Cover
Dedication
To my Grandmother Scorgie. Words cannot express how much your love, care, and influence have meant to me through the years. You are the greatest woman I have ever met — full of strength, courage, intelligence, beauty, and support. I am so blessed to have you in my life.
Introduction
You are young. You are smart. You are stylish. But, like the majority of under-30s, you are feeling really freakin’ broke.
Tired of stressing out to pay for groceries, let alone your future?
Reading Rich by Thirty is the first step toward creating an awesome and “rich” future for yourself. And, no — you won’t have to eat instant noodles or skip regular bathing for the next decade to achieve your goals.
For our generation, “rich” isn’t just about money. These days, we’re looking for balance and personal fulfillment, too. We seek opportunities for growth, flexibility, and fun in our working and personal lives. And we’re well aware that money doesn’t necessarily provide all of the above.
On the one hand, I think it is fantastic that our generation is willing to separate the pursuit of happiness from that of monetary success. On the other, I truly believe that not caring about money is a big mistake! Being smart about your money — how you spend it and how you manage it — can make a huge difference to the quality of your life. It can open doors or close them. It can help you realize your goals and dreams, or ensure that you won’t.
Becoming “rich by 30” requires us to strike a balance between our financial, personal, and career growth. That’s right — it’s not just about our finances. When these three areas are strong, we can reach our full potential.
Think of it like this. If you’re entirely focused on your job but neglect your friends and family in the process, you may achieve your career goals at the expense of your personal relationships — #LonelyAtTheTop. On the flip side, if you pay zero attention to your finances, you’ll have no money to afford the things in life that you’re striving for, like travel or a home purchase — #DreamsCostMoney. Or consider how powerful healthy personal relationships can be for your career and finances — #SupportPays.
Rich by Thirty will give you practical advice to strengthen your financial, personal, and career skills so that you can build up your bank account quickly and be happy in the process.
Why Listen to Me?
Before you read any further, you’d probably like to know a little more about me. Who am I, and why am I telling you how to manage your money? Good questions!
I was born in Toronto into an average family. My mom stayed at home until I was four years old and my dad worked as a paramedic. When I was eight, my family moved out west to Edmonton so that both of my parents could go back to school and upgrade their educations. As you can imagine, with my parents in school, money was very tight. When they graduated in 1998, my family moved again — this time to Calgary, so that my parents could look for work in their respective fields. Unfortunately, finding and keeping jobs was difficult for my parents and so for many years after that my family continued to struggle financially.
I didn’t grow up in a wealthy home. Far from it. For most of my pre-teen and teenage years, my family survived on $24,000 a year. That managed to feed and clothe five people, pay a small mortgage, pay my parents’ tuition, and maintain one vehicle. We had very small Christmas gifts, generic-brand food, and no lavish vacations. My brother, sister, and I relied on second-hand stores for our bicycles, clothing, and toys. There was no money to spare. It was during that time that I learned to live a frugal and fun life. That meant my entire family would look for deals, sales, and giveaways while still finding affordable ways to enjoy our lives. We never paid full price for anything!
It’s not hard to figure out that my interest in money was sparked by the lack of it in my own home. Even at an early age, I’d carry around my piggy bank and inquire about the different coins I’d collected and what I could purchase with them. My parents kindly answered most of my money questions, even though they were drowning in debt and bills. They also encouraged me to read up on my interest. Soon I began flipping through Forbes magazine, The Economist, and Report on Business. I picked my way through various articles and understood at least some of what I read. While I was reading about stock picking and entrepreneurial endeavours, my best friends were watching fun shows and getting into computers. I joined them on occasion, but more times than not, I fell deeper into my own interests.
As early as eight, I was operating a lemonade stand during the summer months and shovelling snow during the winter. I wanted to earn enough money for a trip to the pool, a visit to the candy store, or an outing to a movie. I set my sights, knew my targets, and went for it. As time passed, my initial motivations for saving and investing evolved from “making enough to go to the movies” to “making enough to retire with millions.”
On my tenth birthday I received $100 in cash and bought my first Canada Savings Bond. My mother helped me understand that by making an investment of $100 then, it would be worth $135 seven years down the road. When I realized I could earn “free” money on my small investment, I took every chance I got to buy more bonds using my birthday and holiday money, as well as cash from my flyer route and babysitting.
When I turned 14, I started working at the local public library. Not only did the job earn me a small income, the books and newspapers I found on the shelves gave me the chance to learn more about growing money. I took it upon myself to investigate options for investing my money. I bought my first mutual funds that same year and began investing in the stock market four years later, when I was 18. Once I started to see the growth in my own accounts — the power of compounded interest and reinvested returns — I was hooked!
From Frugal to Extraordinary: The Oprah Experience
In grade 12 my management and marketing class was learning about investing. My teacher was having difficulty explaining the concept to our class because my peers were totally unresponsive. One day, in complete frustration, she asked if any student would like to try teaching this part of the course. I raised my hand and away we went.
I taught a few classes and shared my money knowledge with my friends. It just so happened that, during the same week, a local newspaper randomly phoned the school to ask if there were any “odd or interesting” students they could profile. I was nominated due to my financial knowledge. The newspaper agreed that I fit the criteria — I hoped I was more interesting than odd! — and they went ahead with the interview. They published a front-page article entitled “Whiz Kid” and then posted it on the Internet.
In February 2001 I received a phone call from a producer at the Oprah Winfrey Show. She had seen the article on the Internet and wanted to talk about my investment and money management savvy. Two weeks later, I was on the show!
The theme was “Ordinary People, Extraordinary Wealth.” I was one of a few guests who were sharing their financial savvy and secrets with more than 20 million viewers! What set me apart from the others? I was the only guest under the age of 40 and I’d managed to save a sizeable sum — more than even my parents. I was there to demonstrate that you can have a very typical young life and
