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Deal Addict
Dec 16, 2005
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amz155 wrote:
Nov 27th, 2018 8:06 pm
No kids. Love our house, it's worth over 1M buuuuuut, I'm not in love with the idea of living in a house that's so big and paying taxes, maintenance etc. We stay here bc it's convenient for work but the moment we don't NEED to work at our current jobs, we will consider downsizing.

Anyway, I have this dream of not working at my current job beyond 45 years old. That's another 7 ish more years. But it's like, the more money we save, the earlier I dream of reaching FIRE, but then ironically, the farther away it seems to be possible. Why? Mainly because when we reach FIRE we want to travel. If we stop working at around 45 and are healthy, that's a LOT of money that it'll take to travel as often as we want to. In the ballpark of, I dunno, 20-30K a year?
It is much easier to leave the "rat race" without kids and travel. I also want to travel when I hit FIRE. I am 41 and really considering leaving my job at 45 as well but my kid will only be 7 so I think even if I leave, I'll still be tied down. And if I'm still tied down, I think I'll probably still work but at a reduced capacity.

I've thought about the travel thing a lot and here are my thoughts... It really isn't that much more required for travelling. Depends on how you do it.
Regarding your house. You have no kids and if you are planning on travelling, there is no need to keep it. If you had kids, you might need a bigger place but for the 2 of you, it is a waste. the best thing to do is rent especially when you won't be home much.

If you rent you'll pay something like $1500 for a 1 bedroom but you save so much on maintenance fees and property taxes. Which are probably somewhere around $600 a month. The only thing you miss out on is price appreciation but at that point in your life you don't need it. Take the $1M and invest. At 4% you're getting $40k back. That means an extra $2500 cash flow per month after taking rent into account.

If you then think about the expenses of travelling, the most costly thing is accommodations and flights. But if you think about it, accommodations are only expensive on a short term basis (1 or 2 weeks at a time). Rent a place for a month using the extra $2500 instead. As an example, I've been looking at Taipei. A 2 bedroom in Taipei downtown can be had for less than $2000 on Airbnb per month.

I'd go for a month or 2 at a time at 1 city and travel around that area. Then go back home a month or 2. You need to stay in canada to keep your OHIP and OAS active anyway. After a month or 2 at home go to a new city for another month or 2. Rinse and repeat for as long as your health lets you. While you're at home, the extra $2500 per month is not needed and can be saved for the flights to your next destination.

That means you are abroad for say half the year with flights and accommodations covered and all you had to do was downsize and rent. With accommodations and flights covered, how much more do you need for everything else? That's what you need to "save" for.

I figure...
At home fixed (per month):
Rent - $1500
home insurance - $25 (renters insurance)
car insurance - $100 should be low because it won't be used much and parked most of the time
internet - $20 - say $40 normally but cheaper per month on avg if you suspend service while you are away (say half the year)
cell phone - $100 - 2 people (don't think you can suspend cell plan without losing it)
Hydro - $50 - if you are gone half the year, this should be half on avg (say $100 when you are here)
Food - $250 - again, half of the time you are abroad
Entertainment - $100 - assume half on avg
Gas - $50 - assume half on avg

Abroad - Avg per month assuming you are gone 6 months
Rent - $1000
Food - $500
Uber/Car Rentals/Taxi - $200
Gas - $100
Local Flights - $500
Entertainment - $500
Data plan - $50

Based on the above, I'm thinking you need a total of around $5000 (today's dollars) + maybe a buffer for other crap. I'd put it at say $6k per month.
$4k already covered by the $1M house. Only need $2k per month which is $600k invested. That means roughly $1.6M required to pull this off. Once you hit 65 or 70, you can start getting CPP and OAS which will cover inflation.

This is similar to your budget of $30k per year on travel. But I don't think you have thought about how your expenses at home will be significantly reduced when you are not living there.

I've got close to $2M in assets now. If I didn't have a 3 year old, I'd probably pull the trigger on the above right now.
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Dec 11, 2008
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porticoman wrote:
Nov 28th, 2018 9:25 am
interesting topic, interesting discussion, interesting how folks from different walks of life, different ages, income/expenditure levels & affluence come up with escape the 'Rat Race'

someone should look at putting all of the discussions, thoughts & ideas of this thread to a book

speedyforme your posts to this thread make it an interesting case study, thanks for posting & please continue with the ideas & points of your retirement plan

Here are some of the answers to this:

- will you be taking any yearly vacations between age 38 & 56, if so, what is your budget?
Yes, we still do. Annually we budget based on where we want to go next. in 2019 we will be heading to Antarctica so we budget to spend under $40k and paid it off this year so our budget this year was sort of out of whack. But in the past few years, we budgeted around $6-$7k per year for a 2 week vacation. As for 38 to 56, I have a long list of places to visit that we may or may not get to in our lifetime but I suspect that some of these vacations will take longer than 2 weeks, some will be 3 and some will be 4 weeks. We have the vacation time.

- at age 56 fully retired, what do you anticipate your yearly travel budget will be?
I know it sounds stupid but we budgeted $40k-$50k a year in travel. Sounds obscene to be honest but we were being generous in case we needed or wanted to travel a bit more luxuriously and knowing we may be doing 3-4 trips a year instead of 1 during our working lives.

- what would your yearly budget be?
Answered above

-could you see yourselves going to every place on your bucket list & I'm not talking about places that WestJet, Air Transat or Sunwing fly to - do you have that list?
We may make most of them, we may not. We are trying to do the more adventurous things early in our lives assuming our health is better now than when we hit 56+

- $800,000 divided that by 18 years = $44,444/yr for annual vacations even if they were 4 week vacations, now that's a nice budget, so why wait till age 56 to go see all the places on your list?
No in my previous posts, we don't sacrifice much and deprive ourselves now. So we vacation now to enjoy life too. Grinding and not living now is not worth it IMO. We just want to make sure we have a plan for our future goals and see how we can get there.

- your retirement income is $10,000/mth less expenses $3500/mth is $6500/mth or $78,000/yr travel budget, which for six-mths traveling would be $13,000/mth each & every mth for 6 mths each & every year

- in retirement could you see $13,000/mth travel budget based on six-mths of travel/yr - do you need to spend more or less?
Current expenses are $3500 but we also see a small lifestyle increase. That $3500 is in today's dollars. In the future, it will easily balloon to $5000 with inflation. Which leaves about $5000 in future dollars for travel which would equate to about $60,000 annually. I don't know if we will spend it all (I guess it depends on how luxurious our travel is). But we are also ensuring that we will have enough for longer term spending like if we need to move to retirement/assisted living situations, any additional medical needs etc.

- in your plan have you factored in a terminal date that one or both of you will be 'end of days', this is an important calculation - is it age 80, 90 or 100.
I think our dates were 90 years old when we estimated

- in your plan - plan for the 'what-if' one or both of you have life threatening incurable illness or become disabled that your travel dream is no longer a reality
Thanks. That is something we both considered and built in a bit of these funds required in our budget. We do have decent health plans that cover us into retirement but yeah life-threatening ones and long term care will eat up much of savings; just hopeful this would not occur early in our retirement age. But that is another reason why we do travel now so we don't miss out and regret it.

- with the pot of money, say $600,000 + all that pension income, are you planning on leaving a legacy?
We haven't decided on how we wanted to leave the money once we are both no longer here. Charity? Nieces/Nephews etc? Not entirely sure. But in our minds, I think we agree that we are not fixated on ensuring we leave a specific amount, just whatever is leftover we will donate or pass down to future generations.
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Jul 27, 2017
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@speedyforme, coming full circle

- annual travel budget $40k - $50k

- it has been established (without factoring in inflation, growth in income or investments, expenses) that you will have approx $78,000 of free cash flow at age 56 to do 6 mths of traveling at $13,000/mth average/mth

- that your annual travel is easily covered

observation

- look at what your parents are doing now, their lifestyle, the way they live, their health

- are you expecting a legacy from either side of your parents - yes it's a money question to be factored in, same as the 'will you leave a legacy'

- look at a 'what-if' when you are age 56 that you & your OH parents may factor into the 'being able to live out your dream travel plans'?

- If there were children & grandchildren these need to be factored in for those who have to deal with that in their finances & travel plans

- look around at your colleagues/acquaintances, siblings, cousins, neigbours lives, 'are any in disrepair', for you, could there be turbulent years, separation, divorce - plan for those things

Disclaimer: I am not a counselor, therapist or financial advisor/adviser ... from lives lived & traveled, just one half of a 71 year old couple (born the same year) that has seen & done a lot of things that I post to
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Dec 11, 2008
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porticoman wrote:
Nov 28th, 2018 10:18 am
observation
- look at what your parents are doing now, their lifestyle, the way they live, their health
- are you expecting a legacy from either side of your parents - yes it's a money question to be factored in, same as the 'will you leave a legacy'
- look at a 'what-if' when you are age 56 that you & your OH parents may factor into the 'being able to live out your dream travel plans'?
- If there were children & grandchildren these need to be factored in for those who have to deal with that in their finances & travel plans
- look around at your colleagues/acquaintances, siblings, cousins, neigbours lives, 'are any in disrepair', for you, could there be turbulent years, separation, divorce - plan for those things
Disclaimer: I am not a counselor, therapist or financial advisor/adviser ... just one half of a 71 year old couple (born the same year) that has seen & done a lot of things that I post to
Good insights.

Our parents live a pretty modest life, both do not have large sums of money at all in which the majority of their assets/wealth is in their paid off principle home. No other major assets. We were told that we would get equal parts of whatever they had (mine is split between 3, my husband between 5 children). We did not plan on anything given the fact that our parents may not have much left if god forbid some sort of long term care is required; depleting their savings/assets.

So perhaps we may have to be required to do some supporting of our parents. Doesn't look like it is required but you never know. Hopefully by then we will be able to see more clearer and be able to work with those potential time and costs. So yes our ability to travel more often may not be a reality by then.

Def won't be children involved, but something to consider if there were extended family time we wanted to spend, events to attend etc.

Not sure I get the last bullet on separation and how to plan. Are we talking me and my husband relationship or how we need to plan for our acquaintances' lives?
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@speedyforme post#96

I am posting from my/our life experience of many things done, roads traveled

rate race, retirement, 'the money' (which seems to be the central focus on many peoples minds) is only one part of the total plan & for those with aged parents, children or grandchildren, a partner that may become ill or disabled - throw in some 'what-if's',.

I suggest 'take into account the whole life package', not just the money road

my Father died at age 52, mother at 86, my MIL at 85, leaving my FIL aged 99 who is still clocking along (best guess he will live to 105) ... its has been a difficult last 15 years. My wife has a sibling that is 100% hands off.

at age 36 we never ever considered these things & how they would factor into, or impact our lives & retirement in our senior years & I don't mean financial supporting our parents or children, it's about the 'time, effort it takes & stress' on our lives that is affected.

on 'situations', by the time we were 56 we had seen so many couples lives in shambles, from death, separation, divorce, children that were so bad, one parent committed suicide - it's not something that you expect or even consider ... keep that on your escape the 'rat race' list

I only know what I know from how we live, what we do & how we got here.

other peoples lives or circumstances are their's to their retirement/escape the rat race

GLTA

.
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The escape the 'Rat Race' travel dream, where will you go, what will you spend?

to the folks with big escape the 'Rat race' dreams who consider themselves fortunate enough to travel wherever, whenever, money is no object or within a budget, would you...

ignore the basic cattle travel packages offered by West Jet, Transat or Sunwing, this is about real travel to places that would be on a bucket list

- do the ultimate first class world cruise, either 128 days, 183 days or 245 days?

it will cost you minimum $100,000 per person for the short leg to $180,000/person for a long leg

- or like my wife & I, a quality one-way 'Princess class' Cunard transatlantic cruise, (one way cruise only with return flight $25,000 couple) or add in excursion travel (USA & western Europe) at each end of the trip, budget $50,000 - $60,000 a couple

- one we haven't done yet (on the bucket list) is the Venice Simplon Orient Express, either the Paris - Istanbul or the Trans Siberian leg or South East Asia. Again not cheap, minimum $50,000 - $60,000 a couple round trip

- Antarctica take in OZ, NZ or Antarctic travel, maybe take in one of or both Greenland & Iceland, budget $50,000 couple for either top or bottom of the travel

- the Amazon, Goa, African Safari ... each one of those $40,000 - $50,000 couple
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STP123 wrote:
Nov 27th, 2018 11:39 am
Its difficult to explain, but I/we just can't shift that mindset. My spouse still clips coupons and enjoys looking at what on sale for the week at the grocery store. We've kept our financial situation a secret from our kids and they really don't see evidence of it in our daily lives and routine because I believe that such an awareness will destroy their motivation and the willingness to establish themselves in their own lives.
I think you are giving your kids the biggest gift of all. There is no greater feeling than the one of true self-accomplishment and, perhaps, even self-sustenance that comes from that. So many kids today may never know that feeling because of the strange environment that we have created for them.
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mech9t5 wrote:
Nov 28th, 2018 9:38 am
It is much easier to leave the "rat race" without kids and travel. I also want to travel when I hit FIRE. I am 41 and really considering leaving my job at 45 as well but my kid will only be 7 so I think even if I leave, I'll still be tied down. And if I'm still tied down, I think I'll probably still work but at a reduced capacity.

I've thought about the travel thing a lot and here are my thoughts... It really isn't that much more required for travelling. Depends on how you do it.
Regarding your house. You have no kids and if you are planning on travelling, there is no need to keep it. If you had kids, you might need a bigger place but for the 2 of you, it is a waste. the best thing to do is rent especially when you won't be home much.

If you rent you'll pay something like $1500 for a 1 bedroom but you save so much on maintenance fees and property taxes. Which are probably somewhere around $600 a month. The only thing you miss out on is price appreciation but at that point in your life you don't need it. Take the $1M and invest. At 4% you're getting $40k back. That means an extra $2500 cash flow per month after taking rent into account.

If you then think about the expenses of travelling, the most costly thing is accommodations and flights. But if you think about it, accommodations are only expensive on a short term basis (1 or 2 weeks at a time). Rent a place for a month using the extra $2500 instead. As an example, I've been looking at Taipei. A 2 bedroom in Taipei downtown can be had for less than $2000 on Airbnb per month.

I'd go for a month or 2 at a time at 1 city and travel around that area. Then go back home a month or 2. You need to stay in canada to keep your OHIP and OAS active anyway. After a month or 2 at home go to a new city for another month or 2. Rinse and repeat for as long as your health lets you. While you're at home, the extra $2500 per month is not needed and can be saved for the flights to your next destination.

That means you are abroad for say half the year with flights and accommodations covered and all you had to do was downsize and rent. With accommodations and flights covered, how much more do you need for everything else? That's what you need to "save" for.

I figure...
At home fixed (per month):
Rent - $1500
home insurance - $25 (renters insurance)
car insurance - $100 should be low because it won't be used much and parked most of the time
internet - $20 - say $40 normally but cheaper per month on avg if you suspend service while you are away (say half the year)
cell phone - $100 - 2 people (don't think you can suspend cell plan without losing it)
Hydro - $50 - if you are gone half the year, this should be half on avg (say $100 when you are here)
Food - $250 - again, half of the time you are abroad
Entertainment - $100 - assume half on avg
Gas - $50 - assume half on avg

Abroad - Avg per month assuming you are gone 6 months
Rent - $1000
Food - $500
Uber/Car Rentals/Taxi - $200
Gas - $100
Local Flights - $500
Entertainment - $500
Data plan - $50

Based on the above, I'm thinking you need a total of around $5000 (today's dollars) + maybe a buffer for other crap. I'd put it at say $6k per month.
$4k already covered by the $1M house. Only need $2k per month which is $600k invested. That means roughly $1.6M required to pull this off. Once you hit 65 or 70, you can start getting CPP and OAS which will cover inflation.

This is similar to your budget of $30k per year on travel. But I don't think you have thought about how your expenses at home will be significantly reduced when you are not living there.

I've got close to $2M in assets now. If I didn't have a 3 year old, I'd probably pull the trigger on the above right now.
Yep, we are certainly aware of our living expenses would decrease if we weren't in such a big house. I'm aware because I cry when the utility bills and tax bill comes LOL! Where do you find a one bedroom for $1500? :D I own a one bedroom and rent it out for $2000/month, not including any utilities.

As for travel, I'm really familiar with expenses because we travel now ;) For us, there's no point in holding off on travel now to make escaping the rat race a quicker thing. We LOVE to travel and it makes life enjoyable. Definitely can't hold off on that and be happy, kwim? We'd reach FIRE earlier if we held off on seeing the world, but who knows when your number is up so can't wait for things ya love :)

What I meant by traveling costing more is that if we aren't working, we get more time to spend doing the things that we like i.e. Travel. We don't want to visit the same spot every year, so it will likely amount to several different trips a year. Airfare to Asia and Africa from YYZ ain't cheap :( :(

I will review the numbers you gave above as examples...thanks for writing that all up! :) I'm convinced that living expenses abroad would be less than in the GTA (okay, depends where abroad but we love the developing world, things are THAT pricey there) so that's a plus.

With the 2M in assests....if you had the courage to pull the trigger, would that cover yourself, spouse and child? Or is it just yourself and spouse considered separately?
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porticoman wrote:
Nov 28th, 2018 12:06 pm
The escape the 'Rat Race' travel dream, where will you go, what will you spend?

to the folks with big escape the 'Rat race' dreams who consider themselves fortunate enough to travel wherever, whenever, money is no object or within a budget, would you...

ignore the basic cattle travel packages offered by West Jet, Transat or Sunwing, this is about real travel to places that would be on a bucket list

- do the ultimate first class world cruise, either 128 days, 183 days or 245 days?

it will cost you minimum $100,000 per person for the short leg to $180,000/person for a long leg

- or like my wife & I, a quality one-way 'Princess class' Cunard transatlantic cruise, (one way cruise only with return flight $25,000 couple) or add in excursion travel (USA & western Europe) at each end of the trip, budget $50,000 - $60,000 a couple

- one we haven't done yet (on the bucket list) is the Venice Simplon Orient Express, either the Paris - Istanbul or the Trans Siberian leg or South East Asia. Again not cheap, minimum $50,000 - $60,000 a couple round trip

- Antarctica take in OZ, NZ or Antarctic travel, maybe take in one of or both Greenland & Iceland, budget $50,000 couple for either top or bottom of the travel

- the Amazon, Goa, African Safari ... each one of those $40,000 - $50,000 couple
We've been to the Amazon and on safari (in Botswana, one of the most expensive places lol). We didn't spend anywhere near 40-50K!!! Oh my! Our 7 day safari was about $1900 USDpp, including everything except tips. We visited the Amazon from Bolivia (i.e. one of the cheapest countries in South America). These bucket list trips needn't cost a fortune :) We thought we'd wait until we were 'old and retired and could afford it' to visit the Galapagos. But then we said screw it, why should we wait?!? Took a very affordable 8 day Galapagos cruise last year, and then stayed in the Galapagos a week longer! Been to south east Asia maybe 6-7 times and never spent anywhere near 50-60K per couple. I'm just saying....seeing the world prior to retirement/after retirement is totally doable without a massive budget.

PS wanna do a case study on me? :)
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amz155 wrote:
Nov 28th, 2018 2:15 pm
Yep, we are certainly aware of our living expenses would decrease if we weren't in such a big house. I'm aware because I cry when the utility bills and tax bill comes LOL! Where do you find a one bedroom for $1500? :D I own a one bedroom and rent it out for $2000/month, not including any utilities.
I know that this is a long thread & folks either are not looking at all the posts, are selective or maybe miss a few points

up thread, @mecht9t5 posted & ishowed that a $1500/mth rental for a non-condo apartment, he also linked rentals on kijji, he also posted a basement apartment in the Danforth/Pape area can be found for $700mth

I posted that our son lives in Bloor Village area on Bloor, west of the Jane subway, near the Humber river in what I would rate as a 9/10 building in a safe area, a great superintendent, he pays $1100/mth for a one bedroom, a two bedroom $1400-$1500/mth

Good rentals in Toronto (non-condo) can be found for $1500 or less/mth

good for you that you are renting out your property for $2000/mth & I hope that your net ROI is better than 10% after all inclusive costs?

what is your ROI (not the CAP rate) on the rental?
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amz155 wrote:
Nov 28th, 2018 2:24 pm
We've been to the Amazon and on safari (in Botswana, one of the most expensive places lol). We didn't spend anywhere near 40-50K!!! Oh my! Our 7 day safari was about $1900 USDpp, including everything except tips. We visited the Amazon from Bolivia (i.e. one of the cheapest countries in South America).

These bucket list trips needn't cost a fortune :)

We thought we'd wait until we were 'old and retired and could afford it' to visit the Galapagos. But then we said screw it, why should we wait?!?

Took a very affordable 8 day Galapagos cruise last year, and then stayed in the Galapagos a week longer!

Been to south east Asia maybe 6-7 times and never spent anywhere near 50-60K per couple.

I'm just saying....seeing the world prior to retirement/after retirement is totally doable without a massive budget.
Thanks for posting that - holidays on the cheap or thrifty, especially not having to wait till one is old

Good for you that you have traveled & done it cost effective, others can learn from that

on the vacations, holidays, time away - I get it, understand it & know the costs (as do those that have done it), on the cheap or anyway that you want to stroke it, just like the $3000 - $5000/mth one bedroom apartment in Toronto - no, wait a minute it's $2000/mth, or is it $1500/mth - $1000/mth or a $300/mth room in a rooming house?

did you do it on a budget, did you pick the time & package cheap or did you ever go first class at anytime on any of the trips without using points from CC, 2 for 1 deals or accumulated points, flip-flopping between CC to get bonus point or cheaping on flight layovers?

some many ways if you are really looking to always holiday on the cheap - to using points for flights or not including flight costs on package getaways

On Botswana, did that include the international travel, did you use points/2:1? I a did quick search for 2019, from goway travel & Air Canada - I looked for & couldn't find anything for $1900USD/pp door to door return from YYZ all-inclusive, everything, stop overs, hotels, meals, insurance ......

so many ways to skin a cat

drop of a hat travel, go tomorrow, next week, pick the cheapest time, last minute deals, use points, no different than booking a flight leaving the next day

or like speedyforme posted spending $40k to go to Antarctica


you of course as would I could find a cheaper way to do this.....or would we if we had the resources?

escaping the Rat race: what is it really all about?


you only live once, short time living - long time dead, you cannot take the money with you

if any of you could fast forward 25 or 50 years & look back - would you say 'I accomplished & lived my life to the fullest'? If not, then it's time to start doing it.

.
Last edited by porticoman on Nov 28th, 2018 4:50 pm, edited 3 times in total.
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porticoman wrote:
Nov 27th, 2018 10:37 am
agree & I'd like to add to that since there are many folks on here that must be approaching or who are 50+

do not discourage or discount those at age 50 with yet to start or have a 'retirement fund' or who also 'do not have a works/company pension plan' - that they have the ability to have a nice retirement fund by the time they reach age 65

I can speak to this because I'm 71, have traveled the road & have helped a few to get there as well

it doesn't take much effort, it does though take they will be in good health & employed through those 15 years

I have worked the numbers every which way & backwards, even to a point where at age 50 mortgage free, no RRSP, no TFSA & no non-registered investments

and at age 65 they are still mortgage free & have zero debt including zero loans or HELOC

I always & mean always (maybe its my childhood upbringing) that owning a mortgage free house first is better than having investments in registered & non-registered funds .... it just made sense.

in the case taking a 50 year old with an OH, two children (hopefully now empty nesters), the OH had worked minimum 12.5 years from age 20 -50, neither had registered accounts, then all of sudden at age 50 one or maybe both of them had that huge RRSP contribution room (later in life they are earning more than they did 25 years earlier), one or both started plonking every spare dollar to RRSP (factor in spousal RRSP also), the tax refund to TFSA, the did a nice small HELOC of $100k invested returning double what they paid in interest (that's without double leverage/margin in an IB brokerage) , by the time they reached 65 today, they'd have $500,000

at 65 mortgage free, OAS, CPP, bits of add-on's from the Feds & province, RRSP turned into RRIF, TFSA .... in their retirement years $4000+/mth should be a no-brainer, even if they opted out at age 60, started drawing CPP early, converted RRSP to RRIF, they'd still be able to retire .... modestly
+1
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amz155 wrote:
Nov 28th, 2018 2:15 pm
Yep, we are certainly aware of our living expenses would decrease if we weren't in such a big house. I'm aware because I cry when the utility bills and tax bill comes LOL! Where do you find a one bedroom for $1500? :D I own a one bedroom and rent it out for $2000/month, not including any utilities.

As for travel, I'm really familiar with expenses because we travel now ;) For us, there's no point in holding off on travel now to make escaping the rat race a quicker thing. We LOVE to travel and it makes life enjoyable. Definitely can't hold off on that and be happy, kwim? We'd reach FIRE earlier if we held off on seeing the world, but who knows when your number is up so can't wait for things ya love :)

What I meant by traveling costing more is that if we aren't working, we get more time to spend doing the things that we like i.e. Travel. We don't want to visit the same spot every year, so it will likely amount to several different trips a year. Airfare to Asia and Africa from YYZ ain't cheap :( :(

I will review the numbers you gave above as examples...thanks for writing that all up! :) I'm convinced that living expenses abroad would be less than in the GTA (okay, depends where abroad but we love the developing world, things are THAT pricey there) so that's a plus.

With the 2M in assests....if you had the courage to pull the trigger, would that cover yourself, spouse and child? Or is it just yourself and spouse considered separately?
There are a ton of places in Toronto and GTA for $1500 for 1 bedroom. $2k for 1 bedroom is strictly downtown toronto (nice areas). That is besides the point anyway. Whether it is $1500 or $2000, the point is you should rent.

I think you are aware of how much travel costs the way you do it now. What I'm proposing is staying in one spot longer as a base and discover regions near there. You talk about flights to asia and africa being expensive. They can be. But if you are not working, you can pick the cheapest days to fly and fly when there are deals. I booked Taiwan for $580 return (YYZ to TPE). Hong Kong from Taiwan was only $280 return to Taiwan. There are tons of deals when you aren't flying on vacation schedules like summer, weekends, march break, christmas, etc.

Example:
Fly to TPE. Stay for 1 month. - $580 flight (return), $2000 Airbnb
TPE to ICN. Stay for 1 month - $200 one way. 1 bedroom in seoul around $1k per month on Airbnb.
ICN to SGN. Stay for 1 month - $200 one way. 1 bedroom in ho chi mihn less than $1k per month on Airbnb.
SGN to TPE. Return to Toronto - $200 one way

Total Airfare = $1180 x 2 = $2360
Total accommodations = $4000

You've now paid for airfare and accommodations for 3 months for 3 different countries and only spent around $6500k. Head back to Toronto. Rest for 3 months. Do it again in another region.

You could be travelling 6 months out of 1 year and visited 6 different countries and still only have spend $13k on accommodations and airfare for 2 people.

With $2M in assets, it would easily cover me and the spouse but not the child. That was my point. If I didn't have the child, I would already have pulled the trigger and FIREd at 40.
Deal Addict
Jul 27, 2017
1776 posts
638 upvotes
GTA
@mech9t5 post #105

on the cheap, pick the dates in advance, AirBnB, 2x3mths (6 mths travelling), include travel insurance, food, eating, grocery, excursions/taxi, sightseeing, back & forth for less than $15,000Cdn? wow, that's amazing

although, those would not be places that I would want to travel to, stay at or see in my late years

consider quitting your job now to be a travel consultant

Hope that you won't mind me doing so - I shall definitely be PM'ing you before I travel, I will need your help?
Deal Addict
Dec 16, 2005
3867 posts
1643 upvotes
porticoman wrote:
Nov 28th, 2018 3:54 pm
@mech9t5 post #105

on the cheap, pick the dates in advance, AirBnB, 2x3mths (6 mths travelling), include travel insurance, food, eating, grocery, excursions/taxi, sightseeing, back & forth for less than $15,000Cdn? wow, that's amazing

although, those would not be places that I would want to travel to, stay at or see in my late years

consider quitting your job now to be a travel consultant

Hope that you won't mind me doing so - I shall definitely be PM'ing you before I travel, I will need your help?
Trust me. Most regions are similar.
Want Europe? Paris 1 bedroom many choices under 2k. Rome 1 bedroom $1500ish.
Want south america? Buenos Aires and Santiago 1 bedroom
Are around $1k.

And these are for entire apartment. If you look for shared rooms or hostels, it is so much cheaper.

I've stayed at hostels and 5 star hotels. There is no clear winner for me. Each has its benefits. For me I just prefer an entire apartment if I'm staying for a month.

And airfares are generally cheap outside of Canada. You probably already know flights in Europe are cheap. Paris to Rome could be as little as $100 one way. Buenos Aires to Santiago one way is only around $200 as well.

Should move to travel forum. Lol.

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