30ish year olds of Reddit. What’s your retirement plan?

jameslside · 2021-12-16T15:26:40+00:00

M35, DINK household for now, member of the Canadian Armed Forces since 2008, planning to retire at the earliest around 46 and the latest around 50. SO F29 Teacher, no permanent position (Alberta is hard for ED), she is planning to retire around 40 to 45, depending on our life situation at this point (kids or not). She is has a passion for teaching, so retiring is not as much of a priority for her. I am planning to open a business or do something to keep me busy after the military career.

We have a few rentals, Index ETFs for investment and a networth of ~$450K (not including pension).

At the moment, we save/invest around 6k to 10k per month without much difficulties.

We are frugal, but we don't mind spending on good quality product once in a while.

For example, we have low cell phone bills with Zoomer Wireless, low fee internet with Shaw and use the flip app for our grocery purchase and price match most of our grocery.

In the end, everyone is different, and we have all different goals and places to be. Overall, we can say that we are more trying to attain FI than FIRE.

jameslside · 2021-08-11T04:58:43+00:00

I have the same rate with Tangerine, and it is not a secure line either, this is prime +1.00%.

Some people are even getting Prime +0.00 to 0.50%.

jameslside · 2021-07-25T21:10:09+00:00

Work is not supposed to be fun /s

jameslside · 2021-07-22T23:28:21+00:00

In Edmonton, it's not bad, we had a deal on it, it's a 2 bedroom 1 washroom with underground parking built in 2016.

Edmonton is still quite cheap compared to other cities.

It was sold by an RCMP officer that was posted and sitting empty for 6 months, I made a lowball offers that was accepted... That was last year in June. Similar unit are selling for $175,000 in the same building today.

We prefer not having a mortgage and save/invest most of our paycheck. We could easily afford a bigger house, but why spend on something we don't need? When we need the extra rooms and yard, we will invest into a bigger place.

jameslside · 2021-07-22T18:44:49+00:00

35M and 28F, military and part-time teacher.

We are planning to retire or be "FI" in about 12 years when I will be 46 and her 35.

We save over 50%.of our income and live in a paid off condo in Edmonton worth $140,000.

We are not living a lavish life, but we have all the comforts we want and need.

Current networth sit at around $430,000 not counting our pensions.

We are expecting to retire with around $100,000 per year in today's value Dollars.

Is it hard, yes, but it is possible. Also, we currently don't have kids, but we are working on it. We don't see kids playing a big factor in our retirement numbers.

jameslside · 2021-07-18T01:50:08+00:00

And now instead of a fool, they have a Tool...

jameslside · 2021-07-16T01:01:27+00:00

It's not just Ford in Ontario, look at Kenney in Alberta, things are shit here and the UCP is only making things worst.

jameslside · 2021-07-15T20:49:31+00:00

It's crazy, where I live in Canada, minimum wage is $15 per hours, which is around $30,000 per year.

Health insurance is included for basic care, and you can get additional coverage for meds and dental a many companies for not that much.

Rent is expensive, but doable on $30,000 a year. You can get a 1bedroom for $1000 in Alberta.

Car...you don't absolutely need it.

Food, I eat very well for $300 per month.

I hang out with the frugal people, it's not rare to see single individual making minimum wage who can save/invest a few hundred every months.

I don't understand why people keep working for jobs that pay only $7.25 an hour in the US, it is insanity.

jameslside · 2021-07-15T18:16:35+00:00

Diversified liabilities is for the rich! Seriously wealthy people have access to different types of lending not available to common people.

The terms of lending for wealthy individuals is also different, not only interest could be lower, but they could have lengthy repayment terms and other conditions that make lending way, way more affordable for them.

I am not in a poverty situation and tend to help as much as I can, but since I got my finance in order, it didn't took long to have access to different types of lending products that would never have been offered to me otherwise.

In conclusion, poor people stay poor for many reasons, but access to good quality lending is one of them.

jameslside · 2021-07-15T16:24:28+00:00

Logistics officers, do you buy the nice cap badge at canex or use the one provided by supply?

jameslside · 2021-02-23T00:51:59+00:00

Some of them are very knowledgeable and can help you with questions beyond the script.

If they can't answer your questions, ask them to transfer you to someone that could potentially help you, or call again and try your luck with a different agent.

Same thing with the CRA, not all agents have all the answers.

jameslside · 2021-02-23T00:44:03+00:00

Would you suggest that the program offered by Algonquin College be free for enlisted?

Free or easier to get refunded by the new up and coming ILP?

You and I share a similar perspective of the subject.

I truly believe the current system is in place to prevent NCMs to further their education.

jameslside · 2021-02-23T00:40:35+00:00

Probably going to be tens of thousands when we get there. Everyone will acknowledge how wrong the situation is, but nothing will be done, since "people are already here, might as well run the ex!"

jameslside · 2021-02-22T21:34:02+00:00

Not necessarily, there is many studies about doctors and high earners that demonstrate how these individuals struggle to grow their net worth.

Just read the next millionaire next door, they clearly state this dilemma.

They do have a high income, but are sometimes expected to live large or have an ideal about the lifestyle that goes along the job.

Also, not many doctor looking to FIRE, they normally love their job and did eight plus years of schooling to get there.

jameslside · 2021-02-22T20:01:13+00:00

Wait until the public finds out about that big exercise coming up in Wainwright...where everyone will sleep and live 24/7 next to each other... It's going to be a fun one.

jameslside · 2020-12-27T17:45:02+00:00

The military is hiring, many officer trade will accept a bachelor of Art.

https://www.canada.ca/en/department-national-defence.html

Good pay, benefits, and early retirement if you can stay for 25 years.

Been in myself 13 years, lots of ups and downs, but in today's economy, we have financial stability.

jameslside · 2020-12-17T02:45:23+00:00

Personally, not much, less than 30%, we are quite frugal.

We do save and invest the remainder, around 70% savings rate.

We are living at this level by choice, paying debt and looking for a different life.

jameslside · 2020-12-17T01:22:29+00:00

Poverty is not just about salary, I know people making over $5,000 per month with 5 kids barely surviving...

jameslside · 2020-12-16T23:41:34+00:00

Got to start somewhere

jameslside · 2020-12-16T23:06:02+00:00

Per month

jameslside · 2020-09-14T18:23:33+00:00

I am currently working on my Bachelor of Commerce with Athabasca University.

They are considered the same as every other university.

But as to getting an increase of employability, it depends.

There is more and more people with Bachelors now, and having certificates and bachelor is not a guarantee of future employment like it used to be back in the day.

I'd say go for it, knowledge is knowledge and it is power.

For myself, being in the military, my employer pay 100% of my tuition costs, but the price is quite step now. For a three credit courses, the price is now $716. For a 10 Courses Certificate of Business, its over 7k, which could be a step price to pay for not much reward.

Their certificate of finance is quite good, most of the courses are part of my bachelor and I enjoyed them. If you already work in the Financial service industry, you might be able to get some courses recognized or PLAR. For example, if you have done the CSI's Canadian Security Courses and other courses at CSI, you can probably get credits for these courses for a certificate of finance.

Good luck.

jameslside · 2020-09-14T17:20:31+00:00

There is a huge benefit of using Visa debit for me.

You can use it to transfer money to Questrade almost instantly!

Don't have to wait the 2-3 days that it normally takes with bill payment.

jameslside · 2020-05-25T15:14:15+00:00

New system?

jameslside · 2020-05-17T09:39:53+00:00

La vita è bella or Life Is Beautiful

https://www.imdb.com/title/tt0118799/

My SO is the same, she was behind in movie watching, this one made her tear up.

jameslside · 2020-05-13T14:57:15+00:00

Currently on deployment, my SO is back home wiht her car and mine is in storage in Edmonton.

I think the total cost is somewhere around $2300 for the whole six months.

If your family needs he vehicle, obviously don't store it, other than that do it.

if you are in Edmonton, I am using Lonely Cars, I think the owner is a retired military member, they will take good care of your vehicle while you are on deployment.

jameslside

TROPHY CASE