If you ever ask a person coming from a middle class family what his dream is, he will usually say that a good job, a beautiful wife, healthy children, a big house and a happy life. But to achieve this happy life, a person has to make a lot of papads. One has to spend the whole life in earning money (How to save money). But a woman has adopted such saving methods that she has collected the money required for a happy life at the age of just 31. Because of this, she now wants to work only till the age of 35 (Retire at 35 years of age) and then wants to live a retired life.
According to the report of The Sun website, Caitie T, who lives in Los Angeles, USA, is famous on social media by the name of ‘Millennial Money Honey’. When she entered her 20th year, she thought like every young girl (Woman Saves 12 Crore rupees for Retirement) who loved to party and loved to spend money for a life of luxury. But as she grew up, she understood the benefits of saving and that she could create a better future for herself by saving money.
Woman thought of saving moneyWhile talking to Business Insider in 2021, Katie said that she did not start saving when she was 26 years old. She thought that to become rich she would have to work for 65 years and only then would she be able to retire. Then he came to know about FIRE (Financial Independence Retire Early). This is a kind of initiative, through which a person can become financially independent at an early age. He assessed how much money he needed to achieve his retirement goals. He found that his annual expenditure was up to Rs 30 lakh. She doubled this amount and then through calculations she reached the figure of Rs 12 crore, under which she could retire at the age of 35. She reduced her expenses and then took steps towards how she could achieve this amount.
He has also told others about the 5 ways of saving he discovered. These methods are as follows-
1. stop unnecessary expenses
Katie said that while starting saving, one should keep in mind that it is necessary to reduce unnecessary expenses. She told that earlier she used to spend thousands of rupees on gym membership, parlor, make-up etc. But he soon came up with the rule of ‘no spend year’. In which she tries to spend the least in a year. She no longer spends on luxury goods.
2. The more investment the better
He told that instead of keeping the money in savings, it is better to invest it so that it grows as much as possible. The more investment there is, the more money will grow. She keeps investing money in health savings account, retirement account etc.
3. work at a high paying place
Katie told that it is important to keep moving and changing jobs in one’s career. It is better to work where you get more money for your work. She was earlier a graphic designer in an advertising agency. Then he started working in a tech company where his salary increased.
4. avoid paying rent
Often, in order to become independent, people stay in the same city and live separately from their parents’ house and take houses on rent. In this matter their money goes towards rent. In such a situation, it is wise not to pay rent wherever it can be avoided. She also did the same, in difficult times she left the rented house and started living at her parents’ house.
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5. save enthusiastically
The most important thing he said is that people should celebrate their successes. In order to save more, people should not ignore the small joys of life. She said that she saves 80 percent of her income but also hangs out with friends. This creates a greater feeling of savings in them.