Worry about your financial future now not when you retire : October Net Worth Update 2015 (+2.50%)

RETIRE HAVING THE MONEY YOU NEED FOR THE LIFESTYLE YOU WANT   Some people dream about when they get to retire where others forget about their financial future the moment they get their first pay-cheque. If you really don’t care about money and saving for your future you likely won’t be shocked if it doesn’t go as planned for you. I know times are tough but learning to save a dollar here and a dollar there is better than nothing at all. Canadians are worried about their debt and retirement and rightfully so, it’s a tough world out there. Even though I started buying houses when I was young I always kept telling myself that my financial future depended on what I did. I’m glad I listened to myself.   Your financial future depends on you   The time is now to start worrying about where you will be financially when you retire not when you retire. You shouldn’t have the burden of debt on your shoulders when you are a senior but many do and it’s tough. Not everyone has that golden opportunity to retire early but even if you have to continue working at least knowing there is […]

How to get richer before you retire : The Saturday Weekend Review #109

RETIRE RICHER IF YOU CAN   No one wants to retire broke and if you don’t want to be that person there are things you can do to make you richer before retirement. How much do you need before you retire? Only you can answer that question because I don’t know what type of lifestyle you want to live or how much debt you will have etc. Talk to your financial advisor for clarification if you have one or make the call yourself.   It’s Your Money   It’s nobody’s business what you do with your money but your own. No one can tell you how to spend it, save it or invest it but you. Believe me when I say some people always stick their nose into the finances of everyone else but their own. I’ve always said that no one will care more about your retirement but yourself. If you believe that then you have already invested time into finding ways to make sure your retirement days are comfortably padded with enough cash to fund what you want and need to do. You earn the money, you do what you want with it. BUT…there will always be someone […]

How I plan to retire at 28 using dividend income

RETIRE ON DIVIDEND INCOME   I’m Mr. Captain Cash and yes I have this absurd, unrealistic, or impossible dream by conventional standards of retiring before my 28th birthday on my dividend income.   How do I plan to retire so early?   To retire before my 28th birthday I intend on creating an investment portfolio that will generate $20,000 in annual dividend income covering my annual expenses. Once my annual dividend income exceeds my annual expenses it will mean I’m financially independent and able to “retire.” I used quotations around the word retire because I will not retire by conventional standards. To me the word retire or becoming financial independent means I will be able to spend the majority of my time the way I intend to as I am no longer reliant upon my work pay cheque to cover my expenses. For myself this means not working or only working a couple of days a week when I have kids to watch them grow up or the flexibility to travel for six months. In a nut shell it is to have the freedom to do whatever I want to do each morning I wake up. I always like to […]

Store saving money tricks to cash in on: PF Weekly Grab a Brew #82

WALLET SAVING STRATEGIES   We’re always looking for store saving money tricks to cash in on so we can save money in our budget. Paying down debt and saving for retirement seems much easier when you can find tricks to save money to invest in other ventures that will get you further ahead. Investing in your future seems easier when you have that spare cash kicking around. It’s undeniable that many Canadians want to save money because these days we aren’t making enough cash to keep up with costs associated with the retail gods. Any way a consumer can hang on to their money they will try it. Unless you aren’t aware the Scanning Code of Practice is one of those great store saving tricks that isn’t widely talked about in the stores but visible in most big box stores on the doors and at the cash register. Picking up rain checks is another great way to get continued savings. If you notice a sale product is out of stock ask for a rain check. Call or visit the store with-in a day or two and the shelves are typically re-stocked but you still have that rain check that will […]

A Beginners Guide to Early Retirement

Early retirement is simply the process of retiring before the standard retirement age and often refers to retirements that start decades before the typical age. An early retirement aims to provide the maximum free time during our best years of life. After all, what is the point of saving bucket-loads of money for retirement only to be too old and frail to use it properly? My aim in life is to rapidly save enough money to allow me to permanently retire from paid employment. This is not to say that I won’t continue to work after I reach the point of financial independence, just that I won’t have to. The process for doing this is to drastically reduce expenditure so that you can save a large percentage of your salary (50% or more) for your early retirement. The very basic steps are: Live on 25% of your salary Invest the 75% Reach the point at which passive investment income exceeds expenses and Retire early! They are the steps and they are easy to articulate and difficult to argue with, but incredibly challenging to implement well. Let’s start with common objections at this stage: I can’t live on 25% of my wage! […]

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