A DAD has revealed how he retired at the age of 24 - after banning his wife from Starbucks and cutting their overall spending in half.<\/p>\n
Mike Rosehart, now 27, enjoys a life of leisure with his wife Alyse, 28, and their two children after working for just seven years.<\/p>\n
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The former IT business analyst amassed an impressive $760,000 (578,000) after saving aggressively and making a profit from their own wedding.<\/p>\n
Mike, from Ontario, Canada, initially had a hard time persuading Alyse to share his early retirement ambition.<\/p>\n
I wouldnt say shes a crazy spender but she likes her Starbucks, he told SunOnline.<\/p>\n
She wanted to have kids young so I explained that if we were able to retire early we could be there for our kids.<\/p>\n
I told her we just had to cut our spending in half.<\/p>\n
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It took me over a year to get her on board.<\/p>\n
Everytime she bought Starbucks, I said: That cost us two more days away from our kids.<\/p>\n
The couple married in 2014 and were keen to keep wedding costs down.<\/p>\n
They pulled off the celebration for $3,800, which is well below the cost of an average wedding.<\/p>\n
We found a venue that were offering a deal where you could have the wedding for free as long as you invited enough guests, he said.<\/p>\n
Initially we wanted 150 guests but to keep costs down we whittled our guestlist to just 80 people.<\/p>\n
People give a gift when they come to a wedding and so we actually made a profit on our wedding if you think about it like that.<\/p>\n
For our honeymoon, I used the points on my credit card to go to Brazil so it didnt cost anything.<\/p>\n
We had a friend who hosted us in Brazil so our accommodation was free.<\/p>\n
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The dad-of-two is convinced that anyone can achieve financial independence and retire early, known as FIRE, with a little financial wizardry.<\/p>\n
He has even taken in three mentees to teach them his money-making and saving ways.<\/p>\n
Mike said: The secret to retiring early is: spend less, earn more and maximise the returns on the difference.<\/p>\n
The hard part is executing it.<\/p>\n
Most of us cant resist the Starbucks, the trip abroad or the new cellphone.<\/p>\n
Delayed gratification is the secret to FIRE.<\/p>\n
Mike hit upon the idea of retiring early when he was studying at the Ivey Business School in Ontario, Canada, in 2010.<\/p>\n
He came across Early Retirement Extreme, a book about becoming financially independent on a median salary by Danish astrophysicist Jacob Lund Fisker.<\/p>\n
He said: I was in my first year at university and I was working on a project about the psychology of happiness.<\/p>\n
I went deep into a wormhole on the internet and I came across Jacob Lund Fisker.<\/p>\n
He started the spark for me.<\/p>\n
Throughout university, Mike worked full time while also studying full time.<\/p>\n
He said: I grew up really poor with a single mother on the poverty line so I didnt have family money to rely on.<\/p>\n
I got scholarships to go to college.<\/p>\n
In his second year of university, he rented a bedroom for $262-a-month which was just 7ft by 8.5ft.<\/p>\n
He later lived in a tiny apartment with Alyse for $455 a month - and saved money by cycling everywhere.<\/p>\n
At 19, Mike bought a $152,000 cottage with Alyse.<\/p>\n
It was a tiny little cottage, the cheapest house I could find, he said.<\/p>\n
They put down $29,600 - half of that was money they had saved and half of it was their student line of credit.<\/p>\n
The couple rented every room and made money off the property.<\/p>\n
We graduated debt-free and with money in the bank, he said.<\/p>\n
After college, Mike took a $42k-a-year job in consulting.<\/p>\n
Alyse, who had graduated a year before, in 2013, took a graphic designer job, making $26,500-a-year.<\/p>\n
Mike took the proceeds from the salary and bought rental properties - then reinvested the rent.<\/p>\n
They lived on slightly less than half of Alyses salary and were saving 100 per cent of Mikes.<\/p>\n
I kept reinvesting every profit from rental property. It kept snowballing.<\/p>\n
We bought 10 properties in three years.<\/p>\n
In February 2017, Mike handed in his notice at his job and Alyse also retired later that year.<\/p>\n
He sold 11 properties and he knew that he had hit his FIRE number - 25 times his yearly living expenses.<\/p>\n
He said: I knew I needed $485,000 to retire and I had, in equity of my property, just under $760,000.<\/p>\n
I went into my bosss office and he told me that my job would be there when I came back in six months time.<\/p>\n
He thought I was having a quarter-life crisis.<\/p>\n
Mike admitted that retirement, at 24, did take some getting used to.<\/p>\n
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Its a bit jarring at first. You find a way to cope by filling time with hobbies, and at first for me, it was gaming.<\/p>\n
Mike teaches others how to achieve FIRE on his Youtube channel, named Mike Rosehart and he has also established his own mentorship programme.<\/p>\n
He coaches four men, who live in his rental properties, how to achieve their own financial independence.<\/p>\n
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Excerpt from:<\/p>\n
Dad-of-two retires at 24 after banning his wife from Starbucks and making a profit from their WEDDING - The Sun<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A DAD has revealed how he retired at the age of 24 - after banning his wife from Starbucks and cutting their overall spending in half. Mike Rosehart, now 27, enjoys a life of leisure with his wife Alyse, 28, and their two children after working for just seven years Continue reading