'Walked or Biked To Work': IIT-Bombay Graduate's Tips For An Early Retirement

Achieving early retirement at the age of 29 might seem like an unattainable dream for most, but for Daniel George, an IIT Bombay graduate, it became a reality. Sharing his journey with Business Insider, Daniel revealed that he started contemplating early retirement at the age of 24. His journey took a significant turn when he secured a job at Google X after a lucrative summer internship, earning an annual remuneration of $265,000 (approximately Rs 2.2 crore).

Daniel’s strategy for early retirement involved careful investments in tech stocks, including Google, Apple, Amazon, Nvidia, and Tesla. Despite his initial trepidation due to limited financial knowledge, he gradually overcome this hurdle during his tenure at Google. He began learning about finances and taxes, a pivotal aspect of his financial journey.

Notably, Daniel discovered the significance of retirement accounts such as Roth IRAs during his time at Google. A Roth IRA, a tax-advantaged individual retirement account, allows contributions in after-tax dollars. Daniel adeptly optimized his retirement accounts to minimize tax liabilities, marking a crucial step in his financial planning.

Daniel emphasised a disciplined approach to expenses, attributing part of his success to spending less than 10% of his income on daily costs. Practical choices, such as walking or biking to work and enjoying meals at Google, contributed to his frugal lifestyle. Despite the typically high cost of living in Silicon Valley, Daniel managed affordable rent by sharing an apartment with friends.

Crucially, Daniel avoided splurging on extravagant purchases like cars or houses. Instead, he prioritized investments, leading to exponential growth and compounding of his funds. He envisioned the possibility of relocating to low-cost-of-living cities and acquiring a more desirable house in the future.

Reflecting on his time at Google, Daniel expressed contentment, emphasising that he never felt a compromise in his quality of life. His prudent financial decisions, combined with strategic investments and a disciplined approach to expenses, allowed Daniel to turn his ambitious goal of early retirement into a tangible achievement. His story serves as inspiration for those aspiring to navigate the path toward financial independence and early retirement.