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Monday, March 27, 2017

Goodbye Moneysense

Posted by Tim Stobbs on June 28, 2012

So after years of it coming to my door I just got my renewal notice for my Moneysense magazine subscription and I cancelled it.  Pardon!?!

It occurred to me I had kept the subscription up because I thought I liked the magazine still.  Yet when I thought back to the last issue I realized I only skimmed the vast majority of the magazine.  This isn’t a slight against a the magazine as it did provide me with a lot of education over the years, but now I’ve realized I’ve out grown it.

I’m sure anyone who has read on a particular topic for a while is familiar with this problem.  You start reading a particular set of information sources until one day you realize you actually already know the majority of what is in the information source.  In a nut shell, you have ceased to learn anything more from that source.  I’m at that point with Moneysense magazine and actually several of the blogs that I used to enjoy reading.  In some regards I feel like I’m eating fish from these sources when in fact I know how to get my own fish now so it seem sort of pointless to continue reading.  Except perhaps for the ones I just find entertaining regardless.

But Tim, don’t you produce some ‘fish content‘ as well? Hell yes I do.  Why?  I understand not every comes to this blog at the same reading level, some of you need some of the basics which does result in ‘fish content‘.  I don’t mind doing this some of the time as long as I don’t feel like I’m repeating myself endlessly.  I also still try out new things and share those experiences with you.

So goodbye Moneysenese, I’ve enjoyed you over the years but it is time to move on.  So what have you stopped reading as you have moved along your path to financial independence? What did you start reading?

Keep Working?

Posted by Dave on June 26, 2012

This is a guest post by Dave, who is also looking to retire no later than 45, but unlike Tim has no kids and doesn’t want any. Dave is from Ontario and is working towards his CGA certification.

Some weeks, I just don’t feel like working 40 hours.  These weeks it would be nice to be retired, or at least working fewer hours.  My wife and I have decided that our ideal workday would be from around 10 a.m. to 3 pm three or four days a week.  In our current jobs, this really isn’t an option – no matter how productive we may tell our bosses we would be in those 5 hours.

At some point in the future, we will have our house paid off as well a significant quantity of investments, which will hopefully be enough to live off of for our entire retirement.  I will always worry about running out of money though and will want to make some cash on the side, as some form of diversity.  Although I would prefer to not have to work, having some money coming in wouldn’t be a terrible thing, as long as the hours weren’t too long and the work was something I liked to do.

One of the people I work with is semi-retired and was telling me about his side-business, he picks up broken wooden pallets from factories, takes them apart, rebuilds them and sells the “new” pallets to companies.  I was talking to someone else who said that for charity, one of their friends pulls apart broken electric motors and sells the component metals to recyclers, making $6,000 – $8,000 per year.

For me, I would look for something that involves a minimal investment, much like the two mentioned examples which involved probably $200 in tools and a bit of room.  Having an accounting background, I could probably do something with this, and have talked to my wife about bookkeeping or working during taxation season.  Both would involve some busy time, with bookkeeping being less stressful (as my mistakes would hopefully be caught by an accountant).

My wife would like to work a part-time retail job.  She enjoys working this kind of job, and also would like the store discounts.  Although I’m not sure if she would actually come out ahead by working this job, I would hope that it would sort of “concentrate” her spending to one store at discount prices.

My main goal with a small job would be to allow my retirement fund to compound and live off of the (hopefully) $10,000 I would earn per year (with my wife earning about the same).

I would prefer to not work at all, and my ultimate goal would still be to retire at 45.  Working a part-time job for 10 years would allow me to stop full-time work considerably early – I would be trading 5 years of full-time work for 10 years of casual work.

Would you make the trade-off, or would you like a clean break from work when you’re done?

Meditation

Posted by Robert on June 25, 2012

I’ve had a busy week and haven’t devoted enough time to writing a quality post. I apologize. Please accept this “meditation” on the meaning of wealth and happiness. (Excerpt from The Shaolin Workout: 28 Days to Transforming Your Body and Soul the Warrior’s Way, by Sifu Shi Yan Ming)

The person who has $10 wants $100. The person who has $10 million wants $100 million.

In the modern world, we are surrounded by things we think we want. We want those celebrity-endorsed sneakers. We want a wider screen TV. We want a bigger house. We want a fancier care. We want a Rolex. We want that new cell phone with the extra function our almost-new cell phone doesn’t have.

We want all these things because we think they will make us happier. But acquiring these things is not the same as achieving happiness. No matter how much wider your TV screen gets, it’s still the same old you sitting there staring at it. No matter how fancy and prestigious your new Lexus is, somebody else is going to pass you in a Jaguar that’s fancier and more prestigious. The person who has $10 wants $100. The person who has $10 million wants $100 million. As long as you equate acquiring things with achieving happiness, you’ll never be happy. It’s a treadmill, never ending.

True happiness comes from a life that is fulfilled, not just filled up with things. It’s not bad to acquire those things, but it is bad if you let wanting them and chasing after them distract you from your real goals and true happiness. You’ll never enjoy your life that way. The truly happy life is a life of action, not distraction. True happiness comes from mastering and polishing your life. It comes from self-respect and self-confidence and form developing harmony and balance so that you can savour this moment, here and now, for the beautiful gift it is. Happiness is spreading peace and love to the people around you. That’s the warrior’s way.