He saved 70% of his income to retire at 34, but now he's not 'hyper-frugal' because he 'got into deprivation' and wasn't happy.

Brandon Ganch, also known as the MadFientist, retired at the age of 34 in 2016 through careful saving and disciplined spending.

Although he is content with the wealth he has accumulated through his intense focus on saving 70% of his income, he admitted that he could have eased up on his efforts if he had known what he knows now, according to host Paula Pant on a recent episode of the "Afford Anything" podcast.

During the lead-up to early retirement, the software developer and his wife lived frugally in the woods of Vermont while pursuing financial independence. However, Ganch admitted that he got into deprivation and neither he nor his wife were happy.

With two young children, his spending habits have changed. Instead of being "hyper-frugal," he now prioritizes spending on things that improve his family's quality of life, such as buying a home in Scotland, where they now live. This decision, he described as "a pure luxury," compared to his earlier frugality.

"Ganch informed Pant that he was experiencing homeownership for the first time in his life. Despite this, he didn't let it stress him out. Instead, he understood that there would be expenses, so he didn't worry as much about saving every penny."

'Don't maximize for net worth'

Ganch's change in perspective resulted from reading "Die with Zero" by Bill Perkins, which highlights the importance of striking a balance between financial freedom and living life to the fullest in the present, rather than solely focusing on saving for the future.

Ganch regrets not attending certain moments in his 20s, such as bachelor parties he missed out on to avoid expensive airfare.

He lamented that he missed the opportunity to have a drunk weekend with friends in his 20s, which he believed would have been enjoyable and created memorable experiences.

He still values the freedom of retiring early and plans to maintain his savings, but he has become more relaxed about spending. "You should prioritize net fulfillment over net worth," he advised.

'My greatest regret financially wasn't my spending, it was my thinking'

Alex Trias regrets being so focused on achieving early retirement, as he now wishes he had not spent years fixating on his investments.

"Trias previously stated to CNBC Make It that his greatest financial regret was not his spending but his thinking. He used to constantly worry about buying low and selling high, which caused him a lot of anxiety and wasted time."

Trias believes that focusing on the end result of paying attention to your net worth is counterproductive. Instead, one should concentrate on the habits being formed.

Sam Dogen, the founder of Financial Samurai and author of "Millionaire Milestones," although content with his decision to retire early, wishes he had spent a bit more time in the workforce.

"Dogen, who retired at 34, wrote in a 2019 article for CNBC Make It that he now realizes how young he was when he retired. Several people even commented on his decision as irresponsible and reckless, especially because he was just entering his peak earning years."

If Dogen had stayed in investment banking for a few more years, he could have saved more for retirement and possibly discovered new opportunities.

"He wrote that he regretted not staying with the firm for another year and finding a new role in a different office. He had always dreamed of working overseas, in places like Hong Kong, Taiwan, Beijing, or London. Perhaps it would have reignited his passion and convinced him to stay longer."

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