Advertisement
The content strategist, podcaster, and diversity and inclusion consultant shares her personal finance tips and tricks.
Social media content creator Reni Odetoyinbo started investing at age 18 and bought her first house at 23. Everyone wanted to know how she did it, so she started documenting her journey to home ownership on her YouTube Channel in 2020.
Odetoyinbo quit her full-time marketing job at a Big Six bank a year later, after she realized she was making an impact in the personal finance world. “There wasn’t much representation of Black Canadian women in the space,” says Odetoyinbo, who is based in Toronto.
In 2022, she launched the #ReniReturnsChallenge, an online accountability group, to help her followers stick to their financial plans. The group’s 100 members collectively saved $935,000 over one year and made a sizeable dent in their debts. If you have #moneygoals of your own, read Odetoyinbo’s investing, budgeting and saving tips.
My financial hero is my dad. He started teaching me about money when I was only four years old. He taught me how to invest from the age of 18. My parents gave me a financial leg up by educating me from such an early age, and I will be forever grateful.
My money philosophy is to pay yourself first. This means putting your money towards your goals, like saving and investing, before anything else. It has benefited me immensely.
I’d love to reach a point where I can have a work-optional life. Where my investments are comfortably funding my life.
I will always treat myself to a nice vacation or a good meal! The limits do not exist when it comes to those two things.
My passport. So far I’ve been to 34 countries, and I hope to go to many more.
I likely wouldn’t spend money on an expensive wedding. I don’t value it, and since it’s only one day, I don’t think it’s worth the expensive price tag that I typically see for weddings.
That you don’t need a lot of money to start investing. You can start investing consistently with the little money that you have, and it will compound.
“Don’t invest in anything except mutual funds.”
My only money regret is not investing more money earlier.
Canadians need to know that having one source of income is too close to having none. With rising inflation, layoffs and interest rates skyrocketing, it’s risky to place all your eggs in one financial basket.
A lot of people believe that you need to have a lot of money in order to grow your money, so they wait to accumulate wealth before ever investing or saving. Do not despise the days of small beginnings! Time is one of the most important factors in growing your money.
Yes, I do. I use a zero-based budget system where I allocate a job to every dollar. Whether it’s saving, investing, mortgage payments or groceries, every dollar I expect to make is assigned a task. I also update my budget on a weekly basis, which most people don’t do. This helps me see if I’m on track or not.
I am primarily a self-directed investor. I dollar-cost average into broad-market index ETFs and a select few individual growth stocks. I also have a robo-advisor portfolio that I contribute to monthly.
In the western world, debt is a part of life and helps you survive in this credit-based economy. I think debt is not inherently bad. How you manage it and use it to your advantage is the key. Credit card debt and payday loans are the exception—those are just straight up bad.
I also offer some personal finance tools that are helpful for saving and budgeting. You can find my Financial Goal Tracker for $7.99 on Etsy, or my Savings Plans (bi-weekly, monthly or semi-monthly plans), available through my website for free.
Do your research, and try to learn from many different sources. Understand that personal finance is personal, and what works for someone else may not work for you, so adapt your plan to fit your own needs. You can do this—you are more than capable!
Depends on my long-term goals. Ideally both!
Buy.
Invest.
Budget!
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Created By
Canadian Financial Summit
Metro and Food Basics customers in Ontario will soon have access to the program. How does Moi work, and...
Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...
National Bank moves up, Carnival cruises on while Nike lags, dockworker strike postponed until January, and utility stocks are...
Technology mega-caps are looking less magnificent. Is it time to adopt a different indexing strategy? Let’s explore the pros...
With food prices rising due to inflation, shoppers have been buying more private-label products at grocery stores. That trend...
Credit cards are a good way for students to begin building their credit score. Here’s what to look for...
Created By
Credit Canada
Stock trading platform Webull has landed in Canada with $2.99 trades. We review the new service, and determine who...
Sponsored By
Simplii Financial