Save to Freedom – An Interview with the Spar Millionaire

Getting the economy together every month is not always easy. Studies show that more and more Swedes feel some sort of concern about not having enough money. Continuously saving and ensuring that you have a buffer for unexpected expenses can be a way to reduce financial stress. For tips and inspiration we have talked to the Swedish blogger Millionaire Innan 30 who managed to save to his first million before he turned 30 and retire before 40. Read more about how he succeeded and get tips for your own savings!

What motivated you to set such a tough savings goal?

What motivated you to set such a tough savings goal?

The savings millionaire: I started saving a lot immediately when I started working as a 24 year old. Then I was used to a student budget and could easily save half the salary when I got a job. From the beginning it was to create security when I only had probationary employment and get together for a cash deposit at the apartment (which was considerably easier 14 years ago). It was only after a year of saving that the idea of ​​becoming rich or free was born.

How long did it take you to save for your goal?

Savings millionaire: After 13 years of work where I saved 50-80% of the net salary every month, at the turn of the year 2017/2018 I was able to quit my job which was my goal. Now I expect to be able to pick out about SEK 15,000 a month after tax in today’s monetary value for the rest of my life. If I need a little more money during a period, I can think of working a little extra.

What were the biggest factors that contributed to your success?

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The savings millionaire: That I started saving immediately after the studies and thus never had to get used to more expensive lives facilitated. I have also been long-term and saved money exactly every single month during the entire period. I have had a good return as it has been a good year on the stock exchange and I managed to buy a lot during 2008-2009 which then had a nice trip. But it has not been any fantastic business, but a monthly savings in index funds has worked almost as well.

How do you maintain the motivation to maximize your savings each month?

Savings millionaire: Make savings an interest. Set goals and follow up every month. For me it has been more fun to buy a share in Cloetta than a candy bag from the same company. Then it goes by itself and becomes a fun hobby.

What is your best tip to anyone who should start saving long-term?

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Savings millionaire: Just be long term. Find a level of savings that you know you can keep and money you are sure not to need. This makes it easier to set up a rule to never withdraw money from the portfolio before reaching your long-term goal. If you want to save for something in the short term, do so outside the long-term portfolio.

I can also tell about my book “Millionaire before 30 and pensioner before 40” and my blog “Millionaire before 30”. There are more detailed tips and inspiration.

Big thanks to the Spar Millionaire for his participation and inspirational tips!

To reduce your monthly costs, you can also apply to us at Dottore to collect loans for your loans, free of charge. With lower interest rates and loan terms, you can more easily get the economy together and avoid some of the turmoil. Read more about collecting your loans!