Gen Z TikToker with £75,000 in savings shares simple changes she’s making to retire by 40

We're a generation of overconsumers, and when life's so expensive anyway, sometimes it can feel impossible to make any progress with saving money.

But one Gen Z TikToker is changing attitudes towards finance for young people, by offering practical, simple tips that mean you don't have to make huge sacrifices and can still reap the rewards. With corporate hustle culture dying out, could this be the future?

Mia McGrath has so far saved over £75,000 at the age of 24, and her TikTok is dedicated to her plan to retire at 40.

"When I tell people I want to retire by 40 they think I'm joking but I've done the maths and it's 100 per cent possible", she tells followers.

"I want to retire early because I want more time to spend with friends and family, and I want more time to focus on things that I think are frivolous at the moment like drawing or reading."

McGrath considers herself to be a member of the 'Fire Movement' (AKA financial independence, retire early), which consists of a community of Gen Zers cutting costs and finding ways to earn more so they can enjoy more of their life before old-age retirement.

And she's not living as frugal lifestyle as you might think to get there - just making small changes and educating herself on the best ways to invest and use her money.

Firstly, the London-based creator eats the same 50p breakfast every day in the form of scrambled eggs, half a bagel, and a cup of tea.

She also champions buying second-hand clothing, avoids luxuries like getting her nails done, and never buys coffees on-the-go.

"It means hustling extra hard in my 20s and cutting back on things like daily coffees and getting my nails done", she says.

"But it also means at 45, I won't have to ask my boss for a random Wednesday off, I'll just take it."

She's also picked up a number of side hustles which includes making money from modelling and her social media platforms, where she's educating followers on how they can follow in her footsteps.

Gen Z TikToker with £75,000 in savings shares simple changes she’s making to retire by 40 Gen Z TikToker with £75,000 in savings shares simple changes she’s making to retire by 40

The maths checks out too - she'll need £1.25 million to retire by her goal age of 40, and will then be able to live on £35,000 per year without working.

She's also spending her free time educating herself on finances, and out of her £75,000 savings, has £58,000 invested in the stock market.

She shared that most of her money is invested in the S&P 500 - a stock market index tracking the stock performance of 500 of the largest public companies in the US - which provides on average a return of eight per cent year on year - and she plans to pump even more to it when she has the means to.

"Go for it!!! I’m going for 30 so ofc ppl will try to make fun of you for it but dw about it because it will all be worth it in the end", one person wrote, supporting her in the comments.

Another added: "Imagine working in corporate after 40 and having someone 'approve' your request for leave. It's 100 per cent possible to retire at 40 and you should absolutely do it. You just need about £1m invested."

Consider us intrigued.

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