Male, mid-twenties, single, residing in Vancouver, Canada. A self made thousandaire, planning to become a millionaire one day. I have really supportive parents who helped pay a portion of my college tuition, but I’ve received no inheritance other than that. In 2008 I graduated and began my humble career at a multimedia company with a $35,000 starting salary. In early 2009 I used my savings to buy, and move into my own apartment. My salary today, even after a few increases, is still nothing to brag about. On an hourly bases I’m making less than the average Canadian in my age group (which according to the government is $26.01/hr as of Mar 2013.) In the last
three four years that I’ve lived on my own I have learned a lot about financial management. Between working a second job, controlling my spending, investing in a diversified portfolio, and a little bit of luck, I now own three times the amount of equity in my home than when I first bought it. My ~$14,000 student loans have all been paid off I contribute annually to both my TFSA and RRSP. Plus I have over $50,000 $100,000 worth of additional investments, mostly stocks and farmland. I’ve shared my tax statements from previous years to show that how much income one makes is not nearly as important as how one manages that money to maximize long term prosperity. My wealth should continue to grow exponentially because I’ve learned how to make my money work for me, and achieve greater success through fiscal prudence and investing, rather than relying on a paycheck alone. I’m Liquid Independence, and welcome to my freedom 35 blog (^_^)
I have a typical middle-class income, and my expenses are also quite typical for a guy my age. Overall I’d say my lifestyle is pretty average. But I believe even an average person can become a millionaire with the right mindset, without ever having to make a six figure income or live on a strict diet of instant noodles and oatmeal. In order to do this, I have been developing an investment strategy which combines the wealth building tactics used by successful individuals all around the world. These tactics may include but are not limited to, leveraging, value investing, working at a part-time job, swing trading, dividend investing, alternative investing, multiple income sources, hedging, starting a business, etc. Most investment decisions I’ve made have been profitable. However I have also made some costly mistakes along the way, but I hope others can learn from my experience. When my career began in 2008, I had more debt (mostly student loans,) than assets. But today my net worth is over
$100,000 $150,000 with my main investment portfolio already generating over $4,000 a year from dividends and interest alone. Eventually I plan to reach financial freedom, which means I’ll have enough income generated from just my investments to live a comfortable life. And I plan to achieve this goal when I am 35 years old, hence the name for this website. My strategy is not a get rich quick and easy scheme because it does require a little discipline and a lot of patience. But it’s simple, realistic, and very doable. I often post about the individual strategies I use on the home page.
Life is about balance and moderation. I try to balance my spending to make my life just as comfortable today as I plan to be in the future. I don’t want to save money so aggressively that I’d miss out on life right now. But not saving enough would leave me with financial difficulties when I start a family, or eventually retire. So currently I save around 1/3 of my total gross income, which I find is the right balance for me.
I have a similar mindset when it comes to investing. Penny stocks are too risky, but the safest investments like US treasuries don’t have any growth potential. So I balance my portfolio with investments like real estate, commodities, and blue chip stocks, as well as a small handful of more volatile and higher risk equities.
These are my life long goals
-Become financially free
-Donate at least a million dollars to charity
-Become part of the 1% wealthiest people in the country
-Start a company and create jobs for my community
-Qualify and become an accredited investor
-Fly into space
Even though most strategies I describe on this blog can be easily duplicated by almost anyone else, some methods, such as leveraging, are quite risky. Everyone’s financial situation and risk tolerance is unique so before listening to any advice you come across on the internet, including this blog, please speak to a trusted professional. See full disclaimer here.