This Millennial Went From 'Completely Financially Illiterate' To Semi-Retired And Sitting On Half A Million Dollars Quick

The financial literacy book "Rich Dad Poor Dad" teaches that it's really not about how much money you make, it's about how much you keep. One millennial managed to semi-retire in her 30s by focusing on that lesson.

What To Know: Finance-focused podcast host Diania Merriam was "completely financially illiterate" a few years ago. According to a CNBC report, she now works about seven hours a week and has a net worth of nearly half a million dollars.

Although Merriam was making good money a few years back, she had a problem saving it and quickly racked up thousands in credit card debt.

“At my worst, I was probably spending about $2,000 to $3,000 a month just going out and partying,” she said. 

Once she realized her spending was out of control, she decided to start focusing on cutting back expenses and saving to invest. 

Check This Out: Top 20 Clever Ways To Save Money

"I don’t think I had the ambition of retiring early. I just knew that I wanted to get out of debt," Merriam said. 

Merriam started spending less on food by bringing lunches to work, and she was able to cut back on party expenses by hosting get-togethers at her apartment instead of going out to get drinks with her friends every week. 

By focusing on saving money, she was able to pay off all of her debt in less than a year, and she didn't stop there. She kept pushing forward by pursuing FIRE: "Financial Independence, Retire Early."

Merriam left her expensive city apartment and bought a house in Ohio, where she was paying one-third of what she was previously paying for housing. 

Eventually, she decided to quit her job and start a finance podcast. 

Merriam has amassed a net worth of approximately $470,000, and now she works about 7.5 hours and makes about $750 each week at her own pace. 

Merriam realized that she didn't need to completely pursue FIRE and instead wanted to go after what she called "Coast-Fi," which means she only has to work enough to cover her expenses because she has already built enough savings for the future.

Although she's no longer trying to retire early, she says her current situation is a result of her pursuit of FIRE.

"That experience showed me I didn’t really have an income problem, I had a spending and money management problem," Merriam said.

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

Photo: Nattanan Kanchanaprat from Pixabay