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!