03-24-2015, 04:11 PM
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#101
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First Line Centre
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Quote:
Originally Posted by Chingyul
Only way you can beat that is the double income no kids...
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Trust fund beats double income.
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03-26-2015, 09:14 AM
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#102
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Crash and Bang Winger
Join Date: Mar 2015
Location: Calgary
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Quote:
Originally Posted by OMG!WTF!
I did ok with real estate but only because the market went up a lot and I happened to be in the right place at the right time. Looking back on the places I've owned and sold, I had a lot of close calls...houses on the river in Bowness, on the slippery slope in Wildwood, in leaky condo buildings, maniac tenants, fires, locusts. There's so much uncalculated risk. It's a young man's game and I'm 41.
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Great post.. the maniac tenants and leaky condo buildings really hits home with me.
Timing is everything in the real estate game and also in the 'life' game for that matter.
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05-19-2019, 11:24 PM
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#103
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First Line Centre
Join Date: Feb 2014
Location: Uzbekistan
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I realize I'm digging up a thread that is 4 years old, but I'm wondering if any of the people who replied have updates about how it's going 4 years later?
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05-20-2019, 06:13 AM
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#104
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First Line Centre
Join Date: Nov 2010
Location: Sherwood Park, AB
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Quote:
Originally Posted by indes
No
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I'm also a really slow learner.
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05-20-2019, 09:05 AM
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#105
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Franchise Player
Join Date: Nov 2003
Location: Calgary, AB
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How did people do with their investments when they had to put their child in daycare for the first time? Did you guys pause investing (outside of your pension), reduce it or continue on without interruption?
The costs of daycare look to be impacting what I'm going to be able to save for a few years.
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05-20-2019, 09:46 AM
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#106
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First Line Centre
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Quote:
Originally Posted by Johnny199r
I realize I'm digging up a thread that is 4 years old, but I'm wondering if any of the people who replied have updates about how it's going 4 years later?
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I never posted in this thread initially but it's interesting reading through it.
I'm a little bit younger than most of the posters (who would now be getting close to 40) but it seems like many people I know are neither nest eggers nor enjoy lifers. They don't save nor travel the world, instead opting to spend their paychecks on beer and skipthedishes.
Whenever I look at retirement I always try to estimate how many more years I have to work in order to spend the same amount of money I do now (inflation not withstanding) each year of retirement. That is a very scary thought when there is a black hole of 18+ years x2 in the middle of it...
I think my generation's retirement plan is inheritance.
__________________
ech·o cham·ber
/ˈekō ˌCHāmbər/
noun
An environment in which a person encounters only beliefs or opinions that coincide with their own, so that their existing views are reinforced and alternative ideas are not considered.
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05-20-2019, 10:11 AM
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#107
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evil of fart
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Quote:
Originally Posted by Tyler
How did people do with their investments when they had to put their child in daycare for the first time? Did you guys pause investing (outside of your pension), reduce it or continue on without interruption?
The costs of daycare look to be impacting what I'm going to be able to save for a few years.
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Yes, we had to pull our savings back big time for a few years. I lost sleep over it, but now on the other side of small children I wish I could tell my younger self to relax about it. It is what it is, so don't beat yourself up. And now with small children behind me, turns out I have a lot of years left to work and save and I'm comfortable that we've already made up for our lack of investing while the kids were in daycare.
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05-20-2019, 11:05 AM
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#108
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Franchise Player
Join Date: Feb 2010
Location: Hyperbole Chamber
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Quote:
Originally Posted by Tyler
How did people do with their investments when they had to put their child in daycare for the first time? Did you guys pause investing (outside of your pension), reduce it or continue on without interruption?
The costs of daycare look to be impacting what I'm going to be able to save for a few years.
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I’m sorry that no one told you beforehand but people with kids don’t get to retire anymore.
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05-20-2019, 11:30 AM
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#109
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First Line Centre
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I think it's important to do an annual summary of your assets and liabilities, just so you can see how well you are doing in preparing for retirement.
As a retiree, my advise would be to:
1. Minimize the number of toys you acquire i.e. anything that depreciates with time e.g. boat, atv, motorcycle etc.
2. The TFSA is the best vehicle to come along in some time. Put all you can into it. It's important to have non taxed investment income when you retire. I understand the Conservatives are going to increase it. As for investing in it, unless you are a very shrewd and experienced investor, I would keep it in a balanced account i.e. 1/2 good quality stocks and 1/2 good quality bonds. This also applies to your RRSP, especially if you make the big buck.
3. Your house is likely to be your best investment. Hopefully it is in an area that keeps up with, or rises above, inflation. Keep it in good shape.
4. Try not to spend too much on your vehicle. If you purchase a new one, plan on keeping it for 10 years. I never bought a new car until I turned 65.
5. The OAS and CPP are really important. It's much better if there are two of you. Keep on good terms with your better half.
6. Chart the percentage of your income that goes to interest. Try to be out of debt, or close to it, the day you retire.
just my opinion
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05-20-2019, 11:56 AM
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#110
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First Line Centre
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Quote:
Originally Posted by flamesfever
I think it's important to do an annual summary of your assets and liabilities, just so you can see how well you are doing in preparing for retirement.
As a retiree, my advise would be to:
1. Minimize the number of toys you acquire i.e. anything that depreciates with time e.g. boat, atv, motorcycle etc.
2. The TFSA is the best vehicle to come along in some time. Put all you can into it. It's important to have non taxed investment income when you retire. I understand the Conservatives are going to increase it. As for investing in it, unless you are a very shrewd and experienced investor, I would keep it in a balanced account i.e. 1/2 good quality stocks and 1/2 good quality bonds. This also applies to your RRSP, especially if you make the big buck.
3. Your house is likely to be your best investment. Hopefully it is in an area that keeps up with, or rises above, inflation. Keep it in good shape.
4. Try not to spend too much on your vehicle. If you purchase a new one, plan on keeping it for 10 years. I never bought a new car until I turned 65.
5. The OAS and CPP are really important. It's much better if there are two of you. Keep on good terms with your better half.
6. Chart the percentage of your income that goes to interest. Try to be out of debt, or close to it, the day you retire.
just my opinion
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I too am retired. I agree with all your points. I've cut back on a lot of stuff I didn't really need. We are just getting more frugal, but still living comfortably.
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05-20-2019, 12:28 PM
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#111
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Franchise Player
Join Date: Sep 2012
Location: SW Calgary
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Still probably not as much as I should. I'm 27, 10% of my pay goes right into a company share purchase plan RRSP and they match 5% as well.
Last edited by btimbit; 03-08-2022 at 11:01 PM.
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05-20-2019, 12:31 PM
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#112
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Franchise Player
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I disagree that your house is your best investment.
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05-20-2019, 01:04 PM
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#113
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First Line Centre
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Quote:
Originally Posted by MoneyGuy
I disagree that your house is your best investment.
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The way I look at is, with the governments around the world continuing to print money, neglecting the growing debt, and doing all that they can to avoid recessions, the value of currencies are diminishing at an appreciable rate. IMO the only reason the US currency is the main currency of choice in the world is that the others are performing relatively more poorly.
Now I'm sure, as an investment advisor, you can think of other things to invest in. However, in the long run, considering the above, IMO one should be invested in real things. What better way to invest than in something that provides one of the basic necessities of life i.e. a roof over your head, and appreciates at the rate the currency is likely to erode.
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05-20-2019, 01:16 PM
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#114
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Powerplay Quarterback
Join Date: Feb 2006
Location: Vancouver
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I have a DB pension but to collect in its entirety I have to work until I'm 70. My job is physical and only recently I realized my body is having a tough time in its 40s.
I've finally begun investing to supplement my pension. I've maxed out my TFSA and the next goal is to max the RRSP. It's all invested in aggressive growth ETFS. I've been supporting my wife for the past 3 years while she's in school so things will only improve when she begins working in her field.
I think I'll be okay to retire by 60, but I wish I had started investing much earlier. I've never been a spender, but all my money had been in ~2% savings accounts.
Otherwise, I feel I lead a balanced life being mostly frugal and spending on one vacation a year. The rest of the time we are happy with weekend road/camping trips, or cooking at home and watching Netlfix.
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05-20-2019, 02:38 PM
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#115
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First Line Centre
Join Date: Feb 2014
Location: Uzbekistan
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Quote:
Originally Posted by flamesfever
The way I look at is, with the governments around the world continuing to print money, neglecting the growing debt, and doing all that they can to avoid recessions, the value of currencies are diminishing at an appreciable rate. IMO the only reason the US currency is the main currency of choice in the world is that the others are performing relatively more poorly.
Now I'm sure, as an investment advisor, you can think of other things to invest in. However, in the long run, considering the above, IMO one should be invested in real things. What better way to invest than in something that provides one of the basic necessities of life i.e. a roof over your head, and appreciates at the rate the currency is likely to erode.
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I don't own any real estate and have no plans or desire to. I take the opposite view that you do.
My wife and I are professionals (40ish) we move every couple of years to a new town/city and always rent. I dont want anything to do with realtor fees, closing costs, property maintenance and repairs, home insurance, property taxes etc etc.
If I'm renting a house or apartment (we've done both) I like to hand my rent over at the end of each month and call the landlord if there are any problems (the basement in our current house had a minor flood twice last year, glad I didnt have to pay that bill for that repair!) The next place we are moving to next month (new city) is a 3 bedroom apartment with the nicest gym I've ever seen, surrounded by restaurants and shops.
Owning property for many people is a positive thing because a mortgage is a forced savings problem. It removes any temptation to spend that $1500 or $2500 each month on other things. Hopefully that asset appreciates over time, and the owner reaps the benefits.
My wife and I have the discipline to put lots of money into low cost ETFs through Questrade every month, so renting works for us. The additional benefit is we arent tied down, and are always flexible to go wherever we want next. Renting can be dangerous for those that dont have the discipline to invest their extra income after rent, but its not a problem for us. I'm willing to bet the stock market will be still be stable in my old age and that currencies will not erode as you believe.
It's like people who want to be landlords. God bless them, I could never put up with all of that work and potential headache of difficult tenants. I'd rather just invest in a REIT from my computer - aka property management companies that do all the work, get a nice return and never have to worry about a tenant who is always late with rent, trashes the house/apartment or spend my evenings doing repair jobs.
I find it fascinating the different paths people can take to end up at their ultimate retirement goal. I dont think their is one correct choice. Its just important to make a plan early on, and stick with it.
Last edited by Johnny199r; 05-20-2019 at 02:44 PM.
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05-20-2019, 02:47 PM
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#116
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Franchise Player
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Quote:
Originally Posted by flamesfever
The way I look at is, with the governments around the world continuing to print money, neglecting the growing debt, and doing all that they can to avoid recessions, the value of currencies are diminishing at an appreciable rate. IMO the only reason the US currency is the main currency of choice in the world is that the others are performing relatively more poorly.
Now I'm sure, as an investment advisor, you can think of other things to invest in. However, in the long run, considering the above, IMO one should be invested in real things. What better way to invest than in something that provides one of the basic necessities of life i.e. a roof over your head, and appreciates at the rate the currency is likely to erode.
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I invest in companies that make money and grow share values. Like Coca-Cola, the world’s largest beverage maker, and banks and insurance companies. I’m not saying don’t a house, but my portfolio will outperform my house.
Quote:
Originally Posted by Johnny199r
I don't own any real estate and have no plans or desire to. I take the opposite view that you do.
My wife and I are professionals (40ish) we move every couple of years to a new town/city and always rent. I dont want anything to do with realtor fees, closing costs, property maintenance and repairs, home insurance, property taxes etc etc.
If I'm renting a house or apartment (we've done both) I like to hand my rent over at the end of each month and call the landlord if there are any problems (the basement in our current house had a minor flood twice last year, glad I didnt have to pay that bill for that repair!) The next place we are moving to next month (new city) is a 3 bedroom apartment with the nicest gym I've ever seen, surrounded by restaurants and shops.
Owning property for many people is a positive thing because a mortgage is a forced savings problem. It removes any temptation to spend that $1500 or $2500 each month on other things. Hopefully that asset appreciates over time, and the owner reaps the benefits.
My wife and I have the discipline to put lots of money into low cost ETFs through Questrade every month, so renting works for us. The additional benefit is we arent tied down, and are always flexible to go wherever we want next. Renting can be dangerous for those that dont have the discipline to invest their extra income after rent, but its not a problem for us. I'm willing to bet the stock market will be still be stable in my old age and that currencies will not erode as you believe.
I find it fascinating the different paths people can take to end up at their ultimate retirement goal. I dont think their is one correct choice. Its just important to make a plan early on, and stick with it.
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This point of view is similar to mine.m
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05-20-2019, 02:52 PM
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#117
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Franchise Player
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Quote:
Originally Posted by btimbit
Still probably not as much as I should. I'm 27, 10% of my pay goes right into a company share purchase plan RRSP and they match 5% as well. I'm thinking of upping that to 20% soon. I also contribute a few hundred dollars to Mutual Funds in a TFSA every month.
Debt free other than my house but I'm planning on moving out of the city in 2 or 3 years as well so that will increase that amount, but since that's the only debt I have I'm comfortable with it being in property.
So I feel I'm on the right track but would like to increase what I set aside. I also worry about almost all my RRSP being just one stock, so I'm thinking rather than increasing what I put there I might put that money elsewhere. Haven't decided yet
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I would certainly diversify out of your company stock. Especially if you are in oil and gas the value of your house and your job security is already tied to commodity price. Personally I get my money out of Canada in general and take the currency risks as when our currency is strong O+G is strong so my investments hedge against the housing market in Calgary.
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05-20-2019, 03:00 PM
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#118
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Backup Goalie
Join Date: Oct 2014
Location: Victoria
Exp:
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Quote:
Originally Posted by Slava
Absolutely and here's a freebie to start you off: No, the Oilers aren't building anything special. Neither are the Eskimos!
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This aged well
Im now in my mid twenties, and I've not really saved anything specifically for retirement. Ive saved money but never with a longterm strategy, more just saving for a year and then blowing it all on a trip and repeating.
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05-20-2019, 03:05 PM
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#119
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Franchise Player
Join Date: Mar 2007
Location: Income Tax Central
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I plan on going out like a rockstar! I dont need to save! I'm going to burn out, not fade away!
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05-20-2019, 03:36 PM
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#120
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First Line Centre
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...
Last edited by Sr. Mints; 02-02-2024 at 12:07 PM.
Reason: Someone take away my phone the next time I'm being treated for a TBI
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