There's no denying that for many of us, retiring early is the DREAM. We have images of taking it easy, travelling, and most importantly, spending abundant, quality time with the people we love.
But sadly, we’re not millionaires. We haven’t been left fortune by an eccentric uncle. We don’t earn crazy money. We’re, you know, normal.
Well one ordinary couple, with relatively normal jobs, managed to retire at 38 and 34 respectively – so how on earth did they manage it?
Well, quite simply they saved their asses off. Jeremy Jacobson and Winnie Tseng, parents to 11-month old Julian, worked incredibly hard for 10 years, saving 70% of their wages – and by 2012 they had reached their €1 million target! And after investing some cash in US and international funds, they made another €1 million.
They also eschewed buying a house, preferring the freedom of renting.
The couple, speaking about their experiences on Mamamia's ‘The Glorious Mess’ podcast, said that over the 10 years they scrimped and saved – which meant no eating out, no going to the cinema, and cutting corners wherever possible.
However, despite this, Winnie says it was easier than people might think: “After a few years we realised early retirement was possible if we tried really, really extra hard to reach our target,” she said on the podcast.
And now, after 10 years of hard graft, the couple are on a permanent holiday, travelling the world with their baby son, living odd the dividends from their investments.
Talk about hard work paying off!
The couple ‘made it’ because they doggedly stuck to their goal, and this commitment, says Jeremy, is key.
“From the time you start you’ll be able to retire in about 15 years’ time if you invest as well,” he says. “However the majority of people who can save 50 per cent, won’t. They don’t want to wait for a car or more furniture.”
And they both think every hour they worked, and every dollar they saved was worth it: “We’re living a rich, rewarding life,” adds Winnie.
Fair play to them we say!
What do you think mums? Could you work your butt off for 10 years if you knew you could retire in your 30s? Or would you feel like you were missing out of the excitement of your 20s? We'd love to hear from you!
