About this video

• Video Title: My Net Worth at 31 ✨ hitting a big milestone, the compounding is compounding
• Channel: Gabby Peterson
• Speakers: Gabby Peterson
• Duration: 00:22:27

Overview

This video is a net worth update from Gabby Peterson as she celebrates turning 31. She details her financial background, income growth, investment strategies, and current net worth, aiming to share her journey and encourage viewers to build their own wealth through investing and conscious spending.

Key takeaways

• Financial Journey at 31: Gabby shares her net worth at age 31, highlighting significant growth due to consistent investing and market performance.
• Impact of Financial Privilege: She acknowledges the role of her upbringing and financial support from her family in enabling her to start her net worth journey from a more advantageous position.
• Income Growth and Diversification: Gabby details her career progression from a $55,000 starting salary to $98,000, supplemented by income from side hustles like digital product sales and YouTube.
• Investment Strategy: Her primary goal is to maximize investments for long-term compounding, utilizing Canadian registered accounts like RRSP, TFSA, and FHSA, and also mentions her crypto investments.
• Importance of Automatic Investments: She emphasizes setting up automatic investments as a key strategy for consistent wealth building, treating these funds as if they are not available for spending.
• Net Worth Breakdown: The video provides a detailed look at her assets (cash, investments across various accounts) and liabilities (credit card debt), culminating in her current net worth.
• The Power of Compounding: Gabby illustrates how compound growth, especially after reaching the $100,000 mark, significantly accelerates wealth accumulation beyond personal contributions.
• Savings Rate and Contributions: She reveals a high savings rate of 51% for the year and details her personal contributions to investments versus market gains.
• Advice for Wealth Building: Key advice includes prioritizing debt repayment, setting up automatic investments, spending less than earned, and understanding that investing, not just saving, is crucial for significant wealth accumulation.