I Asked ChatGPT How To Retire Rich Making Less Than $100K a Year: Here’s What It Said

Core Insights - Earning a six-figure salary is not a prerequisite for retiring wealthy; commitment and planning are essential [1][2] Group 1: Saving Strategies - Prioritizing early savings is crucial, as time in the market allows for growth and risk tolerance [4] - It is recommended to save 15% to 20% of income, starting with what is feasible and increasing over time; utilizing employer-sponsored 401(k) plans can enhance savings through employer matches [5] - Tax-advantaged accounts like 401(k)s and IRAs are beneficial for those earning under $100,000, with Roth IRAs offering tax diversification advantages [6][7] Group 2: Investment Approaches - Focusing on low-cost exchange-traded funds (ETFs) can improve investment outcomes; health savings accounts (HSAs) are also valuable for managing healthcare costs in retirement [8] Group 3: Spending Control - Monitoring spending and avoiding unnecessary debt are vital for a comfortable retirement; living below means is a common trait among those who successfully build wealth on lower incomes [9]