Daniel George who is an IIT Bombay graduate achieved financial independence through disciplined saving and investing, allowing him to retire early.
At just 24 years old, Daniel George was already thinking about early retirement after securing a high-paying job at Google with a salary package of $265,000. After graduating from IIT Bombay with a degree in engineering physics in 2015, George began saving money and planning for his future. In 2018, he started working at Google X, where he enjoyed luxurious perks such as free food, drinks, and recreational facilities.
A year into his career, George took an interest in finances and taxes. He realized that nearly half of his income was going to taxes, which led him to start maximizing his retirement accounts and minimizing his tax burden. Despite his substantial salary, he managed to keep his expenses under 10% of his income. Instead of splurging on luxury items like cars or expensive homes, George opted for more frugal choices. He walked or biked to work, shared an apartment to save on rent, and took full advantage of the free meals at Google.
By consistently saving and investing a large portion of his earnings, George managed to contribute over $75,000 annually to tax-advantaged accounts. By 2020, he had built up enough wealth to consider early retirement. However, after meeting his future wife, who also worked as an AI scientist at Google, he decided to stay in the US and continue growing his wealth.
In 2020, George joined JP Morgan to lead applied AI projects, which effectively doubled his income. Despite his increased earnings and net worth, he remained committed to living modestly. At the age of 27, George reached his first million dollars in savings, thanks to his disciplined investment strategy and careful spending habits.
In August 2023, at 29 years old, George decided to leave JP Morgan and co-found a startup called ThirdEar AI. With financial stability and passive income from his investments, he felt confident in taking the entrepreneurial leap. George now believes that his early investments have given him the freedom to pursue his passions without worrying about a paycheck. As he and his wife plan for the future, including possibly starting a family, he feels secure in knowing that their investments will generate enough income to cover their expenses. "Investing early means I won’t need to worry later on," George noted, reflecting on the impact of his financial decisions.
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