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How much do you know about financial independence?

June 9, 2021, 4:25 p.m.
Posts: 11508
Joined: June 29, 2006

A culture that gives it all away meets one that takes everything it can get.  Not exactly a match made in heaven.

June 9, 2021, 6:02 p.m.
Posts: 15175
Joined: Nov. 20, 2002

The gov of the day outlawed the potlach but it was flu and sickness that decimated the Haida

June 15, 2021, 11:12 p.m.
Posts: 1212
Joined: May 4, 2006

I drop into this thread periodically, get fired up to get my finances in order, start researching which turns into procastination and then I get completely side tracked by more interesting topics.

Anyway, I'm getting seriously bored with work and have started thinking more about how little money I actually need to live and doing gap analysis to figure out how much money I'll have coming in from various sources once I reach certain age points.

I'm currently 57 and I'll qualify for a defined benefit works pension at 60, then CPP at 65 then a state pension from the UK when I'm 67.

I'll also be able to start drawing down from my RRSP.

So, is there any financial planning apps where you can plug-in your numbers and personal circumstances and run some what-if analysis to help for retirement planning?

I've tried this one but it's bit clumsy and you can't really save changes to run different scenarios (e.g life expectancy!)

Any suggestions for good apps or websites? Would be particularly interested in doing analysis based on various different inflation rates...

To add...assuming there is a shortage between what I need to live on and what my income will be, I'd like to be able to plug in some numbers which tells me how much I still need to be investing in my RRSP over the next few years so that I can draw down more or less at various age points.


 Last edited by: SixZeroSixOne on June 15, 2021, 11:37 p.m., edited 1 time in total.
June 16, 2021, 6:57 a.m.
Posts: 14415
Joined: Feb. 19, 2003

Excel is your best friend.


 Last edited by: Couch_Surfer on June 16, 2021, 7:21 a.m., edited 1 time in total.
June 21, 2021, 11:09 p.m.
Posts: 18112
Joined: Oct. 28, 2003

Excel is your friend when work pays for it.  Open Office is free. 

https://www.bogleheads.org/wiki/Tools_and_calculators

I created my own version of a few of these put together.  It has income, taxes, cpp, oas and investment allocation by account, growth, rebalancing, and my IPS planned annually till we are 99 (yes, two incomes, multiple accounts each).  Thought about quitting my job and becoming a financial planner, but that’s too much like work. 

There is no one who should care more about your future than you.

June 21, 2021, 11:14 p.m.
Posts: 18112
Joined: Oct. 28, 2003

Caution, Bogleheads is very good but US centric. Take with a grain of salt and adapt.

https://www.finiki.org/wiki/Main_Page

Thats the Canadian sister of Bogleheads I don't remember it having spreadsheet templates unless they are buried in the forums


 Last edited by: heckler on June 21, 2021, 11:14 p.m., edited 1 time in total.
June 23, 2021, 1:53 p.m.
Posts: 185
Joined: June 17, 2016

+1 for spreadsheets. I make my own in Google Sheets and tinker with them indefinitely.

2% for inflation and 4% for safe withdrawal rate from investments are realistic numbers if your horizon is long term.

I've found this to be a useful tax calculator for estimating taxes in different scenarios.

June 24, 2021, 9:50 a.m.
Posts: 3564
Joined: May 23, 2006

You all are Netflix type fiends. I'll just put this here.... https://www.counterpunch.org/2021/06/18/hedge-fund-devils/

June 24, 2021, 10:19 a.m.
Posts: 185
Joined: June 17, 2016

Posted by: tungsten

You all are Netflix type fiends. I'll just put this here.... https://www.counterpunch.org/2021/06/18/hedge-fund-devils/

Those guys do the opposite of what we are doing here. We are passive investors putting our own hard-earned money to work, not ruthless speculators risking other people's money in high-stakes gambling schemes.

Sounds like an interesting series though. 7.1 on IMDB, just enough to give it a try.

June 24, 2021, 11:08 a.m.
Posts: 11508
Joined: June 29, 2006

Posted by: niels@nsmb.com

Posted by: tungsten

You all are Netflix type fiends. I'll just put this here.... https://www.counterpunch.org/2021/06/18/hedge-fund-devils/

Those guys do the opposite of what we are doing here. We are passive investors putting our own hard-earned money to work, not ruthless speculators risking other people's money in high-stakes gambling schemes.

Sounds like an interesting series though. 7.1 on IMDB, just enough to give it a try.

Or even worse, criminal enterprises that use insider information to generate exceptionally high returns for their ultra wealthy clients and keep their hands clean.  The very wealthy with billions to invest often make twice the return that even a reasonable wealthy person can make.  In Capitalism in the 21st Century Pikkety compares the returns of university endowments which are listed publicly and range from a few million to multi billions.  The wealthy schools like Harvard with massive endowments make way more as a percentage than the average school like UBC.  I think only a naïve fool would believe that their fund managers are just far more talented and not bribing CEOs for info.

June 25, 2021, 12:35 p.m.
Posts: 18112
Joined: Oct. 28, 2003

Threads should not be allowed to start with the same six words.

June 27, 2021, 12:27 a.m.
Posts: 18112
Joined: Oct. 28, 2003

Posted by: SixZeroSixOne

I drop into this thread periodically, get fired up to get my finances in order, start researching which turns into procastination and then I get completely side tracked by more interesting topics.

Anyway, I'm getting seriously bored with work and have started thinking more about how little money I actually need to live and doing gap analysis to figure out how much money I'll have coming in from various sources once I reach certain age points.

I'm currently 57 and I'll qualify for a defined benefit works pension at 60, then CPP at 65 then a state pension from the UK when I'm 67.

I'll also be able to start drawing down from my RRSP.

So, is there any financial planning apps where you can plug-in your numbers and personal circumstances and run some what-if analysis to help for retirement planning?

I've tried this one but it's bit clumsy and you can't really save changes to run different scenarios

https://www.sunlife.ca/en/tools-and-resources/tools-and-calculators/retirement-savings-calculator/

The quick and simple version

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