Meet Jordan of @makemorecapital
Jordan and I connected on Instagram and I was so impressed by how detailed his explanations of money were.
Like me, Jordan started investing in mutual funds after walking into the bank looking for financial advice. We both realized, after some time in the market that there were other alternatives.
Read what Jordan’s learned along the way.
Ambitious Q&A with Jordan
What’s the best piece of financial advice you ever received?
Look out for yourself. At the end of the day, the only person you can trust to work in your best interest with your money is YOU. And don’t be greedy. If you’re up more than 50% on an equity investment that doesn’t pay dividends, sell some shares for cash and take a small victory.
What’s your advice for young people trying to save money?
Pay yourself first. No excuses, just do it. Set up a pre-authorized transfer and send a set amount of money from a checking account into a savings account. Do this once a month or after every paycheck. Send a minimum of 10% and live off of the rest. Automate it so you never see it or have to think about it. Before you know it you’ll have freedom money and you’ll be on your way to saving for a goal.
How has your view on money changed over the years?
Money used to control me. In early 2017, I was living abroad, running out of money and I wasn’t making an income. Instead of figuring it out, I got scared and uprooted that life to come home and work for money. I instantly regretted coming home. That flipped me on my head, one thing led to another and this forced the mindset shift that led to where I am today. Now in 2019 I control my money and I see it as something I can create by providing value. I put some of it away to work for me and I use the rest of it to cover my basic needs and invest in myself.
Which projects are you most proud of and why?
My ebook Grown Money for sure. Never before have I started and finished something that took 3 months of constant trial and error. It is a very accomplishing feeling to do that. In August I started putting together a talk for high school students in the Ottawa area. I will give a 60 minute interactive and informative personal finance presentation to prepare them for adult life and give students access to my ebook and audiobook for free to spread financial awareness. My first presentation is October 10th and I’m very excited to crush the presentation and hopefully do many more.
What money lesson do you wish your parents taught you as a child?
Investing! They taught me to save but they didn’t have the slightest clue about investing or what time in the market and compound interest will do to that saved money.
What resources do you use to learn about business or personal finances?
Finance and Business related: Self analysis of my online banking history / spending habits, Bloomberg, reddit.com/weedstocks, Investor Information on Company Websites, Read books. Set aside 30 mins a day to read. Make this time for you. Some of my favourite financial ones have been Rich Dad Poor Dad, The Intelligent Investor, Think and Grow Rich, The Richest Man in Babylon, The Monk Who Sold His Ferrari and SnowBall: Warren Buffett and the Business of Life. Other non finance related favourites of mine are Sapiens, the Alchemist and 1Q84.
What’s your money management system? ie. spreadsheet, app, pen and paper, still in progress?
Be Patient, Be Disciplined, Be Consistent. It’s all in my head and in my online banking apps. I am quite the minimalist so I try to avoid spending on things that don’t provide value. I save $500 a month, already accounted for in my budget so I typically save on top of that as well if I don’t go over budget. Besides a large chunk of money I have invested in a few companies that I hope will do me well in time, I send $250 every 2 weeks into a Questrade TFSA where I own shares in 2 ETFs. One total US market and one US Cannabis ETF. I buy more shares of whichever ETF is below my average cost that day and plan to do this for the next 10 years at least before reassessing that strategy.
What are 3 tips you have for Canadians who want to be better at managing their money?
- Carry cash! It’s much easier to swipe a card then to see the notes in your wallet or purse become worth less and less. If you want to spend less, take out a chunk of cash and make it last!
- Use the app Mint for budgeting and setting personal spending.
- You don’t need $100,000 to start investing so open a direct investing TFSA and transfer some money in. Educate yourself and find a low cost Index Fund or ETF that pays dividends. Start there. It can be as little as $250 but just start. The earlier you start, the more time it has to grow with compound interest.
What’s your current personal finance goal?
Give a copy of my ebook and audiobook to every student in Ottawa.
$100 K Networth by 30
$500 K Networth by 35
$1 Mill Networth by 40
