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01-24-2016, 06:13 PM
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#21
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Posts: 11,401
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Quote:
Originally Posted by Sarah in SC
I'm helping a young couple I know with their finances, and she's originally from Kewlona and went to college in Calgary.
Compared to his tuition at a US school (he's from DC), she certainly got a bargain. But...hers is an art degree and his is engineering.
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She could have obtained an arts degree at UBCO in Kelowna. Here's how arts tuition would stack up against engineering at that location:
UBC's Okanagan Campus Tuition & student fees
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01-24-2016, 06:50 PM
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#22
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
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My tuition was $117.50 to $192.50 in a big city state university, and I graduated in 1972.
But with current college graduates running up $20-25K in student loans (on the low end,) it's going to put them 7-10 years behind in starting saving for retirement aggressively.
And with compounding and taking those years out of the marjet, those having to pay back student loans are going to be way behind those that didn't have to take out student loans.
If I was going to start college today, I'd go to cheaper community college 2 years, including going to Summer school. Then I'd transfer to a state university to finish up. And I'd live like a monk--triple frugal.
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01-24-2016, 07:06 PM
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#23
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
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Quote:
Originally Posted by Meadbh
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I know, I know.
But she did a ceramics major in Calgary. His engineering degree is from Clemson, here in SC.
On our magical trip from Seattle to the Yukon and beyond, we camped at her mom's place, overlooking an orchard. Idyllic, like everywhere in BC we went.
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way
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01-24-2016, 07:41 PM
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#24
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Dryer sheet wannabe
Join Date: Jan 2016
Location: Toronto
Posts: 12
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Quote:
Originally Posted by Bamaman
If I was going to start college today, I'd go to cheaper community college 2 years, including going to Summer school. Then I'd transfer to a state university to finish up. And I'd live like a monk--triple frugal.
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I actually took a similar path. I started at the local "community college" and got a diploma in computer programming. I used that to get 1 year worth of science credits and transferred into a Comp Sci major at the local University. I also got a partial scholarship based on my grades. I switched majors right away and graduated with a business degree.
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01-25-2016, 12:18 PM
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#25
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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Quote:
Originally Posted by BlueNote
The common countries that come up most often seem to be Mexico, Argentina, Chile, Uruguay, and Thailand. So Spanish would be very useful in most of those cases...
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We considered Uruguay before buying in Mexico. Recently I have heard that the cost of medical care has become prohibitive for retirees.
__________________
For the fun of it...Keith
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01-25-2016, 01:20 PM
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#26
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Location: Bonita (San Diego)
Posts: 1,795
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Quote:
Originally Posted by kcowan
We are retired in Mexico...
... you can also get a job teaching English.
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Does not follow.
__________________
"So we beat to our own drummer in the sun;
We ask for nobody's permission to run.
I just wanna live in a world like that;
Now I'm gonna live in a world like that!" - World Like That, O.A.R.
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01-25-2016, 02:29 PM
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#27
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Michigan
Posts: 4,939
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Quote:
Originally Posted by BlueNote
Hi DrRoy,
I use the 3-4 % withdrawal rate as a rule of thumb. In reality my withdrawal rate will likely be variable. I am thinking there will be an absolute minimum withdrawal rate, lets say a real 2% rate, along with a variable portion depending on how well my portfolio is doing. Also with kids I am also flexible and would likely have to continue working if my future child has special needs requiring income over and above that which my portfolio can provide. However I am very independent and was raised to take responsibility for myself. Hopefully my kids will pick up the same skills and traits.
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That sounds more sustainable. If 2% covers your basic COL needs and other spending waits for a better return year then that has higher odds of success.
__________________
"The mountains are calling, and I must go." John Muir
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01-25-2016, 06:50 PM
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#28
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,138
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A friend from high school just posted on facebook that her daughter is getting a full ride (volleyball) to USD. That means they can repurpose (with a tax hit on the gains) the fully funded 529 to their early retirement.
That's one way to cover the US college expenses... have a bright and incredibly athletic 6'1" daughter who can spike like crazy.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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01-30-2016, 06:13 PM
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#29
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Recycles dryer sheets
Join Date: Jun 2015
Posts: 106
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Everything free in America!
For a small fee in America!
-Stephen Sondheim, West Side Story
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01-30-2016, 06:26 PM
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#30
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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Tuition is not free but generally a lot less than in the US. Medical is much less expensive in Canada unless you are a high earner because it is, after all, paid for through a higher tax rate. Typically combined Max marginal tax rates in Canada range from 48% to about 55% and are reached around $200,000 in income. For the average family if works out pretty well.
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01-31-2016, 09:17 AM
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#31
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Dryer sheet wannabe
Join Date: Jan 2016
Location: Toronto
Posts: 12
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Quote:
Originally Posted by rodi
A friend from high school just posted on facebook that her daughter is getting a full ride (volleyball) to USD. That means they can repurpose (with a tax hit on the gains) the fully funded 529 to their early retirement.
That's one way to cover the US college expenses... have a bright and incredibly athletic 6'1" daughter who can spike like crazy.
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I know that's an option for some people, however I have no known genetic relatives from my side or my wife side who have anything approaching the athletic talent needed to get a scholarship. Probably a super long shot but hey I'll take it if it comes.
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01-31-2016, 09:24 AM
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#32
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,138
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Quote:
Originally Posted by BlueNote
I know that's an option for some people, however I have no known genetic relatives from my side or my wife side who have anything approaching the athletic talent needed to get a scholarship. Probably a super long shot but hey I'll take it if it comes.
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I don't either. I'm expecting to have pay full freight for my kids... They play basketball - but are not stars. Their grades are not as stellar as they should be... no chance for scholarships.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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01-31-2016, 09:47 AM
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#33
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,972
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OP - Welcome.
Your plan sounds fairly reasonable, but I felt there were 2 issues in all the discussion.
1) You are renting, and perhaps in 10 years you will have the cash, but still be renting, besides the concept of a low foreign COL country, what is your backup plan if you stay in Canada for housing (rent all life, or buy in cheap city like Halifax NS ?).
2) Children, will you really raise them in a 3rd world country, won't that limit educational and health opportunities ?
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01-31-2016, 05:46 PM
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#34
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Dryer sheet wannabe
Join Date: Jan 2016
Location: Toronto
Posts: 12
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Quote:
Originally Posted by Sunset
OP - Welcome.
Your plan sounds fairly reasonable, but I felt there were 2 issues in all the discussion.
1) You are renting, and perhaps in 10 years you will have the cash, but still be renting, besides the concept of a low foreign COL country, what is your backup plan if you stay in Canada for housing (rent all life, or buy in cheap city like Halifax NS ?).
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We'll consider buying a home when it makes sense but right now we're investing the money saved in food, water and ammo. I am thinking of buying a plot in northern Alberta and raising my kids to live off the land and thrive in the harsh Canadian winters. Just kidding . I have no idea where I will be in 10 years but if buying houses in my area made more financial sense then renting I would mortgage a house.
Quote:
Originally Posted by Sunset
2) Children, will you really raise them in a 3rd world country, won't that limit educational and health opportunities ?
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The term "third world" comes from the cold war era and refers to nations not aligned to Nato (the first world) or communist countries (the second world). This included almost all of latin america, Africa, middle east, some of Europe and much of Asia. There are tons of health and educational opportunities in many of those countries. In fact many of those countries offer excellent healthcare and educational opportunities at very affordable prices.
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36 year old Canadian husband who wants to retire within 10 years
02-01-2016, 06:32 AM
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#35
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Thinks s/he gets paid by the post
Join Date: Nov 2013
Location: Twin Cities
Posts: 3,927
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36 year old Canadian husband who wants to retire within 10 years
I think it is amazingly great when people have such clear goals with actual plans that they are implementing at such relatively young ages. You may or may not hit your numbers right on schedule, but you are giving yourselves something perhaps even better: options. Virtually everyone you know will never have your options because lifestyle and subsequent debt choices will chain them to the highest-paying job they can find, forever, regardless of toxicity. Bravo - and never fall for the lifestyle trap. I'm 50 and, though DW and I have stepped in the lifestyle trap a few times, we have also saved well since age 28 and learned to invest, and now I so appreciate our FU money and options.
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02-01-2016, 01:55 PM
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#36
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Recycles dryer sheets
Join Date: Jun 2014
Posts: 440
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I think the biggest wildcard isn't money or where to live... It's children.
Speaking as a 40 year old with 2 kids that CAN fire, I can tell you that it's looks VERY different with kids than without.
Without kids you can do what you want... Spend hours on hobbies, travel the world, pick up side gigs, play video games all day .
WITH kids you FIRE is much more like being a stay at home parent which is actually more work than a job (at least in my case ).
It can also be very monotonous, frustrating and kind of unrewarding... Short term. Long term it's absolutely amazing and as my kids get older it gets better and better.
Now... Some people travel the world with their kids... I wouldn't. Anything over a 4 hour plane trip with infants can be grueling (I've done 5 from 5-15 hours in the last 2 years). Changing their sleep patterns is rough on you and them. You have to pack all their food, diapers, milk, transport... Or you have to figure out where to get that stuff at your destination .
On the other hand, people say that kids are expensive. I haven't had this problem. I guess if you feel the urge to buy them fancy clothes and toys that might be true. We spend roughly the same with 2 kids as without because other expenses dropped quite a bit. The only exception is school and health (if something goes wrong especially).
That said... Some people can handle being with young children 24/7... Some can't. I can handle it ok... But without some kind of "job like distraction" my brain turns to mush and I become unpleasant. People have said to just block off a few hours and work at home but I find this very hard. I feel guilty being at home and telling the kids they can't bug me .
Anyway I suggest have kids THEN retire .
Sent from my HTC One_M8 using Early Retirement Forum mobile app
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02-01-2016, 03:27 PM
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#37
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2011
Posts: 8,368
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Quote:
Originally Posted by petershk
Now... Some people travel the world with their kids... I wouldn't. Anything over a 4 hour plane trip with infants can be grueling (I've done 5 from 5-15 hours in the last 2 years). Changing their sleep patterns is rough on you and them. You have to pack all their food, diapers, milk, transport... Or you have to figure out where to get that stuff at your destination .
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I remember a guy I used to run with, who went on a driving European R&R with a new baby......they (initially) figured on spending most of the day touring, and finding a new hotel each evening.
When he returned he said that it was about 11:00 a.m. before they could check out of one hotel, and by 01:00 p.m. they were searching for another.
__________________
"Exit, pursued by a bear."
The Winter's Tale, William Shakespeare
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02-01-2016, 03:43 PM
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#38
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Recycles dryer sheets
Join Date: Jul 2013
Posts: 317
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No
Sent from my Z936L using Tapatalk
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02-01-2016, 03:45 PM
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#39
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Recycles dryer sheets
Join Date: Jul 2013
Posts: 317
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Quote:
Originally Posted by Murf2
No
Sent from my Z936L using Tapatalk
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Sorry, posted to wrong thread!
Sent from my Z936L using Tapatalk
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02-01-2016, 05:37 PM
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#40
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Posts: 2,360
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Quote:
Originally Posted by Golden sunsets
It's very odd to hear you quoting your net worth and not include your wife's. Same with expenses. Your expenses are $28,000 and hers are similar? Don't you mean your expenses are $56,000.
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+1. Makes no sense.
Quote:
Originally Posted by Brat
It is my understanding that public universities in Canada offer free tuition to their citizens.
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And it is my understanding that all American universities charge annual tuition fees of $5 million per student. Also, IIRC every US citizen is required to spend 20 years of compulsory military service. Etc.
It would be helpful if people made a basic effort to check the facts before gratuitously posting misinformation … Google makes this very easy to do.
__________________
"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)
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