“Did You Walk or Bike To Work?”: A former IIT Bombay student offers advice on retiring early

For most people, it would seem impossible to retire early at age 29, but for Daniel George, an IIT Bombay alumnus, it became a reality. Daniel shared his story with Business Insider, stating that at the age of 24, he began thinking about taking an early retirement. His path changed dramatically when, after a successful summer internship, he was hired by Google X, where he was paid $265,000 (about Rs 2.2 million) a year.

Daniel carefully invested in tech equities, such as Google, Apple, Amazon, Nvidia, and Tesla, as part of his early retirement plan. His lack of financial experience first made him nervous, but throughout his time at Google, he overcame this obstacle. An important step in his financial path was when he started studying about taxes and money.

Notably, it was while working at Google that Daniel learned the value of retirement savings like Roth IRAs. After-tax contributions are accepted into tax-advantaged individual retirement accounts, such as Roth IRAs. Daniel made a critical financial planning move when he skillfully managed his retirement funds to reduce his tax obligations.

Daniel stressed the importance of having a strict budget and said that he has been successful in part because he spends less than 10% of his income on everyday expenditures. His economical lifestyle was influenced by sensible decisions like eating at Google and walking or bicycling to work. By splitting the rent with friends, Daniel was able to afford housing in Silicon Valley, even with its generally high cost of living.

Most importantly, Daniel refrained from making ostentatious acquisitions like homes or automobiles. Rather, he gave investments first priority, which caused his money to compound and rise exponentially. He thought that in the future he would move to a city with lower cost of living and buy a nicer home.

Daniel was happy with his time at Google and emphasized that he never felt that his quality of life had been compromised. Daniel’s goal of an early retirement was made attainable via his disciplined attitude to spending, smart investments, and wise financial choices. Those hoping to follow his road toward early retirement and financial freedom may find encouragement in his narrative.