Some may wonder why if I celebrated my Findependence Day and 60th birthday party over the weekend (see previous blog), then why on earth am I still going to work to engage in the stressful job of putting out a worldclass personal finance magazine.
My answer ran today on my sister blog housed at MoneySense.ca, which we call the Financial Independence blog.
Here it is in its entirety.
As I noted in a recent MoneySense blog, age 62 seems to be the magic age for some prominent Canadian members of the financial industry (banking and pensions respectively) to “retire.” Of course, we prefer to say they’ve reached their “Findependence Day,” since I doubt either BMO’s outgoing chief economist, Sherry Cooper, or Mercer partner and actuary Malcolm Hamilton, will be moving from full-time employment to full-stop traditional retirement.
As I say at the bottom of the blog, more boomers are leaving center stage but I expect many will linger in the theatre for some time yet, whether they embark on writing, public speaking, consulting or shift more to volunteering and charitable work.
So is 62 a “good” age to declare one’s Findependence? As always, comments welcome below.
– 62 –
While most of this blog emphasizes wealth creation, it should never be forgotten that every once in a while, once you’ve earned, saved and grown your money, there come times when some of it can actually be spent.
Yes, a luxurious vacation! Our family is currently in the second week of just such a vacation, in a Scandinavian adventure encompassing Sweden, Norway and now Denmark. Here’s a sample photograph of myself kayaking in a Norwegian fjord with daughter Helen. The rainbow says it all (it’s barely visible here smack in the centre of the photo where the slope of the mountain hits the water!)
Before this episode near Bergen, Norway, we had just completed an 11 kilometre bicycle ride through equally wonderful scenery: numerous waterfalls tumbling from tall cliffs, many trees and lakes almost reminiscent of Ontario’s Muskokas, and even porpoises and otters in the fjords. After this kayaking trip, we donned wetgear and went deeper into the fjord in a speedboat, which you can view with a photo I posted today on Twitter. (See my Twitter feed @jonchevreau).
Memories like these transcend financial considerations, especially when they are shared with family. But of course, experiences like this do require generous dollops of cash flow. It’s good to remind oneself during long stretches of earning, saving and investing that at some point there’s light at the end of the Findependence tunnel!
– 59 –
My latest Financial Independence blog at moneysense.ca looks at BMO Retirement Institute’s study showing there is a big discrepancy between the retirement aspirations of young Canadians and their savings habits to date. Click here for my take on it.
This week I had the pleasure of doing a 15-minute podcast with Preet Banerjee, who recently launched his Mostly Money, Mostly Canadian podcast as an adjunct to his popular Where Does All My Money Go blog and numerous other media-commentary activities. You can find the podcast here: it’s billed as describing the concept of “Findependence” and also touches on my recent job change.
Preet is a fast-rising star in personal finance in Canada. Currently he has a regular column in the Globe & Mail and he’s a frequent guest on CBC’s nightly news. For a time, we were both bloggers for the Investor Education Fund’s “Masters of Money” blog series. He first came to my attention when he self-published a book on RRSPs. At the time he was a little-known financial advisor. I reviewed the book in the Post, interviewed him on what was then the Wealthy Boomer web video interviews and the rest is history. Preet wrote the feature on calculating your returns in the current issue of MoneySense and will be making the odd contribution in future issues.
We “splurge” on lunch
Those who follow either of us on Twitter may be amused to hear of a sidebar to this podcast, which touches on the topic of “guerrilla frugality.” Preet came up to the MoneySense offices on One Mount Pleasant on Thursday, equipped with his MacBook Air and a new portable mic he had just acquired. We conducted the interview in my office, then adjourned for lunch. I mentioned a nearby mid-scale eatery popular around here but Preet indicated he preferred to eat something light and healthy. “Like a salad?” I asked. When he affirmed this was his preference I suggested a nearby Swiss Chalet. I’ve been on a diet and exercise kick myself for the past six months and find that the “West Coast Salad” at Swiss Chalet is a very tasty filling meal, with the bonus that it’s eminently affordable.
So Swiss Chalet it was but Preet wasn’t done. We’d also ordered a couple of waters with lemon then decided to “splurge” after on coffee. When the bill was presented, Preet used his smartphone to snap a photo of the rather modest bill, then proceeded to post it on Twitter, remarking on our collective “splurge.”
When I retweeted it to my followers I commented that our luncheon choice wasn’t so much predicated by “guerrilla frugality” but by health and dietary considerations.
All in all a fun and productive few hours. As they say too often at Cineplex previews, “enjoy the movie.”
– 59 –
Further to the weekend’s post here and as promised, my first MoneySense blog on Financial Independence has just been published. Click here to view and note that three copies of Findependence Day are up for grabs — but only two days remain to take advantage of it. After that, you’ll need to procure a copy via this web site.
– 59 –
Apologies for a hiatus blogging here but the new position as editor of MoneySense magazine has not permitted a lot of blogging. Since joining five weeks ago, we have put out the June issue of the magazine, now available on newsstands and the iPad.
I’m happy to report that I will soon be blogging at MoneySense.ca, though it’s unlikely the frequency will be anything like the old Wealthy Boomer blog housed at the Financial Post.
The new blog will likely be titled simply Financial Independence, which is of course the ongoing theme of this site here at FindependenceDay.com. One of the things I’ll be doing on the blog is reviewing any books that touch on this theme: publishers and book publicists take note! My email at the magazine is firstname.lastname@example.org.
By the way, the first piece I’ve written for the print edition of the magazine (June issue on news stands now) is the Editor’s Note at the front. There I note what this site often sets out: the difference between “Retirement” and “Financial Independence.” It also introduces a new writer to the magazine: Preet Banerjee and announces acting editor Dan Bortolotti is now our Editor at Large. Dan’s cover story on “Renovate your portfolio” presents three low-cost ETF portfolios of the “Couch Potato” genre he and the magazine are famous for.
Change a life for 20 bucks
MoneySense publishes seven issues a year and costs about $20 a year to subscribe, or less if you’re a Rogers customer. I’d say that’s pretty good value. Click here for details on how to subscribe or better yet, provide a gift subscription to a loved one. (Change someone’s life for 20 bucks!)
In addition to the new blog, I continue to “tweet” (@JonChevreau) and Moneysense.ca will also start scrolling my Twitter feed and other feeds associated with the magazine.
Lots of other stuff to come!
– 59 –
The second edition of my new blog at InvestorEd.ca’s new Masters of Money series has just been posted here. This is a phrase I originated in an FP column some years ago and incorporated into the novel. If Findependence [Financial Indeptendence] is the end, then ultra frugality is the means to that end.
– 60 –