Wow, you are really missing out. Try Dicken's "Bleak House", or the Trollope classic "The Way We Live Now". Mark Twain and Stephen Leacock are good, too. Or Henry Fielding, E.M. Forester, Jane Austen, etc. etc.zxcvlkj said:The only books I have read are "Rich Dad, Poor Dad", "The Wealthy Barber" and "Stop Working". I do not recall the exact name of the third book. It was about buying blue chip stocks at low prices and wait for the dividends to grow.
If your expenses after paying down the mortgage really go down to 35K, you would need "only" 875K-1Mio. of invested assets. This does not include your home equity!
That seems doable. Once my mortgage is paid and I downgrade I would have maybe another 200k.
i'll look into this in the new year.So by January 2, 2013, you could transfer up to $25,500 into a TFSA.
i'm not much of a reader. summary of the point would be appreciated.Wow, you are really missing out. Try Dicken's "Bleak House", or the Trollope classic "The Way We Live Now". Mark Twain and Stephen Leacock are good, too. Or Henry Fielding, E.M. Forester, Jane Austen, etc. etc.
same in ontario.Just a quick note on Canadian Health Care.
I don't know Ontario's Health Care at all, but in Alberta, most prescriptions are not covered, as well as dental costs and many other health related expenses.
Canadian health care is significantly less expensive than State side (especially for emergency / life threatening care), but it's not completely free either. You should budget for some basic medical / dental insurance, or set some money aside for these costs.
based on my math i'm 30% there with two decades to go.Not meaning to rain on your parade, but another 200k will not get you there. You currently have about 105k (Cash 40k, Stocks 40k, RRSP 25k) of assets that are or could be invested. Money tied up in house or car doesn't help.
You've cut your retirement age back to 49? That's smart. I was still under the impression that you are planning for a very quick exit from the workforce.based on my math i'm 30% there with two decades to go.
Hi,
After lurking for a few weeks, I've decided to join and request some insight. I am almost 30 (single, no kids) looking into retiring as early as possible as I am sick of working.
Financial situation:
House 600k
Car 50k
Cash 40k
Stocks 40k
RRSP (equivalent to 401k) 25k
Income 65k-90k
Expense 50k
Mortgage 370g
Debt 0
Once I have paid off my mortgage I think I can retire. I am wondering what I can do with my cash and I am thinking about purchasing an additional property for rental income to speed up the mortgage payment. I do not want to invest into anymore stocks as I would like to diversity.
Suggestions for a self-managed business (if it exist)?
Thoughts on how I can retire as early as possible?
Retiring at 35-40 an achievable goal?
Can you please clarify? The only way I can see that taking on more mortgage debt increases one's net worth is when the value of the equity in the property exceeds the debt. This is very hard to do early on, especially if one puts 10 or 20% down.I have increased my networth by taking on more mortgage debt.
Can you please clarify? The only way I can see that taking on more mortgage debt increases one's net worth is when the value of the equity in the property exceeds the debt. This is very hard to do early on, especially if one puts 10 or 20% down.
Net worth = assets - liabilities
OP - Really great to see an update.
you have done amazingly well at saving, hopefully you are also having fun.
I'm guessing your properties are near Toronto, do they have rent control ?
I personally would not count the house I live in as part of assets, since most folks would not sell their house and live in a tent.
I'd suggest if you have not already done it, to have as little mortgage on your home (since homes in Canada are not tax deductible for taxes) and have all the mortgage money on your rentals.
<edit> I didn't see the beginning of this thread so now I know you are in GTA. Also maybe it's a good time to refinance the mortgages due to low interest rates ?
are your tenants still paying rent? I'm not familiar with the rental situation in Canada. Here in the States renters are having a hard time