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Early retiree has accumulated more than $1 million in net worth by following these 7 common-sense truths

Steve Adcock retired early in his mid-30s and got rich by a conservative investment strategy he now shares on his blog seven unpopular life and money rules.



2016 saw my early retirement at age 35. I had $900,000 in savings at the time, and in a few years I was able to build up a $1 million net worth.

Not the counsel I took, but the advice I disregarded had a significant role in my success. I acquired my wealth the traditional manner, by putting in a lot of effort at a conventional 9 to 5 job and making calculated financial decisions that some might find unwise.

Here are seven unpopular viewpoints that enabled me to retire wealthy and early:

1. Sticking to your company will make you poor.

If you don’t frequently change employment, you’re passing on money. One of the best methods to receive a sizeable raise is by accepting a new position at a different organization.

In the course of my 14-year career, I changed jobs five times and was given a 15% to 20% raise each time. My salary soared as a result, much exceeding the rate of inflation.

Employees should act in the same manner as employers, who always act in their best interests.

2. Self-made millionaires predominate.

According to a Ramsey Solutions survey from 2022, 74% of millennials and more than half of baby boomers assume wealthy inherited their wealth.

But many of the millionaires I knew gained their fortune through independent means, and realizing this boosted my financial motivation.

In reality, 79% of the 10,000 millionaires polled by Ramsey Solutions didn’t inherit anything. Instead, “consistent investing, avoiding debt, and wise spending” was how the majority of them became wealthy.

3. The financial impact of your spouse.

Several of my pals who were in their early to mid-20s got married young. And now, money-related issues, such as divergent spending patterns or a resistance to having financial dialogues, are a major source of marital conflict for many of them.

One of the best life decisions I ever made was to wait until I met someone who matched my financial beliefs.

For most people, it might not be a priority, but for me, it was, getting my spouse and I on the same financial page was important. I now have a supportive partner who shares my enthusiasm for saving money and living frugally.

4. You don’t have to work nonstop.

While working long hours might seem like a quick way to become wealthy, it actually leaves you with less time to take care of yourself physically. Furthermore, no amount of money is worth sacrificing your emotional and physical health.

You don’t have to constantly be moving, producing, and working in order to increase your money. Setting things like sleep, exercise, and a healthy diet as priorities allows you to recharge for the next day.

I constantly prioritize my health, which makes me happier, more energized, creative, and productive.

5. Being poor as a child does not prevent you from becoming wealthy.

My family had a very poor income. Due to his poor money management, my grandfather, a minister, was unable to make ends meet.

My father developed the same behaviors and lived paycheck to paycheck for the majority of his formative years. Luckily, he understood his father’s harmful tendencies and altered his ways later in life.

He instilled in me the importance of saving and investing, and he warned me that credit card debt would ruin my ability to make ends meet, just as it had done for his father. I discovered that you can still become wealthy even if you don’t have a six-figure salary.

6. Wealth is not a given even with a famous degree.

While your degree may help you get a foot in the door, the main difference is what you do once you graduate.

I didn’t have a sophisticated degree at an Ivy League. Early on, I invested at least 10% of my income and built up an emergency fund. That assisted me in building a pleasant retirement lifestyle throughout the years.

My best recommendation is to search for less expensive options, such as paying in-state tuition at a university with a top-notch program in your area of interest. Utilize the alumni network and job placement opportunities from there to continue.

7. Your passion won’t cover your expenses.

Rich celebrities will frequently claim that they followed their hobbies in order to succeed. But not everyone can make that work.

Most of us find it simpler to make a living using our abilities than our passions. Our interests are usually more artistic, and it’s typically more difficult to make a good living in an artistic sector.

I loved photography as a pastime, but I settled on software development as a job because it was what I was good at. There is a significant wage gap between those two job routes.

Now, as an early retiree, I’m truly able to appreciate and spend more time on my pursuits.

Financial guru Steve Adcock writes on his blog on how to become financially independent. Steve, a former software developer, left his job at age 35. Follow him @SteveOnSpeed on Twitter.

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