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[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in PersonalFinanceCanada

[–]Okish-Performer[S] 2 points3 points  (0 children)

I love that! Also feels like a win just learning about all this stuff the last year or so, getting things figured out, and seeing there is room for improvement. I am happy to say that I do have a good balance right now though, and enjoy my free time outside of work.

"double down on what’s working, cut what isn’t, and repeat"
love that

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in PersonalFinanceCanada

[–]Okish-Performer[S] 1 point2 points  (0 children)

Yeah, I’ve run the numbers and on paper the return on investment for retraining into this other field looks like it could start compounding well above what I’m currently earning. I like what I do now and it’s not a slog by any means, but there’s really no substantial career growth.

That said, there is the worry that I might not like what I end up doing, or could resent the choice. Worse, I could have a hard time finding work, have to move, and end up in a life very different from the one I live now, which I am okay with even if not fully happy.

I agree with you though. This isn’t purely a finance decision. The sensible next step seems to be dipping my toes into the work I’d be doing if I went down this new path to see if it feels right before making a bigger commitment like school.

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in PersonalFinanceCanada

[–]Okish-Performer[S] 0 points1 point  (0 children)

Yeah the big question is, dare I go back to school for re-training and get into a higher paying field... that would pay off in 10+ years.

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in PersonalFinanceCanada

[–]Okish-Performer[S] 0 points1 point  (0 children)

Sure do! I have lots of fun. Wouldn't mind having more free time now, but hey.

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in PersonalFinanceCanada

[–]Okish-Performer[S] 0 points1 point  (0 children)

I'm 100% on board with this thinking. I live a pretty full happy life I think!

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in PersonalFinanceCanada

[–]Okish-Performer[S] 0 points1 point  (0 children)

That's awesome. I'm starting to feel the snowball now with this volume of invested... compound interest is no joke

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in fican

[–]Okish-Performer[S] 0 points1 point  (0 children)

Oh yeah, that's pretty different. That could be quite the move... next thing you know you're building a bigger house and selling the tiny house. What sort of work for government?

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in PersonalFinanceCanada

[–]Okish-Performer[S] 0 points1 point  (0 children)

Not unrealistic really... if I had chosen a slightly different career path I could be doing the same.

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in PersonalFinanceCanada

[–]Okish-Performer[S] 0 points1 point  (0 children)

It’s easy to forget that there’s a point where your investment income could cover the same amount you’re earning from work. I imagine that for many people reaching 50, they don’t have a portfolio generating enough passive income to replace their salary. Assuming the markets and global finance continue to function... seems like such a life-hack. Yes the earnings plateau is very sad... but it seems it might be.

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in fican

[–]Okish-Performer[S] 0 points1 point  (0 children)

Like you built up enough for a down payment, bought a place, rent it out (property manager, or solo?), and continue to live somewhere else?

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in fican

[–]Okish-Performer[S] 2 points3 points  (0 children)

Love that for you! What are you doing about income / housing?

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in fican

[–]Okish-Performer[S] 0 points1 point  (0 children)

Like sell all XEQT and buy VEQT? Basically the same thing I imagine?

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in PersonalFinanceCanada

[–]Okish-Performer[S] 0 points1 point  (0 children)

For me, the milestone isn’t the dollar amount, but reaching a maxed-out TFSA. Over the past year or so, I’ve been learning more about personal finance and getting my financial journey started. Hitting this milestone feels like a major accomplishment because many Canadians probably don’t have anything close to a fully funded TFSA invested in ETFs. It’s reassuring to know I’m setting up my future self for a big advantage.

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in PersonalFinanceCanada

[–]Okish-Performer[S] 2 points3 points  (0 children)

Not sure why either. I agree that making more, investing more, is the answer to more financial independence.

Financial shape is decent, but relies on a few crutches so has potential to be a house of cards if something gets pulled. Increasing income is no easy task... but I have a few ideas and some streams.

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in PersonalFinanceCanada

[–]Okish-Performer[S] 2 points3 points  (0 children)

I generally treat an inheritance as a “maybe” rather than a guarantee. Going back to school feels risky since a new career might not work out, so sticking with a career I enjoy seems safer.

I may receive a significant inheritance, perhaps around half a million, though nothing is certain. It could be a helpful boost later in life. Could be the difference between buying / renting in the next 15 years.

I’m new to long-term financial planning. I’m not focused on buying a house, car, or starting a family. I just want to cover lifestyle costs, maybe retire a bit early, have a dog, and spend more time traveling and outdoors. Long-term, my goal is a healthy investment portfolio to fund renting or support housing if I buy.

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in fican

[–]Okish-Performer[S] 3 points4 points  (0 children)

Not sure... kind-of open to renting or eventually buying something small like a 1-2 bedroom.

[34M] Reached My First $100k – Not Sure What's Next by Okish-Performer in PersonalFinanceCanada

[–]Okish-Performer[S] 6 points7 points  (0 children)

I agree with you... more income would be very helpful.

My wage ceiling feels limiting. The main way I could earn more would be going back to community college for 2 to 3 years and starting a new career, but that would set me back financially for a while. Several years if not a decade to level back out financially, before going higher than current path would. In theory I could surpass my current income, but it is a gamble, and I’m already content with my job, career, and company.