In the era of inflation and ever-increasing prices of essential goods, savings have become a huge challenge for the youth. But, savings can take you a long way by ensuring your financial security. A man named Tanner Firl from the United States has proven this by saving more than Rs 3 crore ($3,80,000) by the age of 29. Tanner recently revealed to CNBC how he and his wife Isabel have a problem spending money while people are struggling in the exact opposite way.
The 29-year-old lives with Isabel in Minneapolis and they are “allergic" to spending money on anything other than their necessities. They have a similar attitude towards their needs which enables them to follow a strict financial strategy.
Tanner Firl is part of the FIRE movement (Financial Independence Retire Early), and he prefers to stay on the “lean” side which aims at practitioners “supercharging” their savings by cutting down expenses to as low as possible. So far, he has saved $3,80,000 and plans to increase his savings to $6,25,000 by the age of 35 and then retire for good. This would provide his family with $25,000 a year in annual income once he gives up his job.
Currently, Tanner takes care of the financial needs of his family that includes his wife and his 1-year-old son Teddy along with three cats. He earns $1,35,000 (over Rs 1 core) a year as a software engineer. While he spends some part of his salary on food and lifestyle expenses, he invests the remaining amount.
It all started for Tanner as a kid in a family with five other siblings. He knew the importance of money as a part of a big family with a sole breadwinner and as soon as he went to college, he discovered a blog written by Peter Adeney. Peter is one of the most prominent figures in the FIRE movement.
He graduated from the University of Minnesota in 2015 with a degree in mathematics and got a job at the National Security Agency. His package at the time was $66,000 a year and the same year, he and Isabel got married.
Since then, they have saved and come a long way in life.
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