Community//

Ideas in the Wild: How One Can Become a Millionaire by Redefining Retirement

At the age of twenty-seven, Daniel Ameduri was on the verge of bankruptcy. Fast forward ten years and he’s a self-made millionaire. How did this transformation happen? Daniel will be the first to tell you: not by following the retirement blueprint we’ve had for the last seventy-five years. The results are in on that model, […]

The Thrive Global Community welcomes voices from many spheres. We publish pieces written by outside contributors with a wide range of opinions, which don’t necessarily reflect our own. Community stories are not commissioned by our editorial team, and though they are reviewed for adherence to our guidelines, they are submitted in their final form to our open platform. Learn more or join us as a community member!

At the age of twenty-seven, Daniel Ameduri was on the verge of bankruptcy. Fast forward ten years and he’s a self-made millionaire. How did this transformation happen?

Daniel will be the first to tell you: not by following the retirement blueprint we’ve had for the last seventy-five years. The results are in on that model, Daniel says, and they’re not pretty.

Instead, Daniel focused on redefining retirement as a philosophy instead of a dollar amount, cutting expenses, and generating multiple streams of passive income. He brought the lessons he’s learned to bear in his new book, Don’t Save for Retirement: A Millennial’s Guide to Financial Freedom, and in this interview, he shared some of those lessons with me.


What happened that made you decide to write the book? What was the exact moment when you realized these ideas needed to get out there?

This is going to sound weird, but I was in my attorney’s office setting up my trust and will with my wife. I realized there wasn’t a financial manual or written history of how my wife and I became financially free, and I knew at that moment that I needed to write a book for my children.

It needed to be something they would have that’s almost an instruction manual on money that includes everything important that my wife and I have learned and experienced.

I’m thrilled to share it with my subscribers at Future Money Trends, friends, family, and anyone who wants to unshackle themselves from the current financial system.

I’ve probably written over 3,000 articles on personal finance over the past five years, but this book means a lot to me because it is an orderly way for anyone to take what I’ve learned, implement it, and become financially free within five to ten years.

It’s not an investment book; it’s a lifestyle book that offers liberty and peace of mind.

What’s your favorite specific, actionable idea in the book?

It’s cutting expenses. This is both the easiest and hardest to implement, depending on how you look at it, but it’s definitely the one staring everyone right in the face, even if they don’t know it.

Most Americans live unsustainable lifestyles, borrowing money to buy things they can’t afford. Cutting expenses by moving, downsizing, or eliminating wasteful spending is the quickest actionable idea that can impact your life on day one. My wife and I moved and slashed our expenses by 50%. We did all the normal stuff to cut as well, like coupons, but we also went way out of the box, like giving our pets away (not recommended for everyone, obviously).

What’s a story of how you’ve applied this lesson in your own life? What has this lesson done for you?

When I was young, I bought investments hoping they would go up. This is essentially the retirement saver’s plan, and it’s speculative and very uncomfortable to live like that with your money pinned on hope.

One lesson I’ve really focused on teaching my children is to only buy assets that cash flow. It’s very liberating as a lifestyle because you end up having multiple sources of income.

Even if you love your job and want to work there for three decades, there’s nothing wrong with having some checks come in the mail from other sources.

I teach what I practice: buy income and surround yourself with passive income to have your money work for you — literally. I could retire tomorrow if I wanted to, but I do love what I do. It’s that feeling of security and peace of mind that only come when you are financially free through passive income investments.

For more advice on planning for retirement, check out Don’t Save for Retirement: A Millennial’s Guide to Financial Freedom on Amazon.

Share your comments below. Please read our commenting guidelines before posting. If you have a concern about a comment, report it here.

You might also like...

Community//

Bestselling Author Daniel Pink on What Really Motivates Us To Change

by Jason Hartman
Community//

“Keep your mind and body in shape.” with Beau Henderson & Lou Melone

by Beau Henderson
Community//

Ideas in the Wild: How Bill Keen is Helping Retirees in the Second Half of Their Life

by Chaya Weiner

Sign up for the Thrive Global newsletter

Will be used in accordance with our privacy policy.

Thrive Global
People look for retreats for themselves, in the country, by the coast, or in the hills . . . There is nowhere that a person can find a more peaceful and trouble-free retreat than in his own mind. . . . So constantly give yourself this retreat, and renew yourself.

- MARCUS AURELIUS

We use cookies on our site to give you the best experience possible. By continuing to browse the site, you agree to this use. For more information on how we use cookies, see our Privacy Policy.