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Welcome! You are not alone!

Are you in your 30s, who is making a mediocre salary with no benefits, thinking how am I going to retire decently? Well! You are not alone!

I am currently 30 years old, single, make about $40,000 a year with no benefits and have only around $45,000 in savings.

Retirement seems impossible to me since I also have around $20,000 of personal debt.

So a few months ago I had an appointment with a financial advisor.

Not only I want to retire when I am 65, but I also want to be a business owner in the next few years.  I was very hopeful my advisor could help me.

Unfortunately, this is the only information she gave me after our initial meeting:

“SIX MILLION DOLLARS!”

This is the net worth I need in order to retire comfortably by the time I reach 65.  Living comfortably means having a monthly after-tax income of at least $4,200 when I reach 65.

My advisor did not mention anything about my line of credit and my interest as a business owner.  The whole meeting was solely focusing on

“SIX MILLION DOLLARS!”

and I have to put $400 in my TFSA and $800 in my RRSP per month to build a portfolio that composes of 20% in cash/stock and 80% in stock and real estate.  BUT…

HOW AM I GOING TO DO THAT WHEN I HAVE OTHER BILLS AND DEBTS TO PAY?

Being a resilient, I think it is possible for me to build a six-million-dollar net worth even with my mediocre salary and my tiny savings.

But it will take A LOT OF WORK and SACRIFICE…

If you would like to join me, follow this blog as I will record

“MY JOURNEY TO SIX MILLION”.

 

2 thoughts on “Welcome! You are not alone!”

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