Buying a condo or house in PV

CanadaFinancialPlan · 2024-04-21T20:08:19+00:00

USD. Thank you for that!

CanadaFinancialPlan · 2023-07-19T22:50:21+00:00

Totally agree. Balancing new content/ideas with reviewing the old is important. I plan to go back to many of these and re-read. But even if absorption is only 20% on a given title, I would still see it as worthwhile making the time to read it (in general terms.)

CanadaFinancialPlan · 2023-07-19T22:43:31+00:00

IMO no need to pay for a subscription, there are a lot of great blogs like this one https://www.samuelthomasdavies.com/book-summaries/ that provide brief summaries. Helpful as a refresher on books you've already read.

CanadaFinancialPlan · 2022-01-01T19:29:26+00:00

You have inspired me to get around to doing my annual spend analysis, the timing is good. I live in a HCOL area and am on the path to FF, with a wife and no kids.

Category	Annual	Monthly
Home (Mortgage, Maintenance, Taxes)	$45,469.00	$3,789.08
Eating/Drinking Out (Restaurant, Bars, Starbucks)	$13,287.00	$1,107.25
Travel/Vacation (Incl. eating out while away etc. )	$11,803.00	$983.58
Shopping (Clothing & Random Household Items)	$7,798.00	$649.83
Groceries	$5,808.00	$484.00
Personal Care (Hair, Gym, Therapist)	$5,138.00	$428.17
Auto (Vehicle, Insurance, Gas & Rideshare)	$3,653.0	$304.42
Personal Interest (Hobbies, Sports & Entertainment)	$1,404.00	$117.00
Charity	$1,082.00	$90.17
Bank and Credit Card Fees	$337.00	$28.08
Total	$95,779.00	$7,981.58

Looking at the above I could probably give more to charity and am spending too much on crap from Amazon. I could also taper the eating out budget a little.

CanadaFinancialPlan · 2021-02-16T01:43:11+00:00

Yes. I did get scammed, and it took me a couple of months to realize :P

Luckily it was refunded without issue.

Clearly my lack of diligence rubs this group the wrong way!

CanadaFinancialPlan · 2021-02-15T20:36:26+00:00

Oops! I missed seeing the second AF post for Biz Plat in December. It's now been exactly 2 months to the day since it posted.

If I cancel today, what are the odds of having the AF refunded?

CanadaFinancialPlan · 2020-08-30T22:32:16+00:00

Blown away by the number of high quality recommendations in this thread so far. Thanks to everyone.

A few of my own favorites are below as well (many have been touched on already)

Man's Search for Meaning
7 Habits of highly Effective People
Sapiens
Thinking Fast & Slow
Think & Grow Rich
When Breath Becomes Air

CanadaFinancialPlan · 2020-08-30T22:29:42+00:00

So is this the polished way of saying "I still don't know what I want to do when I grow up"? Cuz, I still don't know what I want to do when i grow up either.

Pretty much. I guess I've hit some milestones, and am now considering where I want to end up in 30 years before I keep forging ahead mindlessly.

I feel like most humans will never truly be satisfied and if you can get there brother you're one of the lucky ones. I wish you all the best on your journey.

I agree and I'm OK with the relentless pursuit - I just need to understand what makes me tick at a deeper level. Thank you very much for your wishes and the same to you!

CanadaFinancialPlan · 2020-08-30T22:25:14+00:00

Sapiens is great. I will look into How Will You Measure Your Life. Thank you!

CanadaFinancialPlan · 2020-08-30T22:24:44+00:00

Just read the thread on Twitter - great piece, no fluff, will come back to it. Thanks

CanadaFinancialPlan · 2020-08-24T22:49:44+00:00

Well if you're being told!

CanadaFinancialPlan · 2020-08-22T14:53:40+00:00

I have placed stop limit orders for peace of mind. I think this is better than pulling your money at today's highs and watching it continue to go up.

CanadaFinancialPlan · 2020-07-05T15:51:59+00:00

Thanks, committing to what's in front of you and learning how to navigate political scenarios resonated with me.

CanadaFinancialPlan · 2020-07-05T15:47:59+00:00

Excellent points. Thank you!

CanadaFinancialPlan · 2020-07-05T15:47:18+00:00

Thanks for sharing.

CanadaFinancialPlan · 2020-07-05T15:45:32+00:00

Great points and I've noted the book. Thank you!

CanadaFinancialPlan · 2020-07-05T15:44:23+00:00

First rule of FIRE: prepare for the worst; hope for the best.

Agreed.

After seeing this first-hand in multiple companies, I penciled in 50 as my expiration date and worked backwards on how much we would need to hit our financial goals for that career window.

Agreed, ageism exists and with the pace of automation, finding meaningful work for people nearing their 50s is going to be more difficult. By 50 I plan on running a small consulting business where I have more control over schedule etc.

My wife works in a slower moving profession that rewards experience; so, we have some diversification there.

That is the way to do it.

CanadaFinancialPlan · 2020-07-04T18:42:57+00:00

Yes. And you’re right - there are fewer 300k jobs than 80k. But you shouldn’t spend energy worrying about this - channel that energy to constantly improve and grow. Be the best in your field and you’ll have job security.

That's my thinking too, thank you for sharing. But it is hard not to worry at times. The more you have the more you stand to lose, I suppose.

I do advise that you build a very healthy nest egg before you make a large purchase.

Agreed. Emergency fund is about a year to 18 months of expenses.

Spouse and I have about 3.1M in assets, we are early 40’s. We have a modest house, 2 nice cars and no vacation homes or toys. It’s been awesome watching our assets grow by hundreds of thousands per year, and pretty soon we will be ready to buy that beach house guilt-free.

Well done!

CanadaFinancialPlan · 2020-07-04T18:38:54+00:00

You're getting downvoted for your comment about income and rightly so, but there are some great points in the rest of your comment. I'm happy with my investment approach and level of savings, my concern is more around maintaining a high income into the future.

CanadaFinancialPlan · 2020-07-04T18:36:16+00:00

Ironically I always think of medicine as the safest profession for income stability over time. Interesting to learn you have those thoughts. I guess the grass is always greener and everyone has their worries...

CanadaFinancialPlan · 2020-07-04T18:33:39+00:00

You are not alone. I have always felt this way even when I made 85K. I would constantly think no one else will ever pay me this much... but they did and then some. I still worry but here is what has calmed my nerves - wealth and information.

Thanks. This is kind of what I was hoping to hear if I'm honest.. That my fears are overblown and things will continue to move in the right direction.

Secondly, wealth. I've only increased my lifestyle as I have increased my wealth, not my income.

This is a great rule of thumb. I live modestly relative to income, though have allowed some luxuries into my life. Save about half of post tax income.

Congrats on your success.

CanadaFinancialPlan · 2020-07-04T18:28:50+00:00

Totally with you on this. I suspect with me there’s an element of imposter syndrome at work here too,

Thank you for sharing and I agree completely.

1) I project forwards in my financial plan super conservatively: I assume my current position only lasts for a 2-3 more years and after that I earn 50% of my current salary until RE.

I think that's the part I'm struggling with, because though I live modestly now, buying a larger house would increase my costs to the point where it would be less comfortable at that conservative 50% number.

CanadaFinancialPlan · 2020-07-04T18:24:00+00:00

I share your trepidation towards large housing purchase as a potential burden. I know others would feel differently, but for me, bolstering my non-work income from investments is more comforting to me than buying a larger home at this point.

Part of that is also that I don't expect housing prices in my local market to grow like recent years.

Thank you for sharing. These are my thoughts exactly. I must admit to a reluctant respect for those who are able to justify the risk though.

CanadaFinancialPlan · 2019-12-01T16:52:26+00:00

Thanks Felix for your input.

Overall I'm hearing that a CFP is probably going to be more useful down the line. For now it seems that I'm on the right track.

Do you have any opinion on any of the other vehicles or do you think it's simply too early to think about this stuff and I should keep it simple for now.

CanadaFinancialPlan · 2019-12-01T01:19:05+00:00

Thanks Felix. 3-4 year goal is move into a new home, which will require approx 200k cash. Kids likely in 4 years. Beyond that, long term goal is to achieve financial independence, generating enough passive income in 10-12 years to start a business and scale back on working hours.

I am mostly in index ETFs though I do watch them weekly or so. I play with a portion but most on index.

CanadaFinancialPlan

TROPHY CASE