The one thing influencers Steph & Den want you to know about retirement

“People sometimes think social media exists solely for entertainment, but there are so many informative things you can learn about for free,” Mathu says. “In our case, we share concepts that are usually complex and inaccessible in an easy-to-understand way.” Gordon says she hopes their followers will use their content “as a place to learn money basics,” so that they can do further research and then take the appropriate actions on their own. 

Read on to learn about their thoughts on why “retirement is a number”—not an age, how to avoid “lifestyle creep” and more.

Which financial influencers do you follow and why? 

Den: We follow Amon and Christina from Our Rich Journey on YouTube (they show how they were able to retire early by investing their money), Vivian from Your Rich BFF on Instagram/TikTok (who shares quick and relatable money tips for younger people), and Jeremy Schneider from Personal Finance Club on Instagram (who shares easy-to-understand infographics that make money concepts simple like we do). 

What do you think is the most underrated financial advice, tip or strategy?

Steph: Money isn’t as complicated as you think. We’re big believers in people learning and building their confidence with money over time—get started now, and don’t put the pressure on yourself to get everything right on day one. People tend to think that there’s some big secret that they’ll never be able to understand, but there isn’t. Oh, and invest for the long term. 

What’s your next money goal?

Den: Given that we work for ourselves, our biggest goal at the moment is to continue to increase our income. 

What is something you “treat yourself” to that you don’t mind splurging on? 

Den: We both have a budget and are aware of where our money goes, but one area that we aren’t too concerned with is food—a.k.a. “good eats.” We balance it out by making meals at home that are enjoyable and by treating ourselves to UberEats or DoorDash on a busy day.  

What is your favourite possession?

Steph: For me, it would have to be our couch. About a year ago, we splurged on a more expensive couch, and it feels like a luxury to have such a beautiful and comfortable piece of furniture in our tiny downtown Toronto apartment. We use it to film content on, we use it to relax at the end of the day, and it makes me happy every time I look over at it. 

Den: I wouldn’t say I have a particular one in mind, but I am very sentimental. Old pictures that mark memories and anything that reminds me of my family and my Kenyan roots.

What is something you wouldn’t spend money on because you don’t think it provides good value? 

Steph: For us, it is a car. Since we live in a city where we can walk or take public transportation, even if a car would be nice to have a few times a year, it doesn’t provide enough value for the cost. We feel many people think buying a car is something you do by a specific age, as opposed to looking at the cost-benefit for their specific situation. 

What’s the best money advice you’ve ever received? 

Den: Having a budget, or simply knowing what’s going on with your money. It can be a major stress reliever. People tend to think that money is intimidating. But not knowing if you have enough money causes you to worry when you don’t have to. A budget doesn’t have to mean you have to be strict with your money, it can just be about knowing what’s going on with your bank account and feeling empowered. 

What’s the worst money advice you’ve ever received? 

Steph: When you start investing, you should buy individual stocks. Social media posts about buying stocks are exciting, but individual stock picking is riskier—and the statistics say less profitable in the long term—than investing in funds that track the stock market. We talk about this a lot on our YouTube channel. 

Can you share a money regret? 

Steph: Not negotiating my salary earlier on in my career. Unfortunately, there was little to no guidance in how to approach these conversations, but after switching roles and talking to my peers, I realized that pay varied primarily based on what people had asked for during the initial hiring process. Within the span of three years, I was able to increase my salary by about $30,000 by negotiating. 

What is something you post about that you think Canadians need to hear now? 

Den: We think it’s important that Canadians—and young Canadians especially—know that retirement is an amount of money, not an age. When you retire, you stop earning an income to pay for your expenses, and government funding alone likely won’t allow you to keep living your current lifestyle. Investing is key to ensure you control your future. 

What is the biggest misconception people have about growing money?

Den: That if you just work hard enough, you can make it and be financially successful. The problem with this is that it’s not about hard work. If it were, then there wouldn’t be such a gap between the wealthiest people in society and everyone else. This doesn’t mean that your hard work isn’t important, but it’s about that plus setting yourself up for success by increasing your income and investing that extra money, instead of succumbing to lifestyle creep. (Lifestyle creep is when you make more money, [and] you then spend more money to “keep up” with everyone else.)

Do you use a budget, and if so, how do you budget your money? 

Steph: Yes. I budget my money monthly with a Google spreadsheet. I create a standard, monthly budget that I aim to hit every month, and then I adjust it on a monthly basis when I know certain expenses are coming up. I invest the same amount of money every month no matter what, then I determine my fixed costs, before deciding how much room I have for discretionary or non-essential expenses. 

Do you invest, and if so, what is your investment strategy? 

Steph: Yes. I use a robo-advisor to invest in passive funds that track the markets, which means that after selecting a risk level, and setting up automatic monthly transfers to my account, I can just sit back and let the platform invest the money for me. 

Den: I also invest in passive funds that track the market, but I invest a set amount of money each month by buying the same funds myself.

What is your take on debt? 

Den: Debt is a topic that’s misunderstood, because it’s often viewed from the lens of being either good or bad. The reality is that debt is a tool, and we can either ignore it or learn more about it. Debt can be both detrimental to a person’s financial health and [beneficial for] building a financial footprint when used responsibly. In other words, paying off your credit card in full, every single month, to build a credit score. Education is key. We want our videos to remove the fear associated with topics like debt, and instead empower people to build their financial tool box. I shared my debt-free journey, specifically with student loan debt, on our YouTube channel. 

Which tools do you recommend that people use to manage their finances? 

Steph: We recommend using a budgeting tool, whether that’s a budget spreadsheet like our free, downloadable template you can find on our website, or apps like Mint. I also think it’s important to find good, low-fee banking [services], and use a high-interest savings account instead of a traditional one that would provide you with only a fraction of the interest you could be receiving. 

What advice would you give to a young Canadian who is just starting to learn about personal finance? 

Den: Start building an emergency fund. [It should cover] approximately six months of your necessary expenses. You can keep it in a high-interest savings account. Then tackle any debt, and start to invest. While you work on building an emergency fund and/or paying down debt, start learning about investing and getting comfortable with the basics, so that you’re ready and confident when you’re ready to get started. 

Read more My MoneySense profiles:

• Meet Michelle Hung: The Sassy Investor who shows clients how to realize their worth
• Kristy Shen on living the FIRE life and using money to “buy back time”
• Wes Hall explains the biggest money myth and the value of a well-tailored suit

About MoneySense Editors

MoneySense editors and journalists work closely with leading personal finance experts in Canada. Since 1999, our award-winning magazine has helped Canadians navigate money matters.

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