You Know What Really Makes Me Happy v2...

[Lubicon]

Originally Posted by TheIronMaiden

Having a busy week back at work, but kicking ass and getting to leave a little early on a friday.

That's what I thought too coming in this morning. Things were generally under control after a huge push leading up to Christmas to get prepped for the January burst of activity. Now we're on autopilot for a few days while things ramp up and with my coworker away this week I figured it's no big deal to cover for his jobs while he was away. Everything was humming smoothly until about 10am. Now my email inbox is overwhelmed with new requests, all of them rush/urgent in our clients eyes. It's 7:30pm (almost) and I'm still at my desk trying to get what needs to be done for the weekend out the door before I leave, and what needs to be done ASAP next week organized so I can hit the ground running Monday morning.

This really should be in the RGMG thread.....

[RichieRich]

Originally Posted by Minnie

My cousin just won a hospital lottery dream home, along with a whack of cash, a car, and a whole bunch of other stuff, totalling just under $3.25M!!! I'm so happy for her. She's had a very tough life and worked incredibly hard to get where she is today, away from all the awful stuff. I am so thrilled to see something so great happen for her and her family, she deserves this so much.

Makes me happy to hear someone in need has benefitted.

Hopefully she has a good handle on financial management and good choices to manage such a windfall. Sadly there’s a lot of history where large dollar winners can’t manage it and within a few years don’t have much to show for it. I would highly recommend an independent financial advisor and MOST DEFINITELY NOT some random person at a bank.
With such a bump on net asset value there’s no reason they can’t manage this and be able to sustain a long life taking out nearly 6 figures annually AND leave multigenerational wealth.

[Sliver]

Originally Posted by RichieRich

Makes me happy to hear someone in need has benefitted.

Hopefully she has a good handle on financial management and good choices to manage such a windfall. Sadly there’s a lot of history where large dollar winners can’t manage it and within a few years don’t have much to show for it. I would highly recommend an independent financial advisor and MOST DEFINITELY NOT some random person at a bank.
With such a bump on net asset value there’s no reason they can’t manage this and be able to sustain a long life taking out nearly 6 figures annually AND leave multigenerational wealth.

Taking out six figures annually from that and leaving "multigenerational" wealth?

Haha, good luck.

[WhiteTiger]

There has been a lot going on in my life lately to be down about and negative about.

But I'm taking my dad to the Flames game tonight, and he is SO excited that it's pumping me up, too.

It's reminding me to look for the positive, instead of the always the negative.

[Regorium]

Lost my wallet on new year's day (although I didn't really notice til a few days later). Turned the house upside down, couldn't find it.

Get the mail today and someone had mailed it back to me with a note saying they found it while walking and to have a happy new year.

Makes me feel warm and fuzzy about people out there.

[pseudoreality]

Originally Posted by Sliver

Taking out six figures annually from that and leaving "multigenerational" wealth?

Haha, good luck.

$100,000/$3,250,000 = 3%

A decent investment portfolio should generate about 6% over the long term. In general, 4% is considered a safe withdrawal rate that won't erode the principal.

[Sliver]

Originally Posted by pseudoreality

$100,000/$3,250,000 = 3%

A decent investment portfolio should generate about 6% over the long term. In general, 4% is considered a safe withdrawal rate that won't erode the principal.

Yeah, you think that's "generational wealth"?

[Muta]

Originally Posted by Sliver

Yeah, you think that's "generational wealth"?

For most people it probably is.

Not for CP'ers though, that's pocket change.

[pseudoreality]

Originally Posted by Sliver

Yeah, you think that's "generational wealth"?

Yes, six figures annual that grows with inflation that can be passed on from generation to generation is generational wealth in my opinion.

[Geraldsh]

Schwab’s survey pegged wealth at 2.2 million for the average American

[GGG]

Originally Posted by Geraldsh

Schwab’s survey pegged wealth at 2.2 million for the average American

But not the median American

https://thehill.com/homenews/4290971...-stack-up/amp/

The Fed has average at 1 million and median at 192k

[TrentCrimmIndependent]

Originally Posted by WhiteTiger

There has been a lot going on in my life lately to be down about and negative about.

But I'm taking my dad to the Flames game tonight, and he is SO excited that it's pumping me up, too.

It's reminding me to look for the positive, instead of the always the negative.

I've been spiralling down that negative rabbit hole. I have to cut it out.

There's so much good, just have to look for it.

Sometimes we need to give up the battle mindset and living on edge expecting a boogey man around the corner. After all, it's only life.

If we can't find the good now, along the way, we sure as hell won't see it when we "arrive" at that destination we're trying to get to. Our parents won't always be around, so it's important to squeeze the joy out of what time we have.

[WhiteTiger]

Originally Posted by TrentCrimmIndependent

I've been spiralling down that negative rabbit hole. I have to cut it out.

There's so much good, just have to look for it.

I've often said "You see what you look for."

I need to remember that more.

[RichieRich]

Originally Posted by pseudoreality

$100,000/$3,250,000 = 3%

A decent investment portfolio should generate about 6% over the long term. In general, 4% is considered a safe withdrawal rate that won't erode the principal.

Exactly correct.
Hey ya'll... play with this:
https://engaging-data.com/will-money-last-retire-early/

I plugged in $2.5MM (assuming they keep some of the winnings to put towards life, sharing, etc..); $8500/yr added for OAS after age 65; assuming $zero CPP; MER of ~1% on investments. The result is easily pulling $125k/yr for 50 years... so yes most definitely there's generational wealth.

So this assumes they don't do something stupid like put money into GIC's, choose bad financial planning; chase something trendy, don't make trades too often or chase returns or nervously move money in/out/in/out/in/etc... of the markets repeatedly selling low and buying high...


Average Canadian after-tax monthly retiree income is as per following article. Was higher than I expected:
https://www.moneysense.ca/save/retir...ome-in-canada/

[RichieRich]

Oh yeah wanted to give a positive shoutout to Chestermere Heating folks (again) for helping resolve a furnace issue that was making for some cold people at home. Showed up quickly, friendly, and Mr. Fixit took care of business.

[troutman]

I bought my lady the same birthday card two years in a row. Thinking quickly, I told her it was intentional, and therefore extra romantic. Now I have to find that card every year.

[calf]

Originally Posted by troutman

I bought my lady the same birthday card two years in a row. Thinking quickly, I told her it was intentional, and therefore extra romantic. Now I have to find that card every year.

Go to the store now and buy many of them?

[troutman]

Originally Posted by calf

Go to the store now and buy many of them?

A whole box!

[Canadianman]

Originally Posted by troutman

I bought my lady the same birthday card two years in a row. Thinking quickly, I told her it was intentional, and therefore extra romantic. Now I have to find that card every year.

just give her the exact same card every year.

[undercoverbrother]

Originally Posted by troutman

I bought my lady the same birthday card two years in a row. Thinking quickly, I told her it was intentional, and therefore extra romantic. Now I have to find that card every year.

My father in law, RIP, used to do that intentionally. He saved the card and brought it every year for his wife.

My wife is anti-card, it is one of the wonderful things about her.