4 steps to retire early, from a 28-year-old who retired with $2.5 million. via CNBCMakeIt
After seven years of working at an investment firm in New York City, a woman who goes by the pen name J.P. Livingston on her blog The Money Habit had built a $2.25 million nest egg, enough to quit her job and retire at age 28.
On her blog, she shares her"quick start guide to early retirement," which she believes many people can follow to achieve what she did.Saving is a huge component of early retirement. As Livingston puts it:"Even if you have the best investment strategy in the world that yields 5 percent more a year than other strategies, you won't see a huge impact if you only have $10 in savings to put to work in it.
Boosting your income could mean asking for a raise or getting promoted, which is what Livingston did, or starting a side hustle or picking up hours at a different gig. After all, as some early retirees say, saving money alone doesn't get you rich but investing can. As Livingston explains:"At some point, your money pile grows to a size where focusing on growing your nest egg will have a much more material impact to your net wealth than further reductions on your spending."
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