The Journey from Average Joe to Retired Millionaire

By Heather Taylor0 Comments

An article from Yahoo! news details how Doug Nordman and Ray Hinchcliffe, Jr. were able to take their middle-class salaries and turn them into a lavish early retirement. Their strategy is as simple as savings and wise investments, but applying this principle takes discipline and creativity.

“Ray Hinchliffe… saw his salary grow from just $67 a week to more than $100,000 a year over the course of his career working at grocery stores, first as a clerk and later as a manager. Through disciplined saving, he built a sizable nest egg under the guidance of his financial advisor. He says one of the best things he did for his finances was purchasing a home as soon as he was able to. Today, he owns multiple properties and enjoys a relaxing retirement.”

Both men describe cost-saving techniques such as splitting vacation costs with other couples, buying used cars, and only purchasing what you need. Maximizing your net earnings is a point emphasized by Hinchcliffe, who says that taking advantage of your employer’s 401(k) matching is a must.

Nordman offers this advice to all investors who are looking to get started with saving more for retirement:

“Track your spending for a couple of months and see where your money goes. Don’t try to cut back, don’t try to change anything just track your expenses and see where you’re spending your money. Then you will figure out where you want to cut back, and you won’t feel like you're depriving yourself or making yourself miserable.”