Beck Bamberger, 32, is the CEO of BAM Communications, a multimillion-dollar public relations firm in San Diego, Calif.
In another eight years, she’ll retire.
Her firm, which boasts more than 20 full-time employees and focuses on telling the stories of tech startups, continues to grow.
Experiences, not material items
But Bamberger told USA Today she chooses to spend money on experiences, not material items. She drives a 1999 Corvette with 100,000 miles on it.
Her parents kept things until they fell apart. So does she. Bamberger’s parents ran a dental practice for two decades and retired when Bamberger was in high school. She began picking up financial wellness cues from her parents early.
When she was 7 or 8, “my mom opened a checking account for my sister and me.”
The one thing her parents taught
What her parents taught her — and the reason she’ll be retiring at 40 — is that “I learned that you go to the bank, deposit money, and it stays there.”
At 19, Bamberger graduated from UCLA after earning college credits while in high school. She graduated at 21 with an MBA from the University of Pittsburgh. She founded BAM Communications in 2008.
Her parents planted her savers mind-set.
“For years, I was shown how to pay off homes, make stock investments, save $2 on milk using a coupon, and numerous other behaviors that showcased the ‘reward’ of retiring in your early 50s,” she said.
Bamberger now saves 60 to 70 percent of her salary, she owns four pieces of real estate and has no debt.
“I still shop at Marshalls,” she said. “I was constantly reminded that you’re looking for savings no matter what level of success you attain.”