I'm a police officer and my wife's a teacher, and we reached a $375,000 net worth by age 27 thanks to 4 money rules

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  • I’ve been an aggressive saver since I was 22 and saved my first $100,000 by 24.
  • Now that I’m married and my wife and I are on the same page financially, we’re saving more together.
  • We’re both 27, and we’ve built a six-figure net worth by living simply and investing consistently.
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I was fortunate to grow up in a family where conversations about money were as normal as talking about what to have for dinner. Money talk was not a taboo subject in my house, but when I moved away from home for the first time, I quickly realized this was not the case for many families. 

I strongly believe that having conversations about money, especially with your family, is not only beneficial, but necessary. Having open conversations about finances with my parents as I was growing up was a crucial part of my upbringing and developing my mentality around money.

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Today, my wife and I regularly go over our spending and our accounts to look at how we can improve and try to adjust our finances. This has allowed us to get on the same page financially and to align our financial goals. Together, my wife and I are in the top 1% highest net worth for people our age in Canada. We didn’t get there with a get-rich-quick scheme, though — it took careful planning and thoughtful budgeting and spending. 

I saved my first $100,000 by age 24

I’ve always been a saver, and reaching $100,000 CAD in my savings account was my first big financial goal when I finished university and realized it was possible. I was 22 years old when I graduated, and my starting salary was just over $50,000 CAD. I realized that I had two choices: I could use this money to spend lavishly and treat myself to nice things, or I could live as if I had less, and be able to save a large amount of my hard-earned money. Spoiler alert – I chose the latter. 

At age 22, I had $20,000 CAD in the bank. As my career progressed, I kept my average monthly spending the same even though my income doubled in two years. I wasn’t interested in investing yet, but because I lived well below my means, I was able to save $100,000 CAD by the time I turned 24.

Living below my means is really the key to my success. Even when I was making over six figures a year, I had roommates to reduce my cost of living, worked extra overtime, and didn’t base my monthly spending on how much I was making. It stayed consistent even as my salary increased. 

The lifestyle that helped us gain $101,000 of net worth growth in 2020 alone

When my wife and I got married in the summer of 2018, we made sure we were on the same page financially. Since then, we have increased our net worth dramatically. 

In 2020, we saved 68.38% of our income and increased our total net worth by over $101,000 CAD. We managed to do this because we are intentional about our lifestyle choices, we track our expenses, and we prioritize investing.

1. We cook at home and shop for deals 

My wife and I love food and we love eating out. However, we set a monthly budget of how much we allow ourselves to spend eating out, and we cook our other meals at home. This is an important choice for us to make because we know it’s often easier to buy lunch during work instead of packing a lunch, or order takeout after a long day. 

However, because we budget, not only do we save more, but when we do go on a trip or have a special occasion to celebrate, we have the ability to splurge and eat out without feeling guilty. We also limit our grocery expenses by buying in bulk when possible, shopping sales, buying no-name brands when possible, and using apps that bring down our grocery costs.

2. We limit the amount we drive

We are blessed to both live close to work, and we’ve made the conscious choice to walk or bike to work whenever possible. This has not only saved us money on gas, but also saved the wear and tear on our vehicle. Over time, this also offsets the amount of oil changes needed, vehicle maintenance, and contributes to a healthier lifestyle.

3. We utilize credit card rewards

We use our Visa cards to make all of our purchases. Credit cards are a great tool if you can be disciplined to use them properly. We pay our balances off weekly, so we never pay interest to our credit card companies. Using our credit cards responsibly allows us to take a big trip every two years or so and pay for our flights with the points we earn.

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