A lawyer from New York wants to retire early, and he’s willing to save a lot of money for that. Or rather, he wants to leave a lot for that because Daniel hardly spends any money. He lives on rice and beans, has almost only worn shoes and almost no clothes.
However, Daniel earns $270,000 a year, but the 36-year-old has a goal: within three years, he wants to hang his gown on the hook. The lawyer is part of a growing group of millennials who save as much as possible to say goodbye to the rat race as soon as possible. That’s what Business Insider stated.
Daniel – who, for reasons of privacy, does not want his last name in the newspaper – is an excellent lawyer in Manhattan, but you wouldn’t know that when you walk into his crummy apartment.
His pantry is full of rice and beans. There is no television, just some books he bought for 50 cents at the local church. In his wardrobe, there are five cheap costumes. If they are broken, he repairs them himself. In the winter the heating is turned off.
Why is he so stingy? Daniel is part of the increasingly popular ‘FI/RE’ movement – Financial Independence, Retire Early – that strives for rapid financial independence and the earliest possible retirement. More and more well-earning millennials see a lot to gain from this. And this economical way of life is bearing fruit. According to the supporters of this principle, being satisfied with less is the quickest ticket to life as a pensioner.
Because of his skimpy lifestyle, Daniel often manages to keep about seventy percent of his salary and therefore he has already built up a piggy bank of 400,000 dollars. If everything goes according to plan, he wants to enjoy his pension peacefully within three years. The future will have to tell whether this is realistic.