Tedike became obsessed with investing when he was in high school, consuming books by Benjamin Graham, Warren Buffett and other writers, as well as “Stock Investing for Beginners.” By the time he enlisted in the Air Force in 2012 at age 18, he was determined to start investing right away.
After years of steadily putting money into retirement and brokerage accounts, the 31-year-old now has more than $500,000 invested, and he’s happy to share some of the wisdom that got him there, offering free online personal finance courses to fellow military veterans.
“My best advice is to pay yourself first. Close your eyes and visualize where you want to be in 20, 30 years,” he says. “Imagine the person you want to be. Imagine the things you want out of life. And then think about what you have to do to get there.”
Teddiek’s advice echoes sentiments frequently expressed by Buffett himself: Think about how you want your obituary to read, and then start building your life to match it.
“Think about how you want to look at yourself in life and make sure you start today on a path that will lead you to that goal,” Buffett said at Berkshire Hathaway’s annual meeting this year.
Currently stationed in Italy with his wife and daughter, Tedic’s goal is to retire soon in Europe, when he turns 38 and is eligible to leave the military with a pension equal to half his base pay.
He hopes to make more than $1 million over the next five years from a combination of pension income and withdrawals from investments, but could theoretically have enough income to cover his family’s living expenses even without a salary.
Tedick’s advice also applies to those who aren’t in the military or are considering early retirement: If you have dreams of owning a home or traveling the country in an RV, saving for those goals should be a major line item in your budget.
“Prioritize saving and investing for your future self just like you would a regular bill,” he says.
That might mean giving up something you want in the short term, like a luxury trip or a fancy car, in order to spend more on your mid- and long-term goals. That’s a much easier task if you know what the trade-offs are, says Tedick.
“Be intentional about what you spend, save and do to be who you want to be in 20-30 years’ time.”
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