It's important to keep in mind that everyone's path to success or "financial independence" is different. I'm in my 40's and am on the path to early retirement after attending law school, as a single mother, in my late 30s and opening a law practice a few years ago. The journey has been long and tough, but it's my journey. Very few people are willing to travel the road I traveled to get where I am today. Find your own way and walk your road boldy!
Congrats Chad. It's great to see a fellow Canadian be so good with money. I'm in the same boat as you... I dropped out of school. Started my career with a low salary. Worked my way up the corporate ladder. Achieved FI through real estate and stocks and and enjoy working on my own time. :) Cheers from the West Coast. 🍺
@@mucha9196 It's difficult to answer that question without knowing your risk tolerance. But personally I'm looking to invest in Topicus in Canada, and BlackRock in the U.S. But maybe just as important is to build a large capital cushion to take advantage of sales when assets become mispriced. 🔥
there is more demand than there are houses, construction right now is the hottest its every been and with canada intending to allow record immigrations to come into canada this will just make the housing prices go up even higher by increasing that demand, so if you got in during covid dip you would have been up alot during that time 50%-100% possibly in some markets. if you keep waiting and in the side lines you will just fall behind someone who just jumped in, of course choose your deal wisely, in a booming market. Maybe choose a fixer upper that you know is below market value + the renovations. The guy in the video is just lucky he grew up in a time where real estate was still reasonable when he was young and it just absolutely took off and made most his money on the appreciation of his properties, he could have easily been born 30 years later and not have reaped those insane gains. However there are new emerging markets like block chain tech, genome, self driving cars which you can make similar gains or even beat Real Estate. many ways to make it big, just have to research around
Small landlords with one or two properties are not significant contributors to our housing crisis. Massive investment firms and foreign buyers who never set foot in this country buying up all of the single family homes in order to turn them into rentals or hold them in their portfolios is the problem. And that problem requires government legislation that we aren’t likely to see.
My teacher's friend's son retired in South Dakota at the age of 28. He sold all off it, so he got lucky that he wasn't the last person holding the bag in the ponzi scheme.
He's about to retire very young, living in a cheap area is part of what most people do on FIRE, he had a head start but most of his income comes from his IT skills, and what the fuck do kids have to do with any of it?
Kids are expensive and limit your options for job hopping or changing location like this guy. Also his sister helped him get a job even though he was falling behind in college. Basically it's the story of a guy in the right place at the right time with a very supportive family. That's great for him, but not really very interesting.
@@chosenundead3174 kids and wife have everything to do with it. Women are expensive. Once married to them and then divorcing men can lose Upto 50% of thier wealth.
So the key to FIRE is to have a high paying job with no kids, invest in real estate with no kids, save 50-70% of your income with no kids, have a partner that also earns good money with no kids, retire with a dog and no kids. Got it
Great story. Perhaps a case of true and real financial independence. Too many in F.I.R.E. are actually looking to become professional bloggers with a small portfolio on the side as a showpiece. Good for him. I would be interested in the cashflow breakdown. Is his wife working? Income from the firefighters or is that volunteer? All said, great story that is in progress.
Works in IT and happens to live in a booming real estate market. Well yeah, if you have a high income, knowledge passed on down from your parents (in real estate no less) and no kids, you can save and invest a lot of money. Good for him but it doesn't seem like he had to suffer or make as many mistakes nearly as much as others to get there. Also, I really cherish my time at University, being in the library reading about so many different idea's and perspectives from around the world and spanning all of history. This is something that most people wouldn't do on their free time if they had the chance.
Not his problem. His route is his route! Quit looking to find suffering in everyone’s story. Geeeez. Some people inherit millions, some people get to millions and their path is easier than those that got to millions, but struggled to get there! Tired of people always feeling like people need to struggle their way to Financial Independence. If that’s your way, cool. But some people have bigger incomes, and better opportunities than most and they take advantage of it! You act like they’re supposed to blow it just so they can have a struggle story! Smh. Kudos to them and anyone else that makes in there in whatever way their path takes them.
@@ForTheGoodOfHumanity I'm not saying suffering is a prerequisite to be considered a success. What I am saying is that a story that the majority of people can relate to, is one where there are far less advantages. The successful immigrant narrative is far more useful for most people. People loved "Rocky" films for a reason.
@@SurpriseMeJT I can definitely understand that 100% I get what you’re saying Jay Tee. I’m just saying not all stories will be relatable and that’s ok. That doesn’t mean they didn’t have their own set of struggles even if it doesn’t look or appear to be that they struggled. But I definitely understand what you’re saying. People love to see a bit of themselves in other peoples stories. They want to feel like it’s possible for them too. We have different views, but I definitely respect yours. I hope you have an awesome day!
@@ForTheGoodOfHumanity The struggle is the story from which we learn. If you were born rich and reached financial independence from birth, what could we possibly learn from that experience? Hire a good trust lawyer?
I've been on this road personally for 3 years now, and at about 25% progress. If I'd quit my FI goal today, I'd still be sitting on a hefty amount of money to do with as I please (easily able to sustain for 10 years of living). Learnt valuable lessons along the way as well. Wouldn't you agree that's a win-win anyway you look at it?
Nice story...But Keep in mind EVERYONE is making money in the market right now and has been as we are in the longest economic growth period in the history of the world... RealEstate (when including expenses) lags inflation in year to year growth. It common for people to only consider purchase price and selling price, but ignore expenses they incurred in between. (Closing cost, repairs, taxes, insurance, lawn, paint, roof, etc) When expenses are added in RE is terrible investment. Unless you are a broker making commission on the transactions... Last point... $1m is NOT enough to retire with dignity unless you have no family... Having no family leads to other issues like isolation in old age and depression.... Sounds like he's still actively engaged in his career as a landlord... THus, not truly retired.
Gosh, some people don’t know how to just say “Congrats, well done” without a whole host of negative comments to follow 🙄. Who are you to tell him 1M is not enough? It very well may be enough for him. It’s a personal thing, everyone has different expenses and a different lifestyle. He said his expenses are 25k yearly. According to the Rule of 25, he’d only require a 625k portfolio to sustain his lifestyle.. which obviously he has (based on the markets) “Not truly retired”.. Where did this man say he’s retired? He literally never said that. He’s said he’s reached financial independence.. which he has. Just say “congrats” 😂🤷🏽♀️
Here's my aversion to making money with real estate. It's immoral. It's the most transparent wealth transfer mechanism in capitalism. Subsidies and tax cuts to owners, stagnation and less career/social mobility for the renters. Owner class builds equity and wealth literally for having good credit, while bad credit people get completely shut out and have their equity and savings transferred to the homeowner they rent from, with few other options. Then looking at the racial breakdown of homeownership, segregating white majority districts to "protect property value" and all other legal ways of enforcing a pretty black-and-white system for harming some while benefitting others immensely. I think subsidies and homeownership programs should be available to ALL first time homeowners but stop then. If someone does so well that they're buying rental properties, they should not get tax breaks and loopholes and incentives that are not available to the people they're renting to. How many of you would buy a river or lake if it was the only source of water where you live and charge others to drink from it??? Think that's how the system is meant to work???
While I understand where you're coming from, the tax benefits from homeownership were designed to...make people homeowners. As a landlord, the costs you deduct are the same types of costs you would deduct if your business assets were anything else, like vehicles or commercial buildings. So if for example you have commercial property, you can also deduct mortgage interest, etc. If they were to remove all of the tax benefits of renting properties, then either you would have no properties for rent for those who do want to rent, or rents would be significantly higher to cover lost money. One of the reasons people are able go into any sort of business is that they are able to write off some of their costs as a business owner. Also, the only subsidy I'm aware of when it comes to home buying is for first time home buyers only (not under a business) or for people getting back into the market (I think you have to prove you've been renting for many years). The interest rate for rentals is also higher than regular homeowner mortgages, insurance is more expensive, and I think the approval process is also harder. I think the only legal way to avoid some of that is if you buy a property, live in it for at least 2 years, and then buy another and rent the first. You do still have to get different insurance.
step 1) own real estate in Toronto...no need for another step.
tough nowadays
It's important to keep in mind that everyone's path to success or "financial independence" is different. I'm in my 40's and am on the path to early retirement after attending law school, as a single mother, in my late 30s and opening a law practice a few years ago. The journey has been long and tough, but it's my journey. Very few people are willing to travel the road I traveled to get where I am today. Find your own way and walk your road boldy!
👋👋
Congrats Chad. It's great to see a fellow Canadian be so good with money. I'm in the same boat as you...
I dropped out of school. Started my career with a low salary. Worked my way up the corporate ladder. Achieved FI through real estate and stocks and and enjoy working on my own time. :) Cheers from the West Coast. 🍺
So which stocks should I buy as a fellow Canadian in order to make it the way you have?
@@mucha9196 It's difficult to answer that question without knowing your risk tolerance. But personally I'm looking to invest in Topicus in Canada, and BlackRock in the U.S. But maybe just as important is to build a large capital cushion to take advantage of sales when assets become mispriced. 🔥
Do we have any stories where this is done without real estate? We have a real housing crisis happening in Canada, I don't want to make it worse.
there is more demand than there are houses, construction right now is the hottest its every been and with canada intending to allow record immigrations to come into canada this will just make the housing prices go up even higher by increasing that demand, so if you got in during covid dip you would have been up alot during that time 50%-100% possibly in some markets.
if you keep waiting and in the side lines you will just fall behind someone who just jumped in, of course choose your deal wisely, in a booming market. Maybe choose a fixer upper that you know is below market value + the renovations. The guy in the video is just lucky he grew up in a time where real estate was still reasonable when he was young and it just absolutely took off and made most his money on the appreciation of his properties, he could have easily been born 30 years later and not have reaped those insane gains. However there are new emerging markets like block chain tech, genome, self driving cars which you can make similar gains or even beat Real Estate.
many ways to make it big, just have to research around
Small landlords with one or two properties are not significant contributors to our housing crisis. Massive investment firms and foreign buyers who never set foot in this country buying up all of the single family homes in order to turn them into rentals or hold them in their portfolios is the problem. And that problem requires government legislation that we aren’t likely to see.
There are tons, but it’s going to take longer.
If housing goes down stocks will be down twice as bad. DCA and consistency are the best recipes for the vast majority of people in my opinion
I would LOVE to share my FIRE story (video as channel trailer) on how I retired by 26! These have always been so inspirational, thank you!
My teacher's friend's son retired in South Dakota at the age of 28. He sold all off it, so he got lucky that he wasn't the last person holding the bag in the ponzi scheme.
He's still working, has no kids, lives in a cheap area, parents work in real estate and helped him invest in a booming market. Bit of a non-story.
He's about to retire very young, living in a cheap area is part of what most people do on FIRE, he had a head start but most of his income comes from his IT skills, and what the fuck do kids have to do with any of it?
Kids are expensive and limit your options for job hopping or changing location like this guy. Also his sister helped him get a job even though he was falling behind in college. Basically it's the story of a guy in the right place at the right time with a very supportive family. That's great for him, but not really very interesting.
@@chosenundead3174 if you had kids you’d know exactly what the fuck it has to do with it.
@@Polostar79 Exactly People think having kids is just feeding them. A lot more than that. I have 2 teenagers.
@@chosenundead3174 kids and wife have everything to do with it. Women are expensive.
Once married to them and then divorcing men can lose Upto 50% of thier wealth.
I especially like this FiRE episode bc I love vanlife too! And also obsessed with FIRE
To be fair to everyone just starting out, in addition to hard work, a lot of this is lucky timing.
So the key to FIRE is to have a high paying job with no kids, invest in real estate with no kids, save 50-70% of your income with no kids, have a partner that also earns good money with no kids, retire with a dog and no kids. Got it
Haha. Exactly. Doesn’t take a genius to figure that out.
Seems simple enough
kids are always the excuse
@@lal5555f we found the guy who doesn’t have kids
Thank you for sharing, you’re an inspiration Chad!
This is a great life!! Congrats & I will reach this goal very soon!🤗
I need to move to these places with low car insurance because Michigan ain’t it. 😩
Toronto definitely ain't it lol
Michigan has a low cost of living.
Move to Windsor and keep your job in Michigan just commute but be prepared to pay more in groceries
@@trinab9587 I would love to know where, I'm in the city of Detroit. I every place I've searched the rent is well over $1,000. 😂
Great story. Perhaps a case of true and real financial independence. Too many in F.I.R.E. are actually looking to become professional bloggers with a small portfolio on the side as a showpiece. Good for him. I would be interested in the cashflow breakdown. Is his wife working? Income from the firefighters or is that volunteer? All said, great story that is in progress.
Works in IT and happens to live in a booming real estate market. Well yeah, if you have a high income, knowledge passed on down from your parents (in real estate no less) and no kids, you can save and invest a lot of money. Good for him but it doesn't seem like he had to suffer or make as many mistakes nearly as much as others to get there.
Also, I really cherish my time at University, being in the library reading about so many different idea's and perspectives from around the world and spanning all of history. This is something that most people wouldn't do on their free time if they had the chance.
Not his problem. His route is his route! Quit looking to find suffering in everyone’s story. Geeeez. Some people inherit millions, some people get to millions and their path is easier than those that got to millions, but struggled to get there! Tired of people always feeling like people need to struggle their way to Financial Independence. If that’s your way, cool. But some people have bigger incomes, and better opportunities than most and they take advantage of it! You act like they’re supposed to blow it just so they can have a struggle story! Smh. Kudos to them and anyone else that makes in there in whatever way their path takes them.
@@ForTheGoodOfHumanity I'm not saying suffering is a prerequisite to be considered a success. What I am saying is that a story that the majority of people can relate to, is one where there are far less advantages. The successful immigrant narrative is far more useful for most people. People loved "Rocky" films for a reason.
@@SurpriseMeJT I can definitely understand that 100% I get what you’re saying Jay Tee. I’m just saying not all stories will be relatable and that’s ok. That doesn’t mean they didn’t have their own set of struggles even if it doesn’t look or appear to be that they struggled. But I definitely understand what you’re saying. People love to see a bit of themselves in other peoples stories. They want to feel like it’s possible for them too. We have different views, but I definitely respect yours. I hope you have an awesome day!
@@ForTheGoodOfHumanity The struggle is the story from which we learn. If you were born rich and reached financial independence from birth, what could we possibly learn from that experience? Hire a good trust lawyer?
I saw he was mining crypto on that pc, any mention on how much he made from that?
He lost money...
Awesome!!
Just tell us the number. It kinda make no sense to do a video on FIRE and not reveal your net worth
this is amazing!
Amazing! Thanks for sharing
I thought that too. I’m wasting time in high school. I did homeschool my senior year and worked and got waay better grades.
He's been a bit lucky. His dad was a real estate agent. His sister got him a job.
Very low expenses omg 😳 We are a family of 4 and we are close to $10,000 a month ugh
Good lord, that’s ridiculously high. Where do you live? Why’s your expenses so high?
Wow. I live in the SF Bay Area and doesn’t cost me $10K a month with my family of 4. Must be high mortgage, high end cars and private schools?
Whoa! That's insane.
Stop feeding your kids caviar and wagyu steaks every night.
Unfortunately most people spend beyond their means.
TORONTOOOO 🇨🇦🇨🇦🇨🇦
Nice videos. Already subscribed
I'm so Jealous! 😫
Practical ang makes a lot of sense
survivorship bias
I've been on this road personally for 3 years now, and at about 25% progress. If I'd quit my FI goal today, I'd still be sitting on a hefty amount of money to do with as I please (easily able to sustain for 10 years of living). Learnt valuable lessons along the way as well. Wouldn't you agree that's a win-win anyway you look at it?
If a survivor has survivorship bias, does that not mean a more negative person has negative bias...
Love it--very inspirational!!
Soo have real estate in your name from day 1 uh yeah not realistic
You have so much time on your hands if you don't have kids. I guess everyone has choices about their life .
Good content, clickbait title
Nice story...But
Keep in mind EVERYONE is making money in the market right now and has been as we are in the longest economic growth period in the history of the world...
RealEstate (when including expenses) lags inflation in year to year growth. It common for people to only consider purchase price and selling price, but ignore expenses they incurred in between. (Closing cost, repairs, taxes, insurance, lawn, paint, roof, etc) When expenses are added in RE is terrible investment. Unless you are a broker making commission on the transactions...
Last point... $1m is NOT enough to retire with dignity unless you have no family... Having no family leads to other issues like isolation in old age and depression....
Sounds like he's still actively engaged in his career as a landlord... THus, not truly retired.
Gosh, some people don’t know how to just say “Congrats, well done” without a whole host of negative comments to follow 🙄. Who are you to tell him 1M is not enough? It very well may be enough for him. It’s a personal thing, everyone has different expenses and a different lifestyle. He said his expenses are 25k yearly. According to the Rule of 25, he’d only require a 625k portfolio to sustain his lifestyle.. which obviously he has (based on the markets)
“Not truly retired”.. Where did this man say he’s retired? He literally never said that. He’s said he’s reached financial independence.. which he has. Just say “congrats” 😂🤷🏽♀️
@@leahmcdermott4189 completely agree. $1M earning 8% on a good mutual fund is $80K. They chose to live modestly and live within their means.
I'm no.longer waiting for stimulus check because I earn $22,000 every 14-16days recently.
That's a lot of cash ,please can you explain how you make so much cash in 14 days.
Please Ma'am,can you explain to me ,my financial status is in a bad situation.
Same I earn huge weekly profit of $14,320 on my investment since I started trading with Mr Paul Diego.his trading strategy are top notch.
I have heard alot about investing with Mr Paul and how good he is,please how safe are the profit.
@@Dinesh-fq3vl Yes I can assure you cause I have also been trading with him,profits are secured and over 100% return on your investment
Here's my aversion to making money with real estate. It's immoral. It's the most transparent wealth transfer mechanism in capitalism. Subsidies and tax cuts to owners, stagnation and less career/social mobility for the renters.
Owner class builds equity and wealth literally for having good credit, while bad credit people get completely shut out and have their equity and savings transferred to the homeowner they rent from, with few other options.
Then looking at the racial breakdown of homeownership, segregating white majority districts to "protect property value" and all other legal ways of enforcing a pretty black-and-white system for harming some while benefitting others immensely.
I think subsidies and homeownership programs should be available to ALL first time homeowners but stop then. If someone does so well that they're buying rental properties, they should not get tax breaks and loopholes and incentives that are not available to the people they're renting to.
How many of you would buy a river or lake if it was the only source of water where you live and charge others to drink from it??? Think that's how the system is meant to work???
While I understand where you're coming from, the tax benefits from homeownership were designed to...make people homeowners. As a landlord, the costs you deduct are the same types of costs you would deduct if your business assets were anything else, like vehicles or commercial buildings. So if for example you have commercial property, you can also deduct mortgage interest, etc. If they were to remove all of the tax benefits of renting properties, then either you would have no properties for rent for those who do want to rent, or rents would be significantly higher to cover lost money. One of the reasons people are able go into any sort of business is that they are able to write off some of their costs as a business owner.
Also, the only subsidy I'm aware of when it comes to home buying is for first time home buyers only (not under a business) or for people getting back into the market (I think you have to prove you've been renting for many years). The interest rate for rentals is also higher than regular homeowner mortgages, insurance is more expensive, and I think the approval process is also harder. I think the only legal way to avoid some of that is if you buy a property, live in it for at least 2 years, and then buy another and rent the first. You do still have to get different insurance.
Easy to do if you’re Canadian.
could you explain?
How is it easy?
Easy to do with no kids
@@Polostar79 If that's the case are you saying there's a lot of childless people running around in their 30s who are millionaires?
@@ariefraiser140 absolutely. It’s very easy to save money with no kids.