From newspapers at 12 to property ownership at 20
Posted by John | Filed under Uncategorized
Where do I begin. My first experience with money was when I got my first job at 12 years old delivering newspapers. I hated it, but looking back it taught me a lot about money and I never stopped working since. I no longer deliver newspapers, thank God, but it taught me some vital lessons that I still use to this day.
My fascination with money has led me into the financial industry where I’ve been working for the past 14 years. I opened up my first RRSP when I was 18 with a family friend that was a financial planner and then I began buying stocks with the bank I use to work with, since they use to match up to 3%. I never understood why most of my colleagues never took advantage of the stock options. I looked at it as the bank giving me free money to invest, so why wouldn’t I sacrifice a little to gain a lot.
I was 20 years old when I bought my first property with my mom. I had saved up some money by then since I had been working for 8 years by that point. My mother was a single mother raising two kids and we both get a long extremely well, so I thought why rent any more when we could purchase a place together. I promised her that I would take care of her since she was getting older, and since she took care of me soooooooo well when I was younger. I could tell you stories for days of how great a mother I have.
At 26 years old, I purchased my second property which was a rental. I had a bit more savings and was able to put 10% down. In 2009 I began watching you on TV and interestingly enough I discovered Dave Ramsey around the same time. I love the both of you and began to go crazy with saving and getting rid of my car loan and mortgage. In February 2009, I owed $95,778.52, car loan ($15,087.21), and mortgage ($80,691.31). By December 2011 I paid it all off. I sold my rental in 2010 and made $25,000 from that sale. I threw the $25,000 on my mortgage since I had pre-payment options and then I just went el cheapo until I paid it off in its entirety. (Okay, who are we kidding, I am still cheap. Haha)
Where am I today! Well, since I was paying a mortgage payment of $809 bi-weekly for the longest time, I decided to save my old mortgage payment. I rounded it up to a nice even $1000. I figured if I could save $809 bi-weekly, I could save $1000. I started doing this in January and am still keeping it up.
During this whole process my love life also improved. I got engaged in February of this year and am getting married next weekend. Now I just have to learn to stop being so controlling with my money since I will be combining my finances with future hubby in a couple of weeks. Thankfully we have similar money styles! He’s not as cheap as me, but he’s not really a spender either.
Tip! My one tip would be to set a goal of exactly where you want to be financially and a time frame for when you want to hit that goal. Then do a monthly or bi-weekly budget to achieve that goal. (Sorry that’s 2 tips)