I am a self made millionaire who retired at 35 – here are FIVE things you must do now or you will forever regret it | The Sun

A SELF-made millionaire who retired at 35 has revealed the five things you must do now.

Personal finance expert Steve Adcock has shared the five valuable money and life lessons he learnt along the way- and promises you will regret forever not following his advice.

 Even though he earned a six-figure salary working in software development, Steve always wanted financial independence.

By saving up and investing his income wisely he was able to retire in his mid-30s, followed by his wife a few months later.

He wrote on CNBC's Make It: "In 2016, at 35 years old, I retired early with a net worth of $900,000.


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"It wasn’t until 2021 that I achieved my goal of becoming a self-made millionaire, with a net worth of $1.4 million.

"Now, at 41, I live a happy, simple and frugal life with my wife in Arizona.

"From the outside, it might look like I made all the right decisions. But there were some life and money lessons I had to learn the hard way."

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Steve says the following five tips are:

Say 'yes' more than you say 'no.'

Steve admits that in his 20s the fear of failure made him stand back and miss great opportunities.

"What I didn’t realize until later was that my constant avoidance of risk was a lot more harmful than any kind of rejection I thought I was protecting myself from," he says.

He explains that despite his concerns when he got offered a promotion at his job he decided to take it.

The move made him realise that if he had accepted more promotions sooner he would have been able to retire much sooner.

Stop trying to keep up with your competition

Steve says that comparing yourself to others leads to jealousy and an unproductive way of thinking.

He explains that everyone has got a different pace of doing things.

He says: "Once I stopped caring about what everyone else was doing, I had more time to focus on what I was good at.

"I started to feel more capable and confident."

Make decisions for yourself and stop trying to please everyone

He says he had the habit of making decisions based on what he thought his environment would approve of.

When he reached the point that it got "exhausting" he realised he shouldn't worry about others judging him, he started following his own instinct.

He said: "When you stop worrying about how other people perceive you, you gain more clarity about what you want — and choose to do what makes you happy."

Slash spending and try to save more than 50% of your income

One of the trickiest things to do with your income is to try and save about 50 per cent of your salary.

Steve recalls his wife got him to start saving up and eventually reached a point when they were saving 70 per cent of their combined income.

He explains they were able to save by stopping "buying things they didn't need," reducing monthly subscriptions and their grocery budget.

He admits the biggest challenge was to limit the restaurant budget to $50 a month as he was used to eating out every day.

Be more self-aware and practice EQ

Steve says while he always believed people's success would be determined by their IQ, he soon realised emotional intelligence is much more important.

He explained: "People with strong EQ are able to quickly grasp new concepts, react calmly and rationally to complex situations, and can work with many different types of personalities."

Practicing EQ helped him communicate more effectively with people in his professional environment which eventually led to his success.

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Meanwhile, a blogger who earns $50,000 a year says she can retire in her 30s thanks to her top four tips.

And another savvy saver says she is on track to retire at 40 as she often spends nothing for months at a time.

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