e86s54
Recycles dryer sheets
- Joined
- Jun 4, 2009
- Messages
- 190
Hi all,
I'm a mid-40's Canadian, happily married, two great teenage kids and my life (part 1) has been great. I feel I have been lucky and done well. My finances are in good shape and I now am faced with the very real possibility of retiring very soon (within a year) or Life Part 2 as I refer to it. The only thing stopping me is that I don't have a clue about retiring as I have worked towards amassing assets all these years. So I'm here like a babe in the woods...searching.
A little more about my finances. I'm in the $125k pay range at my day job and I own a business that makes us about $200K that I redirect back into paying it off (about 4 yrs away). In the end it should be worth $2 million +. My wife is not employed and we own our house ($700K) and toys...yes many toys. My eldest is a couple of years away from university, while my second is 5 years away. Our RRSPs and other investments are in the $300K range.
We live fairly extravagantly. Luxury cars, boat, horses, vacations every year, so my day job pay almost covers that. We have too much fluff in our lives!
I wish to simplify and tone down the toys and retire. I want to spend as much time with my kids before they leave and then enter life part 2. In 5 years when my youngest leaves, I will likely sell the business, but until then, it would occupy an hour/day or my time (good staff).
So what would you do if you were me? Thank's in advance for the responses!
E86S54
I'm a mid-40's Canadian, happily married, two great teenage kids and my life (part 1) has been great. I feel I have been lucky and done well. My finances are in good shape and I now am faced with the very real possibility of retiring very soon (within a year) or Life Part 2 as I refer to it. The only thing stopping me is that I don't have a clue about retiring as I have worked towards amassing assets all these years. So I'm here like a babe in the woods...searching.
A little more about my finances. I'm in the $125k pay range at my day job and I own a business that makes us about $200K that I redirect back into paying it off (about 4 yrs away). In the end it should be worth $2 million +. My wife is not employed and we own our house ($700K) and toys...yes many toys. My eldest is a couple of years away from university, while my second is 5 years away. Our RRSPs and other investments are in the $300K range.
We live fairly extravagantly. Luxury cars, boat, horses, vacations every year, so my day job pay almost covers that. We have too much fluff in our lives!
I wish to simplify and tone down the toys and retire. I want to spend as much time with my kids before they leave and then enter life part 2. In 5 years when my youngest leaves, I will likely sell the business, but until then, it would occupy an hour/day or my time (good staff).
So what would you do if you were me? Thank's in advance for the responses!
E86S54