A 24-year-old teacher from York has set an ambitious goal: to retire at 40. Despite earning a modest salary of £36,000 a year, Elly aims to become a millionaire and step away from work before turning 40.
Elly is using three strategies to reach her target: making smart investments, saving money by living at home, and cutting out needless spending. This approach has already helped her build savings of around £50,000, split between investments and a Lifetime ISA.
Property plans and savings habits
Elly intends to buy a two-bedroom property in the city this year. While she saves on rent by staying at her parents' house, there is considerably more to her plan than that.
Getting onto the property ladder is a much bigger hurdle for today's 25 to 34-year-olds than it was for their parents. Only about four in 10 of them are homeowners today, compared with roughly six in 10 in 2000.
Investment journey and social media
Elly, known on social media as Elly Plant, currently puts aside about £1,000 each month, supplementing these savings with a range of investments. Until about three months ago, she was living and working in Thailand, where she set herself the challenge of saving 50% of her income.
She owns just 30 items of clothing and only buys new pieces using money from selling old ones. Still, she spends £100 a month on her gym membership and enjoys a vibrant social life, including regular trips abroad.
Elly started watching YouTube channels offering investing tips. One of her first moves was putting her £6,000 student loan to work in the markets, while her parents covered her housing costs and wages from a hotel job paid for day-to-day expenses. Over two years, she built up a significant amount of interest.
"Obviously there's a ceiling to it," she says, "but I think that as long as you're smart with your money you can grow wealth on an average salary. Learning about money has made it possible."
Audience and wealth projections
Elly runs a TikTok account with 40,000 followers, where she shares her financial wisdom. Revenue from her content goes straight into investments. A large part of her audience is made up of women.
Figures from Lloyds show that while women are generally less likely to invest, those who do tend to be far more engaged with their portfolios. Women account for 32% of investors on Lloyds' Invest Wise platform, holding portfolios averaging £14,040 — some 49% higher than the £9,450 typical among male investors. Female investors were also more likely to be classified as "active," with 69% fitting this description compared with 56% of men.
Elly reckons that by putting aside just £196 each month, she could amass £1 million by her early fifties, based on the S&P 500 rising by up to 10% annually. However, since her current investments are five times that sum, she anticipates reaching her goal far earlier, by the age of 40.
"I just want to create as much wealth as possible," she says. "I don't really care about the specific number I reach."
