I've got 3 kids ages 1 to 10, and I have zero desire to leave them anything. Sure, if there is money leftover then OK they can heave some when we die.cheapshopper wrote: ↑ my 15% bonds ETF is all in RRSP, $0 in Cash account / TFSA.
The only reason I hold bonds is IF I need to draw money during retirement and market is down, I can draw from bonds.
In my mind, I want to keep it at 15%. I just start questioning myself when all the reading suggest I need to start move to 60/40 if I plan to retire in 5 years,
At the back of my mind, I just want to keep it at 15%.
Seem like I making the right choice.
BTW, when you say you are close to "Winning the game". What is the definition of that?
Does it mean have enough to retire?
Or is your goal, whatever the goal is?
I have a very specific goal.
1). Fund my kids educations.
2). Fund our retirement, no need to put any pressure on my kids.
3). Buy the first Condo/Townhouse whatever the "Starter" unit for my 2 daughter.
4). Have at least $2M for each of my daughter when we are not here. This one is a done deal by using insurance policy.
I think I am almost there............
But my main goal is to teach them how money works, how to invest, why discipline matters, how compounding works, etc. I'd rather teach my kids how to be self-sufficient than to have a desire to give them anything. Why?
So do your daughters know that they will each get $2M+? Do they know your financial situation?
As for me, I just want enough to have a good, comfortable life. That is around $4K to $6K after-tax per month. Meaning, I need b/w $1.2M and $1.5M in portfolio and no debt.
I agree with your thinking of keeping 15% in bonds. For me personally, I'd like to keep about 4 years of expenses in cash/bonds/fixed income for the exact same reason that you mentioned.