Man who saved 70% of his income to retire at 34 shares why he stopped being 'hyper-frugal'

Brandon Ganch said he changed his mindset about being frugal after reading a book on balancing financial independence with enjoying life’s experiences in the present, not just saving for the future. (Image credit: Mad Fientist)

When he retired as a software engineer in 2016, Scotland's Brandon Ganch was only 34. He managed to amass his wealth by aggressively saving 70 percent of his income and keeping his spending lean. But while he does not regret his decision, looking back now, the MadFientist — as he is popularly known online — said that he and his wife weren't happy to have lived a hyper-frugal life.

Opening up in Afford Anything podcast with host Paula Pant, Ganch said, "I got into deprivation and neither my wife nor I were happy." At the time, he and his wife lived frugally “in the woods of Vermont” while pursuing financial independence.

Their spending habits, however, changed after the birth of his two children. Now, Ganch is focused on spending on things that improve his family’s quality of life. He wants to buy a home in Scotland — a decision he described as “a pure luxury,” compared to his earlier frugality.

“I’m enjoying homeownership for the first time in my life,” Ganch said on the podcast. “I don’t let it stress me out. I know that there’s going to be expenses,” so he doesn’t worry too much about “saving every penny.”

Ganch also attributed his change in mindset to Die with Zero — a book by Bill Perkins that emphasises on balancing financial independence with enjoying life’s experiences in the present, not just saving for the future.

Opening up about experiences he regrets missing, Ganch said he wished he had not skipped bachelor parties in his twenties to avoid pricey airfare.

“I wouldn’t want to go and have a drunk weekend right now in my 40s with my friends, but I’m sad that I missed that in my 20s, because it would have been a lot of fun — and we’d have great stories to tell,” he said.