Quote:
Originally Posted by Johnny199r
9 years after I initially made this post, how is everyone doing?
I'm still on track and doing well despite separating from my spouse of 12 years recently (no kids made that easier, as well as no house to sell).
In the last year or so I've managed to get my boss, a couple of friends as well and sister and brother in law into the world of index investing and TFSAs and RRSPs through Wealthsimple.
When I was recently visiting my sister and brother in law, they showed me their work RRSP plans and they were horrific. They were also clueless about investing in general (despite having very good incomes). They were basically on track to have nothing for retirement aside from their house. They are now getting on track.
I always thought that it was only lower income people that had trouble saving for retirement, but I've learned that's not remotely true. I've had lunch with several fellow lawyers who have told me they don't save a cent.
For anyone thinking about taking control of their finances, the best time to start is now!
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I started investing young so it's always been a thing for me. Granted it was small dollars (relatively) but it got me in the right headspace. Super high MER's which I didn't even know were a thing for many many years. I messed up during the 2008 opportunity (pulled out too much near the bottom and came back in near the top) and that's stuck in me craw ever since. Also went for a few "flavor of the year" investments and rode the wave ....up.... and... down. I've since learned that its' time IN the market, not timing OF the market. In other words, don't do something... stand there! Through 2008, 2015, Covid there have been quite a few life challenges, but I stayed in the game and put money in when I could. Should be comfortably retired by 60 - definitely not eating dog/cat food, but no caviar either. I'd rather that than trying to work until 65+ and hoping for good health.
Other thing is that conservative fund* investing has been shown many MANY times to be almost useless (IMO). As long as you have a long view the statistics show in most cases going with growth or more aggressive growth funds is significantly better.
* = not individual stocks; not looking for "gambling" in stuff I don't control or that are subject to large fluctuations due to world events/economies. Biggest thing is I need to get more $$$ into ETF's but having a hard time making it happen.
I also know some people who think they'll retire in less than 10 years but essentially haven't done squat about saving or planning. it's just a hopeful wish. Typically those that are highly paid are frivolous and sometimes spend constantly like drunken sailors, whereas lower income people are a lot more aware of their overall life funds and so budget way better.
Am definitely envious of some work places that provide amazing pensions... such as AHS, CBE, anything government.