I came across a story on the CTV news website:
"Young, rich, and retired: How one millennial couple made it happen"http://www.ctvnews.ca/business/young-rich-and-retired-how-one-millennial-couple-made-it-happen-1.3052761
In fact they were (as clients of Turner Tomenson Wealth Management Group back when they started investing) the subject of a blog I wrote back in May after having a lively lunch together with them (our High Rock champion Wealth Forecaster and Certified Financial Planning professional: Bianca was also with us to get a first-hand peek into this awesome tale) at Trattoria Nervosa in Yorkville .
It is a wonderful story and it evolves, not just around the investing mix (which I did actually put together for them, because that was my role on the team), but about the planning. And by planning, I mean the Wealth Forecast.
We created a plan together which allowed them to prudently grow their savings. To their credit, Kristy and Bryce were great savers too (and that helps, allot).
Most importantly, they had a dream, turned it into a plan and made it become real.
It's not just about millenial's (who type with all digits as opposed to my two-fingered approach), it is about anyone who takes the time and makes a plan and then sticks to it.
It is the "sticking to it" that always gets tricky. Investors get "spooked" by short-term events (like financial market volatility) that get into their psyche and make them second guess themselves.
Sometimes peer and family pressure interfere, as was the case with Kristy and Bryce. They had the courage to stare that down and take their own path, never an easy route to follow, but certainly, for them, the best one.
Not everyone should necessarily try to retire at 31, but they should have dreams with which to aspire to and in order to get there, make a plan.
A plan can be modified and updated as circumstances warrant, but you want to have something detailed and specific (as we did with Kristy and Bryce) to follow.
If they ever write a book about it, it will be a good read!
Feedback, questions, ideas....
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Scott Tomenson,CIM Managing Partner, Chief Investment Strategist