Millionaire Monday with Court and Nic of Modern FImily
Introduce yourselves!
We are Court, Nic, and Finn. We are a lesbian family who reached financial independence in 2018 for our family of 3 in our early 30s, and we've also reached financial independence for our hopeful family of 4 in 2019 (we are hoping for another baby in 2021 and wanted to ensure we'd still be financially independent when our family grows). That means that work has officially become optional for us. Nic has retired early and has the hardest job in the world as a stay-at-home mom. Court* now works shift-work part-time as an energy trader, which allows for ample time off. We enjoy spending time together as a family - be it going for a walk, or toddler play class, or to the pool, or to storytime at the library, or gymnastics, or skating on an outdoor rink. We love being able to spend time with our little girl while she is young (and still wants to hang out with us haha) and understand the importance of freedom and individuality that kids need. We enjoy spending time with friends and family, playing hockey, skiing, and hiking.
*As of June 2021 I’m happy to share the update the Court has retired! The FImily is officially enjoying the FIRE lifestyle!
When, and how, did you hit millionaire status?
We became millionaires back in 2018 at the ages of 32 and 30. It took us nine years, starting with a combined student loan debt of $110,000. We live an intentional life focusing on the things we value and did not feel deprived in any sense along the way. We have consistently saved 50-80% of our income over the years, which went towards killing off our debt, saving for a downpayment, and investing in the market. We honestly didn't even realize it at the time, as we do not obsess over our accounts. We invest in low fee index funds tracking the overall stock market and also made money in real estate, but we have since sold that rental and now only own our primary residence.
If you could share a lesson or advice with others who are looking to achieve millionaire status, what would it be?
Track your expenses, TO THE PENNY. Knowing where your money is going is an extremely simple and powerful tool for building wealth. Write down the top 10 things you do each week that bring you the most joy. If you are in a relationship, do this exercise separately and then share your results. You'll notice that many of these things are free or not that expensive. Focus on those things and cut out the fluff. Learn to challenge the status quo and deviate from the consumerism/advertising/marketing norm to buy buy buy. A simple life is a happy, and stress-free, life.
What would it have been like to have a millionaire role model that looked or sounded like you when you were starting your journey to $1M?
It's always nice to be able to relate to a role model that you can see yourself in. To see someone who looked like us would have been an extra motivation; "if they can do it, we can do it." We're here to show that millionaires really are your neighbors next door - not just your CEO in the executive suite. We live, drive, and dress very modestly, and that's part of what got us to where we are today. There is a difference between someone who is rich and someone who is wealthy. You can look like a million bucks, but your bank account may be close to $0.
Anything else?
Make sure to pay your future self first!
Be sure to follow along with Court, Nic, and Finn on their blog, Modern FImiliy, and on Instagram @modernfimily!