Finance

I invested most of my salary for 7 years, enough time to retire at 29. My best advice is: start young, take risks and don’t settle in expensive cities.


Daniel George travels in Iceland.Courtesy of Daniel George

  • Daniel George worked at Google X and became a vice president at JPMorgan Chase after receiving his PhD in 2018.

  • That year, he began investing most of his income, and by 2023, he would be living on 2% of his investments.

  • Daniel shares the five keys to achieving financial freedom and quitting your job at age 29.

This is an article based on Daniel Georgeco-founder Third ear artificial intelligenceDaniel George provided documents proving his financial status. The following content has been edited for length and clarity.

At the age of 29, I became financially independent and retired early.

After completing my PhD in 2018 at the age of 24, I worked at Google X, leading artificial intelligence for the secret early moon landing program. In 2020, I left JPMorgan Chase as a Vice President and stayed with the company until 2023.

Starting with just $1,000 in 2017, I aggressively invested my earnings in stocks and hit my first $1 million in my 20s.By 2023, my annual spending in the United States will be less than 2% of my investments, so I quit my job.

I no longer have to worry about making a paycheck so I can do what I’m most passionate about. I spend my time building my startup, Third ear artificial intelligencean artificial intelligence that provides instant help and advice without prompts.

Here’s how I was able to do it:

1. Avoid educational debt

I grew up in Kerala, India, where my parents earned less than $20,000 a year. I would not have been able to pursue an undergraduate education in the United States or even attend a private university in India without going into debt. So I decided to study in a public university in India, which was much cheaper.

I studied hard and ranked in the top 0.1% of the university entrance exams that Indian students take every year. I entered the top public university in India, Indian Institute of Technology Bombay, to study engineering and physics. The total cost was only about US$1,200 per year, including tuition and accommodation. Fees and food expenses.

Instead of taking on debt to earn my master’s degree, I applied directly to the PhD program at the University of Illinois at Urbana-Champaign.

You can apply directly to doctoral programs in the United States without first obtaining a master’s degree. PhD students at American universities typically have tuition waived and receive a stipend from day one—usually $2,000 to $3,000 per month. Earn a free master’s degree after two years in a PhD program, saving you time and money.

In 2015, I moved to Illinois, and two years later I got my master’s degree for free, and a year after that I completed my PhD ahead of schedule at the age of 24.

My entire studies did not cost anything. I only needed half of my living expenses, and the remaining income far exceeded the cost of my undergraduate studies.

2. Actively invest in stocks when you are young

While pursuing my PhD, I also earned side income through part-time jobs and summer internships at technology companies. Most of the money I initially made was deposited into a bank account, earning negligible interest. DD, I slowly started buying stocks.

I learned more about investing. When I started working full-time at Google X, I started investing all my savings. I spent less than 10% of my salary on Google

The earlier you invest, the better because Composite Index Growth. However, this growth comes with significant risk and volatility. However, time in the market trumps knowing the market. Even if stocks go down, if you can wait long enough without selling, they will usually come back up.

When you are young and working, you can handle risk and market fluctuations because you have a job income and a lower cost of living.

As you age or retire, you may want to invest in safer, less volatile assets such as bonds, Treasury bills, and regular savings accounts.

3. Work in an expensive city first But don’t settle for it long

In San Francisco, New York, and Seattle, many jobs pay Much higher. This usually doesn’t help with savings as the cost of living there is also high.

Moving to these cities early in your career when you don’t have much to spend means you can take advantage of this high income to quickly accelerate your savings.

When I started working at Google X in Mountain View, California, I was making about $270,000 a year. I share a nice apartment with friends, eat most of my meals at the Google office, and have no other major expenses, so I spend less. More than 10% of my income.

Eventually, when you want to settle down, you can increase the value of your savings by moving somewhere where the cost of living is significantly lower.

4. Learn to negotiate salary

For my first job at Google X, I received a job offer right out of graduate school and accepted it immediately.

I have friends who are in lower positions than me but don’t have Ph.D.s, yet they get paid three times the stock price because they negotiated by showing Google counteroffers from other companies.

A few years later, when J.P. Morgan approached me about a job, I had a lot of leverage because I had secured offers from several tech companies and hedge funds.I also invested some time in understanding Negotiation strategy.

I leveraged other avoidance quotes and specific numbers when discussing salary expectations and looked at all aspects of my salary package when interviewing with J.P. Morgan. I negotiated my salary well and received almost double what they originally offered.

5. Find like-minded partners

My wife and I met at Google X. We were about the same age and both had PhDs.

PhD in artificial intelligence. Our incomes are similar, and we each have roughly equal savings invested in different stock accounts.

We have the same mindset about spending and investing, spreading expenses evenly.We all love minimalism digital nomad lifestylevaluing travel and experiences over owning expensive material possessions is why I can retire early.

If you want one, finding the right partner is one of the most important factors in your long-term happiness and success.

Read the original article business insider



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