Author Topic: Can't tell if this advice is good or bad?  (Read 1158 times)

PoutineLover

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Can't tell if this advice is good or bad?
« on: August 22, 2018, 01:44:20 PM »
Found this article on "How to achieve financial success, no matter your age", which tells you financial steps to take in each decade of life to be successful.
https://www.huffingtonpost.ca/david-lester/save-money-financial-planning-success_a_23505689/?utm_hp_ref=ca-homepage
Some tips are good, like start saving early, and max out your RRSP, but a bunch of the advice is backwards. Buy in your twenties, but don't get a 3 month emergency fund til your thirties? Huh? There seems to be a huge focus on buying houses and from what I can tell he is recommending to buy one every decade of your life?!
First one (20s): Doesn't matter what you buy, just get in on the market and you can rent it out later.
Second one (30s): Buy a bigger one, that's how people become millionaires.
Third one (40s): Buy another one with room for kids.
Fourth one (50s): Buy a retirement home (in Mexico). Keep on renting out all previous homes.
Finally in your 60s you don't have to buy another home, but keep working as long as you can!
Final tip: Cut all the crap out of your life. Get rid of extra cars, cable, sell the house and move to the cottage, cut the kids off too. You need to focus on you now, so make it happen.
That would have been my first step.. On second thought, maybe this should be posted in Antimustachian Wall of shame and comedy... If you had to create a decade by decade list on how to become financially successful, what would you do differently?

TonyV.

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Re: Can't tell if this advice is good or bad?
« Reply #1 on: August 23, 2018, 12:15:28 PM »
(20's) - live at home and save 80% of your income
(30's) - buy/rent a modest house and retire
(40's-death) - live life

GuitarStv

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Re: Can't tell if this advice is good or bad?
« Reply #2 on: August 23, 2018, 12:17:13 PM »
Who the hell wants to retire in Mexico?

thewizard

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Re: Can't tell if this advice is good or bad?
« Reply #3 on: August 28, 2018, 08:38:53 AM »
Who the hell wants to retire in Mexico?

Andy Dufresne?

GuitarStv

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Re: Can't tell if this advice is good or bad?
« Reply #4 on: August 28, 2018, 08:49:32 AM »
I have it on good authority (the very best) that Mexico is just full of rapists.

PoutineLover

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Re: Can't tell if this advice is good or bad?
« Reply #5 on: August 28, 2018, 08:51:12 AM »
I have it on good authority (the very best) that Mexico is just full of rapists.
But some, I assume, are good people.

onlykelsey

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Re: Can't tell if this advice is good or bad?
« Reply #6 on: August 28, 2018, 09:11:16 AM »
I have it on good authority (the very best) that Mexico is just full of rapists.
But some, I assume, are good people.

Gold star for both of you.

IsThisAGoodUsername

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Re: Can't tell if this advice is good or bad?
« Reply #7 on: August 28, 2018, 09:13:34 AM »
Who the hell wants to retire in Mexico?
Andy Dufresne?

And he needs somebody who can get things. Preferably Irish.