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One of the major problems that our generation seems to be facing the most is handling money. With every few months, new technology is launched into the market, something new becomes the fashion, or there are just too many good-looking restaurants opening around the corner. Sometimes, it becomes too difficult to stop the urge to spend money and become a part of the trend.
However, one 27-year-old guy and a dad of two has it all figured out. According to a report by The Sun, Mike Rosehart was able to retire at the age of 24 with his genius money saving techniques. His hacks include cutting monthly expenditures by half, banning Starbucks for the wife, and making a profit out of their wedding!
While growing up, Mike saw his family struggle with money, since he claimed they almost touched the poverty line. Being a bright student, he managed to get a scholarship to college.
While he was in college, Mike worked full-time and studied full-time. He rented a $262/month (Rs 18.5K approx) apartment which was just 7ft by 8.5ft. Later, he moved in with his now-wife Alyse and rented a tiny apartment for $455 (Rs 32K approx). Instead of using public means of transport or buying a car, Mike cycled everywhere. By the time he was 19, Mike was able to save enough money to buy a $152,000 (Rs 1 Cr) cottage.
According to Mail Online, Mike and Alyse rented the rooms of the cottage to other parties and earned money from there. They also had individual jobs. So by the time they graduated, they were debt-free and had a good amount of money in the bank.
Mike was working as a consultant and earned $42k (Rs 29 lakhs approx) annually and Alyse was working as a graphic designer and earned $26.5K (Rs 18 lakhs approx) annually.
Here’s how they cut their expenses. They decided to thrive on half of Alyse’s salary and saved all the rest. Within a few months, they started buying rental properties. After they got people to rent those properties, they invested the money from rent. Following this and with time, the two managed to save enough money to buy a total of 10 rental properties.
Also, Alyse liked the occasional Starbucks which later became a strict no-no for her. The two even profited out of their wedding which was a $3,800 (Rs 2.6 lakhs approx) affair with very few guests. They saved the gift-money they received from the invites. They even had enough points on their credit-cards that they basically went to Brazil on their honeymoon for free! They crashed at one of their friend’s place, so the accommodation was free.
By aggressively saving money for 6 years and selling off all their rental properties, Mike was able to retire at the age of 24 and Alyse at the age of 25. They had saved enough money by then, $760,000 (Rs 5.38 Cr) to be exact.
The reason Mike wanted to retire early was that he wanted to have kids. And with kids comes the responsibility to give them sufficient amount of time.
“She (Alyse) wanted to have kids young so I explained that if we were able to retire early we could be there for our kids,” said Mike.
Mike now runs his Youtube channel and teaches his audience how to handle money the right way.
We tend to underestimate how useful saving money can be. Maybe that should be our top priority next year!