Google Engineer plans to retire at 35 with savings of ₹ 41 crore. Nowadays, the majority of young people hope to accumulate enough savings and investments to enable early retirement.
One such person is Ethan Nguonly, a 22-year-old Google software developer who plans to retire early after amassing $5 million (approximately Rs. 41 crore) by the time he is 35, according to CNBC.
The young programmer, who lives in Orange County, California, gave credit to his parents for instilling in him the value of making stock investments as opposed to merely saving money.
”[My parents] really explained it to me well, They said, ‘If you leave your money here [in a savings account], over time, it’s going to become worthless,’ and they said that you should really learn to invest it into something,” Mr Nguonly told CNBC Make It.
“When I was younger, the main thing I was thinking about was, ‘All this money keeps getting bigger, keeps growing, and I’m not doing any work for this,’. This really exposed me to the idea that my investments could make me money instead of me actually having to actively work for it,” he added.
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As a Google Engineer plans to retire at 35 with savings of ₹ 41 crore, his commitment to achieving financial independence propelled him to finish the University of California, Berkeley’s computer science programme in just two years without accruing student loan debt.
After earning his bachelor’s degree, he decided to stay with his family to save money on rent.
Then, he obtained employment with a software company and enrolled in a master’s programme in information and data science. August 2022 saw the completion of his course.
He was working on his master’s degree while also being hired as a software engineer at Google. He earns $194,000 per year, which includes bonuses and stock units (or around 1.60 crore).
He currently also has properties in Florida and California, as well as close to $135,000 (Rs. 1.11 crore) invested throughout his retirement and other investment accounts.
He wants to invest 35% of his gross income annually, and he has immediate plans to grow his real estate holdings.
Beginning in 2022, Mr. Nguonly purchased a rental home in Riverview, Florida. A year later, he purchased his primary residence in La Palma, California, where he now resides with his dog.
Because Google offers free breakfast and lunch, he doesn’t spend a lot of money on meals.
He also disbelieves in spending a lot of money on designer clothes, preferring to dress simply and affordably.
He enjoys travelling and typically makes three to four trips each year, but he prefers more affordable alternatives to more expensive ones. One example is renting an Airbnb with a friend.
He intends to keep making investments in his retirement accounts and expanding his real estate portfolio by acquiring a new home every few years in order to accomplish his $5 million target.
Talking about a book that really inspired him on his journey, he said, ”It talks about how you should spend more money on experiences and travel while you’re still young and healthy. This is why I really set out this goal. I don’t want to be 67 years old trying to climb up some mountain, I’d rather do it while I’m still able to fully enjoy these experiences.”
