Author Topic: 20 with 20k to 30/35 FIRE?  (Read 1009 times)


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20 with 20k to 30/35 FIRE?
« on: June 09, 2016, 10:58:41 AM »
Found this forum a few days ago, been lurking since, signed up this morning and I'm looking for advice from all of you.

I'm a 20-year-old Canadian Male living in Toronto, pretty well for free, with family. I graduated High School but haven't pursued post-secondary education. I've been working some generic retail-y jobs for the last few years, not really saving much of anything, but for the past few months I have been working a job I landed through my Aunt (who is CFO at an 8-person Hedge Fund) to replace their outgoing manager of operations. I've picked it up pretty well and I'm making $2350/mo after taxes, about $2000/mo after I've deducted transit and grocery contributions at home. Not bad, certainly considering I'm radically under-qualified and my job before this was a seasonal department store  position making minimum wage. The job, if I were to keep it, would see paid course-taking and training to become more qualified, coupled with wage increases up to making $120,000+/year within 8 or so years. It's an office job, it's not something I really enjoy, and I really don't enjoy living in the city very much.

I have a 26-year old fiancee whose house burned down 3 weeks ago and who received no insurance money for the contents (house rent-to-own through her parents who paid the mortgage) but about $6000 CAD in equity paid out. She has moved back in with her parents right now, is in the process of liquidating her small home business (animal breeding) which should net us $6000-13000 CAD and I have $4000 in savings right now. So right now, we have about $10,000 CAD in savings between us, and if, say, we made whatever move we want to make in our life in about 3 months, we would have:

10,000 savings + 6000 animal business + 6000 my wages + 2000 her wages, give or take = 24,000 CAD

I'm actually going to under-cut that a bit and assume we wind up sitting at ~ 20,000 CAD.

My fiancee and I would like to get married, have her immigrate to Canada, and start our life together. She has an associates degree in psychology (read: functionally nothing, here in Canada, let's be honest) and it looks like it'd be a while before she could legally work here in Canada.

Blugh, so, we're a young couple looking to start our life and in a few months we'll have about 20,000 CAD in savings. We don't want to live in the city long-term. We'd like to start having kids in 5-7 years. When we have kids, it will take her out of the workplace and we plan to home-school our children. We don't want to spend our entire lives working crap just to stay afloat. In other words, I'm looking for advice on how to use the next 10-15 years of my life to the fullest potential in order to hopefully make enough money to move somewhere inexpensive and live my life with my family instead of at a job. Whether this means somehow starting a business somewhere, either outside of or from within my home, or using my savings to grow my net worth through some strategy or another... Whatever I've got to do. I am willing to work my ass off and sacrifice in the name of the long-term benefits.

BASICALLY/TLDR: I'm looking for advice on how to go from 20-year old with 20k to 30/35-year-old able to retire into my home with my family.

Sorry if this was written somewhat poorly, I'm not in the greatest headspace with all the stress of late and the pressure of making decisions and trying to figure out a way to achieve our goals.

Any advice you guys can give, I'd appreciate. If you have questions, I'm here to answer them. I probably didn't include much useful information, so if there are misunderstandings or things you would need to know to give better advice, just let me know, and I'll clarify or let you know.

You guys are clearly where I want to turn to for advice on this, you guys know what you're talking about, so I'm at your disposal.
« Last Edit: June 09, 2016, 11:09:33 AM by Valerian »