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!
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!
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! 🎉
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!
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 ✨
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 😊
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)
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.
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 ! ;)
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
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
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!!
I'm not even Canadian (I did think about moving there once but as I understand you have same issues as UK) but I love watching yours and Den's journey. Keep going. The sky is the limit!
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!
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.
That was exactly me at age 27. I went all in on stocks and bought a 1.2 million dollar house in LA 7 years later at the age 34. Once you hit that 100k mark, you can snowball it like crazy if you know what you are doing. That house I bought is currently skyrocketing in equity and I am renting out for a ton of cash. Money will simply grow itself like crazy after you hit $1,000,000.
Thank you so much for sharing this! I'm a musician and am trying to grow my finances as a small business owner. I appreciate your transparency, you're an inspiration!
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.
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.
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) 😊
Great video. and congratsr eaching your first $100k is the hardest, once you get compound intrest on your investment its gonna keep climbing. However right now for me at 35 I just got first child and its harder to save.
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?
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 🙏
My close friend hit 100k at 20 while he was studying Engineering without any side hustle. Just through investment and summer/part-time engineering jobs. But this is still very impressive.
One of the metrics I have really enjoyed watching is my monthly and annual growth rate. I hope to increase my net worth by around 1%+ a month. Every once in a while getting a larger monthly growth rate is always fun too.
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.
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
Thank you for sharing! Despite not being a citizen of the Canada (based in the US), this video has gotten me motivated to start building my net worth. I'm 24 and I gotta say that this stuff is hard and annoying LMAO. (Life really is unfair)
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.
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!
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 😊
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
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!
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.
Really appreciate this video. It's cool that as a business owner you can choose the full $20k for yourself vs corporate you would lose 30% or more in a bonus due to tax.
I’m 28 going to hit 100k in liquid cash by 29. And my company will be valued at 4 million in 2-4 years . I use most of my money to buy more equipment. I own 30% of my business
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 😊
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 😢.
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!
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.
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.
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
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!)
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 🎉❤
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 😅
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
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 🥳
I had 3 Jobs and saved 250,000 doing extra hours and just grinding and not spending at all i just hit 25 been doing it since i was 16 time to start investing into a property
