Thread by @SteveOnSpeed

How did my wife and I save 70% of our income before retiring in our 30s?

This is how. 👇

//THREAD//

1: We both made good money.

Combined, our household income was slightly above $200K.

Naturally, that makes it way easier to save 70% of our combined income.

A big income is great, but it's not the only factor.

2: We gave ourselves a reason to save.

You're much more likely to save if you're saving for a reason.

For us, it was early retirement.

For you, it might be retirement. Or a life of travel. Living overseas.

Whatever it is, know your reason.

3: We cut a LOT of expenses.

- No cable TV
- Rarely ate out
- Frugal vacations
- Minimized utilities

Minimized utilities? Yes -> Turned off lights, watched our water use, etc. This was no sweat, and we still live like this today out of principle.

FYI: We lived off of about $40,000 a year leading up to early retirement.

Your cost of living has a huge impact on your ability to save.

The lower your COL, the easier it's going to be to save big money, fast.

4: We tracked our spending.

From produce to meat, to gas for our cars to Amazon, we knew exactly how much we spent on *everything*.

If you don't track, it's impossible to cut back.

5: My wife and I talked about everything.

Our future. Hopes and dreams.

And, yes, our spending.

Open communication is not only healthy, it's critical.

It helps you make goals, build wealth and save for a lavish future.

6: We wanted early retirement BAD ENOUGH.

I wanted out. Out of working a full-time job. Out of corporate America.

My wife wanted to travel. To control her day. To master her destiny.

If you want something bad enough, you'll find a way.

Do you need to save 70% of your income to retire early?

Hell no.

We saved 70% to retire in our 30s. We wanted out quickly.

A 70% savings rate isn't required to retire "early".

But, you also can't save the recommended 10% and expect to retire early.

Up the ante.

To retire early:

- Make more
- Spend less
- Plan your future
- Find common ground

You and your spouse must be on the same page.
It rarely works otherwise.

BTW, this thread was inspired by @markallanbovair, one of the most insightful and authentic Twitter accounts that you'll ever find.

If you aren't following Mark, fix that NOW.

Questions?

Feel free to ask.

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