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  1. #1
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    Default Financial Planning Help?

    Hi guys, don't know why but all of the sudden I woke up this morning and laid in bed for a while thinking about retirement and if I will have enough money. I'm still fairly young so I got a long way to go working, but don't want to waste time and have regrets down the line that I didn't do something I should have. My current individual retirement savings are comprised of the following:

    $113k LIRA from my days with a government agency
    $65k RRSP with RBC
    $11k RRSP with RBC through employer (they only match up to $2k per year)
    $20k RRSP GIC with Simplii (opened when market was diving in December, wasn't sure if I wanted to keep my funds in the market)

    I do have my TFSA maxed out but I don't see it as retirement savings at the moment so I don't really count it.

    Anyways, majority of my funds are with RBC for the last 3 years or so ever since I switched jobs and they had their RRSP setup with RBC, so I moved most of my funds there. It's some managed accounts with low and medium risk investments (LIRA is low, 65k RRSP is medium risk). I pay some management fee and leave it alone. The RRSP GIC at Simplii is at 3.5% for the next couple of years, and the work RRSP is some kind of medium risk investment as well. I am 36 and plan on working for as long as I can, no desire for early retirement, at least not at the moment. My wife and I travel a ton and spend 20-25k per year travelling, and we have no kids. The mortgage is paid off. We are able to save about $5-6k per month combined doing whatever we want, but in general we aren't really big spenders. We have no mortgage anymore and no other debt.

    If things remain as is, I think i can max out my RRSP contributions going forward. My wife's RRSP contributions are pretty small and we don't really count it towards retirement, so let's assume everything I am doing is what is going to carry us through retirement. Wife is now in school and isn't working much so her income doesn't really matter at the moment as well. I take care of most every expense in the house and I like it this way, so presume this will continue forward as well.

    My question is, should I be doing something more? Should I be taking bigger risk investments while I am young to try to maximize growth? I feel like I just don't care about these things and I definitely don't want to self manage anything, but at the same time if I have to, I will. I just want to make sure I am not making any mistakes that I will regret when I am older while I still have a good 25-30 years of work left ahead of me (I hope). Should I be seeking professional advise? I have an advisor at RBC....who I haven't heard from for a couple of years now, seemed to go silent once he got me to move all my money, so I don't really want to deal with him. Is a banker really the best person to talk to? I feel like they all have their own interests in mind. Any and all input is appreciated.

  2. #2
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    You are in a great spot. You seem like a very responsible man albeit the socks and sandals thing but rage2 made it cool so you get a pass for that lol

    Imo, stay the course. Peace of mind is everything when it comes to investments. Yes you can take bigger risks but only risk what you are willing to lose. All the info is on the internet.

    I'm similar to you as I have 0 debt and 6 figure investments. 10% of my portfolio is for the high risk stuff that I can fk around with. The other 90% is indexed linked and that's good enough for me. I have a plan to sell everything when the Dow hits 30k and wait for a crash. Time will tell.

    Btw, nice flex.

    I'll add you to the budget baller club as we aren't on the rage2, buster, bavarianbeast, etc. level haha
    Originally posted by rage2
    Shit, there's only 49 users here, I doubt we'll even break 100
    I am user #49

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    The Ronco (tm) method of investing. You just set it and... FORGET IT!!
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Wouldn't you want to couch potato this stuff instead of active management?

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    You're broke and will die cold and homeless

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    +1 on what Buster said.

    You have a great nest egg and if you went Couch Potato route you'd be more than fine at time of retirement.

    You're young, have more in the bank than some retirees, and no mortgage. Ez pz.

    If you're invested in your own future, best to learn how to manage your own money and grow it instead of paying some "expert" 2% and they can't even beat the market.

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    ...
    Last edited by Sugarphreak; 08-18-2019 at 04:25 PM.

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    Oh man I hope Beyond is around in 20-30 years to see who hit that 2-3 mill target set it and forget Ronco!
    Originally posted by rage2
    Shit, there's only 49 users here, I doubt we'll even break 100
    I am user #49

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    Quote Originally Posted by max_boost View Post
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    Oh man I hope Beyond is around in 20-30 years to see who hit that 2-3 mill target set it and forget Ronco!
    Has anyone hit their “millionaire by 30”? Without win fall (lotto) or trust funds, which without a doubt is still impressive and I’m very jelly of them trust fund babies.

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    Now that the conservatives are back in power and we gonna make OG and AB great again, I hope there are some high school lurkers who read that thread lol lol and believe in it enough to execute and hit that 1mill before 30
    Originally posted by rage2
    Shit, there's only 49 users here, I doubt we'll even break 100
    I am user #49

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    Quote Originally Posted by Buster View Post
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    Wouldn't you want to couch potato this stuff instead of active management?
    Yup, couch potato all the way.

    TD/RBC/BMO/etc advisers aren't advisers at all, they're just mutual fund salesmen.

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    TBH I'm kind of disappointed at the numbers. Considering the amount of humble bragging and the fact they have no kids I expected at least double what I have instead of half. We don't travel nearly as much but two kids definitely cost more than 20k a year.

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    ...
    Last edited by Sugarphreak; 08-18-2019 at 04:25 PM.

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    Quote Originally Posted by max_boost View Post
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    Oh man I hope Beyond is around in 20-30 years to see who hit that 2-3 mill target set it and forget Ronco!
    You can and should set and forget long before you reach your target.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    I'm not saying it's not a great amount just wasn't what I expected by the way he posts.

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    Quote Originally Posted by TomcoPDR View Post
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    Has anyone hit their “millionaire by 30”? Without win fall (lotto) or trust funds, which without a doubt is still impressive and I’m very jelly of them trust fund babies.
    The percentage of millionaires who did it by 30 without any help from family, family business, (or illegal activities) would be quite small.

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    Last edited by Sugarphreak; 08-18-2019 at 04:25 PM.

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    I agree with the recommendations to set the bulk of your RRSP money in a couch potato scenario but here's what I want to know, where do most people do that? Currently I'm running TD e-series index funds because I hate MERs and these are anywhere from .3 to .7 (I think). Do most people do something like that or is there a better way?
    "Masked Bandit is a gateway drug for frugal spending." - Unknown303

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    Okay and how many do you know? millionaires before 30 self made. We using the same marth right. Assets minus liabilities lol not 1mill house, 600k mortgage but yes I’m a millionaire lol
    Quote Originally Posted by Sugarphreak View Post
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    Is it even that rare though. A million bucks in equity just means you've got a decent amount on equity in your house and you are on track with your retirement and savings. You aren't exactly buying 100K cars at that level.
    Originally posted by rage2
    Shit, there's only 49 users here, I doubt we'll even break 100
    I am user #49

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    Quote Originally Posted by Sugarphreak View Post
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    Is it even that rare though. A million bucks in equity just means you've got a decent amount on equity in your house and you are on track with your retirement and savings. You aren't exactly buying 100K cars at that level.
    Presumably, to have a million in equity/assets by 30, you've earned most of it.

    It is very rare, unless you've had access to family capital to juice your business.

    My current business model would be much different if I had access to a couple hundred K, we'd be booming. But I'm building up from nothing, so its slow.

    Just think. 90% of people earn below $100k/year in Canada iirc. And most people who graduate at 22 with a degree have a ton of debt.

    You basically need to be a software developer and make an app (essentially free besides your labor, scales infinitely for virtually zero scaling cost) to get there before 30.

    Even the ballingest enginerd/lawyer isnt getting there by 30 even if they just saved all their money. Even if they got a house for $400k that appreciated to $600k, it wouldn't happen.

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