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If you want to be retired at 50, read this!!
Now that we have your attention, we
really mean financially independent, not necessarily
retired, because not everyone wants to retire early. Some people would like to retire at 40, others want to
keep working forever.
If you are careful with
your money and make good financial choices, you can
have the financial independence to do whatever you
want. Have you noticed that many people earn a lot of money and
seem to be just "getting by"? Yet there
are people who have low incomes and do very
well. How much money
you earn isn't the only thing that matters. What matters more is how you handle the
money you have. The difference between getting
by and being financially independent is actually very
small.
People who are financially
independent aren't necessarily making more money or smarter
than others, but they are probably better at making financial
decisions. They set their goals, make a plan,
and stick to it. They look at tax implications,
returns and risk, project all the figures into the
future, and then decide on a course of action.
This sounds complicated, but our calculators and our
recommendations are here to help simplify your
decisions. When you have all the information,
making decisions becomes much easier.
Throughout this website we have
resources, tips and
calculators which will allow you to compare different
scenarios. You will be able to see what a big
difference a small change in your money
management decisions can make. You may
not think that this applies to you when you are young, but this is when it is most
important, because you have the luxury of time (and
compounding!) on your side.
Some people giving financial advice
are in a conflict of interest, because they benefit if
you follow their advice. We do not earn money
from any of the recommendations that we make.
Our income is from visitors to our website clicking
ads, and from companies licensing our calculators.
The advice on this website is not tailored to anyone's
individual situation. It is wise to get a second
opinion for any financial advice you receive,
including ours. Before making a major financial
decision, you should hire an independent
professional advisor (paid by the hour) to review your
plan.
Every person's situation is different, and one plan
does not fit all. You need to sit down,
define your goals, and figure out your own plan. Life is a series of
choices, and every person is the master of their own fate. Forming
and following the plan requires that you make choices, some of
which can be difficult, and some of which will require a lot of
dedication. Everyone's goals should include buying
their own home, and getting out of non-tax-deductible debt as quickly as
possible.
Our Free In
30! page will provide you with the plan we have used in
our life. We haven't always followed the plan, but
we managed to retire at fifty after starting married
life with nothing.
The resources on our site include the following
financial planning and income tax planning tools:
Canadian income tax information
- tax laws and how they apply
Canadian income tax calculators, RRSP & RRIF calculators, mortgage
and other calculators to help you determine how
much tax you will pay, how long your money
will last, and how to cut your interest costs
real estate information,
including what happens if you rent out part of
your home, build a new house for resale, or move
into a home that you previously held as a rental
property
a business page which
provides links to tax forms, information on
setting up a business, rules re business expenses
including automobiles, and automobile taxable
benefits, and much more
See our site
map for a list of all the main web pages on our site. To easily
find any topic on our site, type your search term into the search box at
the top of every page.
We hope the information on
our website will make you a better money manager, and
help you become financially independent.
Tax tip: Make
your money work for you instead of you working for it.
The information on this site is not intended to be a
substitute for professional advice. Each person's situation differs, and
a professional advisor can assist you in using the information on this web
site to your best advantage.
See our Business
Directory for tax, accounting and finance-related firms in your
area.
Please see our legal
disclaimer.