Can you retire early without a high-paying tech industry salary? In this episode, we talk with Stephen about how he plans to do just that. At 30 years old, he’s earning $50k as a higher education administrator, yet he plans to retire with at least a million dollars by his early 50s. How will he do that? Join us as we discuss his plans, the role of financial discipline, why he doesn’t feel he’s overly frugal, and the challenges of his FIRE path.
Show notes may be found below the video
Show Notes
Essential Background:
Are you newer to the show? If so, you may not have seen our first two episodes, which include a lot of background on Jason + Eric’s lives. Check out Our Financial Past and our FIRE Present and Two Careers, Two Paths to Financial Independence, to learn how we got our own start in life and in the workplace.
Stephen’s Budget: Are you interested in more details on Stephen’s financial picture? He graciously shared the Sankey diagram below, which captures his Jan-Jul 2022 income and expenses. This visualization makes it easy to see both sides of the balance sheet, and provides a lot more detail on Stephen’s finances than we were able to achieve in our conversation.

The Shockingly Simple Math Behind Early Retirement is an article by blogger Mister Money Mustache, which many cite among their most important inspirations for getting on the FIRE path. As you heard from Stephen, MMM was one of his early sources as well.
Still doubting whether FIRE is achievable on a more traditional salary? See The Millionaire Next Door (Thomas Stanley), a profoundly insightful book for a very easy read. Dr. Stanley studied wealth and the habits of the wealthy for many years, capturing his observations in this work and others. Learn how frugality, living below one’s means, and investing, truly powers the path to financial independence.
The Simple Path to Wealth (JL Collins) is widely regarded by many in the FIRE community as the most impactful book to their own journey. This fast and easily digestible read is chock-full of investment guidance that you will understand immediately and can readily apply. There is no better starting point to your FIRE journey than this book.
We didn’t dig into it, but you may have heard Stephen refer to feeling “YNAB poor” in this episode. What is YNAB? You Need a Budget is a popular budgeting tool for many in the FIRE community. If manual spreadsheets aren’t your thing or you’ve struggled with budgeting in the past, this may be a good solution. YNAB has a generous, free 34-day trial so you can see how well it works to help you understand and control spending. (affiliate link; no credit card needed )
You can find information on the tools we mention in each episode along with additional information in the Resources section of this site.
- Jason’s FI Blog
- Eric’s business: 30X40 Design Workshop
- Eric’s YouTube Channel
- Our podcast