29-Year-Old IITian Has Enough Money to Retire; Thanks to JP Morgan, Google

New Delhi: At 24, an age when many are still pondering their life goals, Daniel George, an IITian thought of an early retirement. Having recently secured a position at Google following a successful summer internship, he enjoyed a substantial annual salary package of $265,000 (approximately Rs 2.2 crore). After securing a degree in engineering physics from IIT Bombay, in 2015, George crunched the numbers and foresaw a future where diligent savings could pave the way for an early retirement back in India. 

"I did the math and realised that after a couple of years of saving, I could easily go back to India and retire if I wanted to," George, told a leading Business portal. Fast forward to his current age of 29, and this AI specialist finds himself in a financially secure position, liberated from the concerns of a regular salary. 

How George Managed to Save The Money

George shared the details of his wealth accumulation journey, which had its origins in his lucrative position at Google back in 2018. "Working for Google X was my dream job. It was like working in a magical fairyland. There was unlimited food and drinks and amazing facilities, including ping-pong tables, video-game rooms, soccer fields, a gym, tennis courts, and free massages in the office. After a year at Google, I started teaching myself more about finances and taxes. I was making more money than ever before but paying nearly 50 percent in taxes", said George.

Subsequently, he gained expertise in optimizing his retirement accounts to minimize tax obligations, channelling as much of his earnings as feasible into these accounts through strategic investments.

"While working at Google, I spent less than 10 per cent of my income on expenses," George told Business Insider. "I walked or biked to work, so I never bought a car. I ate three meals daily at Google, so I rarely paid for food. Even though housing is usually very expensive in Silicon Valley, my rent was quite low because I was splitting an apartment with my friends."

George Enjoyed Life- Courtesy Perks at Google Office

He asserted that despite adopting a more frugal lifestyle, he continued to enjoy his life, thanks to the various perks offered by working from the Google office.

"Many people I knew bought expensive cars or houses, but I decided to invest most of my earnings. The more I saved early on, the longer my money had to grow and compound exponentially. I could always move to low-cost-of-living cities and buy a much nicer house later. I was still having a great time at Google and never felt like I was sacrificing my quality of life."

Over time, he found himself funnelling over $75,000 annually (approximately Rs 62 lakh) into tax-advantaged accounts. By the year 2020, despite having amassed sufficient funds for an early retirement and a return to India, George opted to prolong his career, driven in part by the desire to further expand his wealth. This decision was influenced by his connection with his future wife, an AI scientist at Google based in the US.

JP Morgan Recruited George

In June 2020, JP Morgan recruited George to spearhead applied AI projects throughout the firm, leading to a doubling of his compensation. 

"Even as my income and net worth increased, I still wasn't living extravagantly, other than eating out for every meal because I didn't want to cook. My only possessions were clothes, a mattress, a bed, and a 65-inch TV. At 27, I had reached my first million dollars in savings. My stock portfolio had done well, and I'd been investing all my paychecks and the large bonuses of 70 per cent of my base salary from JP Morgan", George told the portal.

In August 2023, George (29) left JP Morgan and cofounded a startup, ThirdEar AI. "Now that I never need to worry about earning a salary, I can afford to risk starting my own company," he said.