💰By focusing on saving and investing, the couple achieved financial independence without owning a home.
🌍Traveling the world is cheaper for them than living in an expensive city.
🏡Home ownership is not necessary for financial stability and freedom.
🛠️Managing money requires learning about investing and diversifying portfolios.
📚Anyone can achieve financial independence by understanding money and making smart decisions.
Is home ownership necessary for financial stability?
—No, the couple achieved financial independence without owning a home.
How did they save $500,000?
—By watching their expenses, investing wisely, and minimizing their cost of living.
Why did they choose to travel instead of buying a home?
—They found that traveling the world was cheaper for them than living in an expensive city.
What is financial independence?
—Financial independence means having enough invested assets to cover living expenses without relying on a traditional job.
Can anyone achieve financial independence?
—Yes, by learning about money management, saving, and investing, anyone can achieve financial independence.
00:00Owning a home is a common life goal, but not for everyone. A Canadian couple in their 30s chose not to buy a house and opted for financial independence instead.
00:38They found that the goalposts kept moving and it didn't make sense to continue saving for a down payment.
01:43The couple saved $500,000 by watching their expenses, having low rent, not owning a car, and investing wisely.
01:58Financial independence means having a portfolio that can sustain a safe withdrawal rate to cover living expenses.
02:36They discovered that after they left their jobs, their costs actually went down, and traveling the world only costs $40,000, less than their previous expenses in Toronto.
