In my Money Managers interview series, I interview notable members of the personal finance community. Generally, my interviewees are bloggers or professionals working in finance. In this article I interviewed Stephen Wealthy, creator of the blog mywealthmoney.com. I’m a fan of his can-do attitude and complete candor regarding personal finance. Without further ado, let’s get into the interview!
For my readers who may not be familiar with you, would you please introduce yourself? Who are you? What do you do?
Hi, I’m Stephen Wealthy, and I run the financial website mywealthmoney.com. Currently 43 years old, married with 3 kids, and living in Calgary, Canada. I’m a self employed IT consultant who works in the Oil and Gas sector with a specialty in GIS systems. I started investing immediately after graduating from University back in 2003 and I’ve always had an eye and interest for investing, wealth building, and navigating the financial markets with consistency.
What is your platform about, and in your opinion, what sets it apart from the others in your niche?
The website and platform started as a means for me to share what has worked for me and my wealth building endeavors, but it has since changed.
My Wealth Money has become a platform for others to share their wealth building success or cautionary tales so we can all learn more together.
From living through crypto crashes, how to invest into an AirBNB, how to build a portfolio of 10 rental properties, create a $1MM portfolio before you’re 30, or how we live through a country destroying their own economy through hyper-inflation.
When and why did you start your blog? Looking back, would you have gone about starting it differently?
I started mywealthmoney.com back on September 1, 2020. I started it because I realized that after investing and saving for 18 years I had a good story and enough experience to begin sharing this and helping others where I could.
I’m grateful for the process and the continual refinement that has happened over the last year, so no, I wouldn’t do anything differently. I’ve met some absolutely fantastic people over the last year and I wouldn’t change that.
Are there bloggers, authors, friends or anyone else who has really inspired you?
I’ve been extremely blessed to have married into a family that is very entrepreneurial and I have learned a ton from them. My Father-in-law is a real estate investor and he is always looking for the next deal. I learn a ton from him.
My parents are the consistent savers and they too have taught me valuable lessons about standing on a stable foundation and being consistent, wise and prudent with my money.
Bloggers, there are so many that inspire and teach me daily but I’ll mention two:
@rinkydoofinance teaches me the value of writing smoothly, and writing articles based on SEO. SEO is hard and still seems like voodoo in my mind, so I listen to him very carefully.
@BestInterest_JC shows me what a professional grade product looks like and how far a part-time finance blogger can go. His level of analysis is professional grade.
They both create quality products and I eagerly await their content drops each week.
What are some of the biggest challenges you’ve faced so far, through helping people learn about finance as well as in your own personal finance journey?
Two things that really stick out to me. First, people have a strange relationship with risk and future expectations.
What I mean is that some are so risk averse they turn their blinders on and refuse to even consider the stock market. They miss out on some incredible opportunities and the benefits of long term compounding returns.
Next, another group is willing to risk any and everything just for the chance of hitting it big.
I believe both are a mistake, and we should find a balance.
Second, there is so much survivorship bias that it can be difficult to sift through the legit stories and find the struggles. Too many see the end result and want it now and so they dive in risking more than they should.
You see my Ethereum validator or the house I just flipped and want it now. But that is built on the foundation of years of saving and investing with index funds. What appears as good timing today has been the result of many years and hard work leading up.
Champions are made when nobody is looking. Cliche but it’s true.
Time for a bit of a loaded question – what is your favorite type of investment and why (index funds, stocks, bonds, real estate, etc.)?
Far and away my biggest holding is VTI at nearly 19% of total investable assets. I’ve also been successful at using real estate to my advantage but it is not my favorite. I do not like the “real problems” it randomly brings up.
Next, on crypto, I believe this provides a very unique and singular opportunity for us to jump on what could really evolve into something. Now, I know this is a hot topic for many, but in my view, I also want and seek that controversy.
Once we have consensus, the opportunity is over. That all said, I don’t look past Bitcoin and Ethereum, as these two capture most of the opportunity and have history and proven track records.
So I would say I stand on US stocks, use Real Estate when the opportunity presents, and I’m excited to see where crypto can go in the next 10 years.
At the end of the day, what is the main thing you hope your viewers learn or understand?
We each have unique talents and abilities which can, if we so desire, be used to generate income and wealth. These will always lead to our biggest opportunities to generate and accelerate wealth.
Another key point is to invest into quality assets that we can hold onto for years to come. Building good substantial wealth takes time and we need good assets that can hold their value and grow over time.
What’s the best piece of advice you received growing up? How did it shape you into the person you are today?
My father was a soldier and my mother was a teacher. They both taught me the importance of stability, consistency and having a goal. My mother also emphasized the importance of education and going to University.
Looking back, I think that was the best advice I received. Be stable, be consistent, get educated, and seek after your advantage.
Everyone views success differently, what personal metric do you use to define your own success?
Straight and simple – it’s net worth including my home. I monitor this monthly and put my focus into this. It helps me avoid debt, focus on acquiring assets that can appreciate in value, and for me to keep building this up. A high net worth is respected by banks, lenders and is a commonly understood metric across the finance industry.
It also affords flexibility going forward and can be easily changed to produce a steady cash flow if ever needed.
I published a recent article outlining my assets and net worth so if your readers are interested they can learn exactly what I’m invested in and how much.
People tend to struggle with finding a good work-life balance, especially these days. How do you manage? In other words, what’s an average weekday like for you?
Right now I’m pressed to the maximum and I have no balance. But there is a reason for this.
I currently wake at 5am and work on my blog and schedule 3 to 4 tweets a day. I start my consultant work at 8am and wrap this up at about 5pm with my clients. Then after this, I will usually work a bit more on my blog, try to reach out to some people on DM’s and then shut things down. I’ll spend the rest of the evening with my family or run some errands.
So all in all, I’m working about 12 hour days but I really enjoy the work and the feeling of building something unique.
What’s something you’re interested in – outside of personal finance?
I used to be a competitive cyclist so I love reading about bikes, the Tour de France and the latest developments in this terrific sport. This photo comes from my last race at the Tour de Bow.
If you had to give advice to someone who has just joined the job market and started their personal finance journey, what would it be?
When you’re young and starting your job and wealth building endeavors, work your tail off and save hard. Your opportunity cost is huge when you’re starting. Also, read books that will help you find opportunities that interest you and you’ll want to lean into. Reach out to a mentor that aligns with your interests. Don’t ask advice from someone who hasn’t accomplished what you’re after.
Conclusion
I hope you enjoyed learning about Stephen and his views on personal finance and life as much as I did! If you liked what he had to say and want to see more, be sure to check his site out. As always, if you have any thoughts you’d like to contribute, add a comment!
