While admittedly it’s difficult to not compare, it’s this is a fascinating story of a young man that is self made and put his work for himself more important than his work for another company.
Let’s take a look at how he did it
-
Berman earns about $30,000 per month in “mostly passive” income.
-
He reached his FIRE (Financial Independence / Retire Early) number. Essentially, he earned enough money to never work again.
-
His estimated net worth: $1.3 million.
Now before we go into the comments and start complaining about how he went about achieving this number. Or more importantly all of the reasons why he was able to do it and perhaps all those same reasons or even more reasons why you cannot do it.
The goal here is to learn from someone that was able to achieve such a feat at such a young age and for you to be able to potentially model his successes in the actions he took. Have an open mind as you go through and think to yourself what can I change in my life or improve in my life in order to achieve my own goals.
Education
What struck me first was the mindset shift that the article began with. I can’t begin to express how important that is. You don’t know until you know. The books, podcast, resources around you, especially the people in your life can help with this mindset shift. He explains that after reading Tim Ferriss’s “The 4-Hour Work Week,” It changed his mind set on his financial goals.
He shares,
I had thought you made money once you get a big fancy corporate job
This is not to say that you must Quit your job. It’s important to note that the goal behind the FIRE movement is about leveraging your time exactly how you want it to be leveraged.
He found at a young age that cubicle life was not for him. Admittedly for others, the cubicle life is exactly what they want! Or think about those that have an opportunity to have a desk job in an office that they enjoy with a manager that cares about his or her career growth and progression. Also consider the fact that for a majority, especially around my area in the DC Baltimore area, the compensation availability and growth is significantly higher for those that fall within this career track.
Berman decided that was not for him and he was ready to make a change.
By saving aggressively, investing consistently, and building multiple income streams, he (along with yourself!) can ditch the 9-to-5 life well before age 65.
After all the financial success, notice, he found himself investing in real estate!
Even In Massachusetts, in 2020, Berman and his fiancée purchased their very first rental property. Living in a one-bedroom, one-bathroom unit they were able to rent out the upstairs split-level duplex.
This is one of the many variances of house hacking. A powerful real estate investing strategy that allows you to take advantage of owner-occupied loans, being a first-time landlord on training wheels, along with all of the Cashflow benefits. Essentially you are taking your most expensive line item (Shelter/Mortgage) and significantly reducing or potentially even eliminating that cost!
Read the full article here:
https://grow.acorns.com/twentysomething-worth-over-a-million-dollars-through-mostly-passive-income/
