Millennial mom on track to save $3.5 million: The goal is to ‘never have to work again’

Earning Jones and her son. Photo by XOXO BrittMarie Photography Rachel Jones and her husband discovered the FIRE movement in 2015, and decided they, too, want to retire early.

The two are on track to save $3.5 million and retire at the age of 40.

Among her savings advice is to get clear on your savings goal, to find savings hacks in podcasts and books, and to play the long-game.

Rachel Jones , who uses a pen name for privacy, has long been on top of her finances . The 34-year-old mom in California began learning financial lessons as a kid through ventures like a lemonade stand and working hard in school to receive scholarships for college.

As an adult, she and her husband bought a lifetime subscription to budgeting software You Need a Budget and became part of the Financial Independence Retire Early movement . The goal is to “never have to work again” at age 40, says Jones. That doesn’t mean “that we wouldn’t work, because I think we both enjoy working,” but the option will be available.

The couple set a FIRE number of about $3.5 million dollars. This is the amount they would need to be able to live off of their investments in perpetuity. She and her husband are well on their way and are using tactics like optimizing their taxes and buying used toys and clothing to save 50% of their monthly income, considerably more than U.S. savings rate of 7.9% .

Jones is also bringing in six figures in passive income from her Etsy store .

Here’s her advice for anyone looking to cut their spending and save. ‘Figure out what your goal is’ Before beginning any financial journey, “the most important thing you need to do is figure out what your goal is,” she […]

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