How much do you know about financial independence?

Plus if you're a Millennial or even Gen-X your life expectance is lower than that of the Boomers.  

IIRC this is the first time in modern history that wealth and health is trending downwards with each new generation.  Fun times a-head.

The planets gunna die anyways. Seems like every country in the world is not only doing nothing about it but hitting fast forward.

Posted by: [email protected]

We just ran some numbers to see how much we'll need to be able to live off our investments. One of the things I discovered is that with some strategic withdrawing, we could be paying close to zero taxes once we reach that stage. How strange is that?

that's one of  the keys.   I cut my marginal tax rate from 30% to an average of 15% in 2020.   The wifee did much better.

A message from the great stoic

https://www.mrmoneymustache.com/2021/03/26/beware-of-the-bubble/

did you hear the one about the stock promoter trying to get into heaven ? St peter tells him that heaven already has a full quota of stock promoters, so the stock promter asks if he can convince someone to leave can he get into heaven ? St Peter sez well thats unusual but OK .

Half an hr later a big crowd of shady characters are running out of heaven followed by the stock promoter, St Peter asks how did you get them to leave and where are you going?

I started a rumor gold has been discovered in hell ! sez the promoter

and it could be true !

it's a 200+ year old game.

https://en.wikipedia.org/wiki/Gregor_MacGregor

General Gregor MacGregor (24 December 1786 – 4 December 1845) was a Scottish soldier, adventurer, and confidence trickster who attempted from 1821 to 1837 to draw British and French investors and settlers to "Poyais", a fictional Central American territory that he claimed to rule as "Cazique". Hundreds invested their savings in supposed Poyaisian government bonds and land certificates, while about 250 emigrated to MacGregor's invented country in 1822–23 to find only an untouched jungle; more than half of them died. MacGregor's Poyais scheme has been called one of the most brazen confidence tricks in history.

Posted by: XXX_er

did you hear the one about the stock promoter trying to get into heaven ? St peter tells him that heaven already has a full quota of stock promoters, so the stock promter asks if he can convince someone to leave can he get into heaven ? St Peter sez well thats unusual but OK .

Half an hr later a big crowd of shady characters are running out of heaven followed by the stock promoter, St Peter asks how did you get them to leave and where are you going?

I started a rumor gold has been discovered in hell ! sez the promoter

and it could be true !

Sounds like Barkerville in 1862.

https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

Posted by: tungsten

https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

An article suggesting that unrealized capital gains should be taxed. Not likely

the Haida had a great solution, there was no banks, no money, no refridgeration, no written language so the only solution was to give it all away

The richest man was the man who had given the most away, wierd for sure it only works if everyone is giving away every thing

this is a potlatch pole the rings indicate this man had held 13 potlatches where he had given it all away 13 times so in the culture  he was a very rich man,

this is an online photo but i did see this pole on a kayak trip in Haida Gwai

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

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

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.

Excel is your best friend.