Do you plan on being a millionaire one day (or are you one now)? Let us know! 👀

@michaelssali

2 жыл бұрын

I wish I could. Like Den said, I always plan to save money but I never do. I even have a Roth Ira and it's empty. Maybe if I follow your video's tips I could get there one day.

@thoryan3057

2 жыл бұрын

Age 50 is the goal

@alter3go411

2 жыл бұрын

Already made it, and in Euro's, I do think that being a millionaire in 25 years means nothing if you factor in inflation. Making 8% on your investment effectively means your slowly losing purchasing power over time.

@thoryan3057

2 жыл бұрын

@@alter3go411 Historically, the stock market has outpaced inflation in the long-term, making it possible for people to retire without a pension or social security. To retire early (earlier than 15-35 years of investing), you need some combination of grit, hard work, and luck. If inflation actually outpaced the stock market in the long-term then there would be much bigger economic problems. Your million dollars now is more valuable that what a million dollars will be in 25 years, but just because you are a millionaire now doesn't mean you should poo poo it for those who put in the long-term effort to reach millionaire status in 25 years. Also, I'm not planning to retire with $1 million, I'm planning to retire with $4 million ($2 million bare minimum) taking into account inflation at age 60.

I’m a 26 year old immigrant in Canada and still in the process of building my emergency fund. Feels like I’m late but baby steps, can’t wait till I start investing!

@stephandden

2 жыл бұрын

Yes to taking it step-by-step! Investing time will come sooner than you think 😊

Video take away - Understand your current financial situation - Pay off your high interest debt first (over 7%) - Budget ( have good spending habits) aka don’t be broke trying to look rich -Have an automatic savings system ( put money aside when you get paid) - The earlier you start investing the better. ( compound interest) Consistency is 🔑. - Invest in index funds ETFs that tracks the market. Open a TFSA - Grow your income so you have more money to invest

@stephandden

2 жыл бұрын

Nailed it 😊 that's exactly it!

I don’t think I would have had the courage to you start investing if it wasn’t for your channel. Not to be dramatic but you’ve low key changed my life lol. FOREVER rooting for you guys and sharing your videos with everyone I know

@stephandden

2 жыл бұрын

This is the best comment, ever - we love to hear that! We appreciate you and are rooting for you, too! 🙌🏿🙌🏻

I made my first million investing in the stock market, Im 42 now, moving my profit from stock to real estate, I’m happy I could really go on retirement now

@sureshh6193

2 жыл бұрын

nice, ​I’ m 32 I have saved good amount of funds, I'm new to stocks, are you a Pro?

@robertwildlife

2 жыл бұрын

@@sureshh6193 NO, Monroe Horcel is the professional I work with, he’s good , you can look him up on web and his social handles

@sureshh6193

2 жыл бұрын

@@robertwildlife Thanks I can see his profile , he smashed his state exams

@mahid9594

Жыл бұрын

@@robertwildlife LOL

I plan on retiring on minimum wage in 7 years at 25. Working 60 hrs a week after taxes you make 45k a year, saving and investing almost all of it at 7% by living in my parents house, i should hit my fire number of 400k by 25

@stephandden

2 жыл бұрын

That's amazing! Congrats on your success so far 🙌🏿🙌🏻

Yeah, consistent investment is key and the "relatively low risk" leverage that real estate provides is second to none in my opinion. Keep up the good work, you guys will hit the $1M mark sooner than you think.

@stephandden

2 жыл бұрын

Thanks so much! 😊

Hi! I just came across your channel this week and have binge-watched so many of your videos. I really appreciate how clear and actionable your content is. As a mid-20s, I started investing a few years ago and really taking my finances into my own hands. It's been such a boost of confidence, and I view life so differently now. It's also so refreshing to see Canadian content - it's hard to relate to American finance videos when they use different jargon and don't understand Canadian taxes as much. Keep on making awesome content! :)

@stephandden

Жыл бұрын

Hey Jenna! We're so glad you came across our channel - and we really love hearing that you're taking your finances into your own hands! We feel the same way - knowledge is power and the more confidence you build, the better you feel. Thanks for your comment! 🙌🏿🙌🏻

Thanks for the awesome video! Can you please do a video on First-home Buyers Account which is gonna become available from 2023?

@stephandden

2 жыл бұрын

Yes, we'll definitely do a vide on the new account! 😊

I honestly think if you want to average 8%, you need to be mainly in the sp500, not in Wealthsimple’s asset allocation.

Yes growing your income is key but that can be so difficult sometimes

@stephandden

2 жыл бұрын

That's true - you definitely have to work at it! But knowing that / making it a goal is the first step

Thank you. Really good information to your path to wealth

@stephandden

2 жыл бұрын

🙏🏿🙏🏻

Given the current situation with Canadian government no longer charging interest on student loans (OSAP), its probably not the smartest thing to pay off your OSAP loan now.

Thankyou so much all the videos

@stephandden

2 жыл бұрын

Thanks for watching! 😊

Hey steph and den! Great video. I recently started investing 1000$ a month divided into 3 etfs. But my income is somewhat reliant on OT, meaning some months i may not be able to invest the same amount. In terms of DCA, does the amount always have to be the exact same for DCA to work and produce long term gains? I should also not that there may be times where it’s more and sometimes less than 1000$. Thanks!!!

Great lesson and inspiring.

@stephandden

2 жыл бұрын

Thank you! 😊

I had a quick question. In the example of starting with $20000 then adding $3000/month let's say in the S&P500 (VFV). Would you first start off by maxing out your TFSA in lets say the S&P500, then try to to start maxing out your RRSP in that same fund (VFV)? So in total you would be investing in the same fund but across 2 accounts (TFSA & RRSP)? and ideally every year you would try to continue to max out your TFSA & RRSP.

Have you done, or could you do a video on stopping bad spending habits. I find I am an impulse buying. I create a budget and have a plan to save money but it never works.

@stephandden

2 жыл бұрын

We did one that's from about a year and a half ago now, but it might be helpful! We can also try and do an updated one soon 😊 kzread.info/dash/bejne/k4mYp6Winsq_naQ.html

Hi Steph and Dan. Why don't you invest in the FTSE 100 fund or the FSTE 500 Fund, there yearly annual average increase has also been positive overall long-term. How come you chose the ETF instead?

With the current rate of inflation and money printing you might hit a million much sooner.

@stephandden

2 жыл бұрын

It would be the opposite, as the markets are down right now - but, there will likely be a larger return down the line.

Damn, Den lookin' fresh in that suit and shoes; I guess paying off that debt meant you could afford a better wardrobe, lol. You know the vibes...

@stephandden

2 жыл бұрын

Hahaha 😂 thank you! 🙏🏿

Awesome video, thank you :)

@stephandden

2 жыл бұрын

Thanks for watching, Kelsey! 😊

What happens when inflations exceeds the average return of the market?

@braveheart9658

2 жыл бұрын

It might do this for this year and next year but inflation will have to decrease one way or another.

@stephandden

2 жыл бұрын

When you're investing for the long-term, the average return of inflation should be much lower than the average return of the market over time! Right now it's definitely on the high end (higher than it's been in decades in the US and Canada) 😊

Which Canadian stocks do you recommend to invest in similar ETF’s that you mentioned? Would you still have an 8% return? Or do you recommend investing in those US versions?

@stephandden

2 жыл бұрын

We'll have a video about ETFs coming soon 😊

Really thankful for this

@stephandden

Жыл бұрын

Thanks for watching! 😊

Finally a great video on saving 6+ months for Emergencies, ppl need to save for the Now n invest for the Future🙏🏿👏🏿👏🏿👏🏿

@stephandden

2 жыл бұрын

Thank you, glad you liked it! 😊

LETS GO!!! 💪🏿💪🏿🙏🏿

@stephandden

2 жыл бұрын

🙌🏿🙌🏻🎉

Another great video! Personally I tend to think of it not as being a millionaire, more so how much would it take to be financially free off of the dividends. That might be a little higher than 1 million…

@stephandden

2 жыл бұрын

Thanks, Evan 😊 That's definitely another way to look at it!

I’m thinking 🤔 1m when I’m going to be 50 will not be worth what it is today

@stephandden

2 жыл бұрын

The good news is when you're investment return outpaces inflation! But yes, $1 million exactly isn't necessarily what you'd want invested for retirement - we have a video all about calculating what you personally should be aiming for 😊

Some reason I was thinking of going on the game show - who wants to be a millionaire haha!

@stephandden

2 жыл бұрын

Ha, it does sound like that! 😊

why veqt and not vfv?

My net worth was about $450k before this huge downturn. Now it’s 336k. Lots of lessons learned!

@garybhattal2825

Жыл бұрын

Like what ?

no credit card debt. did i wanna pay it off NO does it make sense to do so YES.

@stephandden

2 жыл бұрын

Agreed, that's a great goal! 🙌🏿🙌🏻

$1,000 for 25 years to get 1 million? Why do I need to wait that long? Meanwhile I am working hard to feed that and enjoying when I get old. Why not invest in physical assets that gives cashflow and increde the value in time to time, nor wait 30 or 40 years? That way is the old ways to make money. We all need to know how to make money.

@stephandden

2 жыл бұрын

You don't have to - increasing your income speeds up that timeline 😊

First!

@stephandden

2 жыл бұрын

So quick! 😊

A million in 25 years will be equivalent to less then half , not enough . Buy a building

@stephandden

Жыл бұрын

If you were saving cash, sure - but we’re talking about investing in the stock market to grow your money to $1 million (just like investing in real estate, investing in the market is how you avoid ‘losing’ money due to inflation). We hope that helps 😊

Great insights. I wonder if investing in high dividend etfs compared to growth stocks etf is advisable for people in their 20s? I find it that typical high dividend yield of around 3-5% gives a good dividend+ capital gains compared to growth stocks at 8% annualized rate? E.g. are Eit.un, div.to, rs. Thanks!

@stephandden

2 жыл бұрын

Hey Mike! Thanks, and good question 😊 We looked into those examples and have a few thoughts / q's to think about - Are these companies really growing at a comparable rate to what the market is doing? Also compared to an ETF that has a solid mix of companies in the broader market? There also seemed to be a high fee (1.1%) attached to EIT.UN, as well.