5 Life And Money Lessons From Self-Made Millionaire Who Retired At Age 35

A former software developer who retired at the age of 35 is now a financial expert who regularly shares advice with investors and consumers. Here are five life and money lessons from the self-made millionaire.

What Happened: Former software developer Steve Adcock retired at the age of 35 after amassing a net worth of nearly $1 million. Several years later, Adcock had a net worth of $1.4 million.

Adcock offered insights into his successes and missteps on his journey to becoming a millionaire. The personal finance expert said he now lives a “simple and frugal life.”

In a CNBC piece, Adcock offers five recommendations for individuals based on his experiences.

“Do these five things now or you’ll regret it later in life,” Adcock writes.

Related Link: He Spent $290K On Unlimited Pass With Airline: 'Best Investment Of My Life' Has Turned Into Flights To 100 Countries

Five Pieces of Advice: Adcock shares five pieces of advice that made him successful, and he wishes he would’ve listened to more during his early years.

1. Say Yes More Than You Say No: Adcock said in the early years of his career he hid behind his potential, as he was scared of failure. The personal finance expert said he was afraid of risk.

“What I didn’t realize until later was that my constant avoidance of risk was a lot more harmful than any kind of rejection I thought I was protecting myself from.”

Adcock said that had he been more open to taking on extra responsibilities and accepting promotions, he could have increased his savings and potentially retired even earlier.

2. Stop Trying To Keep Up With Your Competition: Adcock admits he had a habit of comparing himself to coworkers and others in the industry.

“It was a very unproductive way of thinking.”

Adcock said he realized he needed to go at his own pace.

“I may not have been the smartest person in the office, but I was dedicated and I worked hard.”

Adcock added that when he stopped concerning himself with what others were doing, he was able to devote more time to honing his own strengths and skills.

3. Make Decisions For Yourself And Stop Trying To Please Everyone: Adcock said that he constantly worried about what other people, including friends, family and colleagues, were thinking of moves that he made. The self-made millionaire said it got exhausting worrying about what other people thought and once he stopped worrying he began choosing to do what made him happy.

4. Slash Spending And Try To Save More Than 50% Of Your Income: One of the general rules of thumb is to try and save 20% of your income.

Adcock, who achieved early retirement, said that saving 50% of one's income can significantly expedite the journey toward financial goals. He credits his wife for being a saver and the couple living frugally.

“We stopped buying things we didn’t actually need, eliminated monthly subscriptions and streamlined our grocery budget.”

One of the big changes Adcock said the couple did was limiting their restaurant spending to $50 per month.

5. Be More Self-Aware And Practice EQ: Adcock said he believed for a long time that your intelligence quotient (IQ) determined future success. Later on, Adcock learned that IQ was only a small part of success, and it was important to have emotional intelligence (EQ) showing awareness of other people’s emotions.

“People with strong EQ are able to quickly grasp new concepts, react calmly and rationally to complex situations, and can work with many different types of personalities.”

Adcock emphasized that honing his EQ helped him “build a rapport” with bosses and work peers, which in turn propelled his progress in life.

Read Next: Mark Cuban Has 4 Rules For Making Money, How You Can Succeed And Become A Millionaire 

This story is part of a new series of features on the subject of success, Benzinga Inspire.

Photo: Shutterstock