He saved 70% of his income, retired at 34—he’s no longer hyper-frugal

Brandon Ganch, known online as the MadFientist, retired in 2016 at just 34 by saving aggressively and keeping his spending lean.

While he doesn’t regret the wealth built by his “hyper-focus” on saving 70% of his income, “I could have taken my foot off the gas knowing what I know now,” he told host Paula Pant on a recent episode of the “Afford Anything” podcast.

In the lead-up to early retirement, the software developer and his wife lived frugally “in the woods of Vermont” while they pursued financial independence. But during that time, “I got into deprivation and neither my wife nor I were happy,” Ganch said.

Now with two young children, his spending habits have shifted. Instead of being “hyper-frugal,” he prioritizes spending on things that improve his family’s quality of life, like buying a home in Scotland, where they now live — a decision he described as “a pure luxury,” compared with his earlier frugality.

“I’m enjoying homeownership for the first time in my life,” Ganch told Pant. “I don’t let it stress me out. I know that there’s going to be expenses,” so he doesn’t worry as much about “saving every penny.”

Ganch’s mindset shift came from reading “Die with Zero” by Bill Perkins, a book that emphasizes balancing financial independence with enjoying life’s experiences in the present, not just saving for the future.

Looking back, Ganch wishes he had embraced certain moments in his 20s, like bachelor parties he skipped to avoid pricey airfare.

“I wouldn’t want to go and have a drunk weekend right now in my 40s with my friends, but I’m sad that I missed that in my 20s, because it would have been a lot of fun — and we’d have great stories to tell,” he said.

He still appreciates the freedom of retiring early and aims to keep his savings intact, but he’s become more relaxed about spending. “You don’t maximize for net worth. You should maximize net fulfillment,” he said.

Like Ganch, Alex Trias wishes he hadn’t been so fixated on reaching his goal of early retirement. Before Trias retired at 41 and moved to Portugal with his wife, he spent years obsessing over his investments — a habit that, in hindsight, he wishes he had avoided.

“My greatest regret financially wasn’t my spending, it was my thinking,” Trias previously told CNBC Make It. “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.”

Looking back, “I think trying to pay attention [to your net worth] month to month or even year to year is probably counterproductive,” Trias said. “Focus not so much on the end result but on the habits that you’re forming.”

Sam Dogen, founder of Financial Samurai and author of the upcoming book, “Millionaire Milestones,” doesn’t regret his decision to retire early, but wishes he had spent a few more years in the workforce.

“I now realize how absurdly young I was when I retired,” Dogen, who retired at 34, wrote in a 2019 article for CNBC Make It. “Several people even commented on how irresponsible and reckless my decision was, especially because I was just entering my peak earning years.”

Dogen spent 13 years in investment banking before stepping away with a $3 million net worth that generated around $80,000 in annual passive income. But sticking around a bit longer would have allowed him to save even more for retirement and potentially explore new opportunities.

“Looking back, I could have stayed for at least another year and found a new role within the firm in a different office,” he wrote. “I had always wanted to work overseas — somewhere like Hong Kong, Taiwan, Beijing or London. Maybe it would have rejuvenated my interests and convinced me to work a few more years.”

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