How an Average Canadian Woman Became Financially Independent
This is an article by Jayn 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:
- 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.
- 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:
- What vehicles I use to create positive cash flow as well as capital gains.
- How to navigate the world of private investments, including how I research opportunities and perform due diligence before I invest.
- 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.
71 Comments, Comment or Ping
1. Ken
This gal has her act together no doubt. Sign her on today. Would be a great writer on entrpreneurship and wealth creation.
Jan 5th, 2010 @ 9:16 am
2. No Debt Guy
Stories like this are truly inspiring. I look forward to reading more. Good work Jayn!
Jan 5th, 2010 @ 10:33 am
3. Sharkey
Jayn sounds like a very savvy individual, but I’d be a little concerned how much of her experience would generalize across Canada and beyond. “Creative real estate deals” and “leverage” immediately translates as: ‘exploiting a temporary bubble economy’.
However, that translation could just be my overreaction to the B.C. connection. Looking forward to hearing more.
Jan 5th, 2010 @ 10:56 am
4. This is why I opened an ING account @ SaveING.ca
where has this gal been hiding? :) joke aside, I’m looking forward to reading her articles.
Jan 5th, 2010 @ 10:57 am
5. Ramona
While Jayn does seem to have put it all together, I’m finding the writing just a bit condescending. “I finally started to get smart……” – While I don’t have a six figure income, I certainly don’t feel that I am stupid. Advice? Jayn, you have an excellent story to tell, but watch how you present it. I’d love to hear more, but don’t irritate me when you tell me. Thanks.
Jan 5th, 2010 @ 11:38 am
6. ldk
Excellent….exactly the kind of information I am looking for—from someone who has already ‘been there, done that.’
Looking forward to hearing more.
Jan 5th, 2010 @ 12:38 pm
7. eightyeight
please please please continue writing for million dollar journey!
you inspire me as a young woman with big business dreams, thank – you!!
Jan 5th, 2010 @ 1:13 pm
8. Matt
It is a nice story but some sections are very hard to believe like 6 figures salary right after bachelors degree!
Jan 5th, 2010 @ 1:32 pm
9. Alias Bob
I applaud her effort. I question how hard it is to become financially independent when one is earning six figures. Out of the all the people I went to university with, I know one (1) who earned six figures straight out of school. So she may be an excellent example of someone taking control of their finances, her baseline was much higher than most.
Jan 5th, 2010 @ 1:35 pm
10. Susan
Very interesting. Hope to hear more soon.
Jan 5th, 2010 @ 2:03 pm
11. andrewbpaterson
Sounds like a real-life Rich Dad Poor Dad success story!
I can’t wait to read more posts.
Sign her up, MDJ!
Jan 5th, 2010 @ 2:23 pm
12. ice
Interesting story. But in order to have more credibility, I think I need to have more than a few vague details, like what kind of six figure job you can get right out of a bachelors. She emphasized the fact that she had little earning potential before her education, but how did she live while she was going to school, paying tuition and not working? Child support? Free child care from parents? Government subsidies? Somebody must have helped. While I’m happy for her that she is such a success story, I think I need a little convincing.
Jan 5th, 2010 @ 2:28 pm
13. Financial Cents
Jayne,
Simply well done!
We all have our own interpretations of what “financially independence” means and I’m not responding here to tell you mine. Rather, I’m responding to say I commend you for taking the initiative and direction you felt you needed, and for that process, you’ve started to achieve what you wanted to.
Any stories you can share about your process, whether people agree or disagree with it, should be insightful.
Jan 5th, 2010 @ 2:31 pm
14. Tringo
Brains and beauty. What more could you ask for?
Jan 5th, 2010 @ 2:37 pm
15. Paul S
Everyone likes a success story & Jayn appears to be that indeed.Agree with some of my male contributors on the 6 figures earned.More interested in “How” then jargon (leverage,joint ventures).She appears to be a confident young woman that has taken a lot of risks.Not sure risk taking is what I signed up for!
(Like it’s costing me).I’ll be very interested in hearing how big or little a hit she took in “09.
Give her a shot-we all have lots to learn.
Jan 5th, 2010 @ 2:41 pm
16. Saver
Agree with the other commenters here. Though it’s a good story and I’m sure it takes hard work to achieve the success she has today. But the story is greatly lacking in details. Coming out of a bachelor’s degree, even among my engineering friends few were making a 6 figure income. Even after a graduate degree in business less than half were making a 6 figure income. I’ll be interested to hear the details and also to see a more balanced view on how she achieved her success. For example a viewpoint on the risks involved in her investments would make the story much more credible. Not everyone is willing to trade high return for high risk.
Jan 5th, 2010 @ 3:22 pm
17. cashback cards
What kind of coach was it? Was the coach a career coach or what? Great and inspiring story! Really appreciate hearing and reading it.
Jan 5th, 2010 @ 3:38 pm
18. Sasanam
What was that degree. It’s not average to earn $100,000 just after graduating from a bachelor degree. However, I would be interested in knowing how she gained financial independent?
Jan 5th, 2010 @ 4:13 pm
19. Jayn Steele
Dear MDJ Readers:
Thanks for your feedback! I’m happy to read that some of you are intrigued and want more detail. I know that my story is hard to believe in short form, but there was a lot of hard work and penny pinching along the way.
The job I got after graduating from UBC in 2005 was as a Division Manager in a recruitment firm. My role was to maintain existing accounts and manage a team of recruiters, while building new business with mid to large size corporations seeking to hire accounting and finance professionals. It was extremely hard work, with long hours and good pay (commission based). It was a one year maternity leave position, with the intention to carry on long term, but it wasn’t a good fit for me.
Regarding how I lived while I was at university, I was extremely frugal and it was very difficult to stay debt free. When I left my son’s father in 1999, I rented a three bedroom apartment, and rented out the two spare bedrooms to international homestay students, and my son shared a room with me. At that time, the NDP was in power in BC, and single parents were given a generous grant as part of the student loan program.
When my boyfriend (now husband) moved in with me, we moved into a new housing cooperative that I has been accepted into as a founding member. As he was a student too, and substantially in debt, we qualified for a ‘deep-need subsidy’ (our housing charge was $230.00 per month) and lived there very inexpensively for a year after it was built. When we got married, my parents trusted me and my money management skills enough to use their home as security to grant me an inter-alia mortgage (I think its called that) and we bought our first home on a secured line of credit. We renovated the garage into a suite and rented it out, and also created a fourth bedroom in the main house and rented the two extra rooms to homestay students. This is how we were able to live ‘mortgage payment free’. I also incorporated Co-op study terms as part of my degree, which helped pay my tuition/living costs and extended the Co-op work into part-time throughout my last two years of school. My husband also started working night shifts in a Detox, and went to school during the day, which paid for his tuition and debt-financing.
I hope that fills in some of the gaps and I hope to share more of my journey (including the ‘hows’) with you as a guest writer so you can try some of the same techniques.
Warm regards,
Jayn
Jan 5th, 2010 @ 4:28 pm
20. Ilir
Don’t mean to repeat what others have said but she does sound condescending. Here is what ticked me off:
“What I have is an abundance of TIME, which is how the wealthy define true wealth.”
Really? REALLY? Please do tell us more about how the wealthy see the world!
Jan 5th, 2010 @ 4:41 pm
21. Sampson
I would be interested in reading posts written by Jayne.
Just one question to you FT though, it almost seems like an ‘audition’ post, does this mean there are other potential writers to compete against?
Jan 5th, 2010 @ 4:50 pm
22. FrugalTrader
Hey guys, thanks for reading Jayn’s post. If the feedback is good, we’ll have Jayn as a regular contributor. As Jayn is a new blogger, she still has to find her ‘voice’, I highly doubt she means to be offensive in any way.
Sampson, yes we have quite a few interested writers for MDJ, and I’ll be contacting a couple more in the coming weeks. My goal is to have a fresh perspective that readers can learn from. I believe that Jayn meets that criteria.
Jan 5th, 2010 @ 4:56 pm
23. cannon_fodder
First of all, FT, I know Jayn’s first name is difficult to spell, but it is not Jayne (as you have stated twice).
Secondly, I think anyone with the last name of “Steele” is set up for success. Who knows what would have happened to me if I had been born a Steele. Like Remington Steele.
I didn’t sense any condescending tones – is it because society has a double standard? Confidence and a strong will in a woman is not regarded as highly as a man. Is the interpretation of being looked down upon a result of regrets we have with our own lives? I don’t know.
It certainly seems as though Jayn has a very interesting story to tell and while nothing she says me be of benefit to me, I’d still like to hear. Perhaps everyone can form a more conclusive opinion by going to Jayn’s website.
Perhaps the worst thing you did, Jayn, was deflate what I imagine is a primarily male readership when you said you were married. ;-)
Good luck with your endeavours.
Jan 5th, 2010 @ 5:09 pm
24. FrugalTrader
canon: Thanks for the heads up, I fixed the typo. For some reason when I type her name, the ‘e’ automatically gets typed. :)
Jan 5th, 2010 @ 5:24 pm
25. Adam
Seems to be some serious details missing…
Late 20’s (let’s assume 28) working at a bank, single mother with a child.
Decides to go back to school and get her bachelors degree. (Let’s assume 29)
Grad’s UBC 2005 (Let’s assume 35 based on her degree taking 5-6 years with co-op part time ed. for final two years)
She must have a mountain of student loan debt’s as UBC isn’t cheap. She didn’t seem to have savings for school based on her bank job making less than welfare.
Let’s assume 6 figure job at 35, within 5 years quits her job and launches her corp. So what age? 40?
She is now financially independent and owning a home.
I am certainly curious to hear how this all happened, and how much of this independence is secure. I suspect highly leveraged rentals?
It just doesn’t add up. Sorry for the disbelief, but if it sounds to good to be true, it generally is.
Jan 5th, 2010 @ 5:43 pm
26. Katrina
Jayn,
As another young woman who feels there must be another way to wealth other than RRSPs and mutual funds, I’m intrigued by your story. Please continue writing for MDJ – I’d love to hear your additional contributions!
Jan 5th, 2010 @ 5:51 pm
27. Tetsuo69
Jayn, thanks for the followup, its MUCH clearer, for the better, now.
I looked at yoru website. I’d be wary of how your [potential] blog posts and your business will interact; IMHO MDJ readers have no interest in reading introductions here and then having to signup for something there etc. MDJ is succesful because FT has kept the monetization subtle, its a business but its not presented as such and he doesn’t charge clients. Whatever topic presented is presented as a whole and followed up with no need to signup for the rest.
I’m also wary of how much of you experience can transfer to anyone else; you lucked with the biggest property bubble in Canadian history, a great starting job, etc. But your comments show a lot of great choices and insight as well. So I’m open to see more, bring a couple more posts!
Jan 5th, 2010 @ 5:54 pm
28. Four Pillars
I thought the post was pretty good. Sure, she left a few blanks but if she had explained her whole financial life over the last ten years it would have been 100,000 words and then what would she write about next week? :)
I’d love to hear more about how she improved her finances. I’m not looking for some magic fairy tale – just a good success story.
Jan 5th, 2010 @ 5:57 pm
29. Kathryn
I liked it too and agree with Cannon’s comments 100%. Perhaps he wants to write for MDJ too. He always has well thought out, reflective comments.
Jan 5th, 2010 @ 6:11 pm
30. Vancouver CA
Great Story,
BUT..I think it is more of a reflection on luck than working hard. NOT to say that she hasn’t worked hard. However, to become wealthy through JV real estate deals is risky business. If the bubble had popped one year or 6 months before? She would probably be broke and homeless.
And, she qualified for co-op housing because of here extreme debt? Not all of us are so fortunate (most work part time jobs in university to keep debt manageable).
Lastly, not all of us have access to our parent’s line of credit.
Jan 5th, 2010 @ 6:20 pm
31. JK
Jayn – very inspiring story indeed!
Speaking from a designated accountant’s point of view, the recruiting business for accounting professionals in Vancouver is very saturated (I am from Pitt Meadows myself). I see why you got out of the business albeit good money.
Would love to hear more about real estate strategies… I stayed away from JVs just because of personal preference. I am working in corporate finance at a 9 to 5 job. In 2008, my wife and I took advantange of the zero down offer from CHMC and invested two properties in where FrugalTrader is residing. Fast forwarding to the present, it seems harder and harder to find cash flowing properties.
We are looking for ways to be creative!
Jan 5th, 2010 @ 6:59 pm
32. Signy
Jayn,
Your journey is so inspiring. I always get such great insights from you!!
Jan 5th, 2010 @ 7:04 pm
33. Cashflow Steve
This is a great story! Another example that if you believe something is possible, it is. Donald Trump said “many people call me lucky…the funny thing is the harder I work the luckier I get”. As you will see, many people believe that it is not possible, or it is risky, or etc, etc. Those people will be right as well. I hope to read many more articles from you!!
Jan 5th, 2010 @ 7:17 pm
34. Caitlin
I would definitely love it if Jayn was a regular contributor on MDJ. I’m an “average Canadian woman” in my late 20s myself, and I admint that I’d like to read posts from someone even that superficially “like me”. I did like reading this post, and I would love to hear more from Jayn in the future.
Come on, guys, she even has a cool superhero alto-ego name!
I think the problems some people had with the writing style will go away once Jayn has more practise blogging. If she’s more used to writing for seminars or business, I can see how it would be difficult to make the transition to a blogging voice.
Jan 5th, 2010 @ 7:23 pm
35. Wendy
I agree with Cashflow Steve! It sure seems like you’ve worked hard and are now reaping the rewards – good for you! I’m interested in learning more about your real estate investments and how you complete your due diligence, I think that is an area that everyone can learn more about. I look forward to more posts from you!
Jan 5th, 2010 @ 7:24 pm
36. Melanie Samson
The Share the Wealth blog looks well-written, but I can’t help but be skeptical of corporations that make their money teaching people how to make money. I realize some are legit, but making promises like “Our mission is to help everyday people become financially independent in five years or less” sets off alarm bells in my head. (from http://jaynsharethewealth.blogspot.com/ )
Jan 5th, 2010 @ 8:32 pm
37. Zip
Great story, but a bit too “commercial” for my liking. Nothing more than trying to promote her business and she needs clientele Do read over her website. She is considered an “Investment Specialist”, but is this title even regulated?
Here’s an excerpt from Vancouver Investors Club website:
“Jayn Steele, an Investment Specialist as well the Division Head of BC for “Fight Aids Saves Taxes”, specializes in ‘Low risk, High Return’ Investments including opportunities in the Life Settlement industry, Joint Venture Real Estate and tax savings structures. She focused her presentation on the COIP tax shelter and discussed how you can recover 100% of your 2008 income tax and apply that money to safe and high yield investments. Jayn showed how you could save thousands in taxes and have a cash on cash return of over 128% if you made a donation in the month of February – its all in the “rule book” or as Revenue Canada would call it, “THE INCOME TAX ACT”.
Perhaps her COIP is legit, but it’s not my cup of tea. :)
One article on COIP (Organization for International Philanthropy) related to CRA
http://www.canada.com/edmontonjournal/news/local/story.html?id=03a299c4-a493-4f11-acb7-5fdd381c88bb&k=60351
Here’s a similar discussion on COIP from CanadianCapitalist
http://www.canadiancapitalist.com/beware-of-tax-shelter-donation-arrangements/
Jan 5th, 2010 @ 8:33 pm
38. Kathryn
Melanie & Zip: You have a good point about the commercial aspect of it. MDJ readers tend to be very wary of being advertised to or sold on anything. It may take away from the trust relationship if there is concern about an ulterior motive. It’s one of the reasons I don’t sell anything or even share where I work or what I do, other than in very general terms.
If she can share her experiences without selling her product, then it shouldn’t be an issue. It may be difficult though when they are so closely tied.
Jan 5th, 2010 @ 9:02 pm
39. Steven R Dison
Thanks Jayn, you sound like you picked yourself by the bootstraps and went to town and made something of yourself. Along with the investments that you will share, will you share some of the mindset need for your success, we can all use an uplifting of our spirits.
Jan 5th, 2010 @ 9:06 pm
40. used tires
Looking forward to reading more articles written by you, I am still in my early 20s and I am still trying to learn as much as I can. I know just recently I discovered about finding positive cash flow properties, and that really changed my attitudes and beliefs about real estate investing.
Till then,
Jean
Jan 5th, 2010 @ 10:20 pm
41. K. Cleveland
Jayn, thank you for your courage, honesty and willingness to share your journey with MDJ.
I appreciate your definition of financial independence – “having enough money coming in to cover my monthly expenses” and I think some previous posters may have misinterpreted what you meant by this concept.I also agree that it isn’t that difficult to accomplish – provided we are willing to do things differently – and perhaps even a little uncomfortably.
I think you stressed two key concepts that are extraordinarily important in achieving this goal 1) eliminating consumer debt and 2) finding creative means to invest for cash flow. The first of the two was by far the most difficult in my own experience.
Several years ago I chopped up all of my credit cards after realizing that I was over $80,000.00 in credit card/line of credit debt. The “great sucking sound” that I heard every month was all of my surplus income going out of my hands and straight to the banks in order to service my debts.The banks were getting rich off of people like me and I was getting nowhere. It took several years of living with discipline (no new leased BMW’s) but I managed to erase that debt and create some capital for investing. Sadly though I thought that if I turned my money over to someone else I would be rich. I invested everything in stocks and mutual funds and promptly lost 45% of my investment. Needless to say, I don’t allow others to determine what I invest in anymore either.
I must also also agree with some of the other comments posted here in that it sounds like you were fortunate to have a bit of luck and really good timing. But isn’t that the name of the game? Isn’t that what business is about in the first place? Even with all the luck in the world and the best possible timing you still ultimately need to be able to 1) spot the deal, 2) analyze it and then most importantly 3) act on it. In my experience many people fail step 3.
Look forward to future MDJ posts.
Jan 5th, 2010 @ 10:41 pm
42. Shawn Soucy
Nice Jayn! I thoroughly enjoyed meeting you at Sandra Dawn and Godfrey’s wedding. You have a wonderful personality and a you exude a confidence that I admire and see in people I have met who are in good shape financially. I look forward to working with you and reading your writing in the MDJ!
It’s always so great to hear how someone had overcome difficult situations and have won in life. I look forward to hearing more.
Best of luck Jayn!
Jan 5th, 2010 @ 11:57 pm
43. Steve
I couldn’t read the whole blog. The writing style sounded too much like an advertisement for some weekend financial seminar and I had to stop.
MDJ readers are fairly down to earth and appreciate blogs and discussion we can all relate to.
The steps Jayn did to become wealthy seem to revolve around her own business which is simply not an option for most people.
Her frugality is more likely to be a hit then her investment or business writing.
The reason Kathryn is so well received here and why MDJ founder himself created such a dedicated following is the topics deal with things most of us deal with.
Mortgages, brokerage and chequing accounts, saving on fees, strategies for car shopping, best points cards, etc. The investment specific stuff like Smith Maneuver and dividend investing are done in a short, condensed informative manner.
MDJ’s story has never sounded like, “I’m an engineer and earn a respectable income, and if you become an engineer too, you can earn enough to become wealthy through frugality!”
Jan 6th, 2010 @ 12:32 am
44. dawn
Jayn, great job.
You fully grow up over the years, and you achieved a lot in such smart way.
We would like to read more articles you write and share more information with you.
Thank you!
Jay & Dawn
Jan 6th, 2010 @ 1:10 am
45. Mike - Fat Loss Tips
I’m all ears when it comes to passive income. Looking forward to more detailed posts on her strategies and processes.
Jan 6th, 2010 @ 1:29 am
46. Craig Mooney
I have been lucky enough to have crossed paths with Jayn while volunteering at various seminars that teach people how to succeed and achieve financial freedom. Jayn is first class and has an unselfish vested interest in helping others to succeed.
She is the type of person you need on your team if you want to succeed.
Jan 6th, 2010 @ 2:33 am
47. Sureman8
Way to Go Jayn!
She understands the power of money, the bank provides you the loan and you collect cash flow forever.-Real Estate offers freedom.
Jan 6th, 2010 @ 3:44 am
48. Sarlock
Congratulations on your success, Jayn, though I am always suspicious of someone who has achieved “financial independance” through real-estate given that we’ve experienced the biggest real estate bubble in Canadian history. One big pop and a lot of the so-called real-estate experts are going to realize that their financial independance is a large ball and chain around their necks that they can’t get rid of (positive cash flow can turn negative in a heartbeat). Not that this necessarily applies to you. I have several American acquaintances that were once braggarts about how much money they had made on real estate that are now sitting with negative net worth. Leverage is a two-sided sword… it cuts both ways if you’re not careful. Hopefully you know when to call it quits and get out while it’s still good… we’ve had a great run in the last 5 years, but I still remember what happened to many people in the early 80’s when things went sour.
Focus on your success in cutting debt, saving money and avoiding the debt-trap that so many are mired in. The Time/Money equation is one well worth exploring, it is a fundamental driver in everything that we do. Aim to create as much wealth as possible for each hour you spend, be it monetary wealth or wealth of happiness.
Jan 6th, 2010 @ 3:45 am
49. Reid
I can’t understand why anyone wouldn’t want to hear about Jayn’s personal experience and her creative investment strategies. She’s done well and I’m sure there will be something to learn from what she has to share. I am a business owner and have benefited myself from her advice and from her services.
Jan 6th, 2010 @ 3:51 am
50. Little Ms.Scrooge
I completely agree with Steve. While she is a new writer and yet to find her voice (like FT said) there were not enough details to go ‘wow that’s great idea to apply to my life’ (like say the blog by squawkfox). MDJ is simple specific and very much ‘doable’. Even after reading her own blog I am not convinced. (do I really care she did hot yoga for new years eve? Not really that’s not my kinda life and reading about people’s lifestyle will not make me debtfree). Just my 2 bit.
Jan 6th, 2010 @ 10:04 am
51. Al
The post sounded like a late night infomercial. We can’t all flip property or be landlords with borrowed money; some people have to work to actually create wealth.
Jan 6th, 2010 @ 12:28 pm
52. Adam
I have seen the worst of what happens when you fall in lust with the idea of buying up apartments and trying to squeeze a 100 bucks cash flow from them. Real Estate is great, but with credit getting tighter and interest rates set to rise, along with CMHC tightening their belts – this road has come to an end.
I know of a couple who are currently going bankrupt and proceeding with a divorce because they decided to chase the RIEN sales pitch. Things go bad, fast. I don’t for a minute think using fantastic levels of leverage to become ‘financially independent’ is a wise idea. Historically, these experts come and go with each bull\bear market.
Due diligence and know what kind of risk you can tolerate.
Jan 6th, 2010 @ 3:00 pm
53. Kelly Clark
Being a woman, working in the real estate business world, hoping to one day be financial independant & living on the West Coast, I am very much looking forward to Ms. Steele’s posts.
Jan 6th, 2010 @ 6:03 pm
54. tradergirl
It’s great to see a success story like this lady’s but her case is an exception, one that most everyone out there cannot duplicate. She didn’t do anything extraordinary in my opinion and her success can mainly be attributed to luck. Investing in the real estate market using her parents’ house as collateral is not the norm. Why on earth would she recommend such a reckless idea? She was poor and therefore got government subsidies. How nice of her to get a handout from us working folks. Her success is due to me paying taxes. She should be thanking us not herself. We can all rent out bedrooms in our homes like she did. It’s not always worth the headaches. And did she declare this money as income on her tax returns? Or was it under the table? Most people don’t claim this income. I doubt she did either. She was lucky enough to hit a peak in the housing industry. What would she do if she had bought a couple years ago and the bubble has since burst? Luck has nothing to do with skill. She could have one the lottery and according to you all it would be considered her wisdom that got her to financial freedom.
These “success” stories do nothing but show how someone was in the right place at the right time and had lots of luck and help along the way.
To reitterate what Adam said “If it looks too good to be true, it is.”
Jan 6th, 2010 @ 6:48 pm
55. Sheldon
Jayne walks what she talks.
Her financial skills and successes are only the tip of the iceberg.
Jayne’s life experience and her ability to thrive and grow in the face of many adversities is where you will find the most value in her sharing online – through Million Dollar Journey – you will not only find a healthier bank account but a healthier balance in life.
I can attest – as either a friend, a client or both – keep connected to Jayne. She is living her purpose and can help you live yours with more financial ease.
Jan 6th, 2010 @ 7:03 pm
56. Adam
I like to give everyone the benefit of the doubt, and allow them to speak their story.
I propose Jayn makes another blog post on MDJ where she addresses the questions raised in the comment section and further clarifies her story. Just to many unknowns here which lead to speculation – both good and bad.
Signed,
Cautious Optimism.
Jan 6th, 2010 @ 8:10 pm
57. Ms Save Money
Wow you did all that and raising a kid? That’s pretty hard – did you have a lot of help? What did you major in and what job did you do? I think it’s very hard to just graduate with only a bachelor’s degree right off the bat making 6 figures.
Jan 6th, 2010 @ 8:17 pm
58. Ms Save Money
Okay – one of my question was answered – after reading everyone’s comments.
Personally – I think Jayn can teach us a lot, except I wasn’t able to finish reading the whole article because the beginning was very vague and doesn’t catch my whole attention.
Jan 6th, 2010 @ 8:26 pm
59. Stephen
I think she deserves a chance … but it also looks to me like a lot of these people leaving comments know Jayn personally and have arrived here through some connection to her. There is a lot of names I don’t recognize from previous comments on MDJ.
Let’s just hope her strategies don’t involve too much leverage or too much real estate because most of us know that can be dangerous even though it can also appear to be low risk.
Jan 7th, 2010 @ 1:30 pm
60. bob
Being involved with “Fight Aids Saves Taxes” is just too shady for me (I didn’t fall for it but my Uncle did and got burned in missed taxes, penalties and interest owing) and I would recommend MDJ to distance itself from someone promoting tax fraud as a way to get rich. Nice try Jayn but no cigar.
Quoted from Zip:
“She is considered an “Investment Specialist”, but is this title even regulated?
Here’s an excerpt from Vancouver Investors Club website:
“Jayn Steele, an Investment Specialist as well the Division Head of BC for “Fight Aids Saves Taxes”, specializes in ‘Low risk, High Return’ Investments including opportunities in the Life Settlement industry, Joint Venture Real Estate and tax savings structures. She focused her presentation on the COIP tax shelter and discussed how you can recover 100% of your 2008 income tax and apply that money to safe and high yield investments. Jayn showed how you could save thousands in taxes and have a cash on cash return of over 128% if you made a donation in the month of February – its all in the “rule book” or as Revenue Canada would call it, “THE INCOME TAX ACT”. “
Jan 7th, 2010 @ 5:06 pm
61. Joe
She’s a cutie!
Jan 7th, 2010 @ 5:25 pm
62. Pat
I’ve only posted a couple of times, and been here a couple of weeks, but I’m not sure f this post is indicative of future posts that she would really fit in here. Call me a skeptic.
Jan 7th, 2010 @ 5:52 pm
63. kds
I enjoyed reading this Blog. I found the comments toward it quite interesting. People were very skeptical that some of the details in it were possible. I think if someone has found a way to financial freedom, which apparently in this blog means “having the time to do the things you love and the money to do it!” I’m willing to listen to their story and hopefully implement it in some way.
Real estate investing can be risky if you don’t know what your doing. I would rather be poor buying a house than be poor buying a car. There are alot of poor people driving cars! If you don’t know what that means then you should keep buying cars!!
Too many people were hung up on the 6 figure salary…it just meant she got a better job. There was even someone that said “renting out their spare bedrooms is not worth the headache”, “did she declare the income on her tax return”…if that person had more knowledge of how taxes work it is actually better to claim the rental income on your taxes.
Look at the big picture. It doesn’t matter how she got there the point is she did! Everybody will have a different story to their financial success.
Summary:
Here is a single mom. She got a better job. Invested in real estate and now is financially independent. Stay tuned to see how she did it!
Knowledge is power!!!!!!!
Jan 7th, 2010 @ 6:38 pm
64. cashback cards
I believe Jayn did a great job and if you don’t have has a full time contributor maybe I could. She did awesome!
Jan 7th, 2010 @ 10:15 pm
65. Jayn
Dear MDJ Readers:
Thanks very much for both your positive encouragement and cautious skepticism/constructive comments. I’ll be checking in with FT to see if we agree on whether there is a match. I know there are many other eager ‘would be’ guest writers in line that need to try out as well over the coming weeks, so, whatever happens, know that I have taken your comments to heart and I appreciate your candid feedback.
I also want to acknowledge the time and dedication FT, that you devote to honestly sharing your unfolding story, doing the work and research and putting yourself out there. As the saying goes “whether you think you can, or you think you can’t, you’re right” – and the world needs more of us believing we can. Thanks for being a great example.
Best,
Jayn
Jan 8th, 2010 @ 6:10 am
66. Michelle
Successful, smart and financially independent? I’m intrigued…Hopefully another article from Jayn is coming, FT!!
Jan 8th, 2010 @ 5:11 pm
67. kds
I would just like to respond to the Fight Aids Save Taxes comment. I don’t think you should fault anyone’s character for being involved in a tax shelter. If you are going to be involved in a tax shelter it should be researched. Public tax shelters take years to get a ruling. The CRA has to take “Fight Aids Save Taxes” to court to prove the program does not follow the Income Tax Act. To date this has not happened. So bob…your Uncle was maybe involved in tax evasion…that is illegal.
According to the Income Tax Guide tax shelters are legal. The Income Tax Guide is quite lengthy so you may have missed that line.
The wealthiest people in Canada hire people to set up tax shelters for them. If you are not involved in a tax shelter….why aren’t you?
Jan 9th, 2010 @ 1:09 am
68. NS
After reading Jayn’s post I was not impressed by what she said or interested to read more of her because of the lack of depth in the post.I agree it could be because she is a new to this but I somehow think as a writer she lacks the innate ability to acquire and hold our attention during the entirety of the article and that is not something that could be gained by experience. After reading some of the comments from the reader’s it seems she had a lot of her friends read MDJ and make positive comments to recommend her. I am sure FT will make sure that she does not have a vested interest to advertise her business by posting here if and when she gets selected.
Jan 10th, 2010 @ 2:17 am
69. Evden Eve Nakliyat
good article man. can I publish it on my blog
Jan 10th, 2010 @ 1:27 pm
70. bob
@kds
That is the point “Tax evasion is illegal”. This shelter is a scam as they give 210+% of your donation on a tax receipt. My uncle is naive but didn’t knowingly do anything illegal he was just suckered in by this group on those associated with it.
“Look at the big picture. It doesn’t matter how she got there the point is she did! Everybody will have a different story to their financial success.”
We should not be learning from people who “got there” through fraud or other illegal means. I think there must be a list of many more people to contribute to MDJ that aren’t associated with this or any other shady venture.
““Jayn Steele, an Investment Specialist as well the Division Head of BC for “Fight Aids Saves Taxes” – The key point here is Division Head of BC
She is clearly not an innocent tax payer trying to reduce their taxes, she is involved in the SCAM.
Jan 12th, 2010 @ 6:06 pm
71. omomo
I was fine until the “Fight Aids saves Taxes”. FT the reason I read your blog is to get sound financial discussion. I am glad for her successes, but her tone is like a snake oil salesman. FT before she become a blogger on your site, you have to seriously vet her story and background because your reputation is on the line too. How did you find her?
Feb 10th, 2010 @ 2:37 am
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