A growing number of young tech workers are expediting the path to financial independence by living frugally and following the “4% rule.”
This made for some interesting reading.
Shortly after Kristy Chen and her partner, Bryce, turned 31, they quit their computer programming jobs and retired.
The couple had grown disillusioned with the “Boomers’ dream": get a job, buy a house, be a loyal employee, retire at 65. Instead, they devoted themselves to a barebones lifestyle, saved 80% of their annual income, and amassed a portfolio of $1m — enough to live (frugally) off the dividends.
Millennials are often hounded for their poor financial management. Some 66% of 21 to 32 year-olds have no savings, and one-third don’t actively think about retirement.
But a growing subculture of young folks — mostly high-paid tech workers, like Chen — are hellbent on achieving financial independence by their early 30s.