This story is part of a new series of features on the subject of success,Benzinga Inspire.
In 2010, 24-year-old Grant Sabatier found himself living with his parents, unemployed and with only $5 to his name.
A sudden realization led him to set an ambitious goal: Earn $1 million and retire early. Today, Sabatier believes anyone making at least $70,000 per year can achieve financial independence in just a decade.
Sabatier, founder of Millennial Money,hustled his way to an income of over $300,000 per year through multiple income streams. He also saved 80% of his earnings.
Sabatier, now 38, was able to reach his goal in just over five years, amassing a savings of $1.2 million.
His advice for those seeking early retirement: Consistently save 50% to 70% of your income. This may require lifestyle changes, but the self-made millionaire emphasized that saving is an opportunity, not a sacrifice. Living frugally for a few years can pave the way to financial freedom.
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To retire within a decade, Sabatier suggests three key steps: Reduce housing expenses: Housing is often the largest monthly expense. Lowering housing costs by living in a more affordable space, having roommates, or renting out a spare room can significantly impact savings and shorten the path to retirement. Launch a side hustle: While there's a limit to cutting expenses, earning potential is limitless. Sabatier recommends making extra money and investing it, as each additional $1,000 earned and invested can shave months off the time needed to retire. Stay motivated: Maintaining motivation is crucial for those pursuing early retirement. Sabatier suggests gamifying savings, tracking progress daily, and celebrating milestones to keep enthusiasm alive.
Next:28-Year-Old Was An Underpaid Stock Trader, Now She's A Self-Made Millionaire: 'Make The Smartest Money Moves You Can'
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