Do you ever think about what you would do with a time machine?
Not like a for-real time machine, unless you know something about physics that I don’t, but more of a daydreaming, “Wouldn’t it be cool if…” kind of time machine.
There’s the big stuff, obviously, in the context of History-with-a-capital-H, like righting the biggest mistakes of humankind, but you can’t seriously tell me that while you’re back in time fixing the world, you wouldn’t pick up some Apple stock in like, 1993.
Or while you’re at it, just go buy into the market as a whole in 1930.
It’s always easy to make those decisions in retrospect, since hellooooo, you would be sitting on a fortune of pretty epic proportions right now. And while yes, the buying-into-the-stock-market-during-the-Depression thing would have 100% required a time machine, there are definitely near-term examples that are easy to find as well – Apple, Tesla, etc.
If only I had bought those stocks and held onto them.
If only I knew then what I knew now.
If only I could go back 20 years.
Yes, 20 years ago was 100% the right time to have done the things you know would have made you rich today. But until we get this whole time-machine thing figured out, the second best time?
Is right now.
There are things you can do, today, that are just as big “easy ways to get rich” as going back 20 years and buying Apple stock. The only difference is, they’re entirely doable – they just take some time. These things are the ones that you-in-20-years is going to wish you had done this year.
Especially since, when you do them, you’ll realize how entirely not hard they really were.
And hey, wouldn’t you like to save future-you the hassle of being an early-stage time-machine adopter, just to come back to today and do some money stuff? Wait until that shit has been tested. New technology is risky.
Figure Out Your Money Goals
While I’m not a huge fan of bucket lists, now is the time to dream big – and there’s a reason I crossed out the money part of that title.
We’re here so that future-you doesn’t need to travel back in time to make you rich, right? So first things first, you need to figure out what rich means to you.
In my mind, rich is being able to do the things you love, with the people you love, when you want to do them. But that can look a lot different depending on what, specifically, those things you love are.
Personally, my version of happy involves lots of dogs – like, a lot of dogs – and a big open space for them to run around in. I’m only half-joking when I look at my retirement income in light of “How many dogs could I afford on this much money?”
Ok, I’m not even half-joking. That is literally my retirement savings metric.
But your rich could totally be different than my rich. Your rich could be travelling the world full-time, or eating at the best restaurants in the world, or driving a Range Rover, or taking your whole family on vacation, or having a whole lot of kids.
Whatever your rich is, that’s what you need to save for.
Start to Save for the Future
Notice how I didn’t say retirement?
I had an interesting conversation with a friend who didn’t believe in saving for retirement, and it brought up some points I hadn’t considered – mostly because, as you know, I believe that everyone should save for retirement.
But, that aside, you can frame it in a lot of different ways, and “being able to take care of yourself” – which is what I think of when I think of retirement – can look different depending on who you are and what you want.
You don’t have to plan on spending 30 years golfing in Florida to know that at some point in the future, you’ll want to do things. Maybe you want to have the flexibility to take two years off and travel the world, or launch your own business, or work part-time and not worry about the money stuff. Maybe you want to make a major contribution to a cause that matters to you, or have the time to volunteer with them directly. You might want to go back to school just for learning’s sake.
And yes, maybe you want to be able to stop working somewhere in the neighbourhood of 65 years old and not worry about money for the rest of your life. That’s valid too, whether or not you want to spend time in Florida.
Whatever your rich is, it’s going to cost money. How much money depends mostly on your plan, and how soon you want to make it happen, but the one constant is that yes, it will cost something.
The sooner you start saving for it, the better.
And if it’s more than 10 years away? There’s no better way to help yourself fund those Big Plans than by investing that money.
Invest Your Money
When you’re not investing, it can seem like the Last Big Money Hurdle. Like ok, I can switch to a no-fee chequing account all day long, but investing?
Ugh, nope, maybe tomorrow.
I know, because that was me a year ago.
Literally one year ago today, I had done everything on my get-your-money-shit-together checklist, with the huge exception of investing my RRSP and TFSA accounts in anything other than a pitiful 0.1% interest savings account. And when I finally did get around to it?
It was a piece of cake. Thanks Wealthsimple.
Don’t be like me. Don’t keep putting off investing.
Because future-you? Yeah, they’re sitting there, at their futuristic 20-years-from-now desk, and screaming at their supercomputer for you to start investing so they don’t have to come back in time and do it for you.
As a favour to future-you, I have something that might help with some of the things that are crossing your mind right now, like…
- But what if I lose money?
- How do I even figure out which investments are right for me?
- I don’t know what an ETF even is, halp.
Those types of questions are why investing seems like such a major hurdle, and why people – like yours truly one year ago – think of it as this massive Thing That Is Scary and Hard.
That’s why I created Zero to Investing Hero.
It’s a five-day email investing course that walks you through everything you need to know as a beginner investor – from why investing even matters, to how it’ll make you rich, to what the hell is the difference between a stock and a bond.
It’ll also help you avoid the one guaranteed way to lose money, and walk you through setting up a super-simple, DIY investing plan so you’re more than prepared to make investing decisions – or know how to talk to a professional about investing decisions, if that’s what’s right for you.
And the best part? It’s free.
Future-you will be so legitimately pissed off if you don’t even sign up to learn things about investing for free. I’m just saying.
Yes, my future self is totally rolling around in a Range Rover. I don’t want a lot of expensive things, but that truck has been on my brain for at least 10 years now and if I can’t enjoy her in my youth, I will be an old (hot) lady rolling around in my truck with my grandkids and everybody else’s grandkids. I’m going to be the hot grandmom that all the neighborhood kids want to chill with because she likes rolling in big body trucks;)
This is the best, Latoya! You drive that truck <3
Yessss I love this! Honestly I never gave the brand a lot of thought but I have a close friend who is OBSESSED and so I hear about them all the time now – I guess they’re a thing! I’m super stoked for you to have this car some day and absolutely adore this plan!
Most days, the older version of Penny is the same cardigan-wearing, tea-drinking teacher that I currently am. But having more freedom and financial security will make a huge difference in my mental state, if not my career options. I’m so happy that you created this course! I should sign up so I can see how well or ineffectively I’m blundering my way through the waters. Congrats, Des! Your future looks so bright, and I love how you’re always looking out for others!
Hahahaha oh Penny you have investing totally figured out! You have a lower-fee, more complicated strategy than I do, which is basically the gold standard. You’ve so got this! But thank you for the kind words and for signing up anyways, you’re the best!
Future Amanda’s retirement has a lot of dogs in it, too. One of my dreams is to run a dog rescue. I’d love to foster animals for women coming out of domestic abuse situations. So many times, women stay because their abuser threatens to kill the pets if they leave. But, shelters can’t always take or find foster homes for those pets. It’s scary. And sad. So, dogs.
Present Amanda is kicking Past Amanda because she kept cashing out retirement accounts in an attempt to pay off credit card debt…No more of that nonsense. Now it’s time to invest!
We have a rescue in town that facilitates exactly that – fostering for women leaving abusive situations – and if I was ever going to open my home to a foster it would be that! Right now the space we’re in isn’t big enough for a second dog, but I’ve secured promises that when we move, I get to foster, and it’s the perfect set up – you’re helping, and you get to care for the dog, but I feel like it would be easier to give the dog back at the end (and no risk of falling in love and keeping it!) I love that idea so much and I’m so glad I’m not alone on the dog-retirement front!
And woooooo investing!
Future me is hopefully semi-retired in 2 years and focusing exclusively on my new life coaching career. It’s getting sooo close! It’ll still be work, but much more pleasant and useful than my current day job.
That’s so exciting Julie! And see, that’s exactly what I mean by saving for “the future” – if I ever won the lottery / had built up enough savings, that is exactly what I see myself doing! Semi-retiring, and working on my own projects. I’m so excited for you and this goal – two years is going to fly by!
Wohooooooooo!! Congrats on launching your course. SO awesome. And of course I love all of this advice, as always. And Mr. ONL totally knows that if something tragic happens to him, I’m spending all of the life insurance proceeds on a ranch that I’ll fill with rescue dogs. I’ll be the crazy dog lady. So when he goes off to do something risky, I’ll be like, “Do you really want to make me a widow who people call ‘that crazy chick with all the mutts’?! Well then be careful!” and then he is careful. Hahaha. (But also, I’m dead serious. I will totally adopt every dog in sight.) 😉
Thank you so much!! And um, I would totally volunteer to move down there and help you run the life insurance dog ranch (and also keep you company / console you, obviously.) The same goes for me up here – if there’s ever a big payout of any kind, that’s it, ALL THE DOGS FOR ME. Maybe I’ll run a black-dog specific rescue too, since I have all the photo gear necessary to take passable photos of them now anyways! My number is consistently 17 – as in, I know I’m rich when I can afford to support 17 dogs. I’ve never gotten as far as calculating what that’ll actually take, but it’s eerily consistent in any conversation I have. 17 dogs is 100% the goal.
I’m going to need a big ranch, lol.
Starting today is better than starting tomorrow. I touch on this this week but sometimes if you are so focused on making the “right” decision you lose focus that progression is the most important thing. Thanks for sharing. I’m already an investor but a free e-course; I can’t pass that up!!
Thanks so much Sarah – as a current investor I’d love to hear what you think of it! I hope if nothing else, some of my horrible jokes are at least entertaining 😉
Good on you Des for showing people the first steps in investing.
Most people don’t invest because they don’t know where to start.
Sharing this now 🙂
Thank you so much Ray!