Frugalityisthenewblack
Recycles dryer sheets
- Joined
- Dec 14, 2008
- Messages
- 129
My "Plan A", to retire comfortably on the portfolio I was accumulating (and foolishly leveraged) in a few years is a plan I have had to abandon.
My mother and aunt both died young, a few years older than I am now, so I am becoming increasingly conscious of my mortality.
I have to delay retirement. For how long I don't know, one would be a fool to try to predict anything in this global financial upheaval.
So....it is time for Plan B
And here it is: I have taken most of my money out of the market and have purchased my retirement condo. A block away from the ocean, you can see the water at the building's entrance. Premature and foolish? Maybe. But I have my reasons. I hope to live there 6 weeks this summer and various times throughout the year.
My DH and I still live in our home close to our work, but we will be using the second residence as often as possible. It is a two bedroom and my neice rents the one room as it is close to her university. Her rent covers the taxes/heat and modest condo fee.
I have someone to take care of the place when I am not there. I have arranged a self-funded sabbatical in three years time and will have at least one year to savour the FIRE lifestyle. After that I will see about perhaps working less (job share?).
Regretting my previous financial missteps does not do any good. I have paid off my debts and mortgage and I will continue to set aside 50% of my take home pay to buy ETF stocks or low MER mutual funds regularly over the next few years to build back my investment portfolio. Anyone else have a "Plan B"?
My mother and aunt both died young, a few years older than I am now, so I am becoming increasingly conscious of my mortality.
I have to delay retirement. For how long I don't know, one would be a fool to try to predict anything in this global financial upheaval.
So....it is time for Plan B
And here it is: I have taken most of my money out of the market and have purchased my retirement condo. A block away from the ocean, you can see the water at the building's entrance. Premature and foolish? Maybe. But I have my reasons. I hope to live there 6 weeks this summer and various times throughout the year.
My DH and I still live in our home close to our work, but we will be using the second residence as often as possible. It is a two bedroom and my neice rents the one room as it is close to her university. Her rent covers the taxes/heat and modest condo fee.
I have someone to take care of the place when I am not there. I have arranged a self-funded sabbatical in three years time and will have at least one year to savour the FIRE lifestyle. After that I will see about perhaps working less (job share?).
Regretting my previous financial missteps does not do any good. I have paid off my debts and mortgage and I will continue to set aside 50% of my take home pay to buy ETF stocks or low MER mutual funds regularly over the next few years to build back my investment portfolio. Anyone else have a "Plan B"?