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$50,000 In One Year Of Investing

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  1777
3 months ago

If you can save 65% of your income and invest all of it for 10 years, you can retire given your expenses stay the same. I am one year in and completely on track having grown my investments by $50,000 in the last 365 days. Let me share with you how I did this, the mindset I have, and the investing strategy I used.

It was November 14th, 2019 when I started stock investing and at the time I had around $6,000 CAD worth of cryptocurrency. Since then I’ve managed to build my assets to over $56,000 in the past year. This isn’t to show off, this is purely to prove that it’s possible and to share with you some insights I’ve learned along the way.

 

This is a brief breakdown of my portfolio:

Staking & Lending Crypto – $4,908.27

Growth Crypto = $ 29,823.57

Precious Metals = $1,115

Dividend Stocks = $19,230.76

Growth Stocks = $1116.17

Total = $56,193.77

 

I was able to achieve this with three simple principles.

1.       Budget, track everything, cut costs where possible, and save your money only to be used for investing.

2.       Invest for the long term in assets that have great fundamentals and a good track record.

3.       Dollar cost average by investing the majority of your income every paycheck.

 

While my goal is 65% of my income invested over 10 years, you can adjust this to what works for you like 32.5% in 20 years which is much more realistic for the average person. I am frugal to a fault to be able to sustain my level of investing, but given the results, my methods have proven to be extremely effective.

 

One very important thing to consider is that I was an amateur and quite frankly, I still am. This is very encouraging because if you’re thinking that is what is preventing you from investing, I can confidently say that being a financial expert is not necessary in order to grow your wealth. None of this video or blog is financial advice, but the best time to start investing was yesterday. The next best time to start investing is today.

 

Most people want to get rich NOW, but 10 years isn’t a long time. If you can sacrifice most of the luxuries in your life and save wherever possible and then invest all of it, you can do this too. Some examples are cutting my own hair, watering down my beverages, not having a car, rarely eating out, buying $2.50 t-shirts instead of branded clothes, etc. I cover a lot of this in my saving 65% of my income series I recently started and my entire budget video.

Saving money #1: https://lbry.tv/@ScottCBusiness:4/invest:c

Saving money #2: https://lbry.tv/@ScottCBusiness:4/economics:6

How I budget & save: https://lbry.tv/@ScottCBusiness:4/business:3

 

I highly recommend everyone keep a budget and find creative ways to save money and practice financial minimalism. While I take it to somewhat of an extreme, I also enjoy myself occasionally and don’t recommend you sacrifice everything, but I do think most people can do a little bit more than they are already. A few luxuries and vices here and there are fine in moderation.

 

I noticed I have a lot more microphone feedback without the extra pop screen, but it’s easier to see me and the backdrop, so let me know what you prefer. I may just have to get used to sitting further away from the microphone.

 

Are you investing in crypto? Are you investing in stocks? How are you growing your wealth? What is the best strategy for growing your wealth? Let me know in the comments below and don’t forget to like, share, and subscribe as well!

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Comments

This was an insightful one Scott thank you. I'm a fan and yes, I've really taken investment in crypto more seriously this year. It's not that much, but I'm glad it's at least something. I follow you on YouTube too ❤️

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3 months ago

Congrats, Success takes a person to greater heights. Glad to read about your achievement, progress further. I am not very interested in investing in money myself because I am very happy to spend on necessities. But my husband is very interested in making money by investing. This will definitely be a welcome thing for them. Thanks for sharing.

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3 months ago

ahhhh, "sighs" this reminds me that i need to start learning about self-accounting and budgeting💸 because i don't really do that yet. 😅

also i need to learn more about investing and diversifying too. 📑 cheers🥂

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3 months ago

Yeah I will share my templates for investing and budgeting soon!

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3 months ago

assalamualaikum dear ,i never invest yet ,but i want to invest just need guidelines 😔

$ 0.00
3 months ago

I tried to invest this year but It was a scam.That gave me lessons.

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3 months ago

Congratulazioni, il successo porta una persona a livelli più alti. Sono contento di leggere i tuoi risultati, progredisci ulteriormente. Non sono molto interessato a investire in denaro io stesso perché sono molto felice di spendere per le necessità. Ma mio marito è molto interessato a fare soldi investendo. Questa sarà sicuramente una cosa gradita per loro. Grazie per la condivisione.

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3 months ago

Tres bon post, je cherche aussi a obtenir un revenus passif plus que correcte. Je trade des crypto-monnaies depuis 3 ans, jai un bon portefeuille, les métaux précieux, et dernièrement depuis quelques mois je lance de prêts en crypto , des que je touche une rétribution je l'ajoute a mon pécule. Content de voir que je ne suis pas le seuls a voiloir ça.

$ 0.00
3 months ago

gooooooooooooooooood

$ 0.00
3 months ago

wow it's fantastic to know

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3 months ago

I'm very frugal as well. Pro tip: Don't water down your drinks, drink water instead. 😉

All I drink is tap water (the water quality is good where I live), occasionally with some ginger or a bag of tea for an entire pot of hot water in the winter.

I also try my hand at stock investing. However, I should just have bought an index fund instead of chasing "bargains" which ended up declaring bankruptcy...

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3 months ago

Good on you. I still need some variation.

Yeah look for solid companies that have been around awhile and have great track records. If you want to invest mindlessly, just invest in the top index funds.

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3 months ago

It has been a long process for me. Initially, I couldn't even drink bottled water, then only water with mild carbonation, then tap water which I had to boil first and cool down afterwards. And now I can drink water directly from the tap. It was mostly my head that didn't allow me to do that initially. 😅

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3 months ago

Wow. Congratulations. I wish I had done the same but it is only lately that I get to start investing, though little by little, but I made sure to increase my investments monthly. Thanks for sharing! ❤

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3 months ago

that's really great sir

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3 months ago

This is a very good result. For me, the only reason to invest, is to gain financial freedom. Then, you have more control, of your life.

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3 months ago

You are master in investment. I think it. I have not so much knowledge about it. Good to know something from you.

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3 months ago

Wowww this is huge. Great investment

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3 months ago

Congrats on your achievement 👍

I am also a tight budget person because I am more eager to invest rather than spend unnecessary things. I wish I can build my portfolio too.

I would like to ask what platform you are staking/lending your crypto to?

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3 months ago

I think Celsius is the best for lending, but I use Nexo and Blockfi too. I soft stake on Binance, but it is risky to leave your crypto on exchanges

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3 months ago

So, Celsius , nexo and Blockfi is a good choice rather on exchanges?

$ 0.00
3 months ago

No, those are for lending. I don't think blockfi and Nexo are as good as celsius. It's equally risky leaving crypto on a lending platform

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3 months ago

Okay, Celsius network is better? I am asking sir I want to stake too..

$ 0.00
3 months ago

Celsius is good for lending. I soft stake on Binance.

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3 months ago

Just investing in crypto lately.. It's not much but I'm still earning a little.. And though I don't save every payday as I don't earn a lot, and I have loans to pay, I still make sure to save money every month.. And hopefully, once my loans are over in the next few months, I can save more.. Thanks for your tips and congrats on your achievement.

$ 0.00
3 months ago

hey @bmjc98 I will be posting an article tonight on some free and "almost passive" ways to make spare crypto for investing online =) I have a similar lifestyle, paying off student debts, saving for a house on top of it, not a lot of money for crypto from my everyday life, so I wanted to show people in similar situations how they can start!

$ 0.00
3 months ago

Yay.. That sounds cool! Sorry for the late reply, though.. I was kind of busy.. anyway, will definitely check on it later.

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3 months ago

lol no worries there =P we will all be back on here eventually XD

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3 months ago

Yeah I have student loans I'm still paying down too, so I feel that. Thanks for listening/reading :)

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3 months ago

Wow, this is great just in a year, just within 365 days, oh, congratulate

$ 0.00
3 months ago

How do you know which crypto has a nice future potential

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3 months ago

I desire for this, it's just very difficult to choose platform where to invest, because here in our country, most of the crypto started in scaming people that's why its really hard to which platform I could trust. But hopefully you could recommend one. Also I don't know how to do it exactly. But congrats anyway.

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3 months ago

Wow fantastic

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3 months ago

Wow, that's really great.........congratulations to you

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3 months ago

Very inspirational Scott. And it's just the beginning, hey? :-)

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3 months ago

I think you need to know these strategies for every person to make this investment. Because if we invest in the right way, if we can't double the profit. The quality of life will stop. Thank u sir

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3 months ago

I am investing in crypto too but I am not such successful as you are.I lost crypto in many websites because they scamm us.I am not lucky person and obviously i choosen wrong strategy.

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3 months ago

Good for you that you have been very prudent in your savings into investment. I have invested a lot more on crypto on the STEEM blockchain and now having the duplicated birth chain HIVE I am accumulating both steem and hive to expand my crypto portfolios like nexo.io and RealT (thanks to your recommendation)

Other than that, saving 60% of my income is definitely a no go for me as I have family to support and mortgage to pay; however I have been blessed these last few months for a little more savings from all the less-travelling in jams because of Covid outbreak that I was able to set aside 5% of my savings into RealT if I find the token portfolio is worth looking into.

You are right though on the business entities at the moment as rent may not be receiving the most for real estate, in case people who are staying are not able to pay rent. That's the risk realT tokens are but I do hope that with this new platform I might be able to have something a little more to expand in the future.

I do look forward for my first $60 earnings here to expand to the next realT purchase, if that is ever going to achieve . haha.

Congratulations again.

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3 months ago

Thanks so much, sounds like you're doing the right things :)

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3 months ago

I hope so! haha

$ 0.00
3 months ago

Your profile looks familiar to me sir. Are you and the YouTube channel of scot only the same person? This is my first day here in read cash and I've heard there are lots of big ideal people here. And by the way, the article is so inspirational 😊 looking forward to beat someday your achievements.

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3 months ago

Thanks for your sponsorship while I was a part of the BCH community. The BCHN crowd won and I am on my way to help ABC continue the project we all started on August 1st 2017, without the drama and you know... nasty people.

Thanks for all the fish!

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3 months ago

Hi! I am interested in investing crypto but a bit cautious due to manu scams that happened today. Contact me thru dreamerjay1993@gmail.com I would like to learn more and earn too. Of course I will give you reasonable share when I get to hold one.

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3 months ago

Very interested

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3 months ago

Very interested

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3 months ago

who are new in this crypto space..since I started blogging here in readcash 4months ago, I already earned $300+ bch, not really that big... And it's my first time to hold crypto.. I also have $100+ eth staked on nexo... What i want to learn now is to do actual trading... I can't save 65% of my salary coz i'm supporting my family

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3 months ago

You have a lot of intelligence so you can make so much money, you can save so much money, stupid people like me can never do so much

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3 months ago

Thank you i really appreciate sir

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3 months ago

Congratulations I get inspired from your article

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3 months ago

i get inspired from your aarticle

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3 months ago

This is an inspiring article for those who are new in this crypto space..since I started blogging here in readcash 4months ago, I already earned $300+ bch, not really that big... And it's my first time to hold crypto.. I also have $100+ eth staked on nexo... What i want to learn now is to do actual trading... I can't save 65% of my salary coz i'm supporting my family . so i just use my hodl in buying some crypto.. Btw sir, how will i be able to grow my cryptos?

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3 months ago

Congrats for your success. In my experience, I always fail on investment and it ends as scams. The most heartbreaking is that it's my first money earned from my job. It's hard.

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3 months ago

Congratulations! For me, unfortunately, I should pay may debts first before trying to start investing. Thanks for your sponsors, keep safe, thanks and good luck again!

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3 months ago

I am new to this business. Congratulations, you are doing a great job.

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3 months ago

thanks for this. I invested couple of months with an american trader but he scammed me. it is hard to trust now because of that experienced and i do not have money now to invest because i have debts to pay.

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3 months ago

Great writing. Thanks you so much sir. You are a great writer.

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User's avatar Nnn
3 months ago

This is wonderful

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3 months ago