A lot of ordinary people have managed to save extraordinary amounts of money. Take early retirees Justin and Kaisorn McCurry, who banked more than $1 million in a decade, or "The Money Wizard," a Minneapolis-based 26-year-old who has accumulated $150,000 in savings.
They've shown us that you don't necessarily need a Wall Street salary to reach financial independence at a young age. At the McCurry's peak earning period, they were making a combined $138,000, and "The Money Wizard," who goes by the pen name Sean, started with a salary of $70,000.
You do, however, need the discipline to keep a large chunk of your paycheck, which is exactly what the McCurry's, Sean and other super-savers do.
Here are some of the best lessons we've learned from people who save at least 50% of their income.
In just five years, Grant Sabatier of "Millennial Money" went from having $2.26 in his bank account to $1 million. During his five-year journey to seven figures, in addition to focusing on earning, he saved 50% of his income.
The key to saving half your income, he says, is to make things automatic: "Automation is essential. When I first started saving and investing, I was a little more old school — I was trying to invest as much as possible into the online savings accounts I had set up and it was a pretty manual process. Now, one of the biggest recommendations I make is to automate as much of your savings as possible."
The reason it works is because you'll never be tempted to skimp on savings since you'll never see your money going automatically from your paycheck to your savings accounts.