I got my first proper job at 24 when I was still living at home and immediately started saving at least 50% of my net income. I'd say I had around 20k saved by age 26. Not a large sum but as my salary grew to somewhat above average, I increased my savings rate to ~70%. I took full advantage of the SSIA scheme along the way.
I had previously taken advantage of free college fees in my teens and early 20s.
Now I'm 33 and as one would imagine I have a fair sum saved and no debt
I should say that I am living rent and mortgage free as I inherited a property so have been very fortunate. But even if I were paying rent I would still be saving a good amount.
The fact that there was a property for me to inherit is a direct result of the actions and attitudes of my grandparents and parents. I also attribute my savings rate to my parents and the values they gave me
Recently I've been reading excerpts from the book The Millionaire Next Door which, based on their income and resultant net worth, classes people as:
PAW (prodigious accumulator of wealth)
AAW (average accumulator of wealth)
UAW (under accumulator of wealth)
The materialistic, hedonistic, credit fuelled lifestyle that many feel that they are "supposed" to lead particularly in their twenties would put them firmly in the UAW category.
Something else I find interesting is Jacob Lund Fisker's earlyretirementextreme blog - a blog about people on fairly average incomes acquiring the means to retire early by being frugal, saving, investing, avoiding debt and not following the herd.
I had previously taken advantage of free college fees in my teens and early 20s.
Now I'm 33 and as one would imagine I have a fair sum saved and no debt
I should say that I am living rent and mortgage free as I inherited a property so have been very fortunate. But even if I were paying rent I would still be saving a good amount.
The fact that there was a property for me to inherit is a direct result of the actions and attitudes of my grandparents and parents. I also attribute my savings rate to my parents and the values they gave me
Recently I've been reading excerpts from the book The Millionaire Next Door which, based on their income and resultant net worth, classes people as:
PAW (prodigious accumulator of wealth)
AAW (average accumulator of wealth)
UAW (under accumulator of wealth)
The materialistic, hedonistic, credit fuelled lifestyle that many feel that they are "supposed" to lead particularly in their twenties would put them firmly in the UAW category.
Something else I find interesting is Jacob Lund Fisker's earlyretirementextreme blog - a blog about people on fairly average incomes acquiring the means to retire early by being frugal, saving, investing, avoiding debt and not following the herd.
