“I do like a coffee in a nice cafe, but generally I spend in line with my values,” he said. They own a two-bed flat in Basingstoke and drive a compact Skoda Citigo, which cost £5,000. Our motto is ‘Buy your freedom first,’” he said. “Most people find that as they earn more, they spend more. Saving so much is a tall order at any age and Donegan says that instead of spending money, they invested it. They now claim that they can support their current lifestyle without having to work. As a result, he is living his dream by temporarily decamping to Los Angeles to work on his movie screenplay.Īlong with his partner, he has built up an investment portfolio worth £1m after saving from his income as a consultant on start-ups and from the establishment of a business training school. Saving to live a dreamĪlan Donegan says he achieved his financial independence before turning 40.
The advocates of Fire are undaunted, however.
And that is before you hear that it often involves saving between 50% and 75% of post-tax earnings. At a time when many people are struggling to ensure they have enough money when they do retire or even to get them from month to month, the idea will probably appear absurd.
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