New Delhi: Daniel George, a 29-year-old AI specialist who graduated from IIT Bombay, recently mentioned that he has made sufficient money to consider early retirement, according to Business Insider. Back in 2018, when he was only 24, Daniel completed his BTech from IIT Bombay and landed a summer internship at Google in the US, earning a salary of $265,000 per year (around Rs 2.20 crore).
Starting Early: Contemplating Retirement At 24
At the young age of 24, Daniel began thinking about early retirement. His journey took a significant turn when he landed a job at Google X after a successful summer internship, earning an annual salary of $265,000. (Also Read: Bengaluru Shopkeeper Falls Victim To Cashback Scam, Loses Rs 95,000)
Strategic Investments In Tech Stocks
Daniel’s strategy for early retirement involved careful investments in tech stocks, including Google, Apple, Amazon, Nvidia, and Tesla. Despite initial financial knowledge limitations, he overcame this hurdle during his time at Google, learning about finances and taxes. (Also Read: Lord Ram’s Photo On Rs 500? Here’s The Truth Behind Viral Pics)
Discovering Importance Of Retirement Accounts
During his tenure at Google, Daniel learned about retirement accounts like Roth IRAs. These tax-advantaged accounts allow contributions in after-tax dollars. Daniel optimized his retirement accounts to minimize tax liabilities, a crucial step in his financial planning.
Disciplined Approach To Expenses
Daniel emphasized disciplined spending, attributing part of his success to using less than 10% of his income on daily costs. Practical choices, such as walking or biking to work and having meals at Google, contributed to his frugal lifestyle.
Navigating High Living Costs
Despite Silicon Valley’s high cost of living, Daniel managed affordable rent by sharing an apartment with friends. He avoided extravagant purchases like cars or houses, prioritizing investments for exponential growth and compounding his funds.
Relocating And Investing Wisely
Daniel envisioned relocating to low-cost-of-living cities and acquiring a more desirable house in the future. He prioritized investments over splurging on luxury items.
Contentment At Google
Reflecting on his time at Google, Daniel expressed contentment, emphasizing that he never felt a compromise in his quality of life. His prudent financial decisions, strategic investments, and disciplined approach to expenses allowed him to achieve his ambitious goal of early retirement.