You Retirement Goals?

[88CRX]

$120k for a couple isn't much.
Mortgage is on the higher end.
Insurance is on the higher end.
Can't drive a uber nice car, definitely not 2 new cars.
Most aren't saving $22k a year.

[lasimmon]

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$120k for a couple isn't much.
Mortgage is on the higher end.
Insurance is on the higher end.
Can't drive a uber nice car, definitely not 2 new cars.
Most aren't saving $22k a year.

I mean its only $21,500 more than the average family income in Calgary... from 2016 may be more or less now.

[Sugarphreak]

...

[Tik-Tok]

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Unless you're making bank or get lucky, how can one afford to even get ahead in Alberta, let alone retire?

Yeah, Albertans are so hard done by, no one can ever make it here...

[rx7boi]

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Unless you're making bank or get lucky, how can one afford to even get ahead in Alberta, let alone retire?

Let's say you're a DINK couple making $120k. After taxes, mortage, car loans, general living and RSP you're left with nothing.

$120,000
$ 72,000.....-$48,000........40% to taxes
$ 47,000.....-$25,000........Mortgage
$ 37,000.....-$10,000........Insurance
$ 32,000.....-$5,000.........Car loan
$ 27,000.....-$5,000.........Gas/Car repair
$ 22,000.....-$5,000.........Food/Entertainment
$ 0.....-$22,000.......RSP

The problem is that many middle class people overspend on cars at the expense of retirement and don't see the impact that spending 20k right now has on 20 years in the future. I say middle class because the literature shows us that luxury cars are one of the things that middle class frequently spend their money on.

You want to tell me why you're spending $5000 a year on a car when you can drive a $5000 car? or even a $10000 car because most people don't pay a car off in 2 years or less?

Live on less than you make, save 15% of your income for investing, and you can still be well off enough. It's simple but not alot of people have enough fortitude to follow it.

$2000 monthly mortgage? Unless I'm missing something, your math doesn't work out IMO.

[Tik-Tok]

And $5g a year on food/entertainment. That's $415 a month.

[dirtsniffer]

Relatively that's about what I spend lol.

I'd post it, but we don't need another how much do you spend at lunch thread

[Tik-Tok]

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Relatively that's about what I spend lol.

I'd post it, but we don't need another how much do you spend at lunch thread

That's including groceries. How on earth can two people eat on $400 a month, unless it's cheap processed garbage that will kill you before you get to retirement?

[ExtraSlow]

You can nitpick his sample budget all you want, but overall it's not crazy. Lots of people spend close to that per year.

[rx7boi]

Sure, if you shrug your shoulders and say that it's not crazy because lots of people spend like that. People go into 5-6 figure debts every day but it is what it is, right?

His point was that people frequently wonder how to get ahead in life or generally complain that the little guy can't win, but won't look to their own habits and make sacrifices in order to win.

That, or they know exactly what they need to do, but won't.

[dirtsniffer]

Some of the best advice I've gotten was from beyond.

"You won't get rich saving. Go earn more."

-some rich OG

[Buster]

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Some of the best advice I've gotten was from beyond.

"You won't get rich saving. Go earn more."

-some rich OG

Sounds familiar

[ExtraSlow]

It's true, getting rich is done with investing. But most people won't get rich no matter what they do. Saving is the path to comfortable modest living.

[Disoblige]

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That's including groceries. How on earth can two people eat on $400 a month, unless it's cheap processed garbage that will kill you before you get to retirement?

2 people, $400 a month is quite reasonable imo and you can eat quite healthy for that. If you just grocery shop and don't eat out, totally. It won't be gourmet though lol.

[90_Shelby]

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Some of the best advice I've gotten was from beyond.

"You won't get rich saving. Go earn more."

-some rich OG

Back in the day when I worked at Davenport, I asked one of the wealthy clients how to get rich. His reply, “Spend less then you make.”

[Sugarphreak]

...

[A790]

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Unless you're making bank or get lucky, how can one afford to even get ahead in Alberta, let alone retire?

Let's say you're a DINK couple making $120k. After taxes, mortage, car loans, general living and RSP you're left with nothing.

$120,000
$ 72,000.....-$48,000........40% to taxes
$ 47,000.....-$25,000........Mortgage
$ 37,000.....-$10,000........Insurance
$ 32,000.....-$5,000.........Car loan
$ 27,000.....-$5,000.........Gas/Car repair
$ 22,000.....-$5,000.........Food/Entertainment
$ 0.....-$22,000.......RSP

Your numbers are way off.

[Skyline_Addict]

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beyond standards lol

1mill every decade?

1mill at 30
2mill at 40
3mill at 50
Etc.

Actually very easy to pull off after the first million.

[jwslam]

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beyond standards lol

1mill every decade?

1mill at 30
2mill at 40
3mill at 50
Etc.

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Actually very easy to pull off after the first million.

Yea. If you can get the first million, 1/3/10@50 wouldn't be unrealistic

[M.alex]

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Your numbers are way off.

Post better numbers then?