A young mother plans to be able to retire at 35 after building an extraordinary investment portfolio worth $ 2 million.

Michelle Ives, 29, from the central coast of NSW, plans to retire over the next six years and live between $ 70,000 and $ 100,000 a year with her husband Andy and one-year-old son with the money they made by investing.

The devoted mother and her husband invest up to 80 percent of their income each month in property, stocks and stocks, making pension contributions and investing in bonds and commodities.

Ms Ives says her family only buys things that bring them joy and avoids splurging on shopping, dining, beauty treatments and high-tech gadgets.

Michelle Ives, 29, of the central coast of New South Wales, plans to retire over the next six years and live between $ 70,000 and $ 100,000 a year with her husband and her son. a year with the money they earned by investing

The mom owns her own writing business and runs her own blog that promotes her belief in FIRE – which stands for Financial Independence Retire Early.

On the blog, she shares tips and tricks for saving and investing, and encourages other families to start planning for retirement much sooner than they previously thought.

“The fear for me is sitting at a desk for 60 years and lining someone else’s pockets and being at the mercy of a boss or a company and relying on them to security – that scares me “, she said News.com.au.

Ms Ives has been working since the age of 14 and previously worked as a journalist.

But she said she was never excited about a future of forced office labor until she was 60 or 70.

The 29-year-old said the theory behind the FIRE movement is to take disposable income and save as much of it as possible and put it into investments.

She and her husband try to save as much of their earnings as possible and make regular investments to ensure they have a substantial nest egg in place.

Ms. Ives runs her own writing business and also has a blog where she encourages other savers to invest for early retirement.

Ms. Ives runs her own writing business and also has a blog where she encourages other savers to invest for early retirement.

“This brings the retirement age decades forward than people can realistically do. For some people it’s 40 and for some people 30 is increasingly the age at which they can retire, ”Ms. Ives said.

MICHELLE IVES ‘TIPS ON THE SIDE HUSTLE

Ms Ives said there are several easy ways to earn extra money.

These include:

– Baby sitting

– animal sitting or animal walking

– tutoring or teaching

– participate in paid surveys

– register as a mystery shopper

– the rental of a car, a garage or a room in your house

– sell stuff at home

– freelance your skills, for example. website design or writing

– find a job on weekends

– driving as for Uber or Ola

– do odd jobs like on AirTasker

The family regularly contributes low and moderate index funds while also contributing the maximum amount to their super funds so that they end up paying less tax.

They invest about 50 percent in real estate, 25 percent in stocks, 20 percent in retirement pensions and five percent are used to offset their mortgage.

“We are more frugal than most and we don’t spend hundreds a week on online gadgets or fancy restaurants or beauty treatments or products and that doesn’t mean we don’t but we do it less. than others, ”the mother said.

Speaking previously to Daily Mail Australia, Ms Ives said you don’t have to earn a fortune to save.

“Even though I had two important roles previously, they were both in startups and therefore the funds were still very meager,” she said.

“My salary was modest to say the least – and so is my husband. We were both still on average incomes.

However, she said the couple had learned to “nest money like squirrels”.

“It takes a lot of late nights reading books, articles and reports on everything from stocks to bonds to real estate markets, but it’s worth it in the end,” she said.

In eight years, Ms. Ives and her husband managed to save $ 500,000 which she invested in investments.

One crucial piece of advice she has for other Australians considering investing is the four percent rule.

This means never investing more than four percent of your invested money each year after you retire.

This rule is intended to provide a steady stream of income to the retiree while maintaining an account balance that allows income to flow during retirement.

She says that for those looking to start saving, they should start by investing about five percent of their income and work your way up to ten or 20 percent.

Sydney-based Michelle Ives (pictured) and Sydney-based husband Andy are 'very excited' about their future after adopting the FIRE method to save their hard-earned wages

Sydney-based Michelle Ives (pictured) and Sydney-based husband Andy are ‘very excited’ about their future after adopting the FIRE method to save their hard-earned wages

How can you save thousands of dollars?

1. Live within your means: Live for what you earn, rather than what you want.

2. Make minimalism your BFF: Buy only what you need, rather than what you want.

3. Invest and save money: You have to work on a growth strategy that generates higher returns.

4. Make money your queen: Spend cash instead of credit cards and try to make sure you have an emergency fund.

5. Maximize your retirement pension: This will help you later.

Ms. Ives’ blog Girl on Fire explains that throughout her working life she has often had a “side bustle” like babysitting, walking dogs, taking random paid surveys, and even getting a job on weekends like serving tables in a restaurant. Coffee.

The mother-of-one said that for those looking to start investing, the sooner they do, the better off they will be.

“The key is to simplify. All. Not just your money, but your life. Basically, find out what brings you joy and security? Spend on it, ”she said in a blog post.

Another crucial tip she follows is to get rid of as much of your debt as possible and not get bogged down in bad loans.

“This will prevent you from accessing good debt for wealth building, like business loans, home loans or even debt laundering capital,” she says.

Ms. Ives also encouraged families to build an emergency fund in the event of job loss, serious illness, or the loss of their home due to environmental factors.

“This way of life is not for everyone, and of course everyone’s situations will be very different,” she told Daily Mail Australia earlier.

“But for anyone who wants a greater sense of control over their life and finances, FIRE can be a great place to start.

“I’ve read that people get rid of mountains of debt, change their family trees, finally feel confident enough to start personal businesses. And the idea that it all starts with a spark like this is amazing.

Ms Ives has said throughout her working life that she has often had 'side fuss' like keeping dogs, walking dogs, taking random paid surveys and even getting a job on weekends as serving dogs. tables in a cafe

Ms Ives has said throughout her working life that she has often had ‘side fuss’ like keeping dogs, walking dogs, taking random paid surveys and even getting a job on weekends as serving dogs. tables in a cafe