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The author of the Ambitious Adulting blog shares the financial philosophies that helped her quit her job at 27.
Growing up in a low-income household and having never excelled at math, Liz Enriquez mastered finance enough to quit her full-time job at 27. Her other achievements, like paying off her university tuition at 22, saving $50,000 and purchasing a house at 24, are also impressive. She outlined them on her blog, Ambitious Adulting, not for the sake of bragging rights but to shout the message to other millennials loud and clear: you can do this, too. We chatted with Enriquez to find out more about her money philosophies, big and small.
When I first started learning about personal finances, I found resources from Canadian content creators like Jessica Moorhouse and Bridget Casey to be super-valuable.
I’m currently renovating my house and I’m a new mom to a one-year-old… so my free time is limited. But, when I can, I love catching up with friends over dinner and wine.
I’d be slow-travelling the world with my family. A few months in each city, and paying for flights for friends and family to come stay with us.
Very early on in life, I remember feeling like my family didn’t have money. While other kids shopped at the Gap or Old Navy, we only shopped at thrift stores. Other kids went on vacations; we went to the park near my house on school holidays. I felt the lack of money.
Candy! I started a paper route when I was around 12 and always bought candy from the convenience store.
I had a few jobs like my paper route and being a babysitter, but when I was 16, I got my first official job as a waitress.
There is an entire world of advanced finances that most people never experience or understand. Like options, trading on margin, private lending, leveraging debt and other strategies. We’re taught the absolute basics and it’s up to us to keep learning.
Spend less than you make. This advice is the reason I always worked multiple jobs and lived minimally. I’ve been saving over 40% of my income since I was 23—and it’s really paid off!
Don’t use credit cards! I get why it’s general advice, but I consider credit cards to be tools in my money toolbox. I know how to use them strategically. (I do have a credit score of 840, after all.)
Diversify your income streams. Most people still only have one source of income. To me, that’s riskier than investing.
That you’re going to lose all of your money if you invest it. Of course there are risks involved but unless you’re investing in high-risk stocks or assets, it’s unlikely you’ll lose all of your money.
Investing in meme stocks that were overhyped.
Value is something that makes you happy. Some people value time with friends, other people value materialistic things. I value experiences over things so I never feel bad spending money on dinner with friends.
My house, when I was 24.
Depends on the debt. High-interest debt, tackle it right away. Mortgage debt or student loans are fine.
With a new baby at home, I haven’t been doing a lot of reading, but I was watching some great YouTube clips about finance. CNBC has a great series called “Make It” and Vice has some nice crypto videos that are a good length for busy people.
Own.
Buy.
Invest, of course!
Nah, but be aware of your spending.
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Fantastic , and congratulations to Liz. I have travelled a similar path to be successful. I am not doing so great with stock investing tho and would like to know more about options etc,
A primer course would be good.
Thank you
Denis