Work til i die is surpisingly high. And here i thought ol terlet d was one of few
Leave Canada, live where it's cheap
Live in an RV, Cabin, or Boat
No Debts / >30K Year of Income
No Debts / >50K Year of Income
No Debts / >80K Year of Income
Make Due with Government Pension
Work until I die
Work til i die is surpisingly high. And here i thought ol terlet d was one of few
Health > MoneyThis quote is hidden because you are ignoring this member. Show Quote
Rather be still able to play certain sports and be active when I'm 65+ than have 50 mill in the bank. Life is boring when you're old and you can't do shit.
Nah, lots of stuff you can spend your money on.This quote is hidden because you are ignoring this member. Show Quote
I didn’t say you can’t have both ....This quote is hidden because you are ignoring this member. Show Quote
Professionally Retired
I'd rather have time.This quote is hidden because you are ignoring this member. Show Quote
Obviously, money is needed for a decent living but there comes a point where I value my time just as much as what I can spend.
He never said you can't have both of those, either.This quote is hidden because you are ignoring this member. Show Quote
That said, to a certain extent, more money can buy more time (I'm sure you know this, more than most around here).
More money means being able to pay for services that take up your time, freeing you to spend your time doing things you'd rather. Cleaning, cooking, errands, repairs... all of those can take up a significant amount of your time. "But, but, I like to cook" - well, that's not the point... No one likes scrubbing their toilets or dusting their window sills... Having money means you can pay someone to do that.
And money is not useless without the things you can exchange it for. Having an "excess" of money means security. Exchanging it for "things" is one thing, but not having to worry about costs if / when something unexpected crops up is pretty priceless... There can be a lot of crappy situations that only get worse if you have the additional stress of how you can afford the solution... I'd rather be in a position where that isn't a factor.
I feel like I’m semi retired now. I’m self employed, make my own hours, make a very good living, and have zero debt.
I’m currently looking into diversifying my portfolio more, been heavily invested in the O&G sector for 26 years and I feel it’s time to look elsewhere. The future isn’t looking bright for O&G and I don’t want to lose all my gains on the downslide.
Took me 8 years to pay my house off, best feeling ever.
Now I’m focused on heavily investing. I have to wait 10 more years, my youngest will be in University at that time and then the Wife and I can start travelling the world.
That is my goal, to be able to travel on a whim and see the world.
Big houses and fancy cars don’t get me excited anymore, they seem more like a burden then an enjoyment.
We have around $550K saved up for retirement. I'm finding whatever piddly amounts I contribute to my RRSP is rather useless now. 20 years still.
Mortgage will be paid off in three years when the term ends. I'm going to lump sum pay off the rest. Paying off early during the term seems to be rather pointless so I'll probably just shove some of that money into a 3 year GIC.
Now for hookers and blow.
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Why is paying off your term early pointless? You are paying interest monthly, where as if you have the money to pay it off now, you avoid paying that interest.
You have 20 years to retirement? I’m sure I pictured you as being in your 60s already
depends... if its a fixed term from a big bank with an inflated "posted rate" the IRD could be more than the difference from his GIC and the remaining interest left.... if variable with 3 month interest penalty... then yeah. agreed... but he could also be in a MCAP value-flex... and have zero options to payout early.This quote is hidden because you are ignoring this member. Show Quote
I end up saving like $1000. Might as well just hold onto the money in case my arms get cutoff or something.This quote is hidden because you are ignoring this member. Show Quote
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Get off my lawn.This quote is hidden because you are ignoring this member. Show Quote
What type of mortgage do you have?This quote is hidden because you are ignoring this member. Show Quote
I paid mine out early, it was a $1043.00 penalty vs $358/mth interest if I would have waited out the term.
I was prime minus .95 fixed variable
It's a 20/20 mortgage, I could raise the payment quite a bit or payoff some. But it's only at 2.49%.
I can't pay it off in its entirety right now. Even if I'm aggressive I still end up with a couple of years of payments.
Sorry I guess I miss interpreted your post above, it made it sound like your mortgage would be paid off at the end of your 3 year term, if you currently are paying 2.49% your monthly interest will total way more then if you were to pay it out entirely now and pay the penalty. I assumed you had the money available to pay it now. My badThis quote is hidden because you are ignoring this member. Show Quote
Last edited by 89coupe; 07-16-2019 at 02:15 PM.
2.49% sounds like a fixed term, not variable... so IRD which can be substantial ie. scotia's posted rate is 4.15%, so 4.15-2.49 is 1.66%, so he would have to pay that for the remaining term... so if his GIC pays more than 0.83% he is winning.This quote is hidden because you are ignoring this member. Show Quote
Our goal is freedom 55 for my wife so that gives us 5 years and 18 days-I plan on retiring at the same time.
Between our RRSPs, TFSA and current residence we should eclipse 7 figures net worth sometime prior to that.
The house will be paid off and sold so we can downsize to a smaller car-friendly community kind of like Lethbridge with the Street Wheelers probably in southern Alberta.
Pick up a vintage RV like a Travco and in winter head south till the butter melts.
Will be drawing my work pension on top of things which is exclusive of our net worth figures. We want to retire early enough to enjoy our golden years!
You keep saying GIC??? What does that have to do with paying off his mortgage? Are you assuming he would use a GIC to pay his mortgage off? I’m assuming he has liquid cash available. I’m confused as to what you are trying to say???This quote is hidden because you are ignoring this member. Show Quote
Is there a higher penalty for discharging a fixed rate mortgage vs a variable rate fixed term?
Just curious, as I’m not sure what you are trying to explain.
Or are you saying it’s better for him to put the money into a GIC vs using it to pay off the mortgage?
Looks like a 3 year GIC pays out 1.6% annually on a 3 year. Peanuts
Last edited by 89coupe; 07-16-2019 at 03:31 PM.
yes, he originally noted he was going to invest in a GIC till his term is up. fixed uses interest rate differential and it is calculated of the posted rate by the big banks, not current "special" rates that they actually offer at market value... its pretty slimy and somewhere where the monolines shine as they do not have a inflated posted rateThis quote is hidden because you are ignoring this member. Show Quote
EDIT: plenty of higher GICs, look at Equitable bank, or home trust
Last edited by ercchry; 07-16-2019 at 03:37 PM.
I was just thinking of getting a Simplii GIC, rate's not bad for a three year.