Incredible Journey of Duane, a North Bay Nurse: 55 Hours a Week and a Thriving Real Estate Portfolio!

At just 31 years old, Duane is a registered nurse in North Bay, Ontario, who has his sights set on an ambitious early retirement by the age of 35. With a tumultuous blend of long hours and an impressive real estate investment portfolio, he is on his way to achieving financial independence sooner than most.

Duane earns an impressive annual income of $140,000 from his nursing job, along with an additional $120,060 from his rental properties and $600 from the Canada Carbon Rebate. However, he also carries significant debt, including a staggering $1,184,038 across three mortgages and a $32,000 car loan. Despite this, he has managed to build commendable savings: $5,000 in a savings account, $120,000 in a Tax-Free Savings Account (TFSA), $30,000 in a Registered Retirement Savings Plan (RRSP), and $40,000 in a non-registered investment account.

Duane began his nursing career after completing his Bachelor of Science in Nursing at the age of 26, without any student debt. Although he holds a part-time position, he routinely works 55 hours a week by taking on extra shifts, saying, “I do overtime as much as possible.” He contemplates leaving his demanding nursing role in favor of something less stressful, ideally within four years. “Time is the one thing we have, and how can I start maximizing it?” he reflects on his future aspirations.

His ambitious strategy involves purchasing rental properties primarily aimed at students. Starting with his first property in 2020, Duane leveraged his savings while living with his parents. He refinanced his initial investment to acquire a second property in 2022 and just recently purchased a third alongside his partner, who qualified for a 5% government loan for first-time homebuyers. He refers to this strategy as a “house hack,” involving the conversion of single-family homes into smaller rental units to maximize cash flow.

“Learning about real estate and passive income fundamentally changed how I view money,” Duane reveals, emphasizing the importance of delayed gratification for future rewards. Currently, his rental properties nearly match his nursing income, allowing him a unique vantage point to reevaluate his lifestyle.

After reaching his target retirement, Duane plans to continue working in a less demanding capacity while expanding his investments. He envisions spending more time at home with his future family, prioritizing flexibility and stability in his work-life arrangement.

A Snapshot of Duane's Financial Life: Monthly Expenses

1. **Investments and Savings:** $3,833 - Contributions to TFSA, RRSP, and a non-registered investment account.

2. **Debt Servicing:** $7,131 - Payments toward mortgages and a car loan, balancing between investment in properties and necessary expenditures.

3. **Household and Transportation:** $4,404 - Expenses include utilities, property taxes, maintenance, and insurances.

4. **Food and Drink:** $900 - A budget that does not skimp on quality.

5. **Miscellaneous:** $7,018 - Notable expenses in taxation, gym contracts, sports, and leisure activities.

Duane’s proactive approach to wealth management, combined with a commitment to education and smart investing, demonstrates a profound understanding of financial potential. His determination to retire early is not just a personal goal but an inspiring journey that challenges conventional paths often taken in the pursuit of financial security. With a clear plan and the motivation to adapt, Duane’s story serves as a beacon of possibility for young professionals everywhere.

**Will Duane’s ambitious plans come to fruition? Only time will tell!**