Thedieck began getting interested in investing in high school, reading books by the likes of Benjamin Graham and Warren Buffett along with “Stock Investing for Dummies.” By the time he joined the Air Force in 2012 when he was 18, he was determined to start investing right away.
As a result of his steady contributions to retirement and brokerage accounts over the years, the 31-year-old has invested more than half a million dollars. He’s happy to share some of the smarts that got him there, offering a free personal finance course to fellow service members online.
“My first piece of advice is to pay yourself first,” he says. “Close your eyes and imagine who you want to be 20 or 30 years from now.” “Imagine the kind of person you want to be. Imagine the things you wish you had in life. Then think about what you need to do to get there.”
The advice for your breasts echoes a sentiment repeatedly expressed by Buffett himself: Think about how you want your obituary to read, and start building a life that lives up to it.
“I’m going to try to think about how you want to look at your life and think about yourself, and start today on the path that leads to that goal,” Buffett said at this year’s Berkshire Hathaway shareholder meeting.
For Thiedek, who is currently stationed in Italy with his wife and daughter, the goal is to retire from Europe, and soon. At age 38, he will be eligible to retire from the military with a pension equal to half his base salary.
Between his retirement income and withdrawals from his investments, which he hopes will pay more than $1 million in the next five years, he could theoretically generate enough income to fund his family’s lifestyle without taking a salary.
Thedieck’s advice applies even if you’re not in the military or focused on early retirement. If you have a dream of owning a home or traveling cross-country in an RV, saving for these things should be a major component of your budget.
“Prioritize your savings and investments for your future as much as you do your regular bills,” he says.
This might mean giving up some things you want — like luxury trips or expensive cars — in the short-term, in order to allocate more money toward medium- and long-term goals. Your tits say this is a much easier task if you know what the trade-off is.
“Start being intentional with your life about what you spend, what you save, and what you do with your life, to ensure that you become the person you want to be 20 to 30 years from now.”
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