Like most people, I dream of having financial freedom. I want to be able to do all the things I want to do without worrying about where the money will be coming from. I want to be out of debt, fund my expensive hobbies, travel, and spoil my grandchildren.
That’s the dream anyway. The reality is another story.
I want to set one thing straight. I’m not a twenty-something guy who began purchasing mutual funds at 14, works at a $100,000 a year job and has postponed marriage and a family in order to retire a millionaire at 35.
I’m a middle-aged boomer who’s struggled to raise a family and make ends meet all my life, and now just wants to retire with a decent income to be able to do the things I’ve just been dreaming about.
I have experienced staggering inflation, super-high interest rates, booming stock markets and the inevitable plunges. I’ve done well in some areas, made some mistakes, listened to wrong advice and learned to trust my own instincts. Over the years I’ve ended up with an investment strategy of my very own. It’s mostly different from the standard advice you get from financial institutions, and many people will not agree with me, but I feel my plan is successful for me and I plan to stick with it while it works.
I have built up an acceptable portfolio of mostly blue chip, dividend-paying stocks. I am working towards an early retirement with dividends as my main source of income.
I will tell you the strategies I have used myself and give my opinion on alternatives. I want to show that even late-bloomers like myself can become financially successful.
I am the son of a Boomer, and a happily married ‘new dad’ who currently resides in Southern Alberta. I have recently become slightly obsessed over my personal finances. Maybe it has something to do with getting older and realizing that as a young married couple with a baby on the way, it might be time to get our financial house in order. This past year has really changed my life. I became a dad, changed jobs after 10 years, learned how to survive as a single-income family…oh yeah, and I turned 30. Talk about a wake-up call.
I didn’t completely waste my twenties, as the past decade saw my wife and I buy a house, and pay off over $60k in student loans & credit card debt while building a somewhat respectable portfolio of mostly blue chip, dividend-paying stocks in our RRSP and TFSA. Sound familiar? Like mother, like son I suppose…
I am also working towards an early retirement, using dividends as my main source of income. Do I have a specific date in mind? Not just yet, but this next decade will go a long way towards determining my fate. I actually really enjoy my job, so my goal is not so much to retire as young as possible, but to be financially free enough to continue to do the things that I love every day.
So from the perspective of a young family, I plan to post about my savings strategies and investing tips, and share personal finance stories that I’ve lived through, and am about to live through in the near future.
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