If you spend all your money now, you won’t have any free time later. Financial planning is really that simple.
Thank you for taking the time to stop by my blog to learn a little about what we are trying to achieve here.
The goal of this blog is to teach my two young children financial independence. Like most things in life, this is a learned skill and regrettably it is not taught within the formal educational curriculum. My kids are still very young and I really don’t know when they will spark an interest in financial matters.
At some point in a person’s life they will want to learn more about personal finance, whether it be for budgeting, saving, purchasing a house or investing. Their first port of call will often be their parents and by keeping an online diary of our own finances, my hope is that you kids will share the rewards that we have achieved whilst eliminating (my many) costly mistakes.
My parents generation talked very little about money. I often wondered at different points in my life how do I buy a house? What do I ask when I get a mortgage? What’s the best way to invest for my future? How much does it cost to raise kids? Should I finance a car or pay cash? The questions were endless, and there was no central point I could go to and get these questions answered.
We have had our fair share of successes but we also made some mistakes along the way that we will share with you.
Our background is in healthcare, not finance.
Fortunately, I have a father who sparked an interest for me at a young age and bought me some Bell Canada shares one year at a young age, although it my youth and for many years, I didn’t understand the difference between saving and investing. There was no follow-up advice from dad on what to do with them, so I kept them and that hundred dollars in shares is now worth a well over a thousand. It could have been more if I had reinvested the dividends, but the amounts seemed so small, and not understanding the value of compound interest that when I lived abroad I went a few years without updating my address and all the cheques went to someone else at previous addresses (stupid I know). I like to think that I’ve made enough mistakes through a matter of trial and error, that you kids should not have to make any.
It was once said to me; “The wise man will learn from others’ mistakes, the average man will learn from his own mistakes and the idiot, well they will never learn”. I am full confidence that you kids will fall into the first category where I fell into the second category.
Your mom and I achieved financial independence in our 40s (my late 40s, your mom’s early 40’s) through a combination of hard work, living well below our means, maintaining a very high rate of savings, good financial planning and a fair bit of dumb luck.
There is no single topic that we will cover and we will take this journey together. We will look to cover such topics such as the importance of staying out of debt, tracking our spending, tracking our income, saving and types of investments.
Western Canada is our current home and several years ago for just under 5 years I was a soldier in the Canadian forces. Whilst I didn’t do anything special in the military, apart from run around in the woods with leaves on my head and carry a very heavy pack on my back, I did learn how to speak in acronyms and we will be using those throughout this blog.
Two overriding themes I learned in the military were:
- Poor planning and preparation is no excuse piss poor performance.
- Take personal responsibility for your actions, always.
These two approaches also form the pillars of achieving financial independence.
I welcome your comments and suggestions.
I am not a certified financial planner or financial adviser and none of the information on this blog should be construed as investment advice. The thoughts presented on this blog are my personal opinions only. Always do your own due diligence before making any investment.