[albertGQ]

Originally Posted by Phanuthier

Maybe, but that million bux allure might get killed by inflation.

I get the general idea of the Wealthy Barber, not sure I agree with it.

I took a few finance/management classes back in my university undergrad and in one of them, the prof did a spreadsheet of how much money you need to survive in retirement. He factored in medical costs (notably average cost of a living person in their last year of life), housing costs, inflation, tax and so on. Without government assistance, and under $100k+ saving something like 10% to 20%, you wouldn't have enough $$ to survive past 90. (or something along those lines, does not include pension plans) Basically, you can predict almost the exact day you run out of money.

Very telling stat, which got me thinking, just slaving away working for the man and throwing the money in some bond or mutual fund just isn't the formula of finance that makes sense for me. There has to be other ways to guerentee your survival without having to depend on someone else.

Oh, and I currently have a will. Since you have a little rugrat running around, I'd say you probably should get life insurance.

This is what I'm currently doing. Pumping my RRSP savings in mutual funds. Obviously I haven't been doing too well the past 12 months. What do you suggest?