I’m a Baby Boomer Who Retired Wealthy: This Is How Much Money I Made in My First Gig

You don’t have to be born into wealth to retire rich . It’s an attainable goal that anyone, regardless of their starting point in life, can achieve by making smart financial decisions. That said, it’s important to acknowledge the privilege of living in a developed country with access to resources like investment accounts and high-yield savings options. These tools play a huge role in helping you build a secure financial future and a cushy nest egg.

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Like many working-class Americans, Xiao Hong Lee, a Taiwanese-American retiree who worked as an electrician all his life, didn’t build a seven-figure business or inherit a fortune. However, he was still able to retire early and wealthy through aggressive saving habits that started in his 20s .

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Early Career Beginnings

Though Lee retired with over a million dollars in his nest egg , he made only around $20,000 a year in his first gig as an electrician in his early 20s. His income grew steadily throughout the years as he gained more experience, and he was eventually able to reach a six-figure income before heading into retirement.

“People often look down on blue-collar jobs like electricians and plumbers, but these jobs are always in demand,” Lee said. “As long as you have the skills, a solid client base, and know how to market yourself, it’s definitely possible to make over $100,000 a year these days.”

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Financial Milestones

Lee lived with a family member in San Jose when he first entered the workforce, so he was able to save a good chunk of change on rent and start saving aggressively in his 20s.

“I’ve never been very materialistic, so beyond covering basic expenses like food, I saved almost everything I earned,” he said. “I was able to hit my first $100,000 savings goal at around 33 years old, and after that, my net worth just started growing faster and faster.”

He said he also had some financial help from his parents.

“My parents helped me with the down payment on my first home in Taiwan when I was in my late 30s,” he explained. “Though I was also renting an apartment in the U.S. at the time, my goal was always to retire in Taiwan, where my family is. My parents were considering moving to a new city in Taiwan anyway, so it made sense for us to buy a new house where we could eventually live together when I retired.”

Lee also explained that it’s common to live with family well into adulthood in Asian cultures. “I’m also not married, so I don’t mind,” he said.

Investments and Savings

“My nest egg is spread across retirement savings accounts, stocks, bonds, ETFs, crypto and high-yield savings accounts,” Lee said. “I didn’t know about many of these savings and investment options when I first started my financial journey; but, after years of trial and error, I learned the hard way that spreading risk across different asset classes is really important.”

Lee wasn’t comfortable giving the exact figure of his total savings, but he said he retired comfortably in his 50s with a net worth of well over a million dollars. “I also had some help from my parents with the down payment on my first home, which I currently live in,” he added. “So I know I’ve been fortunate in that respect.”

Current Retirement Situation

Lee is in his 60s now and has moved back home to Taiwan to take care of his elderly parents and be with family. “Taiwan is an amazing place to retire because it has one of the best healthcare systems in the world. Also, the cost of living is low compared to the U.S., which allows my nest egg to go much further.”

He said he doesn’t really worry about money and is focusing most of his energy on taking care of his parents, exploring different hobbies, and building an active social life.

“I’m truly enjoying life right now,” he said. “This decade is probably my favorite so far.”

Lessons Learned

“If I have one advice for young people out there, it’s to start saving and investing as early as possible,” Lee said. “I didn’t start making six figures until later in life, but I was still able to accumulate seven figures in retirement because I started putting money away in my 20s.”

And remember, with the power of compound interest, you earn interest not just on your initial investment but also on the interest it earns over time. The more time you give your investments to grow, the more you can benefit from this compounding effect.

“Don’t wait until you make six figures to start saving,” Lee advised. “Even setting aside a few hundred dollars here and there can make a big difference.”

Retiring wealthy doesn’t mean you need to own a successful business or have a fancy job; consistent and healthy money habits can also get you there. If you haven’t already started saving for retirement, it’s never too late to start. Start by maxing out your retirement savings accounts and building a cushy emergency fund with a high-yield savings account . Once you have a stable foundation, you could then consider diversifying your nest egg into higher-yield options like stocks, bonds and ETFs.

This article originally appeared on GOBankingRates.com : I’m a Baby Boomer Who Retired Wealthy: This Is How Much Money I Made in My First Gig