‘I saved $500,000 by the age of 43 for my early retirement - and you can too’
Many people are choosing to save more of their hard-earned money to prepare for an early retirement.
One woman is revealing how she was able to save half a million dollars in retirement savings by the age of 43.
Linda Chavez from Los Angeles, California made the decision to retire early to “focus on other things” outside of the regular nine-to-five.
The CEO and founder of Seniors Life Insurance Finder realized she would likely get more from life by pursuing her own interests.
Many Americans are opting to join the FIRE (Financial Independence, Retire Early) movement.
To achieve FIRE, workers make larger contributions to their retirement pots and investments, as well as adopt a more frugal lifestyle.
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Many are able to save enough to retire but choose to continue working in some form to pursue a goal or passion.
Speaking to Daily Express US, Ms Chavez broke down the decision-making process that led her to pursue an early retirement.
She explained: “I made the decision to retire early because I was no longer passionate about my career.
“I had been working in a corporate role for more than 10 years and felt like it was time for a change.
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“Retirement allowed me to focus on other things, such as spending time with family and pursuing hobbies that I never had the time or energy to do before.”
However, the finance expert highlighted that choosing retirement meant that a large amount of her income was gone.
In order to address this, Ms Chavez decided to keep to a strict budget in order to get on top of her finances.
At the same time, she began to invest more and follow market trends more actively to bolster her portfolio.
By implementing these simple behaviours, the finance expert was able to save enough money to retire comfortably.
Ms Chavez added: “I had saved enough to last me for a few years, but I was still conservative with my spending.
“By taking a few simple steps such as reducing unnecessary expenses and investing wisely, I was able to accumulate a sizable retirement fund.
“In total, I had around $500,000 saved up when I retired at the age of 43. This allowed me to live comfortably while still leaving room to pursue new interests and explore different possibilities.”
