This week a great deal of kerfuffle was kicked up when a couple of 30-year-olds claim they have retired, and were telling folks how they did it (some folks say boastfully). While I know folks who have retired in their 30’s (only to go back to work, because they were a little bored, and also decided they might need a little more money), the idea of “retiring” at 30 seems to be the new Nirvana for millennial folk. Given this generation is going to live longer than my generation, what the heck are they going to do while “retired”?
Even Garth Turner kicked in his 10 cents worth on the topic, and Preet discussed this with the morning crew at Global too (see the Tweet of the week for that one). If you manage to retire young, on the back of your parents’ assets then pish-posh on you, but if you earn it, through the sweat of your own brow, then good on you! Most folks who will bash folks like this are mostly bitter narrow-minded financial bloggers (no wait, that is me), jealousy is never a good reason to mock other folks achievements.
I was sad to see the passing of Mauril Belanger (MP with ALS). ALS is a frightening disorder (not that any lethal disorder is better or worse), let us hope the work he did, gets us closer to a way to treat this destructive disorder.
My Writings for Week Ending August 19th
As I get older I keep forgetting about helpful technology, especially in the world of banking, and my article, Old Financial Technology Habits Die Hard outlines how I forgot about photo cheque cashing as a technology (shame on me, I am not a Luddite).
I am attempting to work on my article backlog, and I found one I started a while ago based on a BuzzFeed post that I saw. Little Known Secrets of Financial Planning, is no great epiphany, in fact I get downright sarcastic.
Preet on Early Retirement
Preet is on TV a lot these days, it seems. I have been told I have a face for Radio.
No More Half Measures (financially)
The first time I met Kerry from Squawkfox, I liked her. Her writing style, her confidence while presenting (on TV!) and her social media savvy always impressed me, that is why you need to read her article, Is depression a good thing? Maybe. Maybe not. Kerry’s brutal honesty staggered me, but it also taught me about the “dark world” in which many of my friends and acquaintances sometimes live. Let’s keep the dialogue going about Mental Health. It is essential.
I hope Mark from the Blunt Bean Counter is enjoying his summer break, but he continues to publish some of his best articles this week with The Best of The Blunt Bean Counter – Personal Use Property – Taxable even if the Picasso Walks Out the Door, what do you mean I pay tax on something that I don’t have any more? Insurance might help that problem, and speaking of insurance our friends at LSM Insurance brings us 8 Most Common Reasons Your Life Insurance Application Will Be Declined.
It is wedding season, and Barry from Money We Have gives us 5 Money Problems in Marriage to Avoid. Never good to start a relationship with conflicting financial philosophies. If you are looking for financial philosophies read the Millionaire Next Door, and Mark from My Own Advisor brings us Millionaire Next Door Principles – On Any Salary, an interesting interpolation of some of the ideas from the book. Speaking of return, Mark from 2nd Career Search tells us, Why Low Inflation Is Better than Return (Just a Bit).
Frugal Trader brings us a reader question that all of us would like to ask, Reader Mail: I have $1M+ Net Worth – What’s Next? What about Mortgages? Robb from Boomer and Echo gives us his essay, Why I Chose A 2-Year Fixed Rate Mortgage.
2016 Random Thoughts
- January 7th, Market Meltdown, TFSA, WildCard Weekend and #MoneyStories
- January 14th, Cheap Oil, Cheap Dollar, Dead Folk, and #MoneyStories
- January 21st, Loose Money, High Household Debt, Weak Loons and #MoneyStories
- January 29th, Doomsday Clocks, Rogue RRSP Receipts, Cash Crops and #MoneyStories
- February 4th Bouncing Loonies, RRSP Season, Superb Owls and #MoneyStories
- February 12th Lent is Here, Bricked iPhones, Love Day and #MoneyStories
- February 19th Digging Out, Ransomware, RRSP Time and #MoneyStories
- February 26th RRSP Time and #MoneyStories
- March 4th Welcome Americans and #MoneyStories
- March 11th Bank Rate Stays Put, Spring Forward and #MoneyStories
- March 18th Financial March Madness, Budgets and #MoneyStories
- March 25th, Easter is Here and some #MoneyStories
- April 1, Money Fools, Ronnie, and #MoneyStories
- April 8, Tax Time, Spring Delayed, Panama Papers and #MoneyStories
- April 15,Loose Money, Free Stuff, Hockey and #MoneyStories
- April 22,Disabilities, Tax Time, The Queen and #MoneyStories
- April 29,Pitter Patter Tax Time, RESPs are For Rich Folk and #MoneyStories
- May 6, Fort Mac, Mothers and #MoneyTalk
- May 13, Panama Papers, Google & PayDay Loans, Full Moons and #MoneyTalk
- May 20, Victoria Day, The People’s Elbow, Haircuts and #MoneyTalk
- May 27, Loose Money and #MoneyTalk
- June 3, CRA Itunes Pmts, RESP Scams and #MoneyTalk
- June 10, Portal to Hell Opens in Ottawa, BoC FSR and #MoneyTalk
- June 17, Fathers Day, Trump Housing Bubble, and #MoneyTalk
- June 24, Brexit, Fete National, Enhanced CPP and #MoneyTalk
- July 1, Happy Canada Day and Best Mid-Year Financial Stories
- July 8, Brexit Market Mayhem, Millenial Bashing and #MoneyTalk
- July 15,Brexit Hurts, Loose Money, Postal Strikes, Recounts and #Moneytalks
- July 22,More Pensions, New CTC, and #MoneyTalk
- July 31, Unknown Long Weekend, Windows 10 and #MoneyTalk
- August 5, The Olympics, Topless Spelunkers, and #MoneyTalk
- August 12, Women Rule, Less Jobs and #MoneyTalk
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LMAO at the obnoxious 30 year old retiree section. So so true!
I think that it’s great that this couple managed to save enough to live a life of leisure but I find the conclusion that all they had to do was not buy a house faulty. They’re a couple who went to school and both became engineers and managed to continue living on a student budget for a decade after they started working $150k/year jobs. They’ve forgone putting down roots in a location and it seems they’ve forgone having children to travel on their dividends which despite having $1M in the bank aren’t huge money.
They should be commended for incredible financial discipline but the idea that all they did was forgo buying a house is disingenuous.
I am not sure it is disingenuous, my guess is they decided that a house was not going to be that important (given they planned on retiring early, so having a house as a boat anchor would be a hindrance to their plans). Being able to focus on debt payment, and then savings instead of having to worry about a house downpayment (and the associated furniture purchases, utilities, land taxes, etc.,) does make it simpler to “retire”, but as I said, I don’t think they are retired, they are taking a break for now.