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'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 😊
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 ! ;)
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!!
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.
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.
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 - 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) 😊
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 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 love videos like this! I am 21 and hope to make a video like this soon! The first 100k is the hardest so congratulations and good job! It takes a lot of hard work and sacrifices to achieve such a high goal at such a young age!
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!
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
The next 100k in net worth would be far easier with rental property. It have literally make me sad to realise how easy one can make 100k when he have money. The first one was very hard for me. I hope all my friend experience the first hard 100k and then the easy second one. It's an actual shock.
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!! 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
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)
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.
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 😊
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!
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.
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.
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 😢.
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
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!)
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.
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.
I hit 100k at 27 too (this year). I am at 115-120K. I work full-time and own my own business on the side. I currently make around 100k per year (180K household income including my 32 year old partner). I am working on growing my business to 300k.
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 😊
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 TH-cam , 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 )
Hey! i just ran into your channel. Thank you for sharing how you look at your money goals. I needed to hear this - I used to this to set goals for myself so appreciate the content. With regards to the shift - absolutely! when life stages shift you will feel some change about to happen. Its how our gut feelings kinda help us prepare mentally and emotionally. but yes it is completely normal to feel shifts and changes about to happen! Can't wait to learn more from your channel!
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 🎉❤
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
I moved to the Usa at 28. Young Americans are lucky to live in the Usa without realizing it. In Italy and many countries, many people graduate from college at 26-28 and then find a job and if they are lucky they get 1300 euro salary per month (pretty much like $1500 per month, yes it’s not a mistake, not per week, 1500 per month!). How can you save 100k? Maybe 100 euro. Good thing is universities are not expensive and none has a student loan debt after graduating. College is all paid for when you graduate.
It gets faster, btw the market and economy is shit right now , it’s only going up from here, so everything u and den invested these days will see tremendous gain !!!
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.
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 always struggled with poor financial decisions. I was about $30k in debt with no assets or savings and around my 23rd birthday a switch flicked in my head. By the end of that year I was debt free and having just turned 25 now have a portfolio of around $250,000. Got a great paying job as well as making some wise (and lucky) investments. I'm hooked and will never go back to being the way that I was.
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
Depends on your situation really... my brother lives in EU and makes about 23k a year. Very average and after inflation probably poorer side of the pool. He stayed with our grandma so he never payed rent only electric bill, half for food and nothing else. He saved up over 100k in about 5 years and he was only 24. Its about situation and mindset. Some people are in horrible situations and def. most of the people have horrible mindset. Now he is 30 with fully payed off house and a car.
Thanks for sharing - that’s interesting to hear! $800k at 35 sounds great to me, but I’m sure it’s different when you’re already at that stage. I’m sure you’ll be at a mill very soon 😊
There were two of them.... they have better odds working together!!! WTF that has been noted!!!! Naw they are willing to take risk but they also don't have the serious drawbacks as long as certain things work out....
@@stephandden You two live together if I am not mistaken and pay bills together right? Unless you live separately which it appears you don't unless you do and I stand corrected. Otherwise it is always about you two together!!!
Of course, there are many factors that impact my personal financial situation, in addition to splitting my rent and groceries with my partner. Everyone will reach milestones like hitting $100,000 on their own timeline based on their personal situation - I’m lucky to have had several different factors that allowed me to hit this milestone now 😊
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
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!
Really enjoyed this video! Re the pressure to "have it all together" before 30, I very much relate to this. I did not come from money, and I've spent the first half of my twenties building my financial foundation all while supporting my parents. In my mind, I always had this idea that I would want to start a family as I'd be approaching my 30s. As women especially, we get nudges about it from society all the time, just "preparing" you to motherhood and I was very focused on having "enough" to not be bothered on a daily basis. I think overall it's a good point of view, but would not recommend stressing over it. We got married at 28, and that desire to have children was not there (in my mind, earlier in life, I thought it's just not that "phase of life"). Now (31) I'm willing to consider, but we're still not in that "30s phase" I imagined would happen. Most of our friendgroup, by the way, are married/getting there, but only one couple is on their way to have kids. I'm saying all of that just because even though I'm also a very goal-oriented person, some things don't just come in a specific age. And that's nice, to step away from the "race" and reconsider. 🧚♀ Wishing you all the best, subscribed 🙌
Is this normal feeling? I feel so happy for them that they can do this! But I feel like a failure . I’m almost 40, barely have 5k in savings. I feel so left behind and makes me not to watch anymore.
Thank you so much, and we appreciate you sharing this! The fact that you’re aware of what you have saved, and are watching videos about saving money, shows that you’re on the right path. You still have so many years ahead of you! 🙏🏻🙌🏿
You are learning and trying. Also everyone's situation is different for many young people today information is readily available. If you feel demotivated it's also healthy to check out other personal finance chanels like Caleb Hammer, Dave Ramsey or Ramit Sethi who have a range of different situations and diverse groups of people on their shows. Good luck!
It’s what we were paying ourselves from our business account (from the money we’d already made + built up from TH-cam, etc and then the money we continued to make moving forward!)
What happens when you get burnt out from the content creating. I'm seeing alot of creators just tiring out from the pressure of having to always make videos.
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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
Aye aye!!! Let’s go 🎉🎉🎉
That is so awesome! Congrats 🎉
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!
💯💯💯
So true! This is inspiring 👏👏
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'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 😊
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 😊
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! 😊
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! 🥳
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 🥳
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!!
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'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!
Thank you so much! We really appreciate it 😊
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!
Congrats 🎉 hoping to reach $100,000 somewhere between 25 & 30 too!
Thanks so much! You’ve got this 🥳✨
Are we seriously not going to talk about her smile 🥰
😊
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) 😊
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 😊
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 love videos like this! I am 21 and hope to make a video like this soon! The first 100k is the hardest so congratulations and good job! It takes a lot of hard work and sacrifices to achieve such a high goal at such a young age!
Thank you so much! I’m sure you’ll be making a video like this soon! 🥳
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!
Of course! Thank you so much for watching 😊
Love your content and so refreshing to hear personal finance from a Canadian perspective! Congratulations on reaching this milestone!
Thank you so much! + we're so happy to hear that 😊
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 😊
The next 100k in net worth would be far easier with rental property. It have literally make me sad to realise how easy one can make 100k when he have money. The first one was very hard for me. I hope all my friend experience the first hard 100k and then the easy second one. It's an actual shock.
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!! 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
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)
I love to hear that! It can definitely be annoying, but once you get started you feel so much better 🥳
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!
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.
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 😊
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!
I'm 28 and I saved and invested $150K. I don't have a side income though apart from main job 🥺
That's amazing! 🥳
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 so glad you liked it 😊
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.
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 😊🥳
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 😢.
I love that you’ve been able to save $10k - and even being aware of your personal financial situation is a great start. Save what you can 😊
You have a pleasant presenting voice :)
Thank you 😊
Just hit 37k ;)
Congrats! 🥳
Love the video and transparency
Thanks so much 😊
Congratulations its great to see your progress over the years ...🎉
Thank you! 😊
Great video, I've been exploring various avenues, but it feels like an uphill battle.
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
Congratulations 😊 that sounds great!
congrats, hope no one bumms you about it. keep saving! :)
Thank you so much 😊 I appreciate it!
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 😅
I'm 35 and only just hit 20k. I'm just starting to get my head in the game about saving up.
That’s great to hear that you’re starting to focus on saving more! 😊
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.
That's great to hear! Congrats on your success, too 😊
Congrats Steph! 🎉
Thank you! 😊
Love your videos easy to follow along.....Well done on your $100.000 at 27
Thank you so much! 😊
Great!🎉 Keep the hard excellent work! 💪
Thank you so much! 😊
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.
Thank you so much! Congratulations on your first child 😊
Congratulations 🎉! Keep going on high.
Thank you! 🥳🥳
I hit 100k at 27 too (this year). I am at 115-120K. I work full-time and own my own business on the side. I currently make around 100k per year (180K household income including my 32 year old partner). I am working on growing my business to 300k.
Amazing - thank you for sharing! I know you'll hit that goal 😊
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! 🥳
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 😂
Really loved this video! Thank you for you so much!
So glad you liked it! Thank you 🥳
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 TH-cam , 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 )
Congratulations! Y'all are inspirations
Thank you so much! 😊
With a 10k subs. Impressive
Thank you 😊
Congratulations 👏🏿
Thank you! 😊
@@stephandden you're welcome 💸💸💸💸💸
Hey! i just ran into your channel. Thank you for sharing how you look at your money goals. I needed to hear this - I used to this to set goals for myself so appreciate the content. With regards to the shift - absolutely! when life stages shift you will feel some change about to happen. Its how our gut feelings kinda help us prepare mentally and emotionally. but yes it is completely normal to feel shifts and changes about to happen! Can't wait to learn more from your channel!
So happy to hear you found our channel! And thank you for your comment - I appreciate it 😊
That's insane. Congratulations.
Thank you! 😊
I'm not sure if you've covered this in another video. As for your "business" this means solely TH-cam?
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!
Congratulations! Is this in your Rrsp or tfsa?
Thank you! At the time of posting this video, my investments were all in my TFSA - since then, I've opened an FHSA and RRSP 😊
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 🎉❤
I believe that already 😅 and thank you, I love that messaging! 🙏🏻
Congratulations 🎉 As someelse I who is also 27. Mind and body are feeling it 😂
“Chequin” love it.
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
That's amazing! Thank you for sharing 😊
Amazing!! You are inspiring ❤
Thank you! 😊
I moved to the Usa at 28. Young Americans are lucky to live in the Usa without realizing it. In Italy and many countries, many people graduate from college at 26-28 and then find a job and if they are lucky they get 1300 euro salary per month (pretty much like $1500 per month, yes it’s not a mistake, not per week, 1500 per month!). How can you save 100k? Maybe 100 euro. Good thing is universities are not expensive and none has a student loan debt after graduating. College is all paid for when you graduate.
It gets faster, btw the market and economy is shit right now , it’s only going up from here, so everything u and den invested these days will see tremendous gain !!!
Thanks for this! 😊
Is your hair color natural?!! Love it and congrats 🎉
Only the top part, ha! Thank you x2 😊
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 😊
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 always struggled with poor financial decisions. I was about $30k in debt with no assets or savings and around my 23rd birthday a switch flicked in my head. By the end of that year I was debt free and having just turned 25 now have a portfolio of around $250,000. Got a great paying job as well as making some wise (and lucky) investments. I'm hooked and will never go back to being the way that I was.
Love to hear that you had that flip switch so early on! That’s amazing 😊
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’re so close! That’s amazing - thank you for sharing 😊
Depends on your situation really... my brother lives in EU and makes about 23k a year. Very average and after inflation probably poorer side of the pool. He stayed with our grandma so he never payed rent only electric bill, half for food and nothing else. He saved up over 100k in about 5 years and he was only 24. Its about situation and mindset. Some people are in horrible situations and def. most of the people have horrible mindset. Now he is 30 with fully payed off house and a car.
Amazing! It definitely is about situation and mindset
Congrats on hitting a $100,000 the next goal should be to buy a house that will help you hit that million dollar milestone.
That’s the goal! Thank you 😊
Congratulations on this big milestone. Is the amount in USD or CAD?
CAD 😊
I was here at 27, now I'm at 800k.... At 35.... Sigh thought I would be already a mill
Thanks for sharing - that’s interesting to hear! $800k at 35 sounds great to me, but I’m sure it’s different when you’re already at that stage. I’m sure you’ll be at a mill very soon 😊
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' 😊
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 😊
you guys are intelligent may you both continue to prosper in your finances and in your relationship
Thank you! 😊
There were two of them.... they have better odds working together!!! WTF that has been noted!!!! Naw they are willing to take risk but they also don't have the serious drawbacks as long as certain things work out....
This video is about me (Steph), not the two of us combined 😊
@@stephandden You two live together if I am not mistaken and pay bills together right? Unless you live separately which it appears you don't unless you do and I stand corrected. Otherwise it is always about you two together!!!
Of course, there are many factors that impact my personal financial situation, in addition to splitting my rent and groceries with my partner.
Everyone will reach milestones like hitting $100,000 on their own timeline based on their personal situation - I’m lucky to have had several different factors that allowed me to hit this milestone now 😊
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
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!
I’m 27 and yes !!!!!
🥳🥳🥳
Just keep renting and be flexible. A house shouldn't be your life's goal. I say travel and live a low stress life. Housing is too high!
Thanks for your comment 😊
You should move all your high interest in your TFSA since you can contribute up to 95k now
My max contribution limit is $69,500 😊 I talk more about this (and my exact investment plans) in a recent vid called ‘I Maxed Out My TFSA! Now What?’
man that's gonna take me 3.5 years on my current job if i don't spend anything. gotta hunt for a new job, i suppose.
Ha! 3.5 goes by quick (but you definitely need to be able to spend a little!)
Really enjoyed this video! Re the pressure to "have it all together" before 30, I very much relate to this. I did not come from money, and I've spent the first half of my twenties building my financial foundation all while supporting my parents. In my mind, I always had this idea that I would want to start a family as I'd be approaching my 30s. As women especially, we get nudges about it from society all the time, just "preparing" you to motherhood and I was very focused on having "enough" to not be bothered on a daily basis. I think overall it's a good point of view, but would not recommend stressing over it. We got married at 28, and that desire to have children was not there (in my mind, earlier in life, I thought it's just not that "phase of life"). Now (31) I'm willing to consider, but we're still not in that "30s phase" I imagined would happen. Most of our friendgroup, by the way, are married/getting there, but only one couple is on their way to have kids.
I'm saying all of that just because even though I'm also a very goal-oriented person, some things don't just come in a specific age. And that's nice, to step away from the "race" and reconsider. 🧚♀
Wishing you all the best, subscribed 🙌
Thank you so much! + thank you for sharing - it's nice to hear that other people are having the same thoughts 😊
Is this normal feeling? I feel so happy for them that they can do this! But I feel like a failure . I’m almost 40, barely have 5k in savings. I feel so left behind and makes me not to watch anymore.
Thank you so much, and we appreciate you sharing this!
The fact that you’re aware of what you have saved, and are watching videos about saving money, shows that you’re on the right path. You still have so many years ahead of you! 🙏🏻🙌🏿
You are learning and trying. Also everyone's situation is different for many young people today information is readily available. If you feel demotivated it's also healthy to check out other personal finance chanels like Caleb Hammer, Dave Ramsey or Ramit Sethi who have a range of different situations and diverse groups of people on their shows.
Good luck!
Where were those $2k per month coming from right when you quit your job? Were you already making that much on side hustles?
It’s what we were paying ourselves from our business account (from the money we’d already made + built up from TH-cam, etc and then the money we continued to make moving forward!)
@@stephandden Awesome!!! Congratulations 😊 I’m on the financial independence grind myself and just stumbled onto your channel today!
Still no mortgage?
No 😊
If I did not spend my money, I would have 600k right now. Im 25, have been working for 11/12 years now.
It’s always crazy thinking about how much you would have if you didn’t spend it! But it’s definitely all about balance 😊
Congrats but Where is Den??🤔
Check out our video from last week! 🥳
Late 20s definitely starts at 27 really settles in at age 28.
👏🏻contrats
Thank you! 🥳
Read. “How to be your own Banker” Nelson R. Nash
I’m 20 and my net worth is at $96,746.56 working 4 jobs and saving everything
That's amazing! 🥳
What happens when you get burnt out from the content creating. I'm seeing alot of creators just tiring out from the pressure of having to always make videos.
We think it's similar to how you could get burnt out from any job - it's all about making it sustainable for you long-term 😊