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Fire financial independence retire early canada

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fire financial independence retire early canada

Financial Independence, Retire Early (F.I.R.E). Hi, I'm wondering if anyone on this forum is doing this movement. The FIRE (Financial Independence, Retire Early) movement is a lifestyle movement with the goal of gaining financial independence and retiring early. But I suppose this was the point of going for financial independence. My time is my own to spend it how I see fit after leaving my career.
fire financial independence retire early canada

Can anyone retire in their 30s? Meet the people who say yes

When did you start thinking seriously about preparing financially for your retirement? Not yet? Many people never do. One in three adults in the UK have no private pension, and will rely on the state pension in old age. Even those who do start saving usually only get round to it in their 40s and 50s, upping their pension contributions in the hope of retiring in their 60s. But there is a new breed of supersavers who have no intention of waiting that long. They intend to quit before the age of 40 and live a free life.

The Financial Independence, Retire Early (Fire) movement originated in the US, but has spread to the UK, attracting twenty- and thirtysomethings who do not intend to spend 40 years strapped to the corporate machine. Instead, they are practising a combination of extreme saving and rigorous investing to try to build up the “stash” you need – commonly seen as 25 times your annual expenditure – to quit, or, as these millennials put it, to “get Fired”.

Jordan Hall is 24 and a fully paid-up member of the movement, eagerly following blogs from the likes of Mr Money Mustache in the US and the Escape Artist in the UK. He earns £50,000 a year as a commercial manager – well above the national median figure of less than £30,000 – and saves 50% of his salary. He moved to Manchester from London because the cost of living was cheaper, shares a rented flat in the city centre for less than £400 a month and cycles to work.

Hall says it’s a question of being organised, not miserly. “I wouldn’t want to come across as some tight old git who doesn’t socialise,” he insists. He says the choices he makes are simply rational, and mentions using the free coffee machine in his office rather than stopping off for an expensive one at the shop at the entrance. “You would not believe how many people every single day get the coffee downstairs, paying £2.50 or £3. Do that every day for a year and it adds up to quite a significant number. Going out for lunch is another big thing.” Make your own sandwiches, he suggests.

He is putting his money into a lifetime Isa and “passive” tracker funds, which follow the stock market and charge low fees because they are not actively managed. He intends to buy a property in Manchester, rent it out and perhaps work abroad. “I enjoy my job for now, but things can change, and when I’m 30 or 35 I’d like to have the option of thinking: ‘Do you know what? Stuff it. I’m going to go and do something else.’ The goal is not retirement, but freedom to do whatever I want to do.”

Dave Hamilton, who is 41 and phone number santander customer service in south London, retired five years ago after spending 15 years working in data analytics. “I was always convinced there was more to life and more fun to be had in the world of nonwork,” he says. He has paid off his mortgage and, after spending the final seven years of his working life saving £35,000 of his £75,000 salary, has accumulated a pot of £500,000. Properly invested, he says, this should keep him going for the rest of his life. “I have very simple tastes. I don’t buy flashy clothes, cars, computers. My aim wasn’t to retire rich, but to retire with a realistic understanding of what I would need for my living standards to continue.”

He says his family and friends thought he was mad. “‘Why are you doing this?’ they said. ‘You’ve got a good job. You’ll get bored. I reckon you’ll be back in a year.’ I didn’t know what I was going to do, I just knew that the world was full of things I wanted to see gpa requirements for south carolina state university do, and even if I chose to watch daytime TV all week, at least I didn’t have to go into the office at someone else’s beck and call. Now, I have been retired for more than five years. In that time, I’ve travelled a a free credit card number with money, got married, had a child, learned Italian, taken up painting and built a house. I play a lot of tennis and rarely switch on the telly. I spend much less money now because the things I enjoy don’t cost that much.”

Emily (she prefers not to reveal her surname), who is 44 and earns £90,000 a year at a scientific company, is another committed Fire follower. She says she will work at most for another 10 years. That would make her a late retiree by Fire standards, but she wants to be sure she will never have to do paid work again.

She admits to getting carried away now and again, and imposing “shopping bans” where she does not buy anything except food. “You can get really obsessed about not spending any money, and that’s not good for you either,” she says. “The whole point about saving a huge pot of cash is not having to stress about money, so overstressing about saving that pot of cash isn’t doing you any good. You need to find that sweet spot between saving a decent amount and still living a life.”

Mr Money Mustache, AKA Pete Adeney, is the standard-bearer for Fire. A 44-year-old Canadian living in Colorado, he worked for 10 years before packing it all in just after he turned 30. He describes himself as a “mild-mannered retired computer engineer”. “I realised in my mid-20s that I was perfectly content to ride my bike to work and cook my own dinner,” he says. “So I had no interest in spending the relatively high salary that even an average income earner, let alone an engineer, makes here in the US. But I knew that money was a useful thing, so I wanted to put it to good use. I decided that buying my own freedom was probably the best use of that money.”

He divided his life into two phases – the working, earning, saving part and the living, creating, parenting part. “As a young engineer, I remember seeing what a challenge my older colleagues faced with having to divide their attention between their careers and their kids,” he fire financial independence retire early canada. “It seemed like they were not able to give their full efforts to either endeavour. So, I decided to focus purely on my work for that period of my life, and then focus on being a dad for the 18 years thereafter. I’m currently on year 13 of the second project.” He and his wife divorced recently, but he says they are “still very close co-parents”.

Through his widely read blog, Adeney has become the philosopher king of the movement, though he admits his ideas were anticipated by earlier practitioners such as Jacob Lund Fisker in his blog Early Jose mourinho address Extreme. Adeney calls his version of Fire “Mustachianism”, and says he started his blog in 2011 “out of a sense of exasperation”. “Already six years into retirement at that point, I was amazed that peers with similarly high incomes were not only still stuck working, but were still living almost paycheck to paycheck,” he says. His main tenet is that “happiness is not very expensive” – it is only retail companies and ad agencies that try to persuade you it is.

He tells his adherents, no matter how much they are earning, that they should aim to save and invest half their income. “At this level, your mandatory work career is about 17 years,” he says. “Just for comparison, saving three-quarters puts you at about eight years. It’s not really about early retirement; it’s about starting to live the best life you can right now, with more purpose and less stress. My blog has never really been about money; it is about encouraging humans to live happier and more rational lives.”

Barney Whiter, AKA the Escape Artist, is the best-known UK-based disciple ford finance account login Mustachianism. Now 48, he retired five years ago after a 20-year career in corporate finance. On his blog, he says he paid off his mortgage when he was 32, built up an investment portfolio and quit his job at the age of 43.

I tell Whiter Mustachianism sometimes sounds like a cult, and to my surprise he agrees. “You’ve got this charismatic leader and these very loyal followers,” he admits. But, he says, those followers are very diverse. “The people who come to the meet-ups are anything but clones. What they have in common is a desire not to be ripped off by ‘the Man’. They don’t subscribe to consumerism.”

Whiter says the Fire movement will get a boost early next year with the release of Travis Shakespeare’s documentary Playing With Fire, which charts the rise of the movement and looks at one couple’s efforts to achieve financial independence. Shakespeare has skin in the game, he says, because he has been practising Fire for the past decade, having previously been “financially illiterate” and still in the red when he turned 40. Discovering Fisker’s and Adeney’s writings (and inheriting some money from his father) saved him. “I told myself: ‘I have a chance now to not end up eating cat food in my old age.’”

Eight years on, he is financially independent, and feels this has allowed his career as a producer and director to flourish. “I began to make bolder choices at work because I knew that if I ‘failed’, I had a reliable backup plan,” he says.

Shakespeare argues that people who free themselves from what he calls “obligatory work” will be a force for good because many of them will use their creativity for socially useful ends, and that they have the capacity to become standard-bearers for anti-consumerism. He traces the idea of a fulfilled, liberated life back to 19th-century writer Henry David Thoreau and his paean to nature, Walden. The Fire movement even has its own version of Thoreau in Elizabeth Willard Thames, AKA Mrs Frugalwoods, who has written a book about opting out of urban life and buying 26 hectares (66 acres) of woodland in rural Vermont, on which she lives with her husband and two daughters. Like Adeney, she hymns the simple, outdoor life unencumbered by excess – a rival American dream to the consumerist one. Both dreams require money – buying 66 acres of rural Vermont complete with house and barn cost the Frugalwoods $389,000.

Does Fire have anything to offer people on lower incomes? Most of the practitioners in the UK who I speak to are sceptical. It is possible to see the whole movement as malign (Whiter wonders whether I am preparing a “hatchet job”), with middle-class people using rising property prices and a buoyant stock market to become a new leisured aristocracy.

I don’t want to do a hatchet job – I can see that financial independence is attractive, and that an anticonsumerism philosophy, even if more libertarian than socially driven, can be positive. But you can’t ignore what one Fire aspirant called the movement’s “dirty little secret”: saving on a low income is hell. What does Fire offer those who are on low-paying or zero bank of hawaii wahiawa branch hours contracts, can’t escape high rent or childcare costs, and will be lucky to get out of poverty and enjoy leisure on a reasonable income at 70, let alone 40?

“Your question is one that I have also grappled with,” Shakespeare says. “Obviously Fire is not a path for the working poor, and I don’t think anyone is claiming it ever could be. However, once a person earns more than she needs for basic expenses, she is in a position to grow wealth and pursue a greater sense of freedom and agency over her life.” Shakespeare suggests adopting an incremental approach – everyone who has something left over from spending on essentials should save what they can to buy some degree of freedom. “I personally think of Fire less in terms of polarity – ie, you’re either financially independent or not – and more in terms of stages,” he says. “For example, if someone is able to save a month’s salary, he is protected from events like a water heater going out or a car breakdown. If he saves six months, his ability to comfortably manoeuvre, say, a job change is much more powerful. A year’s savings gives a person the ability to take a year off, try to start a business, go back to school, etc. All these markers grant the individual greater power over, for lack of a better phrase, wage slavery. If you’ve got three years of wages in the bank you can make even bolder decisions.”

“My favourite debate!” says Whiter. “The tools and techniques of Fire are needed more by low-income people – to avoid them being fucked over by the system.” In fire financial independence retire early canada blogpost entitled Financial Independence Is for Everyone, he tackles the subject head on: “If you’re not a high earner, it’s even more important not to piss your money away on ridiculous spending. Living paycheck to paycheck leaves people at the bottom of society prone to disaster. They, more than anyone, need the techniques of financial independence to build a safety net and gain options to improve their life.”

In another post last month, Whiter featured his friend Ken Okoroafor, who arrived in the UK from Nigeria at the age of 14, speaking poor English, lived in a bedsit and encountered daily racism. Twenty years later, he too is financially independent. If Okoroafor could do it, suggested Whiter, anyone could. But he went on to make a more general point – that everyone, whatever their circumstances, can do something to improve their situation. “Sometimes, people tell me that not everyone can get to financial independence,” he writes. “I file that information under ‘N’ for ‘No shit, Sherlock’. Not everyone can run a marathon in three hours either. But more people would be fire financial independence retire early canada to run five or 10 miles if they put down the doughnuts and went for a run.”

I did find some people earning close to the national medianwho had retired early or were hoping to quit or reduce their hours of paid work. Ilyas (not his real name), a 35-year-old lecturer in the north of England who earns about £30,000 a year, believes it is possible to plan for Fire on that income. He has a wife – Ilyas calls her the “queen of frugality” – and two children, but has already paid off his mortgage, is saving 60% of his income and plans to go part-time within the next four years. He hopes to use his semi-retirement to write fiction. A Muslim, he isn’t permitted to use interest-bearing bank accounts, which makes reaching this position even more remarkable.

Greg and Frankie Owens, both 43 and recently retired, approached their decision to leave the world of work less systematically than many in the Fire community. “We started formulating plans to retire about seven years ago,” says Frankie. “We had our children young how to calculate mortgage insurance payment our youngest [of four] was 18 this year – and knew they would be leaving home at this age. I was a teacher and was working very hard, and thinking about retiring early was a way to keep going.” They saved hard, paid down their mortgage, lived frugally, never owned a car.

Greg had a brain haemorrhage last year – which was the trigger to put their plan into action. The Owens were keen on boating and, when Greg recovered, they sold their house in Bradford and bought a 55ft narrowboat. They now cruise the canals of Yorkshire, moving on every couple of weeks to avoid mooring fees. They have a budget of about £750 a month, which they admit is tight, but say that having to forgo a few luxuries is worth it in exchange for the freedom.

I ask them what their children think of their nomadic lifestyle. “They are somewhere between amused and despairing,” says Frankie, “but I think they are secretly quite pleased. They understand that we want to do something for us and that we worked hard for a long time.” Greg, who used to be a copywriter, says having their first child at 19 meant they were never “young and free”, so they have chosen freedom now. A perfect example of living your life backwards, though they accept that in a couple of decades, when they take their occupational and state pensions, they may come back on to dry land and invest in a flat. Until then, they just hope to stay afloat.

Financial advisers, who may feel threatened by the Fire community’s capacity for independent action, are largely dismissive of its approach. “People need to realise that we can’t have our cake and eat it,” Martin Stewart, director of the financial advice firm London Money, told the Daily Telegraph in September. “Sure, save half your salary, eat the roadkill, bin-dip, raid the charity shops, recycle everything, just stay in and actually read the T&Cs of things rather than waste money going out. From this you will create lots of savings, but sadly very few memories.”

“I hate it,” the US personal finance guru Suze Orman said last month when asked about Fire on the Afford Anything podcast. “As you get older, things happen. You’re hit by a car, you fall down on the ice, you get sick, you get cancer. Things happen, and if you don’t have a significant amount of money, what are you going to do? You are going to burn up alive.” By significant amount of money she didn’t mean $250,000 (£195,000) or even a million. “Two million is nothing,” she said. “It’s nothing. It’s pennies in today’s world.” She thought $10m might just about do it.

“This thinking is completely backwards,” Adeney countered in a blogpost. “Money will not cure your fear, as the megamillionaire Suze proves so clearly. If you are afraid of what might happen in the future, you have a mental problem rather than a financial problem.”

He ended his counterblast with what sounded like a manifesto. Fire, he said, is “a system of living your best life in all ways rather than just the financial, based on our best understanding of human nature, with a bit of math and science behind it … It’s always open for modification or improvement, but like science itself, there’s nothing for a rational person to hate. Who hates learning? The reason it has spread to millions of people is that it works. People try it, they like the results, so they share it with their friends, and the cycle repeats. There’s no stopping an idea or a movement like that.”


What FIRE (Financial Independence, Retire Early) Means for Canadians, with Bob Lai

Have you heard of FIRE yet? It’s a movement to achieve financial independence so you can retire early. But, does FIRE mean you need to make six figures or live in an RV? Bob Lai from the site, Tawcan, comes on the show to discuss what FIRE really means and how it applies to Canadians.

Welcome to the Maple Money Show, the podcast that helps Canadians improve their personal finances to create lasting financial freedom. If you’re unsure about how much room you have left for RRSP contributions, our sponsor Wealthsimple has an RRSP tracker that takes into account your salary, adjusts for any raise you get, plus contributions already made to your RRSP and employer plans. Find out more at Now, let’s gather around the fire with Bob.

Tom: Bob, welcome to the Maple Money Show.

Bob: Thanks for having me.

Tom: I want to talk about FIRE. It’s a big movement lately and I feel like it kind of came up as a surprise to me. I didn’t realize it was a thing fire financial independence retire early canada maybe two or three years ago. Can you just take us back to the basics and explain not only what FIRE stands for but also what it is?

Bob: Sure. So FIRE stands for Financial Independence, Retire Early. I don’t actually know who came up with that acronym but essentially it means if you save enough and invest enough in appreciating assets, it generates enough passive income to be equal or greater than your expenses. At that point, once you’re financially independent you could choose to retire early first bank of nigeria swift code you wanted to or continue to work. You have that freedom. The movement is getting more and more popular. It’s getting a lot of media coverage but I think it’s a little bit mislabeled because most of the media coverage by CNBC or Yahoo, MSNBC and all these big names, even The New York Times, all focus on the “retire early” part and it’s kind of mislabeled as a movement because a lot of people are financially independent and are still working—but at different aspects. For ode to the west wind imagery, Mr. Money Mustache is a really well-known figure within the FIRE community or personal finance community in general. He was financially independent when he retired from his work. I think he was working as a computer engineer and now he works as a carpenter as a hobby. He still makes money but he likes it. Some people think that he’s still working in the traditional sense but from his point of view he’s not working, he’s doing stuff he enjoys. Whether he gets paid or not doesn’t really matter. Unfortunately, a lot of the media put a little bit of spin on these stories to make people want to read them which kind of puts a negative vibe on the FIRE movement. But, in general, I think the FIRE movement is pretty positive. It basically just stands for finding financial freedom so you can do things you want in life. That’s how I understand it.

Tom: There’s nothing wrong with continuing to have some sort of job even if someone is 80 years old and retired. They might work at Wal-Mart just because they want to talk to people, not because they necessarily have to.

Bob: Exactly. Take ourselves for example. My wife and I technically could be financially independent. We decided not to. We’re prolonging our FIRE journey. We were aiming to be at FIRE by our early 40s but we’re not really in a hurry to get there right now. And whether we retire or not we’ll just kind of play as it goes. If that happens it happens. If not, we’ll see what happens. I might continue working at my full-time job. Things might change in high tech, so who knows? Ask me again in five years.

Tom: I guess it’s still about having that independent choice. If you feel like you’re able to retire doesn’t mean you have to retire. You can continue to not only get that paycheck but it also gives you a chance to spend time with peers. I assume you probably like your job?

Bob: Yeah, and the big thing people need to understand is when you have the power to decide whether you want to work or not, you’re no longer tied to that paycheck every two weeks. So you could quit today if you wanted to. Whereas, before you were financially independent, even though you might want to quit, you still need that paycheck. It just shifts that mentality so the power is completely in your lap. Say your job is lame for 50 percent of the people tomorrow; you wouldn’t worry about it because you’d be fine either way. That’s the kind of power it gives you. The power of capital belongs to you (and your employer), for example.

Tom: Yeah, with my day job I’ve gone through a reorganization of the company or the department almost once a year for quite awhile now and I totally get that mental aspect where I’ve got something going on the side with my business and it sort of changes that mindset where you’re not in total fear. I feel like I can make this work if I had to, but for now I’m staying with my job. I totally get that mental aspect. I think that would apply to anybody even if they were driving Uber on the side. Just making some extra money would take some of that pressure off of this idea where it seems like everything’s riding on this one job.

Bob: Yeah. It’s about having multiple income streams too. The idea you’re buying your own stocks, real estate or if you have royalties somewhere with side businesses that generate income, you’re not just relying on one single source. That’s another way to look at it. Right now if you’re working a full-time job, and let’s say 99 percent your income comes from that job, if you get laid off, that’s it—you’ll have to find another job. Now, if you’re able to have different side businesses going on and possibly being house-top to other incomes as well, it’s not as much of a burden if you don’t have your full-time job anymore. So that’s part of the equation as well.

Tom: You touched earlier on this idea that in the media they focus on whether or not you’re truly retired and I’ve even seen that in the community. People can have different opinions on whether that counts or not. But I’ve also seen the other side where people in this FIRE community kind of get upset if someone’s not frugal enough. Can you explain what’s going on there?

Bob: Well it’s almost the opposite of keeping up with the Joneses. It could be very detrimental in the FIRE community, I suppose. A lot of people compare savings. By savings I mean, the amount of money you save each month divided by the amount of money you earn each month. That gives you your savings rate per month. Traditional personal finance experts say you need to save 10 to 15 percent for retirement and within the FIRE community we’re saving 50, 60, 70 percent—even 80 percent of our income each month. And that puts on a tremendous amount of pressure if you’re actually comparing yourself to another FIRE person. It’s encouraging to see what other people are doing but you shouldn’t feel trapped or all i want for christmas is you to have to keep up with these people because everybody’s situation is different. Some people are doubling contributions, some people are singling contributions. Some people have kids, some don’t have kids. We live in Vancouver, one of the country’s most expensive cities but somebody could be living in Raleigh, North Carolina which certainly has a lower cost of living compared to Vancouver so it’s hard to compare. I think the important part is encouraging each other and help each other in connecting—in how we can do things differently and stuff. Bankwest closing branches think that’s very helpful within the community instead of having to compare all the time, because the other side of the thing is to compare your net worth. And you can’t compare that. Just because we’re both 35 doesn’t mean we should have the exact same amount of net worth because we come from different backgrounds. We might have different jobs; our capital one 360 checking promo code 2020 situations are completely different so it’s just not very fair to compare savings rate as well as net worth.

Tom: Obviously, it’s better if you have a higher income but is it only for people with high incomes? I’ve seen stories where someone is saving 75 percent but they make $200,000 and their spouse makes $150,000 so you can see how they can save 75 percent.

Bob: That’s another negative from within the FIRE community. In general, I think people are saying it’s usually a white male in the “tech sector” which means they make a lot of money—somebody who is making six-figure money where the spouse is working as well. So they’re doubling. And there may be no kids. So, they’re making $250,000 a year and it doesn’t take a rocket scientist to say you can save a million dollars if you’re making $250,000 a year.

Tom: Yeah.

Bob: But at the same time, I think it is also possible to re-fire when you have a lower income to support it. It does take more time. It does take more sacrifices. But it’s also possible. Basically, the fundamental about FIRE is just increasing your savings gap. You want to increase the amount of money you make and decrease the amount of money you spend. That way you’re increasing your savings rate. I call that the “gap.” As your gap widens, it means you could save more money with investment money and watch that money grow faster. Obviously, if you have a higher income it’s easier to save more. Say you’re making $200,000 and you only spend $50,000, you have $150,000 to save. If you’re only making $100,000 and you’re spending $50,000 you’ll only have $50,000 to save so obviously (using simple math) it takes longer. But, I think it’s totally doable even if you have a lower income. It just takes longer. You might need to look at other work, maybe side-hustles or side businesses or try to get promotions. Try to increase your income to re-fire your FIRE journey.

Tom: That’s really just good advice anyways. Even if someone’s looking to retire at 55 or 60, it still comes down to if you want to save you certainly need to spend less than you make it. That sounds simple but, obviously, people can still get that wrong.

Bob: The other thing is, when they start, people usually look at their expenses, right? The thing is you can only cut your expenses by so much. After awhile you start fire financial independence retire early canada yourself. You don’t want to be eating Ramen noodles every day, eating unhealthy and watching your health go sideways. That’s not good. There are only so many things you can do to cut your expenses. Once your expenses are pretty lean you need to look at the other side of the equation by increasing your income. It goes hand-in-hand. When they look at FIRE, I think a lot of people think about extreme frugality. I don’t agree with that. For me, my motto on my blog is, “You need to find the right personal balance between saving for the future and spending for today.” You still need to enjoy your life because when you’re dead you can’t spend your money. That’s the reality. You can always say, “I’ll do it later, later, later,” but will later actually come for you? To give you an example, my wife and I went to Italy for our honeymoon six years ago. We wanted to go queen-class but it was expensive. I was looking at the price and thought perhaps we’d do it later. Six years later and we’ve never been back to Italy. And now we’re wishing we would have done that because it wasn’t really that much for us, in hindsight. It’s about finding that balance between spending and saving for your future. Craigslist fort smith houses for rent right balance for me may not be the right balance for you. Find that balance for you so you can still be happy while saving for the future. That’s very important.

Tom: Yeah, I’m still struggling with that balance too. When I first got into personal finance and started the blog and everything, I was very frugality-based. It was cut the expenses—that seemed to be where to get the money, but you’re right, you hit a point where you’re not going to improve anymore. There’s only so much you can cut. The last few years I’ve been more interested in the “make money” side of it because there’s just so much more potential there. You also touched on doing things you still enjoy. My wife and I did an all-inclusive vacation for our honeymoon. That was 10 years ago. We loved it. We’re doing our next all-inclusive vacation this coming year which is 10 years later but that’s only because of work and kids. But we are at a point now where we’re thinking we should probably actually be doing that stuff. And I don’t want to wait to retire just to enjoy a trip that isn’t connected to work in any way.

Bob: Exactly.

Tom: Another question I had too was I’ve heard the term lean-FIRE and fat-FIRE. And again, I don’t know if these are just separate camps within the FIRE community or what but can you explain what those are?

Bob: Sure. There’s the term lean-FIRE, fat-FIRE and I think I’ve heard the term boost-the-FIRE as well so— that’s crazy. Lean-FIRE is basically when you’re financially independent and can retire any year. You save 25 times your annual expenses. So it’s the 4 percent withdrawal rule. That’s typically called lean-FIRE. It’s where you’re able to sustain your current lifestyle. Fat-FIRE is you’re actually greater than 25 times. You’re essentially living a little bit large in retirement and you’re spending a lot more than lean-FIRE.

Tom: Okay.

Bob: And, boost-the-FIRE— I think this applies more to ode to the west wind imagery States because health insurance is a mess in the States. A lot of people there actually go and work at Starbucks so they can get health insurance. That way they don’t have to worry about that aspect. Here in Canada, that’s something we don’t have to worry about which makes FIRE a lot easier in Canada, in my opinion.

Tom: That’s something else I wanted to touch on was what makes FIRE different in Canada. You mentioned health care. Are there any other things that are different? I heard something in the States… It was probably on some American blog where, if you make a certain amount you can qualify for Social Security or something like that. That’s almost like one of the goals. Are there certain dollar amounts we’re looking at?

Bob: I think for one, our (tax-free savings account) TFSA doesn’t have a withdrawal age limit. I think the equivalent in the States is the Roth IRA where you have to be over the age of 51 before you can withdrawal whereas with the TFSA, you can make a withdrawal anytime. It’s a lot more flexible in Canada. Health insurance—that’s a huge aspect because I hear stories of people going in for simple surgeries and coming out with a $10,000 or $20,000 bill even though they’re insured. It’s crazy. Other than that, I don’t think there are significant differences. We have CPP and Old Age Security (OAS). I think they’ve got something similar in the States as well. They have something similar to an RRSP which is capped. You can only withdrawal at a certain age. If withdraw before you get to that age, you get a penalty. I think the healthcare is the biggest difference.

Tom: I think with something like CPP you have to wait for a certain age. And you should wait because the longer you wait with CPP, the more you get. If you’re able to live without that, you’re all the better for it. Another thought I had was, obviously, the TFSAs are way more useful but with the RRSP you can withdrawal when you are at a low income. So, say you’re that guy making $200,000 a year and putting money into an RRSP, you could withdrawal that in your 40s or whatever because maybe you’ve purposely kept your income down to a really low tax bracket.

Bob: I do some calculations on my blog where I do the tax assumption for when we’re retired and living off our dividend income or our income from investing and simulate how much we can withdrawal from our RRSPs without getting hit. With the RRSP, if you withdraw $5,000 or more… Below $5,000 I think the withholding tax is 10 percent and then $5,000 and up to $10,000 is 20 percent and after that is 30 percent. I did those types of simulations and found out my wife and I could withdraw $10,000 each and still get that money back. So that’s pretty significant if you think about it. That’s $20,000 right there that you can use each year.

Tom: And even if you went into that next tax bracket it would still be less than probably what you contributed to it. And if you’re in a higher tax bracket in the first step charter one bank atm locations get that tax refund. Yeah, maybe FIRE is easier in Canada. One thing you mentioned too though is, you live in Vancouver which is very, very, far from cheap. I don’t know if there are a lot of great opportunities in Canada but when I look at the US I see there are a lot of places where you can live a lot cheaper. Obviously, healthcare then becomes a problem so you might not want to just pack up and move to the States. Have you ever considered if you were to go fully FIRE, would you move from Vancouver?

Bob: Yes, I referred to it earlier. Technically, we could be FIRED— and by FIRED I mean if we pack up in Vancouver, sell our house and move somewhere else. My wife is from Denmark which isn’t the cheapest place to live on Earth either but if moving to Taiwan, that’s certainly a lot cheaper than in Vancouver and Denmark. Also, we thought about whether we could move to Asia for a couple of years to live somewhere cheap. Even somewhere in Europe like Italy, Portugal, Spain—those are pretty cheap countries. So there are different ways, it’s called geo-arbitrage. Essentially, you try to find a lower cost of living so you don’t have to save as much money to claim yourself as FIRE. That’s one of the things you certainly can do. There are also people that sell their house and travel around in an RV. That’s another way to cut down your living expenses. It’s whatever you’re comfortable with, I think. What we learned is, we’re trying to be as flexible as we can. We’ve got two young kids so we thought, “Hey, if we move to Asia for a couple of years that would be a great learning experience for the kids.” We could home-school them. They can learn different languages from different cultures. I think that’s way better than them in school for two years learning from books. I think you gain way more experience by traveling as a kid. So that’s certainly something we’re considering.

Tom: For sure. Well, at an early enough age too, I don’t think they’re going to mind at all.

Bob: Exactly.

Tom: I know as my kids start to get older if I tried to move them around they’d probably get a little upset with me. Or if I told them they had to live in an RV now.

Bob: In general, I think if we’re talking about FIRE in Canada, there are not as many bloggers that blog about FIRE. It’s predominant in America so a lot of the information you get is sort of American-related. The concept still applies for the most part though. But when you start talking about healthcare, I kind of tune myself out, especially with tax-deferred, tax-advantage accounts—that’s a bit different. The tax situation is different in Canada versus the States. I know a few FIRE bloggers in Canada and it’s nice to connect with them. The feedback I get from my readers is mostly from Canadians. It’s always nice to get a Canadian perspective when it comes to investing and how to achieve FIRE conceptually. I think that’s pretty neat to have. And it’s different with each country too. I think as the FIRE movement grows— it’s certainly getting more popular in Europe and Asia, there are a few bloggers here and there, and in different countries as well.

Tom: For Canadians, in addition to your own blog, of course, what other blogs could they be checking out?

Bob: Millennial Revolution. I think they retired in their early 30s and are living in Europe. I think their site is more geared toward Americans, to be honest. I could be wrong. My own advisor talks about FIRE but Mark is really more personal finance oriented.

Tom: Ultimately, any personal finance blogs—

Bob: It’s about financing basically.

Tom: Yeah, I can’t think of anyone that wants to fix their finances that isn’t interested in retiring early to some degree. Nobody wants to “have to work” until they’re 70. So like you said, ultimately it just comes down to a cash flow and spend less 1st grade color by number worksheets you make. Anybody that does that and tries to increase that gap more and more is heading in the right direction. That also helps them come to retirement because one thing I think people have issues with sometimes is they’re used to spending at a certain level while they’re working, and even as a traditional retirement at 65, it’s hard to make that adjustment. You’re not going to work now, so how do you change your spending? But, if you’re living as lean you can comfortably, that’s got to help a long ways. Any blog could help with that.

Bob: I think there is absolutely nothing wrong for you to retire at age 60, 65 or whatever. There’s absolutely nothing wrong with it. It’s just that some people love working until they’re 65 or longer. Just because you’re retiring at 65, 66 or 67, doesn’t make you less successful than people retired at age 30. Take me for example. People say, “Oh, you’re thinking of achieving FIRE in your early 30s or 40s. That’s amazing! You must be so successful.” And I say, “No, I’m no more successful than somebody else who retires at 65.” Again, going back to what we talked about in the beginning, we each have to frame our own “life path.” My situation is different than yours so you can’t judge two people the same. Still, if somebody says they’ll be retiring at age 65, I tell them congratulation and wish them well and just be encouraging and supportive.

Tom: And if someone wants to work longer, that’s totally fine. But I think just having that ability to know you didn’t need to work would be nice. It does change that mindset. Anyways, thanks for being on the show. And can you tell everybody where they can find you?

Bob: Yes, thanks for having me on the show. You can find me on my blog at; I’m also pretty active on Twitter so you can find me @ tawcan. Drop me off a line if you want to chat and learn more about FIRE.

Tom: Great, thanks for being on the show.

Bob: Hey, no problem.

Thanks to Bob for breaking down Fire financial independence retire early canada for us. You can find the show notes for this episode at If you’re interested in achieving FIRE, head over to where you’ll find all our articles on frugal living, paying off debt, and saving your money. Thanks for listening to the show. See you next week.



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The 15 Best Personal Finance Blogs You Should Be Following

When asked about our goals, we usually tie them to our careers or our finances. While our careers can definitely help us achieve our financial goals, delving into the world of personal finance can be a great complement to this. One way to supercharge your personal financial chops is to read some of the best  Canadian personal finance blogs — or fifteen of them.

The world of personal finance in Canada can seem like a mystery to some, but what if it didn’t have to be? Regardless of your goals, there is plenty of information out there to whole foods san francisco market you achieve them. Whether you’re looking to pay down debt, build up credit, invest, or save, there is a ton of information available online — the trick is finding the right kind for you, your lifestyle, and your needs.

The sheer amount of information available on personal finance websites can be overwhelming, so we put together our list of the best Canadian personal finance blogs you should be following to help you master your money management.

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15 Best Canadian Personal Finance Blogs

In school, some of us wanted to be friends with the student who did all the reading, listened in class, and took the best notes (and some of us were that student). Why? Because when it came time to prepare for a test, we knew we’d be ready.

Today, we’re that boa credit card online login for you. We’ve done the reading, taken the notes, and now we're ready to present some of our favourite Canadian personal finance blogs. Some are informative, others are entertaining, but every single one is worth your time! Here are our 15 fire financial independence retire early canada blogs about personal finance for Canadians, in no particular order:

1. Mint Worthy

This Canada personal finance blog, targeted specifically toward women, seeks to break the taboo of talking about finances. With a background as a CPA and Master Neuro-Linguistic Programming Practitioner, Vanessa Bowen has the financial knowledge to lend, as well as the strategies and mindset coaching to see you through it all.

When she made the connection between financial freedom and her own ability to follow her dreams, she couldn’t help but share that experience. Offering what she refers to as “holistic” coaching, she blends financial literacy with real talk to change your financial reality.

Vanessa covers everything from budgeting (a big focus), reducing debt, building emergency savings, and setting and achieving money goals on her personal finance website and blog.

2. MapleMoney

Tom Drake wants to show you how to make, save, invest, and spend money — so there’s something here for everyone! As a can i pay my key bank loan online analyst based out of Alberta, Tom started his site in 2009 to share what he calls his “money experiments.”

Today, the topics on his personal finance website cover the wide spectrum of money management — everything from starting a side gig (make!) and reducing utility usage (save!), to how to gain tax advantages (invest!) and using promo codes (spend!).

3. Squawkfox

Meet Kerry K. Taylor, a Canadian personal finance journalist who has been dishing out sound money management advice and skills via her blog and TV appearances, which span over her 10+ year career. Taylor offers a refreshing take on finances and money management, tackling topics like emotions and money, and how behavioural science can help us pay off debt faster.

Why do we love her? Because she doesn’t just crunch the numbers to show you exactly how much you could be saving and how much the decisions you make every day are really costing you! She also digs deep and goes beyond the numbers to address the real issues that impact personal finance for Canadians. Plus, she recently dealt with some serious health challenges, and took it in stride while guiding others just like her.

4. HowToSaveMoney

Stephen Weyman wants you to save money. He really does! Growing up with an Investment Advisor — his father — Stephen learned early on how to treat money responsibly — and he wants to share his secrets with you… for free.

He’s done all the homework: He’s compared credit card fees and rewards programs, cable and internet providers, and much more. He also provides a plethora of how-to's, like how to watch sports for less, and how to stack grocery deals and coupons to get the best deal. If a Canada personal finance blog that covers money-saving topics sounds good to you, consider subscribing to HowToSaveMoney today!

5. Money After Graduation

Bridget Casey wants you to live your best financial life. A millennial finance expert with an MBA from the University of Calgary, Casey has been recognized as one of Alberta’s Top Young Innovators.

She founded the finance website not as a place for tips on clipping coupons and giving up lattes, but to help readers get ahead financially.for real. It offers regular advice and encouragement to become an entrepreneur instead of an employee, a shareholder instead of a consumer, and a money master instead of a victim of your finances.

6. My Own Advisor

Like many young people, My Own Advisor’s advisor, Mark Seed, was told that one of the best wealth building strategies was to invest. So, in his 20’s he did just that — he started investing.

After realizing how much his bank was taking in money management fees, he took matters into his own hands. He read everything he could get his hands on, setting a goal of an investment portfolio worth $1 million and, he did it around age 40.

Seed provides everything from investing basics to specific stock and trading advice. If your goal is to build your portfolio and learn to invest for wealth building, this Canadian investment blog is a great place to start!

7. Half Banked

For a lot of millennials (and others as well), managing their finances, financial goals, and saving are akin to sacrifice. It seems, for many, a choice between living and enjoying life now or saving for the future.

But, Desirae Odjick argues that the two aren’t mutually exclusive. In fact, her blog boasts that you can save AND drink your lattes. With four pillars to money management (spend well, save money, make a budget, and invest), Odjick and her team provide real and simple strategies for each fire financial independence retire early canada, so their audience can leverage tools, tech, and other resources to build their wealth.

8. Modern FImily

Nic and Court lived in the US but now reside in gorgeous Alberta, Canada (Court has dual citizenship). They have a daughter named Finn, and in 2018 they achieved financial independence for their family.  Looking to add an additional member, they set (and achieved by the end of 2020) a new family-of-four FIRE goal number — FIRE meaning financial independence and retire early. But their finances weren't always in a good place.

Together they had over $100,000 in student loan debt but managed to pay it all off in just 2.5 years. And they didn't do it by depriving themselves. Instead, they jumped off what they refer to as the "work-spend treadmill," focused more on living with intention, and looked for ways to gamify life while increasing their enjoyment. Their motto: be weird and wealthy. 

They have a FIRE Community Guest Interview series, a Master the Big Stuff series (like food, housing and transportation) and offer travel hacks.

9. Savvy New Canadians

Meet Enoch Omololu. He’s a self-described “new Canadian,” having immigrated to Canada in 2011. Although he’s a veterinarian by profession, he’s very passionate about personal finances. He received his Master’s Degree in Finance and Investment from the University of Aberdeen, Scotland. 

His blog began as a way of chronicling his understanding of financial issues as they related to his new home in Canada. Now he covers topics about personal finance for Canadians ranging from DIY investing to frugal living, and even contributed to our very own blog with this awesome article, Want to Improve Your Financial Situation? Try These 10 Savvy Money Tips. 

10. Money We Have

Like travelling? Like money? So does Barry Choi. His blog is all about doing the things you love (like travelling) while still keeping up with your savings and financial goals.

Who said you had to choose between enjoying your life and enjoying your financial independence? You could even go so far as to say that they both go hand-in-hand, and Barry Choi agrees. His expertise includes personal finance, budgeting for travel, millennial money issues, credit cards, and frugal living.

11. Retire Happy

This popular Canada retirement blog is dedicated to “making retirement the best years of your life." Retire Happy focuses on delivering top-quality financial planning information that is practical, timeless, and can make a lasting difference to your long-term financial well-being (versus quick wins that can come crashing down). The site is chock-full of information.

Author and columnist, Jim Yih has been writing about finance since 2000, and everything he’s written is still available through his site. With so much information at your fingertips, Jim recommends making the search bar on his site your new bestie to find just what you’re looking for!

12. Mixed Up Money

A blog that has won the Canadian Personal Finance Blog of the Year award twice, Mixed Up Money offers a “safe space for women who care about their money.” Founded by Alyssa Davies, a content specialist for Zolo, this  blog helps make learning about personal finance in Canada easy and fun for readers.

Whether you need help with controlling impulse spending, advice on buying a home, or information about RESPs, Alyssa and her team of writers have the knowledge and compassion to help.

13. Million Dollar Journey

This blogger, who is known only as “Frugal Trader” or “FT” began Million Dollar Journey in 2006 with just under $200,000 in the bank and one goal: To turn that $200K into—you guessed it—one million dollars by 2014.

Congratulations are in order, because FT did it with time to spare. Now, you can read all about how FT did it with bi-yearly summaries encompassing the 8-year journey. He covers topics like withdrawing from your TFSA to comparing online banking options.

14. Making Momentum

An Ontario resident, Scott from Making Momentum began a mission to take control of his money and life in 2018. In doing so, he created this personal finance and development blog for the everyday person to connect with like-minded people looking to make more money, save money, travel the world for less, and become more productive.

Through his blog, Scott aims to help readers enjoy wins both big and small, ultimately shifting the trajectory of their life! With tags such as saving, debt, student loans, travel hacks, side hustles, and retirement, there’s something for everyone.

15. Cut The Crap Investing

Former advertising writer and creative director, Dale Roberts, quit his day job in 2013 to move to Tangerine and work as a personal financial advisor to help people discover lower fee index investing. Little did he know that five years later he would create a popular Canadian investment blog, too.

“Most Canadians are still invested in high fee crap,” he writes. “I hope to show millions of my fellow Canadians how easy it might be to take control of their investments, cut those fees and ties to the high fee investment industry and live better financial lives.”

Roberts also writes for Seeking Alpha, a popular investment site, on topics such as asset allocation, dividend strategies, and retirement. To date, he’s written over 280+ Canadian investment blog posts, which we could all learn a thing or two from.

What to Look for in a Personal Finance Blog

When it comes to figuring out what makes a good Canadian finance blog ‘good’ we’ve narrowed it cox login pay bill to four things to look for:

1. A good Canadian personal finance blog should be interesting.

At the very least, whatever you’re reading up on should be interesting to you. Many of us are so crunched for time, and so much of our lives can be tied up in our professions, that when it’s time to clock out at the end of the day, the last thing you may want to do is spend your precious time doing something that doesn’t interest you.

And while the world might tell you that working on your personal finances isn't fun (and by the way, it definitely can!), we’re here to tell you that at the very least, it should be interesting. One way Canadian bloggers make talking about personal finances interesting is through the value of the knowledge they provide, like saving you an extra $50 a week, or giving you options on how to pay off debt faster.

2. A Canadian finance blog should provide you with tips you can apply to your everyday life.

Because what’s the point in reading something that doesn’t bring some value to your life? Whether it’s entertainment, making your life easier in some way, or giving you a whole new perspective on something you thought there was no solution to, like paying off your student loan or credit card debt.

But there’s so much information available on the internet, that sometimes, it can be overwhelming. That’s why information that is simple, clear and easy to apply to your everyday life is monumental and can be life-changing, especially when it comes to your finances.

3. Money blogs in Canada should speak to Canadians, eh.

It’s easy to find a great money blog, but finding a great Canadian money blog can take a little extra leg work. As Canadians, our finances can be quite different from our American neighbours, so you have to be careful where you’re getting your financial information from.

It’s important that anytime you’re basing a financial decision on something you read in a personal finance blog, that you make sure it’s coming from a Canadian source.

4. A Canadian finance blog should inspire you.

Sometimes reading about personal finances can make you feel stressed, overwhelmed and like it’s already too late. But a good personal finance blog will do the opposite — it should make you feel hopeful, motivated, and inspire you to incorporate simple changes into your day-to-day living and spending that will make a big difference in how you feel about yourself and your future. 

The best Canadian personal finance blogs break down complex (and sometimes intimidating) money management ideas and concepts into easy-to-use tips that anyone can understand. After reading a good personal finance blog post, you should feel motivated and inspired to take on your financial goals from an empowered and positive place. Bottom line: a good financial blog will make you feel good.

A Financial Blog for Everyone

There’s no shortage of advice out there. The trick is finding what works for you, your situation, and perhaps, for some, how risk-averse you are. There are many paths to wealth, you just have to decide to take one. In fact, there are many more financial and Canadian investment blogs out there — we’ve only highlighted a few stand-outs.

An online search will, undoubtedly, reveal more (and perhaps fire financial independence retire early canada better) Canada personal finance blogs suited to your particular situation. Share your own personal favourites in the comments below! And of course, if you haven’t already subscribed to Credit Canada’s blog, there’s no time like the present. When you know better, you do better, so what are you waiting for? 

Looking for a little more one-on-one expert advice when it comes to debt and personal finances? Credit Canada's awesome Credit Counsellors are here to help! All of our counselling is free and confidential. Simply call 1.800.267.2272 to book a free counselling session, or book a free debt assessment online. 

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How to figure out when you're financially independent so you can retire

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Retirement is about more than money, insists author Mike Drak. You need to get a handle on how you want to live

Author of the article:

Mike Drak, Special to Financial Post

Publishing date:

Jul 02, 2021 •  Ode to the west wind imagery 24, 2021 •  8 minute read •  7 Comments

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Excerpted with permission from Retirement Heaven or Hell by Mike Drak.


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Financial independence is a prerequisite for anyone contemplating a transition to retirement. It’s the point at which your basic (non-discretionary) living expenses are covered by your passive (non-work) income.

In other words, the amount of annual cash flow you require to keep a roof over your head, put food on the table, and pay for the basic necessities (heating, electricity, property taxes and other essential expenses) can be covered without you having to work to earn an income. The day you achieve financial independence is the day you no longer need to work in order to survive.

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If you choose to continue working at this point — be it to give yourself a financial buffer, to finance specific retirement goals, or simply to stay challenged and engaged — then you are working because you want to, not because you have to. If you are unfamiliar with the idea, we refer you to our first book, Victory Lap Retirementto gain a deeper understanding of this important concept.


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As for financial planning for retirement, there are lots of excellent books out there to help you with the details, so we won’t go into too much depth here. This book focuses on the lifestyle planning piece, but there are some key financial planning points to consider.

To figure out how much money you will need to have saved to consider yourself financially independent and/or to be able to retire, you should have a detailed financial plan created by an accredited financial advisor or financial planner; but by itself that’s not enough, because financial planning fails without adequate lifestyle planning.

You need to have a good handle on exactly what kind of life you want to live — what you want to do in retirement and how much it will cost you. Until you do that, you will never be sure you have enough money, and because of that uncertainty, you will always feel the need for a little more.


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If you don’t have a good handle on how much money you will need in retirement, don’t feel bad, because you are not alone. Research has shown that 80 per cent of the American public has never taken the time to figure out how much money they’ll need to last through retirement and how much they must save. Until you do that, you are just guessing about how much money you will need, and many people guess wrong.

People in the FIRE movement take this financial independence stuff seriously and try to achieve it as early in life as possible. (FIRE stands for the goal to have financial independence and retire early. I’m a proud member of this community, except I don’t believe in the RE part.)

Take your annual spending and multiply by 25

They use a general rule of thumb that’s common to the financial planning industry to determine when they can quit working, based on achieving a level of savings equivalent to twenty-five times your annual spend rate, net of government pensions and work pensions.


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For example, if you believe that you can live comfortably on $60,000 a year, you would deduct from that amount the income you expect to receive from government pensions, say $15,000 annually. Therefore, you would need income of $45,000 from your own investments every year to finance your retirement lifestyle. And that would require retirement savings of $1,125,000 to maintain your financial independence over a 25-year retirement ($45,000 x 25 years = $1,125,000).

The rule of thumb is derived from a concept called SWR (sustainable withdrawal rate), which states that a retiree can safely withdraw four per cent of their retirement investments plus inflation for the rest of their lives. If you have been following along, you will have noticed that the $45,000 you will be drawing out of savings for the first year is four per cent of the $1,125,000 you hold in retirement savings.


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While the FIRE approach works for me, some of you might not be comfortable with it due to the high concentration in equities required to ensure that the four-per-cent rule works. At the end of the day, you need to pick an appropriate investing methodology that delivers what you need and lets you sleep at night.

Once you feel you have enough, you may want to keep working anyway

Everyone’s situation is different and so are people’s levels of risk tolerance, comfort with investing, and the cost of the lifestyle they envision for themselves in retirement. The point here is, you need to be very clear about your retirement goals and then put a financial plan in place to support them. Whether you choose to go the aggressive FIRE route or to retire closer to the traditional retirement age of 65, you still need to get a handle on how you want to live, what it will cost, and whether you will have enough income to finance your life beyond work.


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Many people have a good understanding of the financial side but not so much on the lifestyle cost side. The best way of eliminating uncertainty is to monitor your spending for a year prior to retiring and add in the cost of any extras, such as trips or expensive hobbies, you might want create free t shirt design online splurge on in retirement. FIRE or not, when you know exactly how much your annual retirement spend is and you’ve confirmed that you can stay within the four-per-cent withdrawal range, Bob’s your uncle.

If by chance your financial plan falls short, you have two options: Either cut back on some of your expenses and some of the things you plan to do in retirement, or generate some active income through part-time work.

The importance of having a trusted advisor

My wife was forced to work from home during the COVID-19 pandemic, and I got a chance to see her in action dealing with her clients. One thing I noticed was that, early on when the markets were sharply declining, she wasn’t getting a lot of worried calls from her clients wondering what to do.


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Rather, she was doing most of the calling, making sure her clients were alright and not overly stressed out about things. She had taught them well over the years, and not one client panicked and ran from the market; in fact, many were actively looking for bargains to pick up because, as smart investors know, there is nothing better than a good sale.

It was hard to see the market take a sharp drop like it did during the pandemic. Some people felt like throwing up, watching their hard-earned retirement savings disappear right before their eyes. Without an advisor, they could have panicked and sold out, which would have been the worst thing to do. Watching the my wife in action got me thinking about how vulnerable some people really are and why, for some people, having the benefit of a trusted advisor makes sense.


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Taking risk in the markets can be scary, but erring too far on the other side can be a problem too. Some people make the mistake of being too conservative in their investing, which lowers the returns earned on their portfolio. How your investments perform is what determines your monthly cash flow in retirement, and therefore playing it too safe can cost you large over time.

More On This Topic

  1. We need to remember that smart retirement is about everything other than money

  2. The magic number for retirement savings is $756,000, according to poll of Canadians

  3. These are the mistakes do-it-yourself retirement planners make most often

  4. Life expectancy is one of the great unknowns in retirement planning, but these strategies cover you no matter what


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Retirement is a major life event that needs to be planned for properly. You need to figure out how best to turn your accumulated investments into retirement income, and you need to ensure that income lasts as long as you do. For many people, it makes sense to engage a trusted advisor, be it a financial planner or an investment advisor, when they are close to retiring. It’s comforting knowing that you have a trusted advisor in your corner who knows what they are doing, especially during a market meltdown.

A trusted advisor will help you answer the big questions:

  1. Are you financially ready to retire? Do you know your number?
  2. How should you invest your retirement assets to ensure that you don’t outlive your money?
  3. When should you apply for Social Security/CPP?
  4. How can you fund any unanticipated medical costs?
  5. What’s the best strategy for withdrawing income from your retirement accounts in order to meet your spending needs and make your money last as long as possible?


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As retirement goes on, other key lifestyle questions will appear, such as:

  1. Should you sell your house, rent an apartment, or move into a retirement home?
  2. Does a reverse mortgage make sense for you?
  3. How will you fund higher care costs later in life?

Having a trusted sounding board, someone you can call for advice, is a big help when faced with questions like this, and it will help ensure that you come up with the right answers for you.

One troubling thing I have heard about on more than one occasion from other advisors is that the person responsible for the banking/investing in the family would get sick and the spouse would have no clue where anything was or who to talk to. Passwords were missing along with original documentation, and there would be a mad scramble to put everything in order before it was too late.


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Trying to get a lawyer/investment advisor/banker to attend a hospital room is not always an easy thing to do, and it causes a lot of stress for the surviving spouse and their kids who end up trying to help. Please do not let this happen to you.

Bottom line : If you don’t understand investing or retirement planning and have no interest in learning, you should seek the help of a professional who knows this stuff inside and out.


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This podcast dives into middle class financial topics for both the average full time employee (Sean) and the small business owner (Kevin). Come learn some tips about saving money and how living frugal can help you achieve financial freedom. Kevin and Sean have varying opinions on important financial topics and you'll get to white high top air force ones womens out the pros and cons of their decisions to decide what's best for your situation. Living a frugal life can be fulfilling, learning how to cut back on the repetitive costs of life so you can splurge when necessary.

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Disclaimer: This calculator is just an estimation, returns are not guaranteed. When withdrawals start you may not get your expected return. Use at your own risk or speak with a financial advisor.

Room for Error: Calculations make contributions at the end of the year and withdrawals at the start of the year; This adds some room for error if you use a monthly strategy instead.

Privacy: We do not store or use any kind of information supplied on this website.



  1. Bhai mera pahele SBI account tha to maine use band kardiya aab new account open karna hai to same yahi process hai kya

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