The average American has $84,821 saved for retirement. One Minneapolis-based millennial, who goes by the pseudonym Sean, has managed to sock away three times that amount — $256,444 as of July 2018, he reports on his blog — though he's just 28 years old.
He didn't invest in bitcoin or inherit any money. He doesn't even earn six-figures.
What he does do is save and invest a considerable chunk of his $80,000 income: more than 60 percent. Achieving such a high savings rate didn't require following a strict budget. In fact, "I think budgeting is overrated," Sean tells CNBC Make It.
For starters, sitting down and making a budget can be "an extremely intimidating process if you're not used to it," he says. "It's easy to get bogged down with the mechanics of how to actually create one."