I've officially hit a personal net worth of $100,000 now the day that I'm filming this video I specifically have $101,500 towards my investments primarily my tfsa I also have over $113,000 in my high interest savings account and then about $6,700 in my checking account that one obviously fluctuates the most as I make and spend money every month now to be honest I actually thought this day would come a lot sooner than age 27 and I want to explain why now we posted a video back in 2021 it was in June I believe talking about how I had saved $50,000 by age 25 it was actually just a few days before my 25th birthday so right before 25 that's where I was at now at the time I was still working my 9 to-5 corporate job in that job I was saving about $2,300 a month split between my savings and Investments which was good amount of money at the time and on top of it we also had our side hustle which was YouTube so I had that full-time money coming in we had YouTube as our side hustle we were starting to to make some money from that so in my mind it was going to be no time until my net worth doubled instead right after that so in July 2021 Dennis and I actually quit our full-time jobs to do YouTube and content Creation in general full-time which was a major plot twist for us and obviously changed things up a lot now since then the last like I guess 2 and a half years now pretty much just over that we've actually grown our income from YouTube and content creation to being more than what we were making in our jobs before and there's two of us to consider as well so that was a pretty big goal but at the same time this is now just our full-time income and we don't have that side money coming in now people definitely have their own personal opinions on whether or not you should quit your full-time job or if you should keep it and just keep making more money on the side to grow your income even more and depending on what you personally feel and what you personally do you might think that our decision to change things up and do this full- time was wrong on the other hand there's people who feel the exact opposite they feel like it's great to take a chance when you're young to try this out they think what we've done is a big success so then they would think our decision is right I don't think it really matters like no matter what you do people are going to think it's right and wrong there's going to be people in both sides of things for us personally I know that we've loved our decision there's definitely been ups and downs over the course of the last two and a half years for sure but when I think back to all the different Pros that we've experienced the fact that we have so much flexibility in our schedule the amount of things that we've been able to do with that flexibility in the last year especially the last 12 months is just really cool the different opportunities we've had what we've learned as business owners you do everything when you own your own business right I've learned things that I wouldn't even have thought that would learn and on top of that the amount of time I've had to learn more about personal finance as well like the things that I know and my confidence with money now that's so much bigger than I would have had time to grow on the side between like actually creating videos and the full-time job before so I feel like being able to bring that to the channel too has been such a plus but either way there's so many different pros and things that I wouldn't even think of creating our own schedule too have to mention that all of that's been really nice and we're happy with our decision now with all that being said I do want to touch on the journey from going from $50,000 saved at age 25 to $100,000 saved at age 27 so just over 2 years later I want to talk about how that growth happened in those two years and get into all the details I also want to talk about my future plans and also how my personal net worth comes into conjunction with our business revenue and earnings and all of that fun stuff too so let's get into it time to dive in okay so like I said before I had about $5,000 across all my different bank accounts in June 2021 and then my last day very last day specific spefically of my 9 to5 corporate job was ju July 29th 2021 so a very quick turnaround between hitting 50k and then quitting my job and at the time we actually decided to not pay ourselves anything out for the first two-ish months now the biggest reason for that is that we'd already had everything all ready to go we set up our business bank accounts we incorporated we found an accountant everything was all set but we also knew that we wanted to upgrade some of our Tech and different equipment we got ourselves better laptops we got an iMac for editing videos what else did we get I feel like just some other Tech items like that to set everything up and then after we expensed all of those different things then we could decide and evaluate how much we could afford to pay ourselves now after all that was out of the way we settled on paying ourselves out just $2,000 a month each which basically just covered our core expenses back then I was paying about 1,000 a month for rent internet utilities combined and then I had another 1,000 for groceries food literally anything I wanted to spend my money on so it was keeping ourselves to that $2,000 every single month now we actually kept this up all the way until February of 2023 so pretty much a year ago that means that the end of 2021 all of 2022 and the beginning of 2023 we were on this like very restrictive $2,000 a month budget and of that 2,000 I obviously wasn't saving or investing anything this was just to cover our exact expenses that we had to like pretty much just the Necessities a little bit of fun here and there but nothing too crazy and again we couldn't actually afford to save or invest anything on a monthly basis now when I think about how long that was actually at the time relative to how long we've been doing this that was a long time to be on such a crazy restrictive budget and on top of that I think the harder thing for me than just budgeting and reducing my expenses was not seeing my net worth go up at all because I wasn't saving or investing for over an entire year you also have to remember that from age 22 to age 25 I was watching myself slowly increase my net worth up to that $50,000 number so even though it was slow sometimes and it was definitely gradual and over time I was seeing that consistent movement and growth and consistently seeing that happen I feel like really grew my own personal sense of accomplishment my selfworth it basically just let me feel really good I had this goal I was working towards hitting it I saw the satisfaction of seeing an increase towards that goal every single month and I don't know it just felt really good to see that now with this new income and setup that we had going on I didn't have that at all I saw no monthly progress I had to just trust the process literally and let it go over time and it was definitely a hit to my I don't know like me feeling good right and me feeling like I'm hitting goals I had to know know that I was hitting it again on our business side of things we were making money and growing that money it was happening I'm going to talk about that more in a second but personally I wasn't seeing those changes so I think it was really hard now that I'm on the other side of it I can say it was kind of an interesting exercise like a mental challenge for myself an exercise and working on my patience too but at the time it was harder than that now it's easier to say that looking back anyways even though during this entire time my personal net worth obviously wasn't growing we were growing the revenue that we were bringing into our business consistently that was growing over time we just didn't translate that into our personal incomes and salary yet so our business Revenue was growing that was going well and at the end of 20122 so just under a year and a half into doing our business full-time we were able to say pay ourselves out a yearend bonus of about $155,000 each that's actually what we got to take home from that bonus post taxes which obviously grew my net worth for the first time in a while and it went from $5,000 to about $65,000 which was nice it was great to finally see some movement there even if it was just this one chunk all at once and then at the beginning of 2023 so just a few months later that's when we actually officially increased our income for the first time so I think it was maybe March was the first time we paid ourselves out a new salary of just over $3,000 a month obviously that was about an $1,000 increase and the intention with that was to not increase our expenses at all but to give ourselves $11,000 each to start investing every month again so on top of that big jump up from $50 to $65,000 and now is going to have a monthly increase as well again we obviously had the money in our business bank account in order to do this I say obviously only because obviously if we're paying ourselves out this bonus and increasing our salary at the same time we probably could have increased our salary sooner but as business owners again with our accountant too there's always finding the balance between having a healthy amount of cash in the business for expenses for business purposes but also paying ourselves out and what that optimal amount is either way at this time beginning of 2023 we started increasing our income now with that I was able to save that $1,000 every single month or invest it but put it towards my overall net worth which means that at the end of 2023 I had saved up an additional $10,000 bringing my net worth from $65,000 to $75,000 slowly throughout the year now that brings us all the way to December 2023 which was only a few months ago so we're getting pretty close to up to date here and at that time we did two big things the first thing that we did is we paid ourselves another year-end bonus this time of about $20,000 each which again brought my net worth up from that $75,000 Mark to $95 ,000 which was the biggest single jump that it had throughout this entire time and then the other thing we did is starting in January of this year we also increased our monthly income again so our take-home pay each is now sitting at $4,498 per month and again between that actually of that amount now I'm able to save or invest $2,000 to $2,300 a month with that big change to how much I'm able to actually contribute to my own personal net worth every single month I officially crossed the threshold of $100,000 on March 1st AKA on paid day and that was just a few days ago so this is very fresh and new that I've crossed that $100,000 Mark now obviously my path to hitting this amount was kind of funny for a few different reasons one's the pathway that we took like for me if I look back on it to how it actually went in the journey I was consistently growing my income and in turn my savings and my net worth from age 22 to 25 so that was just a consistent even straight lineup pretty even at least then after that it was even like I hit a complete Plateau when we could our jobs for over a year then there was a big jump up with a year end bonus then I was consistently saving again with another jump up and now we're finally back on track with consistently growing our incomes or net worths I guess every month plus still there'll be hopefully some more jumps up every year too with those year-end bonuses that's the goal now on top of that pathway being kind of funny and interesting there's also the element that we have some control over when our personal net worths grow obviously we don't control how much revenue our business makes there's some things in our control we can do everything we can to grow our revenue and increase the amount of money money that we're making but what we do have control over for sure is when and how much we pay ourselves out from our business right I in theory could have hit this Milestone earlier but we've made the changes to our incomes and our personal like how much we're going to pay ourselves based on how comfortable we are with our Revenue Cycles with how the business is growing with being new business owners so again maybe I could have hit this earlier based on us wanting to pay ourselves out or feeling more comfortable earlier but it's just interesting seeing these different changes and knowing I in theory could have hit this a few months ago if I wanted to but instead we chose this time overall I definitely feel happy with where I'm at personally if I look I have $100,000 in my bank accounts which is still a lot of money to me it feels crazy of that I currently have currently 70% invested we just posted a video really recently a few weeks ago about how I maxed out my taxfree investment account tfsa taxfree savings account which was a huge goal and milestone for me that one was really really exciting my contribution room for that is $69,500 so that's fully in invested and maxed out right now and then I'm opening up a new investment account later this month that we're going to be talking about really soon and by that point I'll be able to invest more money too so once that happens if we were to look at like a pie chart of my net worth I'll have 80% of my money invested and I'll have about 20% in savings mostly my high savings account but obviously some in my checking account too that's where my income gets deposited it's where I pay my bills from I pay my credit card from there too so there's always got to be some money in that too okay so now we're officially caught up this is literally where I'm at in real time right now I have $101,500 split across my different bank accounts so what's next for me I feel like when I hit $50,000 it was pretty obvious what my next goal would be that it would be to get to that $100,000 amount I feel like it's just obvious you know like we have these intervals of $5 10 50,000 whatever obviously after hitting 50 the next big number that I feel like everyone wants to hit it's like the first big big big goal is getting to $100,000 so I didn't have to think too much about it but now that I've hit the $100,000 Mark I feel like my options are more open-ended there's not just like one obvious next thing that you want to hit so my plan is to kind of mentally switch gears from just thinking about my personal bank accounts and the exact amounts that they're at and instead think a little bit more big picture the first thing is that I really do want to continue to keep maxing out my investment accounts so my tfsa it's maxed it right now fully for 2024 but the contribution room does grow every single year so every year at the top of the year my first goal is going to be to continue to keep that account maxed out forever on top of that I'm going to be opening up an fhsa next videoos coming really soon all about that exactly what I'm doing but that as well for at least the next few years up until I buy my first primary residence for me to live in up until then I want to continue to Max that out too and then I know I'm going to be opening up an RSP and contributing towards that too and over time working towards maxing that out that's going to be another big investment goal for me so with wanting to Max those accounts out I am going to be continuing to focus on growing my personal net worth this year there's 10 more months right after now so March onwards 10 more left in 2024 if I continue with my plan to invest 2,000 a month I'll already grow my net worth by at least another $20,000 this year so I guess that means by the end of the year even without a bonus I want to be at over $120,000 so sure in theory could say my next number goal is like 150 200 and stuff like that but instead of having those numbers in mind I think it'll just be nice when I hit them instead my goals will be to in Max ma out this specific Account max out this specific account invest this much into my RSP that'll be more my number focused goals other than that another really big Financial goal that we talked about before is that Dennis and I really want to buy real estate for the first time and I say finally I don't even know if I said finally but in my head I was saying finally cuz this has been a big picture goal for us for so long now we've talked about we have a whole video actually up on the channel going over the very first like video in a series of us going towards buying our first piece of real estate but we really do want to make this happen with then the next year maybe next calendar year to but sometime in the Fairly short term like it's actually working towards happening now and that's a big change in financial goal there's a few different things there's obviously a mindset shift with this goal because how do I word it obviously you have to spend some money to buy a house right so it's actually decreasing your net worth for a little bit the money that you have to go and spend on this house but overall you'll be increasing it in general with the equity you build in the home now we're going to see how we go about exact buying this house where is that money going to come from is it coming from our savings accounts whatever we'll talk more about this in a future video for sure and get into all the technical details for that but either way it's like working on my mindset of decreasing my money to increase my net worth I don't know if that Mak sense to you guys hopefully it does but the biggest thing is like my goals so far right have been very like checkbox based and I love a to-do list and checking things off so for me it's like hit 50,000 check hit 100,000 check now it's more so increased my net worth overall with real estate and having that in my investment sphere so just a different way of looking at things okay so to sum that up my financial goals moving forward are to continue to max out my tfsa open and max out my fhsa do both of those every year on top of that I want to start contributing towards my RSP and I ultimately do want to Max that out as well that'll happen in the future and then the third and biggest thing is to buy real estate first an investment property that builds Equity it's an asset it'll grow our net worth over time and be able to use that to actually buy a primary residence for us to live in it's kind of like a two-part goal there but those will my ongoing financial goals that I'm working towards heading now another thing that I wanted to touch on cuz I've been thinking about this a lot lately I feel like is that I'm getting to this interesting age or I guess just point in time in general yeah just point in time where I'm entering my later 20s and things are kind of Shifting in my mind obviously 27 like my 20s are not over yet but I'm definitely in those later 20s phase later 20s I don't know when it starts if it's 27 or 28 let me know what you think I feel like I'm in denial that it's the late 20s yet I'm waiting for 28 to hit in a few months for that but either way I'm feeling the shift and that I'm in this new phase of Life coming up and I feel like I've spent my 20s so far really focused on making money on saving money investing money on determining what my career path is going to be whether that was back before what we're doing now or actually working on and growing our business and I feel like those things are all going to stay the same for life I'm pretty sure for Dennis and I like I know we're going to be focused on making money our business on saving money all of that but on top of that as our core Foundation that's now been built there's shifts that happen as you get to this new phase of life it's not quite here for us yet and again when I say new phase of life it's like the classic stuff right like it doesn't have to be when you're in your late 20s I want to make that clear but as someone who is in a relationship we've been in this relationship for almost 7 years now we feel the coming right of like getting married starting a family all of that not yet no one get ahead of themselves we want to buy real estate first we do have some stuff that we want to work on with our business first but it's just coming around the corner and there's those changes happening and my point and bringing all this up is that with those Life Changes there's also differences in your expenses the types of things you're spending money on and it changes your budget too which I really haven't had happen there's been no increase to my expenses for the last like 5 to 7 years now I remind myself that this is one of the main reasons that I wanted to prioritize making and saving money in my 20s so far so that when things do change I've had this Foundation of all this money saved up and I'm not like hitting these new life changes and life exp expenses without having money in the bank and ready to go for myself and having that Foundation anyway it's just it's interesting to think about all these different things and again I want to keep in mind that Dennis and I are pretty frugal people we don't expect ourselves to Lifestyle creep unnecessarily it's just these like bigger expenses that are naturally going to come that's going to happen I want to hear you guys' thoughts on this too just in general like do you feel it like just in the air coming when this new life stage is happening I feel like I haven't been in a New Life phase in a while like you all these things happen every four years right you graduate high school you graduate University you have your new grad era now we've been in our building our business era and I feel like we're getting close to a new Switch again and it's just interesting hitting that phase also Dennis I've been talking a lot recently too this is kind of random but on the same vein of things that we feel like changes in our body as we're getting older too I know you're rolling your eyes if you're out here and you're older than 27 but literally we're taking longer to recover from injuries than we did in our early 20s all these different things are happening that are changing that I feel like give you the signs that you're getting older and life is changing none of this is bad by the way hopefully this sounds good as I'm kind of just giving you my thoughts off the top but anyway things are happening things are changing I try to make sure that when I feel these things I'm acknowledging them and I'm aware so that nothing's like a shock to me I want to be mentally prepared for my new life stages and everything that comes with it so that's kind of the phase that I'm in now and I want to hear what you guys think about all this in the comments below so let me know anyways really hope that you guys liked hearing this chatty rambly update kind of the journey to me hitting $100,000 which is a big milestone and if you want to hear more about my money journey and how it's been going make sure you check out this video next about how I maxed out my tfsa my taxfree investment account that was also a really exciting one and of course we'll be back next week with another video so get ready for that one
