We talk about investing for the long-term and retiring as a millionaire a lot on this channel - and this time we're talking about how you can do it even if you have a low salary. Is your goal to become a millionaire? Let us know! ⬇

@sarah90

2 жыл бұрын

Hi Steph and Den! I have a dumb question for you... I haven't taken math since high-school lol 😅 and am trying to reunderstand how the compounding works,, @ 5:00 you mentioned $7500 saved per year for 50 years with a consistent annual growth return of 8% would result in end balance of $4 300 000. what was the exact formula you used to calculate that? the only thing I could think of was 7500*1.08^50 and that I know is wrong but can't remember how to do the math right.... I would appreciate your help 😀

@mr.financial

2 жыл бұрын

This is the equation... it isnt anything too complicated. A=P(1+r/n)^nt If there's no extra money being added. All you have to do is interest to the power of the number of years you invest multiples by the investment. For example, 8% interest for 50 years with an initial investment of $7500 would look like this: (1.08^50)($7500)=$ 351762 Or even better yet, you a compound interest calculator 😎

For our Canadian viewers 🇨🇦: We mention both American and Canadian stats in our videos because our audience is global, and the US economy is large and impacts us here, too! When talking about specific investment accounts or funds we personally invest in, that's when we focus solely on Canadian info. Keep an eye out for a video we'll be posting in the next week or two about Canadian high interest savings accounts, and what options have the highest rates right now. 😊

@travelwithtmc

2 жыл бұрын

Potential Side Hustle: Making Canadian money B-roll. It's never available!

I understand the point but unfortunately "low salary" for me is more like 25k a year. Even just living off bread and water my savings/investing rate would probably max at 5%. Really need to move to a better economy because even the side hustles I tried ended up being just additional expenses

@stephandden758

Жыл бұрын

✍✍✍✍✍🗼🗼🗼🗼📩

You are a life saver really.. please do a video on side hustles. Thank you

@stephandden

2 жыл бұрын

Thanks for watching + for the suggestion! 😊

I really appreciate videos like this. Thank you for doing what you do. Consistently bringing us life-changing information. By the way, Den is back with the fantastic outro. I've really missed that energy. Noticed it in some of the more recent videos.

Great video, thanks for the info as always!

@stephandden

2 жыл бұрын

Thanks Fran! 😊

Enjoyed the video as always! Great Job!

@stephandden

2 жыл бұрын

Thanks so much! 😊

Fantastic video as Always guys! Thanks

@stephandden

2 жыл бұрын

Thank you! 😊

Consistently great, informative videos. Thanks!

@stephandden

2 жыл бұрын

Thanks so much! 😊

I am staying focused thanks to you both.

@stephandden

2 жыл бұрын

🙏🏿🙌🏻 That's great! Thanks for watching, Darrell!

Bro, I may not even live 50 years. 🤣

@stephandden

2 жыл бұрын

Check out this video, minute 6:39 - kzread.info/dash/bejne/fJhppZeqfabFlMo.html 😉 ha!

Appreacite you guys consistently giving us well thought out informative videos. I also must say your guy’s production quality is amazing! Can’t wait to see what the future has in store for you guys!

@stephandden

2 жыл бұрын

Thanks Don! We really appreciate it 🙌🏿🙌🏻

Thanks for the advice. Unfortunately, I don't think side hustles are for me. I'm working towards getting an IBM professional certificate from Coursera to try for a better job to increase my income and invest more.

@manifestationthroughmusic1373

2 жыл бұрын

Yeah I don't think side hustles are for everyone, definitely not me

@stephandden

2 жыл бұрын

That's another great way to up your income! Love it 👏🏿👏🏻 and thanks for sharing!

Please do a studio tour of the new setup! Looks fab

@stephandden

2 жыл бұрын

Thank you! We'll have to show the behind the scenes some time 😊

really enjoyed this video guys!

@stephandden

2 жыл бұрын

Thanks Alwin! 😊

The vast majority of people will never be millionaires even if you saved for 40 years and that's not necessarily a bad thing some people can live a comfortable life with 200k I've known people who have retired with 300k so there's not a set number

Love the raptors hoodie!

@stephandden

2 жыл бұрын

Thanks Tristan! 🙏🏿

Tbh 50k take home pay in Canada is actually like 70k+. It is not actually too low an income for most people in Canada. Great video though.

@stephandden

2 жыл бұрын

Thank you! 😊

Okay this is a silly question, but where in Canada can you even invest in that will give back a 8% return? The highest rate I can find is simplii which offers a special 6% interest rate until end of October. While tangerine has some GICs up to a 5.6% interest rate. Outside of that, can't think of anywhere else to even come close to 8%.

what do you do after you max your tfsa investments?

@stephandden

2 жыл бұрын

After maxing out your tax advantaged accounts (TFSA, RRSP, etc) you can keep investing in non-registered accounts! It might be called a 'personal' account or a 'taxable' account. These have no contribution limits, and also no tax advantages. 😊

Completely off topic 😭🤣 but omg where is your raptors sweater from??

@stephandden

2 жыл бұрын

Hey Ornela! Ha, it was a gift so I'm not sure, but it's probably from Lids or FootLocker 😊