Justin McCurry barely cares about his daily routine. At best, he plans one task per day. This may be volunteering on Monday. On Wednesday, most likely a grocery store. On Friday, there is a good chance that he will play tennis with his wife. It’s good when you are still young, and you already have a fortune.
Justin worked 10 years and retired as a millionaire
Since officially retiring from the position of transport engineer in 2013, he has been engaged in his hobbies, played video games, and did work in the yard. This is not a typical schedule for a 39-year-old with three children, but Justin has already done something to afford it.
McCurry and his wife Kaysorn at Angkor Wat
A man has never had a passive source of income, except for his investment portfolio, which would help increase his salary. He was helped by his ability to save. The obsessed engineer did all this by reducing and looking for sensible ways to increase savings without sacrificing his lifestyle.
About ten years later, he and his wife Kaysorn saw that their portfolio of savings increased from several thousand dollars to 1.3 million dollars, but none of them had a job that would bring about six digits.
"So that you live on one salary"
From 2004 to 2013, he and his wife lived on one salary, and, in fact, postponed another.
It is difficult to constantly save money, especially having three children and a sea of temptations around. When McCurry first started saving money, he thought about what time he would need to retire, and came up with a number that would allow him to do this twenty years later. Although he was never a big investor, the number seemed daunting.
At first, it was difficult for him to see the advantages, because this number was so large, and the terms were so long. After all, it was necessary to save today, and use the results only after decades.
Minimizing tax costs
McCurry decided to save more on taxes. At some point, he took a total family income of $ 150,000 and managed to achieve taxation in the amount of only $ 150, using the opportunity to structure expenses in such a way as to fall under benefits. It was just that the presence of three children helped a lot, since he used children's loans and other social health expenses, for which benefits were laid.
At that time, he invested about $ 60,000 a year in tax accounts. With this money, he received about $ 15,000 in tax benefits. This turned out to be a good saving, since it was a question of decades.
Investments reduced the path to retirement by 10 years
Having taken up the financial issue, McCurry began to look for an opportunity to make profitable investments so that his capital would grow faster. Although investments include an element of risk and no one is safe from losing money, McCurry has decided to begin to act in this direction.
Buying shares and investing helped engineer retire faster
He invested about $ 60,000 a year in his portfolio, and the investment returned $ 100,000. McCurry soon realized that he was able to fulfill his dream, and his 20-year plan was halved, and he was on the right track.
One of the reasons that McCurry’s terms shifted from 20 years to 10, despite the absence of an additional source of income, was the large number of share purchases that he made when times seemed bleak in 2007-2009.
He invested as much as he could on the stock market every month, knowing that he was buying these shares at half or one third of the future value.
When stocks began to rise in 2009, its net worth began to grow at the same hyperspeed. Now he did not put any effort into it.
How McCurry plans to manage his money further
Since retiring from $ 1.3 million, he now has more than $ 2.1 million, mainly because he earns a small amount of income from his blog.
This is where he uses his engineering knowledge. As an engineer, you are always preparing for the worst case scenario. If what you are building works according to this scenario, then it will work theoretically in all other cases. If the market falls by 40 percent, it will reach the levels at which it started when it first retired, and he is pleased with this outcome. Now life is definitely enough for life and travel, and even a man knows how to save like no other.
Of course, if saving were so easy, then there would be much more millionaires around. The fact of the matter is that holding and saving money is also an art and skill, unless, of course, you are a born Gobsack.
There are people who know how to save money, but who don’t know how to spend money on themselves, participating in financial pyramids, making bets, playing in online casinos, hoping to increase their fortune immediately by a hundred thousand times. In this case, it is better not to save, but to live for your own pleasure, buying something useful for yourself and for people.
Saving money and making plans is good, unless you go beyond reasonable limits.