Brandon Ganch, widely known as the MadFientist, achieved what many consider a remarkable feat: retiring at the young age of 34. By aggressively saving and maintaining a minimalist lifestyle, Ganch and his wife reached financial independence in 2016. They then relocated to Portugal to enjoy their newfound freedom. However, years after stepping away from the workforce, Ganch now expresses a sense of regret over his hyper-frugal approach during his journey to early retirement.
Ganch and his wife lived frugally "in the woods of Vermont" prior to their relocation. While their disciplined approach enabled them to retire early, Ganch reflects on lost opportunities for enjoyment during his 20s. He now acknowledges that his fixation on achieving financial independence overshadowed moments that could have enriched his life.
"I got into deprivation and neither my wife nor I were happy," – Brandon Ganch.
A similar sentiment is shared by Alex Trias, a software developer who retired at 41. Trias also moved to Portugal with his wife after years of diligently saving for early retirement. Despite achieving his goal, Trias regrets the extent of his obsession with investments and finances during those years.
"I used to think all the time about investing at a low price, waiting and then selling at a higher price. I cannot begin to explain the anxiety and waste this sort of mental framework caused." – Alex Trias.
Trias too wished he had balanced his financial ambitions with enjoying life’s simpler pleasures while he was still working.
"My greatest regret financially wasn't my spending, it was my thinking," – Alex Trias.
In a similar narrative, Sam Dogen, founder of Financial Samurai, retired at 34 after a successful career in investment banking that spanned 13 years. Dogen accumulated a $3 million net worth and generated approximately $80,000 annually in passive income. Though he does not regret retiring early, he reflects on the potential value of extending his career by a few more years.
Ganch’s outlook shifted after reading "Die with Zero" by Bill Perkins. The book emphasizes the importance of balancing financial independence with enjoying life's experiences in the present moment. This change in mindset led Ganch to embrace homeownership for the first time and adjust his spending habits, especially since becoming a parent.
"You don't maximize for net worth. You should maximize net fulfillment," – Brandon Ganch.
Today, Ganch is less concerned with saving every penny and focuses more on living a fulfilling life without undue stress over expenses.
"I don't let it stress me out. I know that there's going to be expenses," – Brandon Ganch.
For both Ganch and Trias, the journey towards financial independence came with valuable lessons about life satisfaction versus financial prudence. Trias advises against constant monitoring of net worth as it can be counterproductive, advocating instead for forming good habits rather than focusing solely on end results.
"Focus not so much on the end result but on the habits that you're forming." – Alex Trias.