Former Chicago lawyer is among the 'supersavers' who are able to retire early
Early retirement is a dream for many people, but for “supersavers” it can become a reality.
Supersavers make significant cuts in their spending and devote a portion of their paycheck to savings or investments, the New York Times reports. Among the supersavers profiled in the article is former Chicago litigator Michael Roumell, who retired at 50 in 2005 and moved to Florida.
Roumell used part of his money to buy rental homes on the edges of nicer neighborhoods in Chicago. He managed to get a stream of income from the rental properties and saw a boost in his net worth due to appreciation as the neighborhoods became in-demand locations.
“I realized I could make a lot of money without doing very much,” Roumell told the Times. “I could buy these houses and fix them up and get pretty good rent, so I started doing that.”
Another supersaver profiled by the Times is former information technology worker Chris Reining, who was earning $75,000 a year. At first, he started saving 10 percent of his paycheck, and then gradually increased the amount to 50 percent. He became a millionaire at age 35.
