https://www.blackenterprise.com/retiring-early-tips-twin-carter/

Originally Published Sept. 3, 2021.

These twin sisters retired in their 30s and have advice for anyone who wants to do the same. 

Nadia and Nicole Carter—the bloggers behind Wealth Twins—left their careers in finance after applying some financial strategy to their lives. Nicole retired at 33 and has been retired for 10 years, and her sister, Nadia, retired at 35 and has been job-free for over eight years, Business Insider reported. 

Both sisters are still based in New York City. 

Here are three tips from the Carter sisters to set yourself up for early retirement success:

Try a mini-retirement first 

Nicole and Nadia believe it’s a good idea to give early retirement a trial run before fully committing. While it may sound great, it’s not for everyone, the sisters said. Both took months of leave from work to be sure they knew what they were getting into, lifestyle-wise and financially. 

Nicole took a break from work to finish business school and lived off her savings. Nadia took a six-month sabbatical from her job and returned after. 

“It helps you build your confidence to let you know, ‘Hey, I can do this. These numbers are all working out,’ just to check yourself in the real world,” Nicole said about her mini-retirement.

Invest, save, and live below your means

The sisters told Business Insider they both saved and invested about 75% of their paychecks to save enough for early retirement. 

They did this by keeping their living costs steady, even as earnings increased. This helped them avoid the make-more-spend-more lifestyle that sometimes comes with a growing paycheck. After bills were paid, they saved and invested the rest. 

“We lived like we lived on our first salaries,” Nadia said. “That was one of the biggest things that helped us. We didn’t have to think about it, you just sock it away.”

Keep your housing costs low

Ever heard of house hacking? Nadia used this income-producing strategy to lower her living expenses, generate passive income, and feel more secure. She bought a multi-unit property in New York City, where she lived in one unit and rented out the rest. 

“I said to myself, ‘How can I get a place that if I did lose my job, I wouldn’t have to worry about the mortgage?’” Nadia said. “And the first thing that came to mind would be to get a multi-family property.”

Nadia said house hacking is a great tool for early retirement, “because we lived for free, and all your money can go into your savings.”

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