Early retirement must be a dream for a lot of corporate employees. In an era when there are plenty of investment options, people like to begin savings right after kicking off their careers in any field. This decision can help them achieve financial freedom at an early age, paving the way for a secure future as well as an enjoyable post-retirement life. One such person, who is planning for early retirement, reportedly wants to accumulate savings of $5 million (roughly Rs 41 crore) by the age of 35.
The 22-year-old software engineer named Ethan Nguonly currently works at Google, while also actively investing in the real estate market.
According to a report by CNBC, Nguonly began his journey towards achieving financial freedom quite early, right after completing his college degree. It was his parents who made him aware of the importance of savings. They taught him why investment is always considered a better way of building capital rather than storing money in a savings account. Though banks have always been regarded as the safest option, the lower interest rate will not help much in increasing the value of the fund.
Born in a coastal home, Nguonly managed to complete his bachelor’s degree in computer science degree at the University of California, Berkeley in just two years. But during this process, he did not have to go for an educational loan, thanks to his family’s systematic way of saving money. Coming out of college, Nguonly took a full-time job to support his higher studies. While continuing the job, he went on to pursue a master’s degree in information and data science to achieve his dream of getting a job at Google.
In December 2021, Nguonly finally received an offer letter from Google and joined the company as a software engineer. His present yearly income at the tech giant, including bonuses and stock units, is close to $194,000 (about Rs 1.60 crore).
To secure an early retirement, Nguonly has carefully invested across a variety of retirement and investment accounts, generating a fund of almost $135,000 (approximately Rs 1.11 crore). He also ventured into the real estate market and purchased properties in Florida and California in an effort to diversify his real estate portfolio.
Nguonly used to live with his parent during the first two years after getting his first job. He maintained a strict financial routine at that time, building up an estimated $60,000 in savings. This helped him buy his first investment property in Riverview, Florida.
Nguonly then acquired his first residential property in La Palma, California. While residing in the house, he tried to follow his long-standing passion for music by practising piano and ukulele. As per the CNBC report, Nguonly revealed that he faced a major setback in 2021 when he was involved in investing in cryptocurrency. During that period, he suffered losses of over $80,000 which led him to think about the real estate market.
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