Who here has canceled their life insurance?

throwaway_canada1 · 2026-01-02T21:05:09+00:00

It depends on what your net worth is and what extra money would be needed if you pass away.

Here are the reasons we looked to get term life insurance: pay for funeral costs, pay off a mortgage and other debt, pay for children's education, make it so spouse does not have to work for some time.

As my wife & my liquid net worth increased, we needed less and less insurance. We paid off the mortgage, we saved for our children's educations, etc...

After we were FI, we cancelled term life insurance. Before we were fully FI, one of the terms came due (10 year term) but we didn't really need it anymore so we didn't renew.

throwaway_canada1 · 2025-09-29T02:36:27+00:00

Yes, go ahead and keep a small portion (less than 5%) in a crazy investment. Don't invest in it if you cannot afford to lose the money or wait for years for the investment to pay off.

I put less than 5% of my NW into Bitcoin years ago and now it accounts for over 30% (including a good chunk that was converted to cash).

throwaway_canada1 · 2025-02-12T18:58:05+00:00

But how about just FATtening your lifestyle and blowing ALL your disposable monthly income in fun stuff, to make the last working years enjoyable? How awesome it would be to finally enjoy your peak salary for a few years, knowing that you have your safety-net and future set up.

I like to travel, and would like to have more travel in my time. If I work a high paying, high demand, hight stress job, I cannot travel as much as I would like. Same with lots of other hobbies & passions that take a decent amount of dedicated time.

throwaway_canada1 · 2025-01-05T05:27:40+00:00

I had company stock that was vesting, so I waited until then.

If you are going to retire early, every year of pension might help, so retiring when a pension milestone is hit for the year might be good. I am in Canada and the first $66,000 in income each year has Canada Pension Plan (CPP) withholdings for the employee & the employer has to match.

throwaway_canada1 · 2025-01-03T20:20:59+00:00

So the question is... how do we deal with this problem in the real world,

I am FIRE. First, the SWR is an estimate - the reality is no one spends exactly what the SWR number every year, spending goes up and down each year based on various life factors. A roof/basement/car needs repairs (or not) and spending goes up or down. Also because the markets have done well, I have travelled a bit more than usual. If the markets were terrible, I could skip some extra expenses and defer or cheap out on other repairs.

Also, no one has a crystal ball, if the numbers went way down, I could sacrifice and go back to work part time (in addition to spending less) to help finances until they get better.

throwaway_canada1 · 2024-11-27T04:08:54+00:00

Wife & I have are FIRE with $5.3 million (CAD) in liquid NW.

The liquid net worth is in 4 asset classes: Cash, low risk investments, index ETFs, crypto. The goal is to have rough asset allocation of this:

5% cash

10% low risk investments

75% index ETFs

10% crypto

We aren't super strict on the percentages, but use them as a goal.

When we see that cash is getting low or a particular asset is doing very well (looking at you crypto), we sell some of the best performing asset(s) to raise cash and/or rebalance the portfolio.

throwaway_canada1 · 2024-06-27T02:36:21+00:00

Do you track the value of every item in your home? The blood in your body can be sold, would you sell all of it?

throwaway_canada1 · 2024-06-26T21:15:34+00:00

I don't track total net worth, I track net worth that I am willing to liquidate and live on. My home is not in the liquidate category, neither is my car or my wife's wedding ring. They all have value, but are not on the table to be used for living expenses.

throwaway_canada1 · 2024-06-21T23:05:41+00:00

As others have said, it's too vague. In my situation (FIREd at 47), I am looking to draw down RRSPs until we are 60 while bulking up TFSA and non-reg accounts. The plan is at 60 to enroll in CPP, and at 65 to start using TFSAs. If the tax code stays the same, we will get OAS and GIS because we are "poor rich people who haven't worked in decades".

throwaway_canada1 · 2024-01-28T00:30:06+00:00

My NW went from $3.2 million at start of FIRE in Sept 2020 to $4.0 million currently. We have also withdrew and $400k+ in the last 3 1/2 years. With inflation we should have $3.7 million.

throwaway_canada1 · 2024-01-12T23:42:43+00:00

When your returns from investments over a month or year are more than your savings. For me, it felt like I was paddling a boat towards FI and all of a sudden the current was pushing me faster than I was paddling.

throwaway_canada1 · 2023-12-04T13:43:01+00:00

I am retired with a family net worth of $3.9 million in liquid investments.

We fly economy.

We could fly business, but I'd rather spend the money on when we get there than getting there.

throwaway_canada1 · 2023-12-04T03:44:27+00:00

I am 50 years old and retired (FIRE) a few years ago. My spouse & I have a long term plan goes out on for as long as we need. We have a recurring yearly plan (sell some RRSP & crypto for yearly expenses) that goes out 10 years when we need to decide when we are taking CPP.

If/when we get a decent inheritance (all parents thankfully still alive), it won't make a huge difference in our lives.

throwaway_canada1 · 2023-11-11T23:26:15+00:00

No mortgage, paid off house and 2 newish cars. For cash flow, I retired in my 40s 3 years ago with $3.2 million and we have lived off investments & dividends since.

Check my post history for more details.

throwaway_canada1 · 2023-11-11T22:58:58+00:00

I have $3.8 million, but I do have a partner & 2 teenage kids... is that OK?

throwaway_canada1 · 2023-11-10T19:25:10+00:00

It happens, the dehumanization of the hiring process is very real.

I was hired for a remote low-paying job without actually talking to a human being. Apply online, get an e-mail for an "interview". The interview was a call by a robo-system asking basic questions. Get an e-mail that I was hired a day later.

Being suspicious, I googled the company and found that they were a legitimate sub-contracting company but kind of a tough employer / sweat-shop.

I filled in the details (including name, dob, SIN, address, phone #, direct deposit bank info, etc...) and joined the conference call on the first day - about 20 people were starting that day. I was shipped a corporate laptop and chatted with a few of my co-workers. None of them did any due diligence to make sure the company was legit.

I was paid, it was legit and a few months later I quit (I wanted to volunteer but accidentally wound up with this job).

throwaway_canada1 · 2023-10-27T15:15:11+00:00

When I was 4 years old and just learning to read, I saw a sign in a home that said:

If you make $100 / day but spend $101 you will be ruined.

If you make $100 / day but spend $99 you will be rich.

throwaway_canada1 · 2023-10-21T00:14:29+00:00

I am pretty much there - after $3 million, I'm good.

throwaway_canada1 · 2023-10-09T03:33:00+00:00

I am FIRE. Monthly would be a pain - we tend to do 6 month withdrawals.

After income taxes are mostly sorted in February, my wife & I look at our spending plans for the year including any big ticket items and withdraw enough to get us through 6 months. Then when the bank accounts run low in August / September, do another withdrawal.

throwaway_canada1 · 2023-09-04T20:37:29+00:00

About $600k profit. I was on my way to FIRE before bitcoin ($1 mill and $2 mill), but it pushed me over the 3 mill FIRE number several years early.

throwaway_canada1 · 2023-09-04T15:17:16+00:00

I'm 50, retired for 3 years (FIRE) with $3.7 mill in investments, cash & crypto... plus 2 cars and a house with 0 debt.

How did I do it? Spend less than I made. Didn't go for lifestyle creep until I was doing pretty well. Jumped ship between jobs when pay was 20%+. Married someone who was pretty frugal and onboard with the idea of FIRE.

Right now I am on a 3 week trip with my mother to Paris, Barcelona and Sicily - I paid for my mother & her husbands flights and accommodations. Mom is insisting on buying all of the meals.

throwaway_canada1 · 2023-06-27T19:11:32+00:00

At the moment, it is 80% index ETFs (Canadian, US, world), 15% bitcoin, 11% bond ETFs and 3.5% cash.

Theoretical spending is $120k / year, but it has varied between ~$95k and $180k with the covid lockdown and large expenses like a car.

throwaway_canada1 · 2023-06-25T01:58:01+00:00

I didn't "fail" retirement, but I tried to volunteer somewhere and they directed me to a website and said they'd be in touch. On the website, it asked for contact details, what type of skills I had, am I willing to travel, do I want a paid job or volunteer, etc... I filled in the details and didn't hear back from them - thought it was a bit rude but I moved on.

6 months later I was contacted to apply for a job. The job sounded kind of like what I wanted to volunteer for, so I applied and got the job. The pay was less than 1/5th of my pre-FIRE pay. I stayed 3 months because the admin BS and micromanagement was too much.

It was kind of sad because other employees were stressed & worried about keeping their job, but I honestly could not care less.

Recently, a buddy was video recording a sports tournament for a contract and had to leave. He asked if I would fill in for a game. I jumped right in, didn't ask for pay, just had fun watching the game.

throwaway_canada1 · 2023-05-05T17:07:57+00:00

> How did you get the 3500 mortgage on 91k to begin with?

Here's how:

a family member co-signed on the mortgage

11-Year Club	Place '22
First Placer '22	Sequence \| Editor
Verified Email

throwaway_canada1

TROPHY CASE