William Wang (27 years old) learned to spend money early on. When he was in 9th grade, his father took him to the bank to open a savings account. He told him, this is the money we save.
As a teenager, William Wang also worked part-time and saved his income. He helps his father build the roof, runs a job for a university gym, teaches English. William Wang met Jessamy (his wife) in college. After getting married, the two moved to a small town in Saskatchewan, Canada. At this place, he enrolled and completed his police training at the age of 22. And Jessamy is currently a teacher.
Will and Jess Wang.
At the age of 22, William Wang discovered the financial independence movement, retiring early. He and his wife discussed living frugally and saving more so that they can retire early. They both agreed and decided it was a lifestyle to start working on immediately.
I said: “Our ultimate goal is to be able to retire in 13 years. At that point, we should have about $1.2 million (about $27.5 billion). With my job as a police officer, I received additional benefits in the form of a lump sum of nearly $1 million (22.9 billion). That would bring our savings to about $2.2 million (50.5 billion).“.
With this money, if they know how to use it properly, they can live comfortably and travel. William Wang said: “Last year alone, my wife and I saved 68% of our income to achieve that goal“. And this is how they do it.
The young couple has a good income and are trying to save for early retirement.
William Wang has a good job as a police officer. The first year the starting salary is $60,000 (1.4 billion). He also said that there are many opportunities to make extra money if you want.
Until year 2, William Wang earned more than $100,000 (2.2 billion). By 2022, plus his overtime, he predicts he will earn up to $140,000 (3.2 billion).
The couple only spends $24,000 (550 million) per year. The rest is for savings and investments.
Take advantage of price discounts and buy in bulk to reduce spending
This couple chooses cheap places for profitable shopping.
The couple has many methods to keep monthly expenses low. They live in a small town, the cost of living is relatively cheap. The rent for the four-bedroom house is just $800 ($18.3 million) per month.
Their travel costs are also cheap and easy. Will said: “We both walk to work to save money on gas. We have a car, but 3 months only costs about $50 (1.5 million) for gas“.
To save money on groceries, Will and Jess use an app called Flashfood. The app will notify them of expired food at grocery stores that are selling it at a “highly discounted price”. For salmon or steak, they are sometimes 60% or 70% off.
As for the rest of the needs, Costco is a good friend. The couple often shop here in large quantities because of the good prices. Both will buy bulk items like milk. “Milk costs $6 (137k) in this small town, and at Costco it’s about $4 (91k). Whenever we go to Costco, we buy 6 large bottles of milk to use gradually.”
According to grow.acorns
at Blogtuan.info – Source: cafebiz.vn – Read the original article here