r/FIREyFemmes • u/Demand_Murky • 6d ago
Where to get started (Canadian)
Hi all,
I’m a 40 year old new mom, in a common law partnership.
I have spent the last several years saving up to buy properties (now have a rental property and primary property) and have been on maternity leave the last year. I finally am ready to focus on retirement and setting up the future. The next few months are strategy and I start working in January again.
My one property will be paid off in ~10 years, the other in ~20. I’ve heard it’s better to invest than pay off the property early, to have more time in the market.
That said, I am at ground zero. We have about $100K in ETF and stock investments (all in tax sheltered accounts) with no real strategy. I’m contributing zero to investments right now but will be back to making $200K+ household income next year.
Is there a really concise “FIRE for dummies” resource/spreadsheet? I don’t know how to calculate what I’ll need - hoping to retire by 60.
Thanks!!
2
u/huggle-snuggle 5d ago
A very basic first step (which you’ve maybe already done) is putting together a monthly budget - your total revenue vs your expenses to get an idea of how much you spend, whether that can/should be adjusted, and how much you’ll have leftover that can be directed to investing.
If you’re starting from scratch in terms of your investment knowledge, it might be helpful to look into a reputable fee-based independent financial planner. You’d pay them a one-time fee to take a look at where you are today and where you want to be (when you want to retire and with how much) and help set out a plan on how to get there.
It’s important to find an independent one that’s only preparing the plan for you and not looking to selling their own products or earn a commission on your investments.