How an Average Canadian Woman Became Financially Independent: Million Dollar Journey

This is an article by Jayne Steele, a 30 something financially independent woman.  She is a potential staff writer here on MDJ.  I hope that you guys enjoy hearing about success stories as much as I do!  Let me know what you think.

I’m an average Canadian woman from the West Coast of BC who became financially independent in my 30’s. I also believe that anyone who has the interest, discipline and commitment to the process can achieve financial independence too.

In my late twenties, I was a divorced single parent with a six-month old baby, and was working part-time as a bank teller. I had very little financial knowledge and a grade 12 education. At that time I was earning less than I would have on welfare and I had very little in savings.

Thinking that a university degree would grant me a passport to a well-paying and satisfying career, I decided to go back to school. While I picked up some valuable transferable skills, I soon realized that a university education and even a well-paid job were not going to cut it.

Within a few months of graduating with a bachelor’s degree, I landed a six-figure job. I hated it. The hours were long, my family life and health suffered immensely, and on top of it, the taxman was gouging me. This was not the life I wanted. I realized I would have to take much more of an active role in becoming financially literate and getting myself out of the rat race.

I finally started to get smart. I took the remaining valuable time I did have each day and started reading books, attending seminars and talking to experts about wealth creation. I hired a coach to keep me accountable and focused on leaning into my strengths and becoming financially free. I learned about “good debt” and “bad debt”, tax savings strategies and how to find and buy more real estate investments using joint ventures.

Within the next five years, I was able to quit my job and launch my own corporation. I had eliminated my consumer debt, learned to manage my money, found positive cash flow deals, and benefited from tax savings vehicles. I am still earning a six-figure income, but now I am working part-time from home doing what I love. I feel good about myself, and most of all, I enjoy true financial independence.

Does financial independence mean that ‘I spend whatever I want, whenever I want’? Not at all – it simply means that my financial needs are met whether I work or not. What I have is an abundance of TIME, which is how the wealthy define true wealth. An abundance of time allows me to have the freedom each day to pursue activities that may or may not generate a pay cheque. When you have time AND your financial needs are met, the sky is the limit to what you can create, achieve, and enjoy.

I am motivated to share my journey to financial freedom in the hope that it will help other working Canadians. I want to do this for two main reasons:

1. I hated being dependent on someone else (such as an employer or spouse) for my survival and I assume many of you feel the same way.
2. I believe that blindly handing our money over to others can set us up for financial disaster – and that when we become financially literate and take action, we can become financially free.

So here is what you can expect from me as a potential writer at the Million Dollar Journey. Each post will give you information on topics that include:

1. What vehicles I use to create positive cash flow as well as capital gains.
2. How to navigate the world of private investments, including how I research opportunities and perform due diligence before I invest.
3. How I created ways to earn more than I spent using leverage, joint ventures, and creative real estate deals.

Jayn Steele is a 30-something year old financially independent Canadian woman and founder of Share the Wealth. Share the Wealth believes that financial literacy is the cornerstone of wealth, and that a rich and meaningful life includes financial independence.

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