How I've Saved Over $100,000 By Age 27 - When Will I Hit $1 Million?
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- čas přidán 24. 06. 2024
- I have officially hit a personal net worth of $100,000! 🎉
The day that we’re posting this video I specifically have $101,675.15 across my various bank accounts, broken up into $81,594.16 towards my investments, primarily my TFSA, and then $13,378.84 in my high interest savings account, and finally $6,702.15 in my chequing account( which fluctuates the most as I make and spend money each month).
Now, to be honest… I thought this day would come sooner than age 27, and I want to explain why in this video. If you like this video, comment a 💰 emoji below!
0:00 How I feel about hitting $100k
3:22 How I grew my net worth as an entrepreneur
8:21 How I've split $100k b/w savings vs investments
11:27 What's my next money goal?
15:38 The pressure to 'have it all together' before age 30
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Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
This was an exciting update to share! 🥹 I want to know your thoughts on this topic + what your current ‘net worth’ goal is - let us know in the comments!
I’m 24, recently hit $50,000. Looking forward to that first $100,000 too. Thanks for this video!
me too :) lets go !!!!!!
Amazing! 😊 I love to hear that
I hit 50k a few days ago at age of 18
Haha, you two will be fine! I'm 65, almost 66, and getting a kick out of this video. You both are doing well and planning together, that is a great foundation for the future, whatever it holds for you. Congrats on the $100,000 plus! Just remember to enjoy life too!
Thank you so much! 😊
Your not even 30 and they say the first 100k is the hardest 🎉
🥳🥳 thank you!
💯💯💯
22-years-old and just hit $250k. No matter what obstacles, keep pushing and find multiple streams of income. Create good habits. Good luck to all. God bless!
That’s amazing! 😊
Congrats on reaching 100k within 2 years!! Keep going 🍊
Thank you so much! 😊
Aye aye aye aye. GOOD Job 🍊
@@jorlowsky469 Numbers! 🍊
Yes lord aye aye aye
I appreciate the unscripted chat at the end of this video! I’m 31 and completely relate to the feeling of big life changes being around the corner. Congrats on $100K! 🎉
Thanks so much! 😊
Congrats Steph!! I recently hit $100k as well. It's a huge accomplishment and amazing to see how much you've grown since your first job in HR 💖I'm 24 and just quit my job at a Big 4 firm to go work as a contractor at a startup - excited to see what the future brings ✨
Thank you so much + congratulations to you, too - that’s amazing! 🥳✨
Good luck with your new job, too! 😊
Hi Steph and Den! I'm 33 now but still feel like I never left my late 20s. 😂 I hit a milestone of $300k this year from 0 in 2019. I'm proud of what I accomplished yet can't help but feel that age really puts that pressure up and that I still pale in comparison to others. I was part of the tech layoffs middle of last year too and probably going back to my home country at the end of the year to make time for my elderly dad with Parkinsons. I don't know what the future holds but I'm at that stage where life doesn't revolve around making money as much and how to live a fuller life after years of frugality, aggressive work ethic and investing.
That is to say--I'm older now but I still don't know what I'm doing. 😂
That’s amazing - congratulations! 🥳 I feel you - it’s still so easy to compare no matter what milestone you hit.
I love that you’ve built up a cushion that lets you make decisions like that - I hope that you’re able to spend a lot of nice time with the your dad!
Yes, I do feel more resistance to change as I am aging, even though I'm still in my late 20s too!
I feel more relaxed in my late 20s - I don't have that "passion/motivation" (not really sure what to call it) but that drive to keep up with what I once desired...the newest job, the newest car, highest profit, and etc. I'm more tame, still figuring out life but doing it at my own pace. I still have passions, and stuff I enjoy doing but it's different from when I was young. I'm not sure if it's good or bad but I'm trying to enjoy every moment of it regardless.
Also, congrats to $100K and your wedding, family that may be coming around the corner ! ;)
Ha, thank you so much!! + thanks for sharing this 😊
Great stuff! As Charlie Munger says, the first $100K is a bitch. It only gets easier from there. Definitely feel you on the life stages / body stuff - I'm 29 and around 26/27 was when it really hit me that I'm not 20 and I can't do the same things as I could then (the hangovers get baaaad)
Thank you! And seriously 😅 everything starts to hit different
Stopped listening 1 minute in when she said she was saving $2300 a month. lol she forgot to mention she obviously makes a shit load every month, this is obviously not realistic for normal people. Most people would be lucky if they could save $200 a month😂
That means you missed the part where I didn’t save anything for 1+ years when we started working for ourselves - everyone’s journey is different and it’s not linear (I’m currently saving $2,300/month on a $70,000 salary)
Saving $200/month is great if that’s what you’re able to put away 😊
@@FA9082 Nah, don't be a jealous prick. She clearly states all of her income and her savings. It's pretty clear that Steph and Den are both super hard working frugal people. She's not making enormous sums of money or getting lump sums from her parents. She's saving $2K because she's prioritizing and working hard at it, and what you're not seeing is the sacrifices she's making to do so.
@@FA9082okay stay broke forever no one will care
I turn 27 this month and wow it’s crazy lots of goals and time just going fast. Congrats on 100. 🥳
Happy early birthday! Thank you so much 😊
This is amazing! Congratulations Steph 🎉
Thanks so much! 🥳
I'm 27 and I definitely feel this. Now I already have a child, but I want to change my career by going back to school, but trying to do it without it effecting my savings goals. It may take me 2 years before I reach my big financial milestones, but I am looking forward to it.
Congrats with reaching $100,000.
I love that you’re focused on making a career change (something that could definitely impact your budget) without impacting your savings goals. It sounds like you’re doing great!
Thank you so much 😊
Congratulations on reaching $100k! 🎉🎉🎉I’m working my way towards that goal too. Thank you for sharing your financial journey with us. Since watching you and Dennis, it’s encouraged to me to pay off my student loans, start investing and built my net work!
Thank you so much! + we’re so happy to hear that, that’s amazing! 😊🥳 we can’t wait to see you hit all of your goals!
Ahhhhh congrats Steph!! Do an update when you reach 200k, etc to 1 million!!😊😊 I myself am 25k away from a 100k networth! 😮😮
Thank you so much 😊✨
For sure - we’re definitely going to continue to share the journey!
And yay, congrats - that’s amazing! 🥳
Great video, I've been exploring various avenues, but it feels like an uphill battle.
🎉🎉🎉congratulations on your first 100k ❤ I tap in
Thank you so much 😊✨
Congratulations and many thanks to you 2 for your Great Work! The information is uber-useful, practical and inspirational. It's beyond utterly brave to share so much of your actual lives, but the impact to many is way more than you imagine. Keep up the Great Work.
Thank you so much 😊 we appreciate this!
Really loved this video! Thank you for you so much!
So glad you liked it! Thank you 🥳
That's fantastic news. I'm very, very impressed that more and more twenty-somethings are becoming involved in investing! I'm in my 40's and doing it for many years but not in my 20's. So great!!
Thank you! We agree - the earlier, the better! 😊
Congratulations on your milestone! So inspiring! I wish you the best in your journey!
Thank you so much! 🥳
Congrats 🎉 hoping to reach $100,000 somewhere between 25 & 30 too!
Thanks so much! You’ve got this 🥳✨
Amazing work guys! This is such a realistic video and chat.
Thank you so much! 😊
Congrats Steph! 🎉
Thank you! 😊
congrats, hope no one bumms you about it. keep saving! :)
Thank you so much 😊 I appreciate it!
Love the video and transparency
Thanks so much 😊
congratulations Steph ✨
Thank you so much 😊
Congratulations Steph & Den
Thank you 😊
This was treat to watch. I am very pleased to follow and learn so much about money from both of you.
Thank you so much 😊 we appreciate that!
Congratulations its great to see your progress over the years ...🎉
Thank you! 😊
Late twenties knee pain 🤐! Congratulations Steph I didnt think of financial goals until literally 2 years ago, cant fail if I don't quit?!?!?!💭
Seriously! 😅 Thank you!!
I always find this the most interesting, due to the different advantages I grew up with, I chose the career route both of you pivoted from.
I think it's always interesting to see where the both of you go and learn from your experiences how to deal with the larger expenses you'll occur moving into 2024-2026.
It’ll definitely be interesting to see! Thanks for watching + your comment, Ryan 😊
Congratulations! You are killing it. I have 2 more years before I get there.
Thanks so much! 😊🥳 2 years will fly by!
Congratulations 🎉! Keep going on high.
Thank you! 🥳🥳
Congrats on a huge milestone! You're not wrong about taking longer to recover the closer you are to 30 - those memes about everything going downhill from there are no joke 😂
On that note, I'm curious to know, what do you guys do for health insurance as business owners?
Thanks so much!
And seriously 😂 it starts to hit you out of nowhere it feels like!
We plan on talking about that in a future video!
This is great to see. Congrats!
Thank you so much! 🥳
Great!🎉 Keep the hard excellent work! 💪
Thank you so much! 😊
Congrats Steph on hitting your first 100k!🎉 I’m in my early thirties now living downtown TO with a toddler and husband and all of our accounts together are hovering at 600k. I think if you keep going, and don’t buy any property, you’ll hit $1 million within the next 10 years. We also wanted to buy property initially but realized that it doesn’t make financial sense for us (we reevaluate every year), and it still hasn’t for 7+ years.
Thank you so much! + thanks for sharing - that’s amazing 🥳
Congratulations! Y'all are inspirations
Thank you so much! 😊
Congrats!! I also just hit 100K earlier this year! It is a very exciting number to hit! Opening a FHSA is a fantastic idea too!! Without having the context of how you both operate your business, have you guys considered buying your first primary residence in a more affordable city or even province in Canada? This is purely assuming most of your business operates from home and location is not essential. This can help cushion the transition of buying a home and starting a family + all the expenses involved (My wife and I have 3 kids, and this has helped us greatly!). If you can make the same amount of money, but live in a more affordable city/province, this can be very beneficial to wealth building. Thanks for the great content!!
Amazing, congrats to you, too! 🥳
We do plan on buying in a lower cost city - we don't want to buy something unaffordable (as almost everything is in the GTA 😅). Our plan for now is to buy a rental property in a lower cost city, and then continue to rent in the city. We'll see how that changes over time, but we'll be documenting everything on our channel (we posted a video all about this a few weeks ago if you're interested!)
Thanks again for your comment!
@@stephandden Thanks! I am definitely following! I am actually doing the same thing, my wife and I own a property in a Canadian metro city that we rent out (since 2015) and we live in a smaller more affordable city (renting) while we are saving up a down payment for a home we can call our own for our family. You guys have a great plan in check! Don't underestimate (not at all saying you guys are, I am new to your channel) how much work goes into managing a rental property, I would argue in most cases it is not "passive" income, but nonetheless it is a great investment! There are times where it sucks owning a non-commercial rental property (it's the truth), but I have had no regrets with it, and I am sure you both will not either!
Congrats on reaching your goal girl!!! Ive been watching your channel recently. I know what you mean by changing chapters in your life. Since I wasn’t taught anything about finances I feel a lot of fear, anxiety since I’m late in the game. At 40, I still have student debt, barely any savings and living really pay to pay. My goal in the next couple of months is to save emergency fund and pay off the last of my student loan. The credit debt seems a bit daunting though. I’ve never done a budget or really invested. This channel has really helped though.
Thank you so much! 😊
It's so unfortunate that we aren't actually taught about personal finance early on - it really can lead to a lot of anxiety + be overwhelming. We love that you're focused on creating an emergency fund + paying off your student loans, though! Those are amazing steps to be taking (and you'll feel so good afterwards).
We have a free budget spreadsheet if you're interested to help you get started on that, too - stephandden.com/budget-template
Honestly I felt the exact same after 27, injuries creeped in, need significant increase in selfcare time just to keep the ball rolling and don’t recover as quickly from exertion as I used to in my early 20’s. I guess its part of the journey. And learning how to move forward with those nuances is part of it as well
Great point - it's a 'tough' transition, but it is what it is! You do have to learn how to move forward and take care of yourself as you go 😊
Congrats on 100k ! I’d hold on to the idea of buying an investment property unless it’s cash flow positive. That would be tough and require significant amount of money especially if you’re thinking around GTA. I’d rather put my money to work. Maybe invest a portion on something that is relatively high growth in the long term.
We’re not planning on buying in the GTA 😊 we talk more about our plans in a recent video called ‘We’re Buying Our First Rental Property’ if you’re interested!
Congrats on that I totally think everyone should start as soon as possible saving and investing in just small amounts can become very big over time
100%! Thank you so much 😊🥳
Congratulations 👏🏿
Thank you! 😊
@@stephandden you're welcome 💸💸💸💸💸
Great video again, Steph! would appreciate if you can make a video on how to set up business/ corporations and tax implication of having it for your personal finances. I am 31! been contemplating to start a side hustle and I'm reading books on how to setup business in Canada and eventually switch it over full time.
Thank you! We can try and talk a bit more about that in a future video 😊
Congrats! ❤
Thank you! 😊
Amazing!! You are inspiring ❤
Thank you! 😊
Congrats saving 100k! Million next year for y'all !
Thank you!! 🥳
First off congrats! Second, I’m coming into that “transformation” too. Me and my partner are thinking about moving out of our parent’s house and renting. Despite not wanting to rent, I think it may just be the time in life. We are very similar to you when it comes to money management
Thank you so much!
And it sounds like you’ve been saving money while you were living with your parents, which is great 😊 making a big change to your monthly budget can definitely still be an adjustment, though!
Congrats Steph! Loveeee your videos and have been watching you two for a while now.
Turns out I've never subscribed, oops! You guys' videos come through to me on recommended so much that I thought I was subscribed haha 😅
Thank you so much! And ha, I love that they kept coming up on recommended in the meantime! 🥳
That's insane. Congratulations.
Thank you! 😊
The first $100k is the hardest. Your money will make money, the second 100k you may only have to earn 90-95k next time and some from interest. Congrats on your savings account
Thank you! 😊🥳
Congrats :)
Thank you! 😊
Congratulations 🎉 As someelse I who is also 27. Mind and body are feeling it 😂
Congratulations on meeting your savings goal! I have been investing in the stock market since I was 16 and I am almost 42 now. When you were stating what you were investing on , I had to look it up. Because I did not have a clue what you were talking about. Than I realized it is because you are in Canada.
Thank you so much! 😊 ha, yes the specific platform, accounts, etc are different!
Great video 😁
Thank you 😊
Thank you for the update! Congrats on reaching 100K! Watching your videos always keeps me motivated to continue saving and investing :) And yes, I am in my early 30s and definitely feel what you described about changing life stages... It also motivates me to keep saving/investing so I can have a financial safety net for when big life changes happen. And feeling like your body does not recover as well is also very valid (unfortunately!)
Thanks so much! 😊
I definitely resonate with that - it’s more comforting knowing you have a safety net! And ugh it really is an unfortunate reality 😅
Are we seriously not going to talk about her smile 🥰
😊
Unrelated question but I’ve been using your budget spreadsheet for he last couple of months and love it!! But I had 1 question. Whenever I change the date on the “budget overview” tab all my numbers I have entered in the “bank account” tabs and the “monthly expense tracker” all get pushed to the next months when it cuts off for example January and February( since its March this month). Is this only happening to me because I like to look at the entire year as a whole see what I have spent but my expenses change from month to month as I just changed phone bills to a cheaper plan and such so my expenses this month are different from my expenses back in January. Hopefully this makes sense!! Either ways it’s not the biggest deal just thought I would ask. Anyways very impressive steph and congrats on reaching $100,000. My goal is to hit that mark at 25 and I’m 21 now so it will be a bit tough but I think it’s doable
Don't feel bad for feeling how you feel at 27!! It hit me around that age too, even though for others it takes longer. The changes in the body, the feeling that big changes are coming right around the corner. Everyone's timeline is unique but I felt just like you but it hit me at 26!
I have a lot of feelings about everything you're saying because you think a lot like me, except we did things in a different order: had our first baby at 27, became obsessed with finance and investing at 28, and are now building our business at 29.
Here are some thoughts:
- It is SO awesome that you are beginning to think about the changes that are coming well before they're here because you will be SO grateful when that time comes. I really didn't think about the financial side very much and it was a huge stress and controlled our options in terms of how we raise our family so much.
- You mention not wanting to be surprised by anything when that time comes - you definitely will be, but hopefully not financially! I think that it is near impossible to imagine family life before you have kids which makes it soooo hard to plan (and budget) but I think you are doing the best thing possible by focussing on saving and investing now so that you will have options available when your family grows. You may not want to take a long maternity leave, but you also might, and because you have such a strong foundation you will have the freedom to choose! Congratulations!!
- This video was so well thought out and you are so well spoken and inspiring so thank you for what you're doing in the world 🙏
Congrats - I would have thought the next goal was £100k INVESTED. That was my first big goal (after emergency funds) after I got serious about my finances. Now working on £100k invested in my tax free investment account and £100k invested in my pension (retirement) account.
That is definitely a goal for me! I should be able to hit that by the end of this year (especially with 80% of my $100k ‘saved’ already being allocated to my investments) 😊
Is your hair color natural?!! Love it and congrats 🎉
Only the top part, ha! Thank you x2 😊
I'm not sure if you've covered this in another video. As for your "business" this means solely CZcams?
Love the videos!
Thanks so much!
We talk more about that more in our 2024 Money Goals video 😊
@@stephandden I'll check that one out again, thanks for the response!
You should be super proud Steph. 100K at 27 years old is impressive!
Thank you so much 😊
its definitley hard to get that $100k but you made it!
🥳🥳
Based on how young you are and how little income you’ve “missed out on” by quitting, I would say whichever path you guys had chosen, you chose right.
The freedom, in youth, with a business/brand you were building is worth it. In the long run obviously it’ll pay you more anyway.
Personally I wouldn’t have quit. I would’ve gotten the financial resources of the ground a little more, but, to each their own as you said. Looks like you guys have done some really cool trips.
Financial freedom came to me as well, but in exchange for being a corporate slave. I get to travel for work, A LOT, and usually to awful, boring places. But some of the trips have been to really great places, and when I get there it’s all on company dime. I still don’t get to enjoy them as much as you would, as free entrepreneurs, and it’s always on someone else’s schedule.
As long as you’re happy, right? And if you’re happy in Trudeau’s Canada, then you’re really winning.
I start a new job this week, that will get me out of Canada, so that’s my goal to work toward
Congrats on the milestone !! Have been watching since day 1 & its great to see the level up!! Question tho - how will you buy an investment property and then get a home using the fhsa? from my understanding the only way to do this is if you buy an investment property, rent & live somewhere else for 4 years & then you can use the FHSA to buy a home.
Thank you so much! 😊
Good q - my FHSA won’t go towards buying an investment property. I plan to use those funds for buying a primary residence in the future 😊 we’re going to talk more about how we plan on saving for both an investment property and a future primary residence in a future video!
@@stephandden Hi,thank you for replying !! Yes I am aware that you can’t purchase an investment property using the fhsa. However, are you still eligible to buy an investment property with cash AND use the fhsa to buy your primary residence all within less than 4 years?
Yes - the rule is that you can't have lived in a home that you owned. If we buy an investment property and never live in it, we could still use our FHSA to buy a primary residence in the future / within 4 years. 😊
WOOO!!! Congratulations on hitting 100k subscribers and $100k! So, so happy for you and I hope you and Den can find a way to celebrate 🩷🎉 If Den hasn't hit $100k yet I know he will be very very soon 😊
Love you guys and your videos, keep it up! So excited for you two
Thank you so, so much! 😊🥳
I’m 20 and have hit 40K USD can’t wait to hit 100k USD
Amazing 🥳
Wow, a couple building together and sharing expenses verses a woman wanting a man to pay all her bills. Refreshing and love seeing couples wotk together toward life goals.
Been working for 6 years as an immigration officer with starting salary+allowance at 1800. Annual salary increase by 100. Now i got 10K savings that i might have to use in August cuz I'm taking a vacation going back to my hometown. My only regret is i wasted my opportunity to become a great student during school 😢.
Congratulations on this big milestone. Is the amount in USD or CAD?
CAD 😊
Congratulations on the big milestone at such a young age! Is the $100k combined as a couple, or only yours alone (Steph's)?
Thank you! This is just my individual update / numbers 😊
Dennis is going to be sharing his in another video in a few weeks!
Congrats, I am also saving 100K a year and I'm almost at 1M (950K) currently. I've saved 500K over 9 years of working (age 30), and I invested throughout to reach 950K.
Congrats 🥳 that’s amazing!
Congrats Steph! This is amazing!🙌🏾👏🏾
Thank you so much! 😊🥳
Wow! Congrats🎉 on getting to that 100k total milestone @t only 27. I'm 36. Its funny how you hit all these different major milestones over time and you're less impressed with $ net worth amounts over time ...... that you were originally blown away by 😅LoL. I started saving + investing in my early 20s.
Thank you! This is just my (Steph!) update - I personally have $100k saved / invested.
Dennis will be doing a separate update video in a few weeks to share where he’s at 😊
@@stephanddenSorry, I should of read the title doh! I think I got confused because your youtube channel is Steph&Den. Also, you often said "we" etc several times in the video. My bad.
Soooo what do you guys do for fun?! ..... also congrats on your 100k. I have about 30k left to go, but I also have 3 kids educations that I'm saving for.
So many things! Saving money doesn’t automatically mean that you don’t do things for fun 😊
Congratulations on your savings, too! It sounds like you’re doing great 🥳
Forever inspired!!!
🫶🏻🫶🏻🫶🏻
Congrats, I wish I didn't get diagnosis with a disability in my 20s. Now in my 40s I must invest 3x to 10x to hit decent investment goals and retirement income.
Thank you so much, Minnie! We love that you’re focused on investing what you can now 🙏🏻🙌🏿
If you are in Canada have you checked if you qualify for the Disability Tax Credit? If you are under a certain income you can get up to $1000 a year contributions, and if you can put money into it the first $500 gets $1500 government contributions, the next $1000 gets $2000
I do have the disability tax credit, and it does not work out like you say it does here. It's actually A LOT more complex because it's based on my personal income, period of being eligible and how much I can contribute. with the disability tax credit I must follow what is says on the RDSP statement of entitlement there is a user guide available online.@@zabmcauley5647
Are you guys going to make a video with a deep dive into the business finances or do you prefer to keep that private?
We don't plan on doing that, no - but we'll continue to share our personal finances 😊
With a 10k subs. Impressive
Thank you 😊
Great job
Thank you! 😊
Lol yup! I understand every little thing you’re expressing . The same things are happening to me financially and personally. My boyfriend and I have been together for 8 years and we are facing these changes and thinking of our future especially being at 27years old. Keep up the great work you’re doing especially financially when you build up that foundation then once any new stages happen in your life, you’ll be ready for it.
It’s so interesting when you’re aware of a life shift as it’s starting to happen! I’m glad you can relate - and thank you sm for the kind words 😊
Hey Steph, which high interest savings account do you recommned in Canada?
Hey! I use EQ Bank - I've had an account for 3+ years and have liked their platform / they typically have good interest rates 😊
I also have some money in a Wealthsimple Cash account right now, too (it's money I plan on investing, but have sitting in a HISA until I do) - they also have an easy interface and great interest rate right now (it's a newer account)
We have links for both platforms if you're interested!
EQ Bank - click.linksynergy.com/fs-bin/click?id=Xoa5MXyunCM&offerid=1115263.19&bids=1115263.19&type=3&subid=0
Wealthsimple - my.wealthsimple.com/app/public/trade-referral-signup?code=WQJFTG
We're also posting a full video about high interest savings accounts next week, on Sunday!
One day ima have 100k in the bank. Im 29 now and far from it but ima do what i can to bring in more
You definitely will! 🥳
Just hit 37k ;)
Congrats! 🥳
Lol when you hit 30 you are gonna realize it is really just anticipatory anxiety. Yes your body changes, yes you have to make different decisions based on your goals. But the fact that you have financial security helps a lot to make you feel like your 30s are still wonderful 20s 😂 may you continue you financial growth in a way that best serves you 🎉❤
Buying a precon really sky rocketed my net worth by 27, any plans on real estate?
Yes! Check out our video called 'We're Buying Our First Rental Property' 😊
I reached 100k a month ago too’ I always feel like it’s not enough. I’m 31! But watching this video gives me a hope that it’s not as bad? 😅 for my age 🤔
Congratulations! That's great 🥳 and I hear you - it's so easy to compare! It's all about your personal income and how much you're able to save / invest. It sounds like you're doing great 😊
Depends on your contribution rate and interest.
If you can sock away 4k /month at 7% return (conservative average ) youl be about 39 when you hit 1M.
Change the amt you contribute and if the markets do better....it could be sooner. (And likely will , as a pair and with CZcams , which will allow you to save even more )
Buying a house in Toronto will crush your ability to build your investments (unless you can increase your income along with it )
what high interest savings account do you use? what rate do you get?
I typically use EQ Bank, but I actually just opened up a Simplii Financial HISA to take advantage of their 6% interest rate promotion for the next few months! Then I'll switch back 😊
EQ Bank - click.linksynergy.com/fs-bin/click?id=Xoa5MXyunCM&offerid=1115263.19&bids=1115263.19&type=3&subid=0
Simplii Financial - api.fintelconnect.com/t/l/65ad4fc7581176001cb7f1b2
My net worth goal is $1,000,000, at $923,000 now. Also starting a challenge to save $100,000 in the next 2 years to pay off my mortgage. Only at $13,000 so far. I’m 45
You are definitely in a really good spot in your life. You are ahead when it comes to where you should be at your age. I have 1 question though. Is that your own personal net worth or are you counting your partner as well? Also, you have accomplished a lot, started and currently growing a business. Now you want to expand to real estate but you also mentioned marriage is a goal you have. You say "we" and "Dennis and I" a lot but also say "my" and "I want". Be careful when it comes to joint ventures like business and real estate, especially if you are still not married. I work as a banker and I've seen some really messy situations. A lot actually. Your life can change from one day to the next. Death, divorce, and other extreme situations can happen.
Thanks for watching + your comment!
I mention in the video that this is my personal net worth. Dennis will be sharing his update (similar to this video!) next week. 😊
They seems to be going ok but lets be real there are two of them AND they can do ok as a unit. I have meet more units doing ok than individual single people doing ok.... So it must not be an accident.
I have 6k at 27 lol. A long way to go for me...
You’ve got this 🙏🏻👏🏿
The key is that you’re only 27 - it’s easy to compare to a video like this and feel behind, but you’re not! Save / invest what you can 😊
Keep going. I am still paying off debt!
A lot of people are in debt so you doing better than probably ~50% of the population 😂
👏🏻contrats
Thank you! 🥳
If you are already making progress when you are renting, does it make much sense to buy a real estate and sink almost all of your investment into it?
As a CZcams influencer, you can deduct part of your rent as a business expense.
My plan isn’t to sink all of my money into it 😊 we have a video talking all about our current real estate plans if you’re interested!
Nice🎉🎉🎉
Thank you! 🥳🥳
How they heck did you have 50k at age 25? Most people graduate at age 22 in Canada in debt. Assuming you were lucky and had no debt at age 22 (rare), then this still equates to $16,667/yr (after tax) in savings which doesn't feel quite right on a typical entry level salary in any industry (for instance, I started at 55k/yr before tax as an electrical engineer in Canada). I feel like I'm missing something, though colour me impressed either way - it's a great achievement. It's wild that you put 50k cash in the bank in 3yrs at that age, though again, I'm probably missing quite a bit of data on your specific journey. Keep working hard!
I graduated with no student loan debt, and prioritized saving - I share my exact salary progression in a recent video called ‘I Maxed Out My TFSA! Now What?’, but I prior to turning 25 I did heavily prioritize saving, and put away $20,000+/year when I was 23 and 24 (in general, my yearly salary has never been higher than $73,000/year pre-tax). 😊
@@stephandden Hey, thanks for the reply! Very cool to read. Congrats on being disciplined, that's a lottt of money to put away into savings at that age, and I'm sure it wasn't easy to do, but hopefully you're finding it worth it now! I think I see the difference in our two paths - we're the same on the debt free from school part (which again, is a huge blessing), then, in my journey I took a year off from work, spent money on addictions, joined work finally, hated it, took another year off to test out an MBA, did half that program before hating it (a costly misstep of 50k), went back to work, got fed up at work, took two years off during covid which wasn't cheap, etc etc lol. Back on the track now, with only a few minor addictions to kick, but salary has gone up enough to compensate for my own follies, and I'm around where you are, albeit 7yrs older than you. Stick with your plan and your discipline and you'll go far, you're doing great - thanks for sharing your story with me! Have a good one, fellow Canucklehead.