Wednesday Wealth Wisdom Wednesday. Living life on your own timeline. I talk about this in my Q and A with Nikki. I will be posting some clips on that. They're on the, they're all like, posted to my socials right now.
It's super fitting to talk about how to live life on our own timeline. There's a lot of societal pressure to cater to societal standards. Big things start small, right? Like the compounding effect of the rule of 72. It takes time, diligence, hard work and sweat equity to accumulate wealth.
And we're live Cadre 629 Pacific. And this is your host, Alex Meer of the Mindset podcast, helping you flex your mind, body and soul. And it's Wednesday Wealth Wisdom Wednesday. And it's living life on your own timeline. Now, the reason why this is such an important topic is I did talk about this in my Q and A with Nikki. Nikki, actually, not too long ago. I will be posting some clips on that. They're on the, they're all like, posted to my socials right now. So I got to figure out how to. Mr. Rick.
Mr. Oh, Em. Rick Meyer, welcome to the Live. Thanks for tuning in. It's super fitting to talk about, like, how to, you know, live life on our own timeline because I feel like there's a lot of societal pressure to cater to societal standards or expectations of having to do things by a certain age by whatever, like make a hundred, a hundred thousand by age 25 or be a millionaire by age 25 or have kids, be married by age 25 or 30. Like, it's a lot of pressure, right? Or be a Hollywood star by age 25 or 20.
Like, a lot of these things, we grow up hearing we grow, we grow up, like, hoping that maybe we become or we will. We envision that we want that we want these things. But at the same time, it's a lot of societal pressure. It's, it's media glamorizing these kinds of things. And at the end of the day, it's not helpful for someone that's trying to, again, build mental resilience. There's a lot of noise, there's a lot of distraction. So that's why it's all so important to live life on your own terms, despite all the noise, despite all the distraction, and despite these grandiose, gram glamorous claims that are out there, right?
So it's, it's good. It's great to have goals. It's great to dream big. But big things start small, right? And that's what this, this lab's all about. And I talk about it a lot. Like the compounding effect, right. You might have heard of the rule of 72. It's basically like, if I remember correctly, correct me if I'm wrong if you guys know about it, but it's basically like every seven. Yeah. For every seven years that we have, again, like, we just keep our funds in our investment. Like our money doubles.
It's like every seven years, right? So the longer that we keep our money in our investments, right. Let's say this let's say, for example, this is your 401k in Canada. Because I'm Canadian, I like to refer to the RSP register retirement savings plan. If like the longer you leave it in there, the longer that you leave, the funds grow, right? They're growing, they're growing with interest, getting growth. Let's say it's got stock in it, right? Because there could be mutual funds in it, stock in it, just savings in it, GICs, lots of different ways to invest within the 401k or the RSP.
And you know, every seven years, the rule of 72, you, you're getting about, you know, like, yeah, like the money doubles and then over and then the money doubles and then you're also getting a good amount of interest potentially, right? Again, there's no guarantees they'll get a good amount of interest, but you're putting yourself in the best position to get the most growth. So that's why despite all the, again, the grandiose claims and stuff like that about making money in 5 minutes and 24 hours and all this stuff, I don't, I don't like any of that stuff if I find it incredibly misleading and demeaning, frankly, because it takes a lot of sweat, a lot of hard work and time to become a millionaire or to become wealthy.
From the people I've studied and from people, the people that I met that are millionaires, it takes, it takes a lot of, a lot of due diligence, right? And most of us are not born from wealth. Most of us learn how to build wealthy habits, how to accumulate our fortune. And then, then not only does it take time, diligence, hard work and sweat equity and lots of education and learning to get your wealth accumulated, but then this is the caveat, once you've even achieved that, then you have to protect it because you could lose it all too, right?
So there's all these things that can happen when you're on your wealth journey, right? And we're all at different parts of our wealth journey, wealth building journey. So never let society dictate for yourself about where at, where you're at in your wealth journey, right? Like I'm 32 now and like I, I've been able to do a lot. Like I got, I got my, bought my condo on my own through when I was working at the bank, saved up, saved all my funds, had a stock stock purchase plan that I, I, every time I worked for the bank, I would get their stock purchase plan and it, it paid huge dividends because not only did I have the stock purchase plan.
I had my own savings so my own savings, stock purchase plan, rsp I had all that and I didn't touch the rsp. I just kept transferring it every time I to another bank. But having all that allowed me and enabled me to get a condo at age 23. So that was when I was 23 and then I had that for five years. Yeah. And then, then and then in. Yeah when I was 28 that's when me and my wife sold the condo and then got a house. Right. And it, it took time because. Right. I was building equity. So you get to a point where even if you get into the market for real estate in some cases, right earlier your house rich but cash poor because you were saving up all that cash flow to get the house, right.
So it's like it switches right. You might have a lot of cash flow because of your savings, your investments etc and then you don't have a house yet, right. So but then it flips then it's like your house rich, cash poor for a little while. But it's all good because it all worked out because I used the equity in the condo, the value in the condo as leverage for the house. Right. So that was like a, that acted as a form of our, of our down payment plus plus everything that we were saving as well. So because it was all based on the proceeds of sale of the condo to get the get the home.
So these are just examples right Things that I've been through that you don't have to have necessarily a lot of money like yes you have to have more money now because our dollars aren't stretching as far. But I'm just a one case study and I'm sure there's many more out there of it can work at any age. Yeah I started earlier but it doesn't mean it's over for you if you're looking to buy a house or be a become a better investor. If, if you guys want to check it out my YouTube channel is at mine-sep so yeah so I have my.
I think I have my name on some of the clips on on here that you can look on my on my profile at amir757 is my profile on Cadre but I have my YouTube channel, my tick Tock and Instagram that I'm posting these clips from me and Nikki's previous live. So stay tuned for those check. Check me out on all those socials if you want to follow for more. I post mind, body and soul optimization content so thank you all for listening in Cadre. Happy to have you here. Thanks for tuning into all my lives. Thanks for tuning to wealth Wisdom Wednesday and I'll see you all again for Sunday spark session.
Take care.
