Smart Women Finish Rich jump started my financial stability. About 4 years ago I moved to Canada from the Philippines. I was 22 years old, a new university graduate and have nothing but dreams and guts. I had relatives helped me out in letting me stay in their place and lending me money to start. Because of life being tough when you are starting up I was desperate to know as much as I can to “smartly” save my money and still enjoy my life. I have asked people and read as much as I could but I was not getting the direction I really need. I bought a life insurance for 100K for about $50 a month (with some savings vehicle) at first to make sure that I have something just in case. Then I continued pursing my career as a licensed pharmacist in Canada.
A banker lady (she is a blessing) who works across my on job training one day intoduced me to a book called “The Wealthy Barber”. She suggested that I read it when i started asking her about what do I do if I wanted to save to buy a house. It sparked my interest big time, it gave me a strong foundation of understanding my finances. It was so interesting I decided to find other books to read and I came across Smart Women Finish Rich. I was like “Hey, I think I am Smart, this probably is the book for me” I have never regreted buying this book and after 2 years I am still lending it to my friends. The book gave me a plan. I was just earning a decent salary then, and still supporting 2 siblings to school. I was living with my relatives still which helped me to saving more. I started by opening up a RRSP account, organizing my filing cabinet and getting my CPP reports. I started investigating what my company offers I signed for everything that is automatically deducted. First was the stock shares, a maximum of 4% off my paycheck every week and in return will give me 25% guaranteed interest. Then the pension plan that deducts 5% from my paycheck and the comapany matches it everyyear I am with my work. I then opened a non-registered savings account where I forced my self to save 12% every month. Then I have to buy a car, which I manage to get a good deal financing for 4 years at 5.2% interest. I then increased my life insurance to 200K. My other sibling finish school and 1 more to go. Then I got myself a good accountant.
After close to 3 years: I moved to my own rental apartment (still working on saving for that house thru The Automatic Millionaire Book), share stock year to date 10K, yearly maximized RRSPs and non-registered savings and pension plan now combined worth 27K. After a 1 year of becoming a licensed pharmacist my annual income has increased to 120K. I feel very financialy secured as I have never been before and I still feel that I have not been even “disciplined” so much and still able to shop for the ‘good” stuff, i have 1 credit card and a credit line which now has 5K in personal debt (I know Im just a girl I love to shop but I do keep as much myself in check, lets just say my debt is relatively small than what I saved). I just recently went to Cuba for a week. After all those 4 years of work that I actually felt I did a good job. At 26 years old I feel I am “rich” in comparison to other gils my age. Time is probably my best ally, I made a good start and I know my money will grow even when I am partying. My next best partner is knowledge and I do thank David for sharing his expertise and made it to a book that is made it so easy to understand a follow for the rest of us.
I have not stop learning, I guess I have advance into actually reading on different investments hardcore. I also just did my Will and be able to also participate with my charity organization.
David, I heard you are making a book geared towards my age group, I will be happy to be featured:)I hope I can see you in person when you come to Toronto to personally thank you for helping me shape my future! Keep up the good work!
