The young techie praised his parents for teaching him the importance of investing money
Today, most young people strive to save and invest enough money to retire early. One such person is Ethan Nguonly, a 22-year-old software engineer at Google who is seeking early retirement and is said to have accumulated $5 million (approximately Rs 41 million) by the age of 35, CNBC reported.
The young techie, who lives in Orange County, California, praised his parents for teaching him the importance of investing money in stocks rather than just saving it.
””[My parents] I explained it really well. They said, “If you leave your money here.” [in a savings account]“Over time it becomes worthless,” and they said you should really learn to invest it in something,” Mr. Nguonly told CNBC Make It.
“When I was younger, the main thing I thought was, ‘All this money keeps getting bigger, keeps growing, and I’m not working for it.’ That really gave me the idea that my investments could “make me money instead of having to actually actively work for it,” he added.
His determination to achieve financial freedom led him to complete his computer science degree at the University of California, Berkeley in just two years, thereby avoiding student debt. He also decided to stay with his family after completing his bachelor’s degree to save money on rent.
He then secured a job at a software company while also starting his master’s degree in information and data science. He completed the course in August 2022. While he was getting his master’s degree, he also got a job at Google as a software engineer. He has an annual income of $194,000 (approximately Rs. 1.60 crore), including bonuses and stock units.
Currently, he also has nearly $135,000 (Rs 111 crore) invested in his retirement and other investment accounts as well as houses in Florida and California. He aims to invest 35% of his net income every year and plans to expand his real estate portfolio in the near future.
Mr. Nguonly purchased an investment property in Riverview, Florida, in early 2022 and about a year later purchased his primary residence in La Palma, California, where he lives with his dog.
He doesn’t spend too much money on food because Google offers free breakfast and lunch. Furthermore, he doesn’t believe in splurging on branded clothes and prefers to wear simple and affordable clothes. Although he loves traveling and typically takes three to four trips a year, he prefers cheaper options to luxury upgrades like sharing an Airbnb with a friend.
To reach his $5 million goal, he plans to continue investing in his retirement accounts and expand his real estate portfolio by purchasing a new property every few years.
Talking about a book that really inspired him on his journey, he said: “It’s about how you should spend more money on experiences and travel while you’re still young and healthy.” That’s why I really set this goal for myself . “I don’t want to try to climb a mountain when I’m 67, but rather do it while I can still enjoy these experiences to the fullest.”