Personal Finance
Personal finance is personal, unique, and often requires a tailored fit. Some principles can be applied to everyone, but to generate substantial wealth it eventually requires some level of personalization to reach our goals. While this is required to reach the next level, sometimes during crisis, a similar requirement for personalization is needed.
When COVID-19 hit last year, everyone got impacted, not by the disease itself but by the economic shutdown it triggered. Personally, I lost my job on March 13, 2020, and I was forced to seek opportunity elsewhere. I would soon discover that the world had been shuttered and my consulting services were no longer required by my clients.
COVID drags the world to the brink after making it kneel.
This economic choke forced many to shore up their finances, write budgets for the first time, and look into savings and get investing.
Through Twitter and Instagram, I happened upon one of the most incredible stories to transpire over the past 16 months. I want to share with you what she’s been through, and what she’s learned.
Introducing Ashley Sirianni
Ashley Sirianni, or as she’s known online Finance99, was an aspiring comedian and actor right up until the same day I lost my job too. While this common thread connects us, I also believe her story will resonate with many around the world.
Tell us about Finance99 and how it started:
Like everyone, I knew I needed money. I spent a lot of my time thinking about it, worrying about it, and always looking for ways to get more. However, with my life as an aspiring actor, it was difficult to find control, keep my income stable, and grow my wealth. You know how they say, fixing your money problems will fix everything? Well, money was the symptom, not the problem. It all came to a head with the COVID-19 shutdowns. However, through this struggle, I found the fix for my money problems. I created Finance99 so I could share those lessons with the rest of us who are not part of the 1%.
Roll back, how did this all get started?
I lost my mom in 2015, and it completely shook my foundation. Now, before anyone assumes I got an inheritance, I did not. My mom had little left to give. And if I wasn’t out of control before, I was now. I worked in jobs I didn’t really like, got into horrible relationships, and found it difficult to manage my money. I was successful in comedy and acting, and that was great, but I also loved school and missed using my brain.
Wait, you were an Actor? What was that like?
It was fun, and I was good at it, but acting requires that you share personal details, and even requires to make fun of yourself, and I was getting over that.
Video Caption: This was Ashley’s last professional engagement before the lockdown.
My spending habits were out of control; no savings, paycheck to paycheck, not one investment. If you looked at my Instagram account, you would’ve thought I was raking it in and super happy. Boy, is social media a distorted lens to view life through! Luckily, through this all, I didn’t accumulate much debt – I was just spending everything and not saving.
Then what happens next? What forced the change?
In a word – COVID. The day my life was completely upended was March 13, 2020. This was when they closed down all the entertainment venues, and all the major league sports. I suddenly had no income and no prospects or engagements. I was in a total state of shock. Luckily, in Canada they instituted the Canadian Emergency Response Benefit (CERB), which provided $2,000 a month if you lost your job due to COVID-19. This gave me some much needed financial oxygen.
What happened next?
It was during this low, that an old friend of mine reached out to me on Facebook Messenger. He said, “If you think this is bad, just wait until you see how this stuff really works!” I was at a place in my life where I was ready to learn and look behind the curtain.
He told me to watch, “The Hidden Secrets of Money”, by Mike Maloney on YouTube. You know how your life can be defined with 5 or 6 key moments in your life? Well, this was one of those moments. I literally wanted to scream from the mountain tops, “DID YOU GUYS KNOW THEY PRINT MONEY FROM NOTHING!!”
My poor Instagram followers, as I went from a comedian and actor that jackknifed into a full out, on my soapbox, financial enthusiast! I began reading every book, listening to every podcast, and watching documentaries on how the monetary system works.
So what was your first investment?
I began as a silver investor and I acquired just shy of 350 ounces through various means and avenues. Nothing too crazy, but I started getting frustrated when I realized this asset wasn’t performing as well as other anti-inflationary assets were, or when stocks were moving so swiftly to the upside during the recovery.
Up until this point, I had completely ignored, and even made fun of Bitcoin. My common views were, “What if they turn off the electricity?”, and, “What if your country bans it, censors the internet, or what even backs it and gives it value?”
Why do you think many have this initial reaction to Bitcoin?
This is something I honestly think people do as a defense because it is young, and in some minds, still unproven. On top of that, it is also so different from all other asset classes. Eventually, though, I started to look into it with an open mind. It really is imperative that when we embark on learning something new, that we allow ourselves the patience and time to learn and accept new ideas.
Once I started learning about Bitcoin, it quickly took over as my most heavily weighted investment.
Do you own any Stocks?
I do have exposure to stocks of course. I started with picking a mix of individual stocks, which I still own, and then started adding index funds. I do wish I had included more index funds earlier on, but hey, you live and learn. But the fact that I woke up, started buying what I could, means I showed up for my future self.
Give me your top piece of advice!
I always share with my viewers: “I can’t give you my conviction, only your own personal educational journey can do that”. And that is something I’m really starting to see and embrace; personal finance is personal, and there are many paths to freedom.
I can’t give you my conviction (wish I could, you’d all be invested right now!), I can only share it with you.
— Finance99 (@99finance) July 19, 2021
Personal finance is personal, and there are many paths to its freedom. What works for me, may not work for you.
The greatest asset you have? YOUR BRAIN! 🤓
What are your goals and where is Finance99 going next?
My goals for the future? Get the 99%, literally everyone, seeing that the monetary world isn’t just for the rich, it’s for everyone. To teach and share this in a language we can all understand — we just haven’t been taught how it all works, and how it favors the few. Yes, I’m gonna put on my tinfoil hat and say, this is done with intention, and Yes, it favors the ones in power. Because if everyone really knew how simple this was, we’d all be financially free.
Give us your parting wisdom:
I’ll leave you with this. There is a difference between simple and easy. The road to wealth is simple: buy in the red, dollar cost average, hold, and let compounding step in and do the heavy lifting. Cast a wide or diversified net, and build up a massive asset base. Eventually you can borrow against these assets. But, is this easy? No. But it is simple and highly repeatable.
It isn’t easy when you see your portfolio on a rollercoaster. It isn’t easy to buy when everyone is running out of the burning building. But in order to be a good investor, we have to go against our nature. Our instincts are to run toward pleasure, and flee from pain. In order to become financially free sometimes you have to go against your human nature.
The only way to do that is through financial education and literacy. It comes back to the conviction argument. I’m able to hold my Bitcoin through this drawdown because I have taken the time to learn about it. I believe in Bitcoin.
Conclusion
The COVID-19 lockdowns afforded many of us the opportunity to renovate our personal finances. I love Fiance99’s story because it wasn’t just a dramatic renovation, it was a wholesale demolition and rebuild. With her new found experience and online brand, she’s building something fresh and incredible which I believe many will identify with, and want to listen to.
Thank-you Ashley for spending some time with us today and sharing your story!
Bonus Material
The destructive impacts of COVID-19 cannot be understated, and its full impact has still not been measured. However, we already know it will be measured in the trillions. While millions have died, and millions more infected, this collective global experience has also created many success stories and triumphs.
This experience has brought us all together, in unique and incredible ways. I would never have found Finance99 were it not for this pandemic.
I do believe the next 5 years will be difficult as we unwind the damage inflicted by the disease and we attempt to resume normalcy. However the personal finance lessons that we learned will last beyond and make us stronger.
Not to compare, but the depression of the 1920’s forged the generation together and framed their financial habits going forward. I believe the same thing will happen with our generation.
COVID-19 Economic Statistics, Charts & Graphs
Charts courtesy of Brookings Project Report on COVID-19’s economic impact
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