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Three years ago, I introduced you to ProjectionLab and called it the most powerful financial planning tool I’d ever seen. It was built specifically for people pursuing FIRE, and it’s still the most useful FI planning tool I’ve found. In the original post, Kyle (the solo developer behind the project) shared his background and walked through how to build a plan. When I built my first plan, I realized I needed to immediately change my […]
The post How Long Will Your Retirement Savings Last? A Practical Guide to Planning Smarter appeared first on Dividend Power. At some point, everyone asks the same question: how long will my retirement savings last? It’s a simple question with high stakes and no easy answer. With longer life expectancies, rising living costs, and fewer traditional pension plans, retirement today looks very different from what it did a generation ago. The good news? You’re not powerless. With […]
Good morning, internet friends!! Hope you had a good rest and are ready for some financial goodness! I don’t have any money to give away today sadly, but I do have the next best thing per Benjamin Franklin: a book! After all, “An investment in knowledge pays the best interest!” I think he would be keen on this type of book too, considering how he was the O.G. of early retirement. “Retire By 30” How to Build Wealth, Gain Freedom, and Live Life on Your Own Terms It comes from fellow friend and podcaster, Cody Berman, who not only has the coolest mom ever (Hi Ruth!), but has also figured out how to hack life, by way of his finances, much earlier than anyone I know. Myself especially! His book on this just came out TODAY, and I’ve got three copies to give away if it sounds like something you’re interested in. More from his website: ******* “If you want to reach Financial Independence faster than most people think possible, this book is for you. It doesn’t matter if you’re 18 or 58. The principles work at any age. Retire By 30 breaks financial independence into a clear, step-by-step system. You’ll learn how to define your retirement number, optimize your biggest expenses, grow your income, and invest with confidence using a simple order of operations. The goal isn’t extreme frugality or risky bets. It’s building wealth through repeatable systems that give you control over your time. You don’t have to do everything — but if you implement even a few strategies, you can put yourself years ahead of your peers.” ******* The italicizing and bolding up there is my own because it’s an important piece!! This stuff doesn’t happen overnight, but by starting little habits NOW it’ll exponentially increase your wealth with each passing month – even if you never do another thing. And I’m glad he mentions that you can start on this *no matter your age* too because you really can! Don’t mind that click bait title of the book! I actually didn’t start paying attention to my own money until I was almost 30. And it took about 10 years or so of really focusing to feel comfortable enough and knowing that I was going to be set. Similar to others too from what I’ve heard – 10 years seems to be a magical number if you get to hustling and stick with it. The time is going to pass anyways, you might as well have something to show for it! If you’re interested in the book, answer the following question down below in the comments or via email if that’s where you’re reading this and you’ll be entered to win one of the 3 copies: At what age do you think you’ll actually retire at?! I’ll go first… I (tried) retiring at 42, but that only lasted a few months haha… Now if we’re using “financial freedom” interchangeably here, then I was just under 40
Some people look at the RRSP and think it’s not a useful account to utilize for retirement savings because withdrawals (and also RRIF withdrawals when you need to convert RRSP to RRIF) are fully taxed … Read more
🎙️ Episode #487 – Feel behind on retirement? Don’t panic. Here’s how to build a “rental pension” in 10 years without taking big risks. Listen… The post Starting Late? The 10-Year Rental Retirement Plan appeared first on Coach Carson.
Well hello FIRE peeps, hope you are doing well. My morning started really good, as I have been able to balance all the cells in my home battery. As of this morning 7:00, the home battery is fully operational! Futhermore, last week me and Mrs Hoefnix have gotten together and planned a new FIRE meetup! Still working on a few details, but see below for a sneak peak and to see if you might be able to help us with volunteers. So here is a quick Home Battery & FIRE Meetup Update. Home Battery Update My last post was already from late March, when I wrote about the purchase of my home battery. At that time I had done my research and had bought a 32 kWh home battery. In many pieces though, as I had to be build completely from scratch. Now, May 6th, I’ve been able to succesfully build and install my new home battery. And to my joy this morning, the load balancing overnight of the 32 individual battery cells was complete and succesfull. As of 7:00 this morning, my new home battery was fully operational! Home Battery & FIRE Meetup Update: Cheesy Battery Now, I will write a more technical blogpost about the full installation and experiences later. But I can share already that it took about 5 days to build, install and commission. This includes installing 38m of ground cables (6mm2 – 4 wires) and drilling through 2 stone walls. This also included building the cabinet for the battery. And it includes many small fuck-ups along the way. Fortunately nothing major, so I didn’t screw up the system or components. But it did take up a lot of extra time. Finally, I did contact our local electrician to do the hookup in the fuse box, this was still a considerable amount of work. It took him almost 3 hours of non-stop work to get everything connected. I would have take me a lot longer. But this added another €225 to the costs of the installation. But this was worth it! Total Damage was just under €9300 or ~€290/kWh installed. Not bad for a system that can run island mode (i.e. if power fails on the grid, we will not notice a thing. Well except all neighbours showing up to charge their mobile phones and drink coffee perhaps…). More to follow later! FIRE Meetup Update Mrs Hoefnix already did a save the date post. In this post I would like to give a bit more information, and give you an overview of the volunteer positions we are looking for to make the day a success. Volunteer positions won’t be required to purchase a ticket. If you cannot, or don’t want to volunteer, a link to the tickets will be made available somewhere in the coming weeks. Here is my safe the date notification: Concept Agenda 12:00 – 13:00: Doors open 13:00 – 13:15: Welcome and agenda for the day 13:15 – 14:00: Financial Horror
It’s been a while since I wrote much about our children. So here’s a big update on what they are up to as the kids of early retired parents. For those new to the blog, we have three kids: two adult daughters plus a teenage son. Our daughters are 19 and 21 years old while our son is 13. When I first retired almost 13 years ago, our son was only one year old, still […]
The Canadian asset allocation ETF portfolios are game changers. Most Canadians who are still with an advisor should consider leaving said advisor and instead, invest in these investment options. They are so superior to poor-performing high-fee Canadian mutual funds. Those mutuals funds usually come with a salesperson not an advisor. You pay for the salesperson, you pay again for the poor investment option. In retirement, it’s even worse. The fees paid directly reduce your ability […]