Several young individuals today have a common goal of achieving early retirement with bagloads of money, and Ethan Nguonly is a prime example of this trend. At just 22 years old, he’s already a software engineer at Google and has set his sights on accumulating $5 million, approximately ₹41 crore, by the time he turns 35, reports CNBC.
Ethan Nguonly, the young tech professional residing in Orange County, California, attributes his financial acumen to his parents. They imparted valuable lessons about the significance of investing money in stocks, emphasising that it’s more beneficial than simply saving it.
“(My parents) really explained it to me well, They said, ‘If you leave your money here (in a savings account), over time, it’s going to become worthless,’ and they said that you should really learn to invest it into something,” Nguonly told CNBC Make It.
“When I was younger, the main thing I was thinking about was, ‘All this money keeps getting bigger, keeps growing, and I’m not doing any work for this’. This really exposed me to the idea that my investments could make me money instead of me actually having to actively work for it,” he added.
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Ethan Nguonly’s unwavering commitment to attain financial independence motivated him to complete his computer science degree at the University of California, Berkeley, in a remarkably swift two years, thereby avoiding student debt. Furthermore, he chose to reside with his family after earning his bachelor’s degree, a strategic move to minimise expenses related to rent and further bolster his savings.
Following his undergraduate degree, Ethan Nguonly wasted no time and secured a position at a software company while concurrently pursuing a master’s degree in information and data science, which he successfully completed in August 2022. Remarkably, during his master’s programme, he also managed to land a job at Google as a software engineer. His annual income, including bonuses and stock units, currently stands at an impressive $194,000, approximately ₹1.60 crore.
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Currently, Ethan Nguonly boasts a substantial portfolio, with nearly $135,000, equivalent to ₹1.11 crore, wisely invested across various retirement and other investment accounts. Impressively, he also owns properties in both Florida and California. As part of his financial strategy, he has set a goal to invest 35% of his take-home pay each year and has aspirations to further diversify and expand his real estate holdings in the coming years.
Nguonly is mindful of his expenses, particularly when it comes to food. He takes advantage of Google’s perk of providing free breakfast and lunch, which helps him save on daily meals. Additionally, he has a frugal approach to his wardrobe, opting for simple and budget-friendly clothing over brand-name fashion items, reinforcing his commitment to financial prudence.
Nguonly remains steadfast in his pursuit of reaching his ambitious $5 million goal. His strategy involves consistent investments in his retirement accounts and gradually expanding his real estate portfolio. He intends to achieve this by acquiring a new property approximately every couple of years, aligning with his long-term financial aspirations.
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