Amberly Grant, a 34-year-old woman, shares her journey of achieving financial independence in February 2022. She started her career at a tech company, making more than double her parents' income. Her financial mindset was shaped by growing up in poverty, leading her to strive for financial security. This drive led her to make significant financial decisions, such as purchasing a house and starting short-term rentals.
She currently has multiple financial accounts, including two 401K accounts totaling $119,000, a taxable brokerage account with $55,000, a Roth IRA with $37,000, two HSAs totaling $12,000, a 529 education account for her child with $9,000, and a company stock account with $6,000. Her total liquid savings, including cash flow from houses, is expected to be around $750,000 in three to five years.
She believes that her current financial situation, which allows her to cover all her expenses with a total of $40,000 a year, is enough to feel comfortable quitting her job. However, she plans to put another $140,000 to $200,000 into a taxable brokerage account, expecting her liquid savings to reach $750,000 by the same time.
She also shares her perspective on retirement, stating that she doesn't see herself fully retiring but rather achieving financial independence for the freedom to do whatever she wants. This includes activities like biking to the grocery store, spending time with her family, traveling, and living abroad. She emphasizes that achieving financial independence brings a lot of freedom and the ability to live without too much day-to-day stress.
1. Amberly is 34 years old and achieved financial independence in February 2022.
2. Amberly's income has been between $13,000 and $20,000 a year until five years ago.
3. Amberly's first job paid her $50,000 a year, which led her to realize she could save a lot of money.
4. Amberly's expenses were kept very small, with her spending only $1300 a month.
5. Amberly recently had a child, which has changed her financial situation.
6. Amberly's current monthly personal expenses are $3400.
7. Amberly has two 401K accounts, a taxable brokerage account with $119,000, a Roth IRA with $55,000, two HSAs totaling $12,000, a 529 education account for her child with $9,000, and a company stock account with $6,000.
8. Amberly currently needs a total of $40,000 a year to cover all her expenses.
9. Amberly's current cash flow is $650 a month.
10. Amberly believes she will have enough money to quit her job in three to five years.
11. Amberly grew up very poor and has a scarcity mindset when it comes to finances.
12. Amberly decided to become a millionaire and this drive to do more has been a huge defining factor in her adulthood.
13. Amberly worked at a tech company where she was a project coordinator, making $52,000 a year.
14. Amberly and her partner decided to move in together and purchase a house.
15. Amberly started renting out her house in May of 2019 and then started doing short-term rentals.
16. Amberly was able to purchase a second property by taking some money out of a HELOC from her current property.
17. Amberly's finance is currently in the negative because she runs around the country going to speaking events.
18. Amberly does not see herself fully retiring, but rather achieving financial independence (FI) for the freedom to do whatever she wants.
19. Amberly's vision of FI includes activities like biking to the grocery store, hanging out with her new kid, traveling, and living abroad.
20. Amberly believes that achieving FI will bring her the flexibility to be wherever she wants, giving her a lot of freedom and the ability not to feel too much stress on a day-to-day basis.