Posted by Dave on June 3, 2014
Dave 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.
I spent the entire weekend outside, cutting and connecting wood in an attempt to make our backyard look like a place where somebody lives, rather than an unused barren patio with a small wheat field growing between the stones. This project is something that both my wife and I have talked about doing for the entire 5 years that we’ve lived in our house, and (hopefully) over the next week or two will be able to complete. There is some added pressure that we don’t have to deal with when doing most of our half-finished indoor projects – the neighbours can see the progress we’re making and we’re kind of the dirty kids with a ripped up yard until we get sod laid down and everything cleaned up.
With our mortgage paid off, our “sprint” to complete that project is now over. Financially, we’re waiting for our paycheques that come this Thursday to settle all outstanding debts we have and to begin replenishing our personal savings that we kind of wiped out to cover the last amounts owing to our mortgage company. After that happens, we have to sort out what our new “normal” will be for the coming decade.
My wife and have split our bills based on our respective incomes. She pays for Internet, hydro, gas, property tax, and food and I pay for everything else – house, car, life insurance, gas for the car and up until now, our mortgage. My wife is also in charge of saving a good portion of her income for our annual “large” expenses – vacations, home improvements, and a car in the past to name a few.
We will now be in a new race – to save the approximate half-million dollars or so that we’ll need to live off of for the (hopefully) 50 years that we’ll live after we retire, and do so as quickly as possible. Before May 23rd, 2014 (forever known as $40 Steak Day in our house), our intention was to minimize the amount of interest we were paying our mortgage lender. Now, we’re psyching ourselves up for the next 10 years ahead of us – more 40 hour work-weeks, higher earnings with our new investment income, and more opportunities to learn.
I’m looking forward to the next few years, I have a lot to learn about investing and look forward to this unique opportunity to try not to screw up our finances too much. The good thing about our financial plan is that if anything significant goes wrong, we will hopefully be able to work an extra year or so to fix my mistake, and still be able to retire relatively early.