Similar Posts

12 Comments

  1. I tried a bunch of different types of investments, but Derek Foster’s book “The Lazy Investor” really was a game changer for me. He is one of the youngest people to retire in Canada and laid out a simple method to do the same.

    More details:

    1. Thanks I’m actually just getting ready to log in to the Library online so I’ll see if they have it. I’m currently reading “The Millionaire Next Door”. Cheers for the information I appreciate that mate!

      1. Lol. “Millionaire Next Door” is my second favourite book on money and is on my blogs reading list! It’s a bit dry, but a must read.

        1. I’m just in the first chapter. So far no surprise about your neighbour might look like they have nothing but they are well off. We don’t tell anyone about our finances, nor do we live like we have any money. I mean I don’t think we are rich but we certainly aren’t skint. It’s no surprise as well that many people who do have money have it because they spend less then they make.

          I’m looking forward to reading the rest of this book. I’m just ordering the one you mentioned in the previous post from the library if they have it.

          1. I look forward to hearing what you think of “The Lazy Investor”. It’s hard to find good investing books written for Canadians, by Canadians.

  2. A few questions… why do you have 3 emergency funds? Are they in 3 different accounts and is that money earning any income? Looks like you have $105,595 in emergency funds. You could buy some preferred shares and collect about $5k in dividends per year. If you need some money, just sell some shares. Or heck, even stick it in an ING account!

    I see you have listed your house as an asset worth $329k and listed your mortgage as a $163,654 liability. Don’t forget if you sold your house today you would also have realtor fees, and may even have to pay your bank a fee for paying off your mortgage early. You wouldn’t walk away with $165,346.

    Garth Turner had a post recently by a home owner that was shocked by all the fees involved with the sale of a home.

    1. Hi,
      Thanks for your post.
      To answer your questions our Emergency Funds are in 3 different accounts yes. When we got married we both had savings in different accounts. We are not sure what to do with this money yet so that is why it’s sitting there. Likely we will maximize our TFSA, renovations, pay down mortgage and invest. This is all currently in the works.

      Yes we are aware there are Realtor fees if we used the services of a Realtor however we likely would do FSBO and pay ourselves the commission. I was at one point contemplating the purchase of a Property Guys franchise and firmly believe in selling on our own first.

      Yes I am aware that if I had to pay my mortgage off early there would be fees for this but I’m not at this moment. I don’t really see the point in selling our house to spend more on a bigger house or even pay more for a smaller house for that matter.

      I hope that answers your questions.

      Cheers mate!

      1. Oh great. Makes sense. I just hate to think of $100k plus sitting on the sidelines. People always say I should have an emergency fund, but I have my money invested and growing. If I have an emergency, I can always sell some stocks.

        1. I know what you mean yes. The money will be put to good use shortly but in the meantime it is what it is. I wish I was much more educated on stocks and investing but for the mean time I rely on an advisor. I would love to do all my own investing. How did you learn what you do?

  3. You seem to be in very good shape. I’m very impressed at your emergency funds – quite high, and not one but 3 of them.

    1. Yes, I know it’s a bit odd. We do want to complete renovations on the house and the rest we are still trying to sort out what to do with. We will be maxing our TFSA’s with some of that money soon. We could pay down the mortgage, buy a rental home. Not sure what to do yet. We work pretty hard to keep ahead and anyone can do this. Thanks for your post Ellen.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.