This woman was taught how to save up and now plans to retire at 40
Beck Bamberger, the founder of public relations firm for tech start-ups in San Diego Bam Communications, has learnt an important lesson when she was little – to save up. Now she plans to retire at 40.
“At 7 or 8 years old, my mom opened a checking account for my sister and me,” Bamberger, 32, told USA Today. “I learned that you go to the bank, deposit money, and it stays there.” Ever since then, Bamberger and her sister absorbed cues on how to handle finances from their parents. “My mom and dad were raised in Baby Boomer families with lots of siblings who received fabric to sew Christmas clothing, but little encouragement from their parents to “become” anything,” she said.
Growing up, she was taught how to pay off home, make stock investments, save $2 on milk using a coupon and other behaviours that result in the possibility of retiring in your early 50s. As a teen, Bamberger bought Starbucks stock.
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She graduated from UCLA at 19 (“in two years rather than the usual four”, as she wrote in her bio). At 21, she graduated from the University of Pittsburgh with an MBA and worked in television. By 2008, she launched BAM Communications.
Despite the fact that she runs a multimillion-dollar growing business with over 20 full-time employees, she drives a 1999 corvette with 100,000 miles on it. She learned from her parents to keep things until they fall apart. They also taught her to spend money on experiences, not material items.
She is a big saver, as she is socking away 60% to 70% of her salary. “I’ll probably never be able to shake this saver mentality, but then again, I’m planning to retire at age 40,” she said.
She advises people who are looking to retire early to “live in the now, but plan for the future.” Other tips for people who want to retire at 40 include, according to CNBC:
- Don’t spend mindlessly
- Don’t buy lunch and dinner every day, learn how to cook
- Downsize your living space
- Don’t try to live up to your friends spending standards
- Trade your car for public transportation
- Stop procrastinating
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