From Zero to Millionaire by 35: My Journey to Financial Freedom on a Shoestring Budget

What level of income would you need to achieve financial security?

GudangMovies21's Global Survey on Personal Financial Security conducted by SurveyMonkey Recently questioned individuals from around the globe with precisely this query, and here’s what they had to say: disclosed insights into how individuals across various nations perceive their financial situations .

Ask the same to Steve Adcock , and he might dispute the assumption.

"The concept of financial security isn’t tied to a specific income level,” explains the 42-year-old to GudangMovies21Make It. “For me, financial security is more about having enough time.”

Adcock states that he experienced financial stability in 2016 around the age of 35 when he left his corporate position with approximately $900,000. The growth in the stock market quickly increased this sum above the $1 million mark.

He explains that security wasn’t derived from how much money was saved, but rather from the liberty it provided – the ability to lead his life as desired without depending on a steady income. After his wife retired the next year, they embarked on an adventure, spending three years traversing the nation in their Airstream trailer.

I definitely experienced a simpler lifestyle back then. Our expenses were much lower compared to what they are today," Adcock explains. "It was actually the initial period during which I felt truly financially stable, implying that we didn’t need to continue working indefinitely.

Enhancing facility safety via savings and investments

To clarify, a better salary certainly aids in attaining financial stability—but it isn’t everything, according to Adcock.

He states, 'Even with an income of $200,000 annually, if your expenses total $180,000 per year, financial security remains elusive.'

In 2014, with their joint earnings reaching $220,000 per year, Adcock mentioned that they managed to save approximately 70% of their total income and put those savings into aggressive investments for both retirement and brokerage accounts.

He mentions that their savings rate was nearly excessive," she states. "However, he detested his job. He desired an exit as swiftly as feasible.

If your goal is to achieve financial security, you don’t necessarily have to reach such a lofty savings rate. At the very least, begin by building an emergency fund A significant portion of Americans — 44%, according to Bankrate —they mentioned they were unable to cover a $1,000 emergency using their savings.

As Adcock points out, this is exactly what financial insecurity looks like.

Financial experts typically suggest setting aside funds enough to cover three to six months of living costs for emergency situations. After achieving this, consider increasing the duration for which your savings could support your livelihood.

"As you reach the point where you can envision living for one year, then five years, and eventually ten years — that’s when the real excitement begins," according to Adcock.

Viewing financial stability in this manner lets you see money not merely as something to amass, but rather as a resource to support the aspects of your life that matter most. For instance, someone who has managed to save funds equivalent to one year’s living costs might choose to take a break from their regular routine to embark on a personal endeavor. Alternatively, someone with savings covering ten years’ worth of expenditures may feel empowered to venture into launching the business idea they’ve long harbored.

For individuals aiming for early retirement, the main objective is to create an investment portfolio substantial enough to sustain withdrawals indefinitely.

Even for someone like Adcock, who continues to earn an income from ventures such as his website , our newsletter highlights that attaining the highest tier of financial stability typically involves enjoying the freedom to choose when and how you wish to work, instead of ceasing work altogether.

At present, I'd apply the term 'retired' somewhat flexibly. While we may not fully fit the conventional definition of retirement, we definitely enjoy financial independence. Our finances are completely secure," he explains. "There’s no pressure for us to undertake specific activities. However, it's delightful to pursue ventures that appear intriguing and discover their potential outcomes.

Correction: An earlier iteration of this story incorrectly stated the name of Adcock's Airstream RV.

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