Meet Steve Adcock, The US Man Who Retired At 35 With 1 Million Dollar In Savings – News18

Steve Adcock, an American resident, is known for his money-saving newsletter called Millionaire Habits. He has authored a book of the same name. He also made headlines in 2016, when he retired at 35, having saved one million dollars (about Rs 8 crore in Indian rupee). Steve emphasises in an interview that smart money management is different from being overly frugal, and he credits his successful financial journey to adopting a practical and thrifty lifestyle. Reducing expenses might sound simple, but Steve attests to the challenges it brings. It often entails letting go of things once deemed indispensable. A CNBC report reveals that Steve used to love watching sports channels a lot. As part of his retirement planning, he decided to disconnect his home cable service. Surprisingly, he now lives contentedly without sports channels, showcasing how a change in perspective can lead to a more fulfilling lifestyle.

Steve shared his advice on financial management and money-saving techniques in his newsletter. Let’s have a look at these.

Steve’s advice on spending resonates with his balanced approach. He acknowledges the importance of spending money on important things, yet he cautions against wasting money on unnecessary things.

While he recognises the value of budgeting for early retirement, he also advocates for striking a harmonious equilibrium between frugality and enjoyment.

Steve shares that he avoids purchasing lottery tickets, likening the odds of winning to gambling. He acknowledges that while not playing guarantees no winnings, even the chances of winning by playing are still slim. This philosophy extends to his avoidance of extended playing bets and gamblings, as he perceives them as a potential waste of money due to restrictive terms.

Steve avoids spending money on extended warranties. The company guarantees that its products will work without issues for a certain period. Extended warranties usually have many rules that don’t cover accessories well. This might mean you pay for an extended warranty and then still have to pay for repairs later.

Steve’s key approach to spending involves avoiding the cheapest or most expensive items. Instead, he conducts thorough research and purchases items that meet his needs and function well. This signifies that he prioritises an item’s usefulness over its price or brand reputation when making purchases.