBC, Microsoft, Facebook, University of California, Intel, Mint, Apple, PC, PayPal, Rolex, Entertainment, Insurance, Spotify, YouTube, AppSumo, Mazda Locations: Silicon Valley, Redmond , Washington, Barcelona, Austin , Texas, Berkeley, Israel, South Korea, Philippines, Argentina, Austin, Pakistan, AppSumo

Loud budgeting is the latest financial trend to go viral on TikTok as people look to save money. Paul Riley, a personal banking executive with NAB Bank in Australia, defined loud budgeting in a recent report. Loud budgeting is workingLoud budgeting is already having an impact on the finances of younger adults. "By sharing my financial goals with my friends, they also opened up about their goals," Fischer told Business Insider. Are you participating in the loud budgeting trend and willing to share details about how you're saving money?

Persons: Lukas, Paul Riley, Riley, @itslisasun, Natalie Fischer, @investwithnat, Fischer, Mia Westrap, I'm, Westrap, TikToker @michelineamisi Organizations: NAB Bank, Business Locations: Australia, Seattle, Guam

☆ I'm a 26-year-old HENRY. I'm in the top 1% of earners and a homeowner — I won't be happy until I'm completely financially free.
▼ + stars: | 2024-01-19 | by ( Ryan S. Gladwin | ) www.businessinsider.com time to read: +7 min

Working in the tech industry as a data analyst, Ruan purchased a £450,000 apartment in London. AdvertisementThis as-told-to essay is based on a transcribed conversation with Ben Ruan, a data analyst living in London. Job-hopping meant I could put a house deposit down by 26Ben Ruan's living room in his central London apartment Ben RuanWhenever I work at a company, I ask myself: Am I learning? AdvertisementThe kitchen in Ruan's London apartment. AdvertisementWhile I'm not rich yet, I believe I'll be where I want to be in five years.

Persons: Ben Ruan, Ruan, —, Ben Ruan's, I'm, Banks, Ben Ruan I, Spencer, Ben Ruan I'm, homeownership, I've, HENRY Organizations: Service, Business, Coventry University, Big Tech, JD, Mercedes, Benz, Asda, Aldi, Waitrose Locations: London, Snapchat, Wavemaker, Central London, Ruan's London

☆ Step aside 'quiet luxury,' budgeting is cool now
▼ + stars: | 2024-01-17 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +5 min

It's called "loud budgeting." He wasn't explicit about his definition of "loud budgeting," but suggested it involved being vocal with your friends about choosing to live frugally. Battle said on TikTok that loud budgeting was the opposite of "quiet luxury," which blew up in 2023 after also being popular during the Great Recession. AdvertisementBattle said in one of his TikToks that he thought "loud budgeting" was "more chic" and impressive than "quiet luxury," later adding that while quiet luxury is about "idolizing celebrities," who are often associated with the trend, "loud budgeting is about the everyday person." Now, it seems "loud budgeting" may go a step further, redefining success and coolness to mean saving your money, rather than spending it.

Persons: —, It's, Lukas Battle, I've, one's frugality, Libby Brooks, Yuval Shuminer, isn't Organizations: Service, Business, BI Locations: TikTok

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