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I have a very Lean lifestyle apparently. Live on around 30k/year. No family to take care of though.
Figure I need 750k for retirement at minimum. If I hit that while I am in a job I hate, I will quit at that very moment.
If I like the job I am at at the moment, I will continue for a little bit more to be on the safe side
 

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Re: original point regarding CDN housing market…
Not sure how to link to it robustly but on the the Preet Banerjee podcast Mostly Money, guest Ben Rabidoux throws out some numbers behind the hot market.
A couple of interesting points that reinforce what’s been discussed here:
Residential investment (new housing construction, renovations, ownership transfer costs)= 9.5% of GDP (previous peaks were 7%)
Peak in US before ‘08 bubble just over 6%
Residential investment has been 1/2 of the economic growth since 2018.
Canada spends 3x more on broker costs than all CDN businesses spend on R&D.
Residential investment is 40% of Canadian Gross fixed capital formation. Only Greece, Ireland and Spain in the 00’s got higher.
Under construction right now in Canada 100k purpose built rentals, less than 60k single family homes, complete mismatch to demand.
Toronto : 7-8 realtors per house for sale
Things Gov’t (any party) might do while not squashing the economic engine of housing which no one will touch in an election year.
National Beneficial Ownership Registry
Curb foreign speculation ( probably doesn’t cool the market much, but politically feasible)
Local gov’t :Curb short term rentals some more
Crack down on money laundering and criminal sources of cash being infused
Eliminate the blind bidding going on in most places.

Lots of good stuff. Recommended.



The whole thing is good but from 40:48 on is particularly interesting.
 

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The worst thing that could happen to me would be to die as a millionaire.
I'd strongly disagree. But I see how you are saying that for effect. I'd argue it's much worse to deplete your savings early and spend your last years dependent on government provided care.

In practice, the only way to achieve this 'safely' is to annuitize your savings. Most people are loath to do this.
 

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One of the first financial books I ever bought was Pollan’s Die Broke. It spoke to me at the time and I also bought his follow up Live Rich.
It tilts quite a bit to the US with estate tax rationale etc., but at the time it felt like good advice.
I used to think I wanted to die broke but I think I’ve aged out of it as a driving principle. Wife, kids etc. and as I have more money and freedom.
In the second book he says “To live rich you need to have the freedom to do whatever you want”. Which is definitely where I’ve landed.
So my comment to the OP is to focus on living rich (whatever that means for you) and shelve the die broke for now.
For what it’s worth, here are the axioms he lists for the money side of live rich:
Make Money- work is for dollars in pocket, “Look for God in church, satisfaction at home and money at work”
Don’t Grow, Change- Look for new opportunities rather than promotions
Take Charge- can’t be reactive, stop viewing yourself as victim, take responsibility for yourself, stop looking down for pennies and look to the sky for dollars.
The 4th axiom has one for employers and one for employees.
The employee one is:
Become a Mercenary. The only bottom line at work is your take home pay.
 

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I'd strongly disagree. But I see how you are saying that for effect. I'd argue it's much worse to deplete your savings early and spend your last years dependent on government provided care.

In practice, the only way to achieve this 'safely' is to annuitize your savings. Most people are loath to do this.
I mostly meant that I don't think at 80 I'll still need to have $1M in front of me in case I live 100 years. But at 50 I'd need that $1M in case I live 90 years.

And I'd reassess my life expectancy and financial situation after each 10 years of life.

And I hope I won't die at 60 with $1M after a frugal life not spending my money and waiting for retirement.

 
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