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<ul class="summary-list"><li>AI mostly outperformed human executives in an experiment by University of Cambridge researchers.</li><li>But AI wasn't as good at making decisions in unexpected "black swan" events.</li></ul>Can we throw <a target="_blank" class="" href="https://www.businessinsider.com/ceo-replace-ai-job-employees-executives-save-money-salary-2023-9">CEOs out of their offices and replace them with AI</a>? A new experiment from the University of Cambridge suggests the answer is no.Artificial intelligence actually outperformed human CEOs in most situations in a real-life simulation of running a business that pitted people against computers, but there was one thing AI couldn't handle, according to the experiment: so-called black swan events, like a pandemic.Because of that, AI got fired more quickly by a virtual board of directors than its human counterparts, which navigated unexpected situations better.Hamza Mudassir, one of the researchers behind the experiment, told Business Insider that AI outperformed the human participants on most metrics, including profitability, product design, managing inventory, and optimizing prices — but that its performance wasn't enough to save it from getting the boot."It did not do well on survival within the C-suite just because it was not very good at handling abrupt changes or changes that require a new way of thinking," Mudassir said.The Cambridge researchers conducted the experiment from February to July and included 344 people, some of whom were senior executives at a South Asian bank. It also included college students. And the last participant wasn't a person at all, but rather <a target="_blank" class="" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">GPT-4o</a>, the large language model, or LLM, from OpenAI.The participants played a game designed to simulate real-world situations in which CEOs have to make decisions. The game had them take on the role of CEO of a car company. It was designed by the Cambridge researchers' ed-tech startup, Strategize.inc."The goal of the game was simple — survive as long as possible without being fired by a virtual board while maximizing market cap," the researchers wrote in the <a target="_blank" class="" href="https://hbr.org/2024/09/ai-can-mostly-outperform-human-ceos">Harvard Business Review</a>.Mudassir told BI that the LLMs were great at analyzing data, recognizing patterns, and making inferences. For example, when it came to designing a car based on factors like available parts, price, consumer preferences, and demand, there were 250,000 combinations participants could come up with. The cars that AI put together were significantly better than those the humans came up with, he said.In part, he said that's because humans have biases and personal taste in things like the shape of a car; for the AI, it was simply a "puzzle of finding out the most optimal value for what the customer wanted," Mudassir said.But that doesn't mean that AI was the optimal CEO. When a "black swan" event occurred, the bot couldn't address it as quickly — or as well — as the human executives and students. When there was a major shift in market conditions, like introducing a pandemic into the mix, the model flopped, he said."How do you react to COVID if you're dealing with it for the first time? A lot of people, and a lot of CEOs, have different strategies," Mudassir said. "In this case, it did not have enough information on how to react in time to prevent itself from getting fired," he said of the AI.So CEOs can rest easy for now. The researchers say that while AI's performance as the virtual head of a company was impressive, it wasn't good enough to replace a human. Still, AI performed so well that it can't be ignored in corporate strategy, Mudassir said.In the future, Mudassir said LLMs could be specifically tuned to a particular company with real-time data, in which case they'd likely perform even better than AI did in the experiment.He said perhaps the best use-case of AI would be in business "war gaming" — or using multiple LLMs to represent different stakeholders, such as competitors, lawmakers, or activists, and then testing how certain decisions would actually play out. Some of that could, in theory, replace the work of some <a target="_blank" class="" href="https://www.businessinsider.com/ai-questions-consulting-firms-are-answering-for-clients-2024-6">strategy and management consultants</a>, who often make recommendations to a CEO based on their own analysis of certain outcomes in certain situations.

AI largely beat human CEOs in an experiment that pitted computers against people — but it also got fired more quickly

As <keyword id="1464841" type="General" weightage="50" keywordseo="edtech" source="Orion">edtech</keyword> platforms continue to lay off employees in India, US-based celebrity-driven learning provider <keyword id="2128865" type="General" weightage="100" keywordseo="masterclass" source="Orion">MasterClass</keyword> has announced it is reducing its workforce by 20 per cent. MasterClass CEO <keyword id="14267852" type="General" weightage="20" keywordseo="David-Rogier" source="Orion">David Rogier</keyword> said the decision was taken to "adapt to the worsening macro environment and get to self sustainability faster". The layoff impacts nearly 120 people across all teams from its 600-strong workforce. "It was the most difficult decision I've had to make since we launched 7 years ago, because our team poured their heart and soul into MasterClass. They are some of the most creative, curious, caring and dedicated people in the world," Rogier tweeted late on Wednesday. He said that this very tough step will "strengthen our position both financially and strategically, allowing us to serve our members, employees and instructors for many years to come". The edtech company, which was last valued at $2.75 billion, has pledged to provide healthcare to affected employees through the end of the year, reports <keyword id="179988" type="General" weightage="20" keywordseo="TechCrunch" source="Orion">TechCrunch</keyword>. MasterClass made remote education with aspirational content (entertainment) available from celebrities such as Serena Williams and Issa Rae. MasterClass raised more than $460 million from investors including IVP, NEA and Owl Ventures. Even former Chess World Champion Garry Kasparov launched a "MasterClass for chess lovers" platform. MasterClass charges a $180 annual subscription fee for people to access its library of content. In India, edtech platforms have laid off more than 3,600 employees to date. Overall, nearly 10,000 workers have lost their jobs in the Indian startup ecosystem in the last 2-3 months. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/what-is-a-floating-rate-fixed-deposit-fd/articleshow/92405074.cms">A floating rate fixed deposit can be a good investment, for the next one year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/chaayos-raises-53-million-to-enhance-tech-expand-store-and-hire-more/articleshow/92404414.cms">Chaayos raises $53 million to enhance tech, expand store and hire more</a>

Edtech platform MasterClass fires 20% of its employees

<keyword id="1464841" type="General" weightage="20" keywordseo="Edtech" source="Orion">Edtech</keyword> firm <keyword id="6384897" type="General" weightage="20" keywordseo="BYJUs" source="Orion">BYJU's</keyword> will not be able to meet its March 2023 deadline to achieve group-level <keyword id="6515078" type="General" weightage="20" keywordseo="profitability" source="Orion">profitability</keyword>, as it envisioned in its earnings in October last year, reliable sources said on Monday. On top of it, its results for most of the months for the current fiscal year are delayed again. Sources told IANS that the company, which has sacked thousands of employees to date and has taken deeper cuts, is still unable to achieve profitability at group level amid mounting losses. In October after firing 2,500 employees and consolidating its business in the country, Mrinal Mohit, CEO, BYJU'S India business, had said that "these measures will help us achieve profitability in the defined time frame of March 2023". At a group level, BYJU's had said its top priority is to achieve "overall profitability by March 2023". However, this appears impossible now with the company still struggling to stem growing losses. Last week, the edtech major laid off another 15 per cent of its employees, or more than 1,000 people, mainly from its engineering teams, as the company continues phased layoffs to remain growth-oriented in a global economic meltdown. Between April-July 2022, the company logged a revenue of Rs 4,530 crore. Post that, there has been no communication from the company about the pending results. The edtech unicorn reported a loss of Rs 4,588 crore for the fiscal year that ended on March 31, 2021. BYJU's had claimed it clocked gross revenues of nearly Rs 10,000 crore in FY22. Meanwhile, according to sources, BYJU's acquisition of Delhi-based offline test preparatory services provider Aakash for nearly $1 billion is still incomplete and Aakash Chaudhry, Co-Promoter and Managing Director of Aakash Educational Services Limited (AESL), has resigned from the board. When reached, Aakash declined to comment. New reports emerged in December that BYJU's, which may have seen a definite erosion in its last market value at $22 billion, hasn't paid several of its vendors for months. According to Morning Context, "some of the payments are due since March and there is trouble with their clearance. In the eight months to October 2022, cumulative dues to vendors have crossed Rs 90 crore". When reached, BYJU's had not offered a comment on this report. In seemingly fresh trouble for BYJU's, some lenders had asked the edtech unicorn to repay part of a $1.2 billion <keyword id="6360217" type="General" weightage="20" keywordseo="loan" source="Orion">loan</keyword> they recently bought into as they renegotiate terms of the debt. The demand from <keyword id="88431" type="General" weightage="20" keywordseo="creditors" source="Orion">creditors</keyword> comes at a time when BYJU's was in the process to restructure the loan. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bike-bazaar-raises-10-million-in-series-d-funding-round-from-german-investment-firm-deg/articleshow/97647515.cms">Bike Bazaar raises $10 million in series D funding round from German investment firm DEG</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-transmission-reports-78-rise-in-q3-net-profit-to-475-crore-on-one-time-income/articleshow/97650165.cms">Adani Transmission reports 78% rise in Q3 net profit to ₹475 crore on one-time income</a>

BYJU's to miss March 2023 deadline for group level profitability, results delayed again

Another <keyword id="1464841" type="General" weightage="80" keywordseo="edtech" source="Orion">edtech</keyword> startup <keyword id="4248184" type="General" weightage="100" keywordseo="udayy" source="Orion">Udayy</keyword>, backed by <keyword id="80004" type="General" weightage="50" keywordseo="info-edge" source="Orion">Info Edge</keyword>, has shut shop, laying off all 100 employees as schools, colleges and physical tuition centres reopen. Udayy's co-founder <keyword id="6553566" type="General" weightage="50" keywordseo="saumya-yadav" source="Orion">Saumya Yadav</keyword> said that the startup was witnessing the post-pandemic world for the first time as "as the kids went back to school, we faced roadblocks in growing the original model of online, live learning". "After a lot of deliberation, we decided that it's better to shut down the business than to spend more time and capital on it,a Yadav said. The development was first reported by startup news coverage portal Entrackr. The startup has paid employees severance packages and helped them find new jobs. "We are returning the remaining capital, around $8.5 million back to our investors," Yadav was quoted as saying in media reports. The live-learning platform catered to students from Grades 1 to 5. The platform raised $2.5 million in a seed funding round led by Alpha Wave Incubation (AWI), managed by <keyword id="4675626" type="General" weightage="50" keywordseo="falcon-edge-capital" source="Orion">Falcon Edge Capital</keyword> and <keyword id="12772224" type="General" weightage="50" keywordseo="infoedge-ventures" source="Orion">InfoEdge Ventures</keyword>. Udayy is the second edtech startup after Lido Learning to completely shut operations. Led by the edtech platforms, over 8,000 start-up employees have been recently hit by layoffs In India. This includes more than 1,000 employees at WhiteHat Jr, over 600 at Unacademy, over 424 at Vedantu and over 150 at Lido Learning. Another edtech firm FrontRow laid off nearly 150 full-time and contractual employees earlier this week. The Bengaluru-based non-academic upskilling startup fired almost 30 per cent of its workforce, owing to fund crunch and the market downturn. Apart from edtech firms, startups that have laid off employees in the past few months include social commerce platforms Trell (more than 300) and Meesho (150), used cars platform Cars24 (More than 600) and digital health platform Mfine (more than 500), among others.

Edtech startup 'Udayy' lays off all 100 employees as schools, and colleges physically reopen

Edtech unicorn <keyword id="2900267" type="General" weightage="100" keywordseo="byju" source="Orion">BYJU</keyword>'s courted further controversy on Tuesday with its employees in Thiruvananthapuram claiming around 170 of them are being forced to resign from the company. The matter, raised on social media by <keyword id="7035516" type="General" weightage="50" keywordseo="technopark-today" source="Orion">Technopark Today</keyword>, an IT professionals community portal, was escalated by IT welfare organisation '<keyword id="3399247" type="General" weightage="50" keywordseo="prathidhwani" source="Orion">Prathidhwani</keyword>' to Kerala Labour Minister C. Sivankutty. Employees and Prathidhwani representatives also met the minister on Tuesday. Apart from ensuring that BYJU's does not force employees to resign, they demanded a revision of the company's exit policy for its employees. Along with ensuring payment of their October 2022 salary on November 1, employees are demanding a one-time settlement of three months' salary, earned leave encashment, and full-settlement of variable pay. According to the employees in Thiruvananthapuram numbering around 170, Byju's, with its office located in the <keyword id="6400701" type="General" weightage="50" keywordseo="technopark" source="Orion">Technopark</keyword>, is planning to wind up its operations in the state headquarters. Sivankutty, in a Facebook post, said: "The employees of BYJU's app from <keyword id="3595624" type="General" weightage="50" keywordseo="technopark-thiruvananthapuram" source="Orion">Technopark Thiruvananthapuram</keyword> had come to see me. The employees have many grievances, including job loss. The Labour Department will conduct a serious investigation in this regard." With losses of Rs 4,500 crore reported in FY21, BYJU's has been facing tough times in recent times. The company had recently announced cost-cutting measures including paring down manpower. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/netflix-is-emailing-users-details-about-how-to-make-it-easier-to-kick-free-loaders-off-your-account-as-it-cracks-down-on-password-sharing/articleshow/95086931.cms">Netflix is emailing users details about how to make it easier to kick free-loaders off your account, as it cracks down on password sharing</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-down-users-across-the-world-are-reportedly-not-able-to-send-and-receive-messages/articleshow/95075347.cms">WhatsApp down – users across the world are reportedly not able to send and receive messages</a> <a href="https://www.businessinsider.in/tech/news/the-fate-of-the-world-economy-may-depend-on-what-happens-to-a-company-most-americans-have-never-heard-of/articleshow/95030860.cms">The fate of the world economy may depend on what happens to a company most Americans have never heard of</a>

Fearing firing, BYJU's employees in Kerala approach state labour minister

After <keyword id="399907" type="General" weightage="50" keywordseo="meta" source="Orion">Meta</keyword> and Twitter, <keyword id="18635" type="General" weightage="100" keywordseo="amazon" source="Orion">Amazon</keyword> has become another Big Tech company to lay off thousands of workers and the process to eliminate 10,000 employees, or 3 per cent of its workforce, kicked off at the company, the media reported. The massive job cuts have hit several divisions, especially the <keyword id="196611" type="General" weightage="80" keywordseo="alexa" source="Orion">Alexa</keyword> virtual assistant business and the Luna cloud gaming unit, and corporate employees were being informed about being let go, reports CNBC. Amazon is aiming to eliminate about 10,000 jobs, mostly in retail, devices and human resources. "Amazon employees were called into meetings with their managers across the country Tuesday, and many were told they had two months to find another job internally or accept severance payment," the Washington Post reported late on Tuesday. Within hours of the layoffs beginning, employees started posting on LinkedIn to say they had been asked to go and were looking for new jobs. "Several employees were <keyword id="176161" type="General" weightage="80" keywordseo="laid-off" source="Orion">laid off</keyword> from Amazon's Alexa team, which works on the voice assistant technology, and layoffs occurred in Boston, Seattle, Vancouver and the Bay Area," said the report. "Seeing these aI Got Laid Off' posts is horribly distressing. This is horrible," one laid-off employee wrote in the company's internal messaging app <keyword id="1815769" type="General" weightage="50" keywordseo="slack" source="Orion">Slack</keyword>. Earlier this month, Amazon announced a broad hiring freeze among its white-collar workforce that would last at least "the next few months." Meta earlier cut 11,000 jobs, and Twitter laid off about 3,800 regular employees, apart from sacking thousands of contractual workers. Amazon employed more than 1.5 million workers (as of September). Earlier this year, the e-commerce giant more than doubled the cash compensation cap for its tech employees, citing "a particularly competitive labour market", according to reports. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/icici-venture-funds-invests-360-crore-in-houseware-brand-cello-world/articleshow/95552460.cms">ICICI Venture Funds invests ₹360 crore in houseware brand Cello World</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indian-edtech-firm-simplilearn-raises-45-million-from-gsv-ventures-others/articleshow/95551473.cms">Indian edtech firm Simplilearn raises $45 million from GSV Ventures, others</a>

Amazon begins firing 10K employees, Alexa & Cloud gaming worst hit

More than 32,000 tech workers have been laid off in the US till July this year, including at Big Tech companies like <keyword id="10387" type="General" weightage="80" keywordseo="microsoft" source="Orion">Microsoft</keyword> and <keyword id="399907" type="General" weightage="80" keywordseo="meta" source="Orion">Meta</keyword> (formerly Facebook) and the worst has not been over yet for the tech sector that has seen massive stock sell-off. According to the data compiled by Crunchbase, more than 32,000 workers in the US tech sector have been laid off in mass job cuts, as of late July. "We've included both startups and publicly traded companies that are based in the US. We've also included companies based elsewhere that have a sizable team in the United States, such as Klarna," the analysis said. The layoff includes ride-sharing platform Uber, <keyword id="128682" type="General" weightage="80" keywordseo="netflix" source="Orion">Netflix</keyword> and several cryptocurrency exchanges and lending platforms. Robinhood, <keyword id="4522875" type="General" weightage="80" keywordseo="glossier" source="Orion">Glossier</keyword> and Better are just a few of the tech companies that have trimmed their headcount this year. Since April 1 this year, more than 43,000 workers from 342 tech companies/startups have been laid off across the world and over 13 per cent are from <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>, according to latest data compiled by layoffs.fyi, a website that tracks layoffs in startups. In India, more than 25,000 startup workers have lost jobs since the pandemic began -- and more than 11,500 have been fired this year. The layoffs in India are dominated by edtech platforms like Unacademy (1,150 employees), BYJU'S (550 at Toppr and <keyword id="8080458" type="General" weightage="80" keywordseo="whitehat-jr" source="Orion">Whitehat Jr</keyword>) and <keyword id="2016957" type="General" weightage="80" keywordseo="vedantu" source="Orion">Vedantu</keyword> (624), along with ride-hailing platform <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword> (nearly 500), healthcare startup MFine (600) and pre-owned cars platform Cars24 (600), among others. The other Indian startups and unicorns that have laid off employees are Meesho, MPL, Trell and Blinkit (now owned by <keyword id="830092" type="General" weightage="80" keywordseo="zomato" source="Orion">Zomato</keyword>), among others. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/amazon-great-freedom-festival-date-announced-sale-starts-august-6-onwards/articleshow/93268050.cms">Amazon Great Freedom Festival date announced - sale starts August 6 onwards</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/swine-flu-resurfaces-in-keralas-wayanad-first-time-in-kannur/articleshow/93267832.cms">Swine flu resurfaces in Kerala's Wayanad, first time in Kannur</a>

Over 32K tech workers fired in US, more than 11K in India this year

<ul class="summary-list"><li>Annie Cole left her VP role to focus on family and launch a financial coaching business.</li><li>Cole transitioned from a $26,000 salary to planning to retire at 45 through four phases.</li></ul>This as-told-to essay is based on a conversation with Annie Cole, the 35-year-old founder of <a target="_blank" href="https://money-essentials.com/">Money Essentials for Women</a> in Vancouver, Washington. It has been edited for length and clarity.In 2012, I got my first job out of college as a <a target="_blank" class="" href="https://www.businessinsider.com/social-worker-quit-to-become-life-coach-positive-psychology-business-2024-8">social worker</a>, earning $26,000. After two years of emotionally hard work, I pivoted into education.I started working in a university's student academic resource center, helping first-year and at-risk students navigate the college experience. Two years later, I was promoted into an academic advising role.Next, I worked as a research coordinator until I finished my EdD program and got a research analyst job with a global ed-tech nonprofit. I loved and excelled at my work, and I received two executive promotions and several raises.Still, this year felt like the perfect time to step away from my VP role and make two big moves: spend more time with my family and launch my own business. It was scary, but I knew I was ready.I moved into a part-time consulting role for my old company and went all-in on building out my financial coaching business, <a target="_blank" href="https://money-essentials.com/">Money Essentials for Women</a>.I've set myself up to <a target="_blank" class="" href="https://www.businessinsider.com/financial-independence-retire-early-genx-stop-working-millions-saving-2024-8">retire at age 45</a> in 10 years, but transitioning from a $26,000 salary to an early retirement plan came in phases.<h2 id="ae84cbe7-0e27-4903-adeb-04ba49f32c38">Phase 1: Changing my money mindset</h2>When I was about to finish my EdD program, I started searching for jobs, and something clicked. I was only making $32,000. I opened up Indeed and set my filters for jobs that paid $40,000, which seemed like a reasonable salary increase.Then I had this thought pop into my mind: What if you just went for something bigger? What about $60,000? I only applied for higher-paying jobs, and within a few months, I got a research analyst job with a $60,000 salary.I got nearly a $30,000 salary jump just because I changed my mind about my worth.<h2 id="044adf89-6e86-4359-92b4-a821ebdd49ce">Phase 2: Learning how to provide massive value</h2>Getting promoted isn't just handed to you — it's truly earned. Sometimes, I just wanted a clear job description, to show up to do that job, then go home and not think about work. I received my promotions because I didn't just show up and want to be told what to do.I showed up daily and asked myself, How can I help this company reach its biggest strategic goals quicker and more efficiently? How can I directly contribute to those goals every day?It takes grit, forward-thinking, and hard work to help a new company grow, and I was up for the challenge. The more value I provided to the company, the more I was rewarded with promotions and raises.<h2 id="550cea92-7121-4b1a-b051-181d752cfb4b">Phase 3: Investing</h2>I always invested in my retirement account, even when making $26,000. Once I started making more money, I became aggressive with my investment goals.I started reading personal finance books and following financial influencers online, and I slowly learned everything from how the stock market worked to different retirement and investment accounts.I invested in my traditional retirement account, a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-roth-ira">Roth IRA</a>, and a brokerage account. I kept my budget as minimal as possible to focus on front-loading my investment accounts while I was young.My husband and I also added our first real-estate investment in 2023, which simultaneously gives us rental income and home market value growth.<h2 id="a6035a21-f3f0-4f8b-a2aa-b851b48afb93">Phase 4: Thinking beyond the 9-to-5</h2>Trading my time for money is great, but it will always be limited. I'm setting up additional income sources to make money when I'm not actively working on them.I just launched a <a target="_blank" href="https://money-essentials.com/teach-me-to-build-wealth">two-week online program</a> for my financial coaching business that women can go through asynchronously. I also recently wrote <a target="_blank" href="https://affiliate.insider.com?h=f130032449bc4c550e950a83a801fb3d7b895f232b9b3a4649464e2ce41cb56a&amp;postID=67094f28e5b540830053a953&amp;postSlug=plan-retire-45-after-earning-26k-first-job-heres-how-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.amazon.com%2Fdp%2FB0DBX6497N">an ebook</a> I sell for $24.99 that captures all of my best tips in one place.This year, I'll make about $60,000 from real estate rental income, $130,000 from consulting and coaching work, and about $30,000 in investment account growth.<h2 id="f0ad6057-1f7b-469d-a326-12e6ad356367">I have $345,000 invested right now</h2>I'll focus heavily on investing over the next 10 years (about $45,000 annually) and expect a 10% annual growth rate. When I turn 45, I'll have over $1.6 million.Using <a target="_blank" class="" href="https://www.businessinsider.com/early-retirees-say-4-percent-rule-overrated-for-fire-retirement-2024-2">the 4% rule</a> would give me just under $65,000 to live on annually when I retire, which is higher than my budget now.The above is based on my investment portfolio, which doesn't consider my real-estate investment property, the equity in my primary residence, and continued income from my business's online courses and books that will still pay me after I'm 45.<h2 id="1b87d91f-1d65-47a9-8de4-bc019a8fb05c">Here's what I'm doing to ensure the plan works</h2>The traditional definition of retirement is when you quit working for good and live off your investments and savings. Most recently, though, the <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/financial-independence-retire-early">FIRE movement</a> (Financial Independence, Retire Early) has expanded this definition.Now, you might "retire" from your full-time job in your 50s but keep a 10-hour-per-week job at Starbucks to supplement your income (this is called Barista FIRE, where you work part-time into retirement).I aim for a traditional retirement when I reach 45. I'm open to the possibility that I might want to keep running my own business by then. For me, it's all about having options.I do these three things consistently to make sure I stay on track:<ol><li>I use a <a target="_blank" href="https://money-essentials.com/organize-my-finances">personal financial tracker</a> every single month to track my spending, income, and investments. I built my tracker years ago because I couldn't find one that met my needs online.</li><li>I know exactly how much I need to save, spend, and invest to reach my goals, and I stay on track with my commitments. I used to think investing so much would feel depriving, but I don't miss that money. I fill my days with things that are fulfilling and free or low-cost.</li><li>I'm not afraid to adjust as life happens. If a trip or a chance to throw a party for my best friend's engagement comes up, I will go for it. Life is too precious not to take advantage of those special moments.</li></ol><h2 id="da039c92-10dd-442f-a1f9-475d5212dacb">You don't have to make a lot of money to invest enough to retire early</h2>Setting aside even the tiniest amount of money can seem like a waste of time when the alternative is to spend it now on a new shirt, better groceries, or toys for your kids.If you start making more money, it's just as hard. <a target="_blank" class="" href="https://www.businessinsider.com/how-to-avoid-lifestyle-creep-income-increase-raise-2024-1">Lifestyle creep</a> is real, and you'll probably find other things to spend your money on, no matter how much you make.The best way to invest more is to envision how that will benefit you and your loved ones. Every time I invest, I know I'm giving my future self a gift. I'm multiplying every single dollar I worked so hard to earn.Even in my 30s, I'm already reaping the rewards and seeing my account grow beyond six figures. Every investment is worth it, no matter how small.Want to share your early retirement story? Email Lauryn Haas at lhaas@businessinsider.com.

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