MY NET WORTH at 29 years old 💸
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- čas přidán 15. 05. 2024
- Hi Friends!
✨ I wanted to do a net worth video to capture how much I have saved and invested at 29 years old. I hope you enjoy this financial video!
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I've been so excited for this video! Respectfully, I disagree with the notion that your inheritance is irrelevant to your net worth because it objectively is part of your NW calculation. I totally understand if you wanted to keep it private for security reasons, but it is nevertheless important context. An inheritance of $10k may not be large enough to impact your day-to-day financial decisions, but an inheritance of $500k surely would. An incredibly generous inheritance would give you more confidence to save less cash and invest more aggressively, for example, because you know there's a safety net behind you. Just my opinion!
So glad you were looking forward to it! I totally agree with you, I definitely take my inheritance into account as well for the big picture of my financial decisions. I have all of it invested and the plan is to use it for a down payment.
I more so didn’t share in this video since it isn’t money of my own making and I want to show others how regular consistent investing and saving can accumulate over time!
Thank you for your insightful comment 🙏🏽
It's 100% relevant. But sharing how large of an inheritance it is could delegitimize her financial journey. She can afford to take risks, save aggressively because she has a security blanket of inheritance whereas people without an inheritance cannot do that
" An inheritance of $10k may not be large enough to impact your day-to-day financial decisions"
It sure could, especially as the compounding has more and more time behind it.
@@mjs28s she received much more than 10k obviously if she takes from her inheritance to preload TFSA. Simple math.
@@GabbyPeterson17 Well it does play in because you mentioned taking from the inheritance to invest in the TFSA. That said I wouldn't say that takes away from what you're doing one bit. Sure your net worth tally would be lower without that money being used in those accounts but it still would be more than a majority of people have. My take away from the video is your lifestyle and financial decisions are setting you up for even more success down the road. Inheritance is a blessing, one that I will never have, but I respect what you're doing with the money you've earned. I wish I was that responsible at 29. I am more than ok at 42 but can't imagine how well off I would be if I did what you are doing.
I retired with 200k at 25. Moved to Africa and live on 100 dollars a month.
$100 bucks a month?
Beautiful 😍 Thanks for sharing your amazing story! You are inspiring multiple generations!❤😊God Bless
Thank you for sharing Gabby!! Appreciate you being super open in this video. I’m 25 and made my first investment contribution this last month (aside from our NZ First Home Scheme) and I’m so glad I did. You totally inspired me to make that first one and have plans to contribute much more each month 🫶🏼
Thank you 💕 glad you enjoyed! Yay that’s so exciting! Congrats on your first investment ☺️ it’s so cool to hear I have inspired someone to invest!
Nice job! Great work and congrats. $100k+ is a huge milestone.
Would love a video about your favorite thrift stores in Metro Vancouver. Really enjoying your channel!
That’s a cool idea!! There are definitely lots of cool options. I’ll add it to my list :) thank you so much 💕
You should be so proud of yourself, that’s amazing and very motivating 👏🏼
Aw thank you so much Lindsay! It’s good to take a step back and be proud for a moment, I get too caught up in looking forward 😅
I love this video and massive kudos to you for being so transparent and for your epic networth success. Thank you for a wonderful video.!!
Thank you so much! Glad you enjoyed!!
Nice job! Lots to celebrate. Enjoyed the video. You will do well over time. Keep it up.
YAY! So hyped for this video! Thank you for your transparency! I’m going to be 27 next month and while me and my husband have car debt and we’re still building our individual emergency funds, we bought our house in 2020 and cash flowed our 200+ person wedding. Thankfully we have been contributing to our retirement accounts since graduating college in 2019. Everybody’s journeys are different and for me personally this serves as motivation for myself to get my shit together!
So glad you were excited for it!! No problem at all :) Congrats on your first house that is super exciting, and so impressive you cash flowed your wedding so young. I totally agree, everyones journey is different and we all have different timelines!
Congrats Gabby! Keep killing it
Thank you 💕
I get what you're saying about people signing up for car payments they cannot afford but sometimes even the minimum payment is a lot; for me as I'm a driver under 25 in Ontario my insurance is $400. Plus you also did say your had your cars bought for you which frees up a good amount of money each month. A lot of us don't get that luxury.
but your net worth is motivating to see anyway!
Oh totally! Cars are so insanely expensive right now. It’s almost impossible to keep monthly payments to a reasonable number. And Wow that is a super high insurance, I’ve been there and it’ll come down in the next couple of years hopefully!
I completely agree, the main reason that I’ve been able to save and invest so much is because my fixed costs are so low.
Just wanted to provide some encouragement to shop around for insurance!! Absolutely agree with Gabby that it'll hopefully come down in the next few years, but my husband and I are both under 25 in Ontario, in one of the largest cities, and our insurance together is less than $300 a month! I defs believe you should be able to get that reduced!
Thanks for sharing! I’m such a curious person too so I love these types of videos. You’re doing amazing! I’m much older than you (39) and wish I had been as dedicated and diligent as you when I was in my 20s. Keep it up 👏🏻
I’m the same way! So nosy about other people’s finances! Thank you so much! Haha definitely, the one thing we can’t get back is time. I’m glad I found resources on all of this stuff when I did. Thank you for watching 💕💕
I'm in the exact same boat as you (38 this year), wish we had all of this awesome information when I was 20 haha. Focusing on setting my kids up as best I can, now that I know better :)
@@lindsay.oram86 Same! My kids will be in a much better position and hopefully benefit from all of the financial knowledge I acquired in my 30s.
Good job starting so young. I did not wake up til I was 40 and realized I had 30k in debt and was late on a mortgage pmt. Now at 53 I have a paid off house and a net worth right at 900k. Just wish I started sooner
Keep saving you’ll have great wealth
I appreciate it, I'm glad I found the financial resources online when I did! It's never too late to start and that's really cool that you turned things around. Congrats!
Congrats on taking charge and killing it, James!!
I am going through the same thing and had the same thoughts on starting sooner but it’s all the more motivation to not let off the gas.
How did you do it?
@@adenbaksh4843 worked like a dog, making 60-80k. Got lucky and had a low cost condo I bought for 99k in 2007. Sold it for 250k. Took the 170k I made and put it down on a new home I bought for 240k. Paid that off in 3 years. Make some good investments, Nvidia, saved and worked. Sacrificed everything and had no life for 8-9 years. Now, Able to save 50% of my paycheck, invest 20% and live off 30%. Also, not married and no children helped as well.
It’s not bragging. It’s inspiring. It’s all about perspective. Thanks for sharing and being open about your finances!
Glad you see it that way!! And of course, I am happy to share and hopefully inspire some to start saving and investing :)
Love your transparency Gabby! New subscriber from Vancouver 💕
Hi Raisa!! I absolutely love your videos! Thank you so much for your comment and subscribing 💕🫶🏼
Well done, loaded already, good job - good life ahead! Congrats for being smart with money
Thank you! 😊
I'm at 56k at the moment, i peaked at about 63k last summer but due to unforeseen circumstances and other mistakes I lost a good chunk over the past year. Currently feels like ill never break passed 60k but this helps me look over the long term. Crazy how it accelerates around the 100k mark!
I definitely think you should include your inheritance in your net worth. In addition, depending on your income - you should try to max out your TFSA & RRSP without the lump sum from the inheritance. It would snowball your wealth building! Make sure that inheritance is getting interest though (either in a high yield savings account or a CD or brokerage, whatever you prefer in terms of your risk tolerance) but also max out your accounts with your own paycheck, if you can afford to do so. You will build wealth even faster.
Hi Davisa! Thanks for commenting! I agree, and I do for my personal net worth tracking. I actually have my inheritance invested already, and it has been for a while so I’m just letting it sit and compound in the background. I more so didn’t include it just to show what regular saving and investing can amount to for someone my age! But all great advice, I appreciate it!! 🫶🏼
Very well done with building up ur wealth. Very interesting video. Thanks for sharing.
Thank you! Im glad you enjoyed 💕
I so recommend the self managed RRSP & TFSA over the management. I research heavily on the stocks and etfs I buy beforehand and have had great returns
Yes agreed!! Makes more sense
Pretty cool! Congratulations!! Is it US dollars or Canadian Dollars? Great Job! Love your mindset. Def on the right path!
This is in CAD! and thank you so much
Great start for your age. In a great spot compared to the majority of your peers that's for sure. Keep it up!
Thank you I definitely will :)
Just wanted to say Congratulations!
This is amazing! You should be very proud for saving and investing that much. 😊 Love the transparency! 💕 It's smart to not rush into buying real estate. You can definitely set yourself up for success by renting and investing instead. My partner and I recently bought a place, but we're in Ottawa which is much more affordable. I imagine the calculation is a lot different in Vancouver!
Aw thanks so much! Glad you enjoyed. Yes agreed, with interest rates where they’re at and the cost of homes here we’d be looking at an insane mortgage for a 1 bedroom 😢 I’ve heard Ottawa is definitely more affordable. Congrats on your new home! That’s so exciting 💕
Thank you! 😊💕 @@GabbyPeterson17
This is very inspirational, thank you for sharing!
Hey Gabby! I'm a little confused with you saying you max out your TFSA - I totally understand it if you mean you've been putting in the max contribution amount each year that you've been investing it, but you should've been accruing contribution room since you turned 18 - for example I'm 24 and I currently have a total contribution limit of $48,500 in my TFSA. Maybe there's something I'm not understanding correctly, but might be worth looking into! Loved the video as always 😊
Hi Abigail! I have a separate TFSA with another bank that has the remaining amount! I have it maxed out based on total contribution room since I was 18.
And thank you 🙏🏽💕
I’m glad I found your channel! And that’s amazing that you’re over $150K in net worth at 29. That’s very motivating for me to do even more for my retirement.
Thank you so much! Im glad it was motivating :) Best of wishes on your journey!
Very impressive! You should definitely proud of yourself for staying debt free and investing so heavily. Well done 🎉
Thank you so much! I am definitely proud :)
Great video, thanks for sharing! I also live in Vancouver and in my early 30s so being a nosy person I am always curious why others in a similar age have saved/invested.
Thank you! Thats so cool. I know I'm so nosy on how people spend and save their money!!
That's great! You are doing amazing. Congratulations.
At age of 33 (current 48 yrs old), I was over $60K in (student loan) debt and I hadn't seen a dentist in over 10 years. That's how broke I was. In comparison, you are miles ahead of me at your age. Keep doing what you are doing and you should be fine.
Thank you so much!
Wow that's super tough. Hope you are feeling more secure now!
You're well on track to be become millionaire in your early 40s or even sooner, good job! It's just mind blowing how it adds up past the first 100k. We're following similar tracks. I'm 33 with 2 kids, started working as a software engineer straight after university (~9y). I've got 114K in my TFSA, 134K in RRSP, 15K in a LIRA (worked for govt while I was studying) and roughly 6K in crypto for a total of ~270K not including home equity. I would have loved to have access to FHSA but it is what it is. Car is paid for and no other debt. Didn't get any handouts except from being taught the value of money.
I keep about 3K in cash and would rather use line of credit for a short amount of time for emergencies instead of leaving piles of cash in my bank account, but I understand not everyone is comfortable with that.
Looking forward to see an update video a few years down the road!
Im 29 and just hit 2 million. Ive been picking stocks since my early 20s though. You're doing very well for someone our age, I barely know anyone that has 50k saved
Wow congrats! That is a huge milestone!!
What’s your drawdown? Sounds like a r/wallstreetbets portfolio
@@SirHargreeves 2-3%. Im a commodity mining value investor. I got the bottom of the uranium market in 2020, bottom of the coal market in 2021, and bottom of the gold market in 2022. I've had 3000% aggregated returns since 2018. Still running a pretty concentrated portfolio though. I've ventured into some USA consumer cyclical companies to diversify a little
Great video. Your doing amazing.
I'm looking for more videos like this bc I think we don't talk with amongst ourselfs about money and we can learn alot and be inspired from each other.
Me 32 at 800k net worth as army officer.
House prices are insane right now. I'd wait until the housing market crashes. Also, might want to look into grabbing a little bit of silver (at least 1oz) every paycheck. It adds up fast and is going to be a game changer in the future.
I feel like a lot of people on here will tell you things like "you have to buy a house" and its just not true. I'm 27 and a homeowner, about 2/3rds of my net worth (ballbark 210k) is in my house, I definitely dont regret it but it's nice to see someone not thinking it's mandatory, because it really isn't. As long as you invest in the market you will be exposing your otherwise tied up down payment money for higher gains so you arent missing out on much. It's best to wait until you know you are staying somewhere for more than 5-10 years before buying. I bet you will easily be job independent by 45-50, which i would consider a FIRE number at the rate you currently save at by the way.
Totally agree! Buying a house just isn't a guaranteed method for building wealth anymore. And by investing the difference of what I am saving renting vs buying I am still building wealth. Thank you so much for your insightful comment!!
For those interested in knowing if they are on track with their saving/investing an easy way to track what your net worth should be here's the formula. Gross take home pay multiplied by your age divided by 10 + how many years until your 40. If your income changes yearly you can always take an average of the last three years.
Where is this formula from
@@joetyler835 Learn it from the money guy show. Channel has great financial content.
@@joetyler835 Financial advisors from The Money Guy Show
Hello from a new subscriber! Thanks for being so transparent your situation is interesting!
Thank you for subbing! Im so glad you enjoyed and found it interesting!
Way to go girl, I moved to Toronto from Dublin about a year ago and love how pro investing most people are over here - it's refreshing. Totally agree with not getting into buying property, personally in Toronto, I've never come across such an over valued housing market (second riskiest in the world ) and I myself am just focusing on investing. Hopefully things ease up here with property but it doesn't financially or logically make sense at this point in time. ☘☘
Thank you 🙏🏽 oh that is so interesting, I always wonder what other countries focus on investing wise! Yes totally agree, it’s so so expensive here to buy! Just doesn’t make much sense if you can find reasonable rent. 🫶🏼
Very good job! You will do fine in life given your attention to your finances!!..
Keep up the good work. #Save #Invest
Congrats 🎉🎉🎉🎉
Thank you 💕🙏🏽
Amazing job! You should be incredibly proud of yourself 💕 I’m sure there are tons of people who would find this motivating
Thank you!! I appreciate the kind words
Congratulations on doing so well at your age. I started keeping track of my net worth when I turned 35 & it was $67K. It was shocking & disappointing. Fast forward 9 years & taking Net Worth much more seriously, $472K.
I also suggest you include your inheritance & not the value of the car.
Keep going
Wow! Well done! That’s a big upswing in 9 years! May your gains keep compounding! Thanks for watching
60k in rrsp without employer match is so impressive! thank you for this video it was insightful :)
Thank you, glad you enjoyed the video!! Yeah I felt worried I had to catch up to those who have a match so Ive really prioritized it for the last few years. Definitely gives me peace of mind!
GOOD JOB GABE!! You’re loaded holy man
THANKS CHRIS 🫶🏼 see what asking people to etransfer you $2 does??? 🤣😂 jk I’ve matured from being cheap
nicely done!
Well done!
Thank you!! 🙏🏽
I'm about your age with a very similar NW number. congrats on your progress. Lets make it to a million before 40!
as a german viewer (and football fan) I cant help but ask about the BVB thing in the background 😂 so happy I found your channel, keep up the good work 🩷
Wow impressed with your keen eye!!! My boyfriend is half German and from Dortmund. We’ve got a lot of BVB memorabilia around the house 😂
And thank you! Glad you enjoyed 🙏🏽
How do you invest FHSA? Bank or wealthsimple as well?
Hi! You can invest in an FHSA as soon as you open an FHSA account. Just need to check that you qualify for the account. There are limitations. Similar to any other investment account you can buy stocks/ etf’s in it or use a roboadvisor!
Good for you 👍 Are these numbers in Canadian Dollars?
They are in CAD!! Thank you!
Congratulations on reaching over 100K! The first step is done.
Just a friendly reminder: A car is not an asset.
Would you like to make a self-intro video about yourself? What do you do for a living?
It is an asset if it's paid off. She can sell that car today and get that amount of money
@@suttsd Its actually an asset altogether ( a depreciating asset) . The loan on the car is the liability. So the car value minus the amount owed, is the net car asset. Which in this case, there is no loan :)
Thank you so much! As commenters mentioned the car is paid off so I could sell it worst case for cash.
That's a great idea! I will definitely add it to my list! I am an engineer!
165K - congrats!
Mortgage is not the same as renting
Gabby, good job investing - I am very proud of you. I want you to listen carefully. I heavily into the markets and if you want the best return for retirement for our generation - you need to own at least one full Bitcoin. As of right now, 1 BTC = 90k cad. Even if you do this through the FBTC shares you already own - DO IT. If you are planning on holding your investments for the long-term/retirement, you NEED 1 full bitcoin. You have the ability to do so with your liquid assets.
Thank you for your comment!
Great job! What's your monthly expenses? Savings rate percentage?
Thank you!! Monthly expenses vary a lot, somewhere around $4000 a month for all expenses and bills. But I aim to save and invest between 25-30% month to month, and any large payments of income like bonuses and tax returns I will invest the entirety of
@@GabbyPeterson17 Wow! Spot on. Very good example for others. Work hard and smart, live simply. 39 here. Self-employed window cleaner. Paid off home, barista FI. Live in Mexico during winters. Making offers on investment real-estate while the economy dives.
Keep it up!
Have around that amount I’m also 29
hodl gang 😎
🙌🏼🙌🏼
I would not count car as an asset
Because I can sell it tomorrow if I need to, and it is paid off, I treat it as an asset. I included only the value of what the car is worth for sale today.
I'm 42 and I have finally reach my $500,000
you should use william oneils stock picking strategy
Love everything about this video. A lot of youtubers say they have millions and make millions a month. I think a lot of them are dying. Im pretty much the same except way more crypto. I think people should at least have a little bit of crypto like you. I also do not want to buy a house
No wonder canadas home prices have been going crazy, you guys have tax advantages accounts to buy homes.
The FHSA is a new tax advantage account introduced in 2023 to help new home buyers to be able to afford a down payment because of the high home prices!
I'm worth $1.9 million at 24 (not a joke) your also a babe too... so thats always a pro Lmao
are you planning to have a family?
I am! Within the next few years likely but not yet
keep doing what your are doing! PLAN ahead, when kids come that'll be the real test to maintain and continue saving :). good luck. awesome video.
🏆What an amazing milestone...C O N G R A T U L A T I O N S!!!🏆
You're right, the first 100k is such a sloggggg. And now, you've got that working for you in your sleep - actual passive income. What's the stats, again? Money doubles every 7 years at 10%? It's a thought that can brighten up the dreariest day.
My advice before retiring: Be clear about what you will fill your days with in retirement. I did it too early, and now feel rudderless. Having all the time in the world to do whatever (to me, at least) ends up being time spent doing all the "whatevers". I spend far too much time on CZcams! LOL
At the pace you're going, you might be better off and able to buy your future home in cash. It will save you tens of thousands of dollars in interest.
As always, amazing video...thanks for sharing!
Aw thank you so much! I appreciate it 💕
Totally agree! That’s the coolest part once you get a good amount invested, so much money is compounding in the background.
That is definitely great advice! I can imagine I’d probably feel the same. I do love CZcams tho 😂😂
Yes I’ve thought about either putting a large down payment down or something like that depending on interest rates.
Thanks again 🙏🏽
Very motivating Gabby! TY for sharing and inspiring me to start tracking my own NW
So glad I could inspire you!!
no wonder this video was 17 minutes you keep rambling on and on
Bro just buy Bitcoin
No body cares, what your net worth is.
I actually care, finances speak volumes about a person
I’m very curious.
good for you.. don't come on youtube and brag about it though. the wrong people might see this and decrease your net worth... just sayin......
Loved this so much Gabby! This was absolutely inspiring!! Although I only started taking my financial journey seriously last year (I got sucked into consumer debt for quite some time💀), this motivates me even more to reach my first 100k. Thanks for sharing and congrats on this amazing milestone!! It’s only getting better from here 🫶🏼💫
Aw thank you Christine! I appreciate it. So glad it could be a source of inspiration. I was the same with consumer debt and the important thing is to start and be consistent (have fun along the way) and with time you will be at $100k no problem! 🙏🏽💕