Highlights

• This couple started from $0 and created generational wealth with an investment portfolio worth over $8 million dollars
• Discover the book they recommend to everyone who wants to build wealth
• Surprising things they learned from high-net-worth individuals

Wealth Wisdom is a series where we feature insights from high-net-worth individuals who have been investing for decades.

Multimillionaires Walter and Lily* share their experiences and takeaways from nearly 40 years of investing.

Want to (anonymously) share your investing experience and tips, whether you are new or experienced? Click here!

How we got into investing

“You can’t just let money sit there and stagnate in a savings account. You have to grow it!”

A friend told us that, and shortly after introduced us to our first investment advisor.

It was our first time stepping out of the traditional banking system, and at this point we weren’t very knowledgeable about investing.

This advisor got us started investing in our RRSP. It wasn’t much, but it was a start!

Investing advice that changed our life

We both read The Millionaire Next Door and it was a game-changer for our family.

It made total sense and resonated with us immediately. It was truly instrumental in our success.

We saw the power of investing while living within your means.

By investing consistently in the right things, anyone can become a millionaire.

It showed you don’t have to MAKE a lot of money, but it’s what you DO with it - and how you SPEND it

It didn’t give us practical steps, but it gave us the big picture of the direction to head in.

I really saw the power of compound interest. As Einstein said, “Compound interest is the eighth wonder of the world.”

It also helped us see that people don’t need to know you have money, and the people who look like they do usually aren’t wealthy.

As we’ve moved into wealthier circles, we can confirm this is absolutely true!

Live a good life without spending a lot

One of the best things you can do for yourself is to have fun and enjoy life without spending a ton.

We’re the first ones to say that money is important, but often the things that make us happiest don’t cost a lot.

We play tennis, ride our e-bikes around town, and go on walks together with our dog.

It’s easy to get caught up in the whirlwind of “keeping up with the Joneses”.

You can live a great life without sacrificing meaningful things.

One of our best “investments” were vacations with our family that created lifetime memories.

It’s really about spending consciously and being mindful about buying what you really want and need.

Our investing strategy and process

We’ve always relied on advisors because we didn’t have the technology and options you have today.

We figured out how to make money, but we didn’t know how to take care of it or grow it.

However if we were getting started today, we would do things differently.

It would be worth it to learn how to self-invest, and anyone who is doing so is lightyears ahead of where we were at the time!

Want to get started with self-investing?

Click here for our easy-to-understand guide that explains the kind of funds to invest in!

Invest as much as you can, whenever you can

We didn’t have a fixed savings rate because our income fluctuated a lot.

Our goal was to invest as much as we could while living a good life.

Some months it wasn’t much! Even if it’s a small amount that seems like nothing, invest it anyway. It truly adds up in the end.

Invest ANYTHING. Invest EVERYTHING.

Dividend investing gives stability

We owned a high-risk, low-margin business in a volatile industry.

Because of that, we were conservative with our investment strategy.

We could have had more growth with a more aggressive portfolio, but it didn’t suit our lifestyle and needs.

It’s important to know what investing strategy makes sense for your situation.

Dividends were a good choice for us because of the stability. We got cash payouts every month and every quarter.

It was a nice security blanket knowing we’d get “free money” from dividends.

We never ended up needing to use that cash, and instead always reinvested it - but it was nice to know it was there if we needed it.

For people who are new investors and are scared of the ups-and-downs of the market, dividends are helpful because they balance out dramatic market swings.

For the most part, dividends are quite reliable so it makes investing feel less stressful.

Now dividends are a big part of our strategy because we are retired. This gives us a stable income.

Maximize the benefits of your dividends with our Ultimate Guide to Reinvesting Dividends!

What to do with investments during recessions

Just keep investing!

We’ve been through many recessions. It’s incredibly scary, but we trusted the process.

As long as you have solid investments,just ride it out.

We never panicked. We never sold.

In fact, we just worked HARDER.

We knew buying opportunities existed when the market was down, so we just kept putting money into the market.

When it was too stressful to look at statements, we just wouldn’t look. We literally threw them away.

We knew our funds were solid, so checking wouldn’t give us useful information - nor could we do anything about it.

We just closed our eyes and kept investing.

Once we hit a million in our investments, we felt like “We MADE it!”

All of a sudden it went BOOM. We couldn’t believe it. It was shocking to us how much money our investments were making.

It only motivated us more because we could see it was really working!

The first million is the hardest. The second, third, fourth and so on… they all happen so fast.

With compound interest, your investments take on a life of their own.

Surprising truths about wealthy people

We have many friends who have much, much more than us.

We’ve seen behind the curtain how “the other side” lives.

Self-made multi-millionaires are rarely the people you’d expect.

Wealthy people don’t flaunt their wealth. You’d never notice them walking down the street because they’re probably just wearing jeans and a T-shirt.

They are really down-to-earth and are happy with simple things in life.

Many of them have really good values, appreciate their family and friends, and are generous.

They value quality and are happy to pay for it.

Probably the biggest thing is that many of these multi-millionaires are very relaxed and chill.

They have less stress because they are secure. This has a huge impact on both physical and mental health.

In our opinion, the best thing a person can do for themselves is grow their money through buy-and-hold investments.

It’ll make you happier, healthier, less stressed, and frees up your time because your money is making money.

This is Part 1 of Walter and Lily’s story. Stay tuned for Part 2 where they share:

• 3 questions they always ask about their investments
• 🚩 The red flag that had them pull millions out of a brokerage
• How they got free money to invest for their children

We’d love to share your investing experience!

Whether you’ve been investing for a month, a year, or a decade - people want to hear from you!

You’ve got tips, strategies, and advice that is helpful to others.

We will share them anonymously on our blog so others can learn from you.

Click here to share your experience!

* Names have been changed for privacy.