This blog chronicles my saving and investing journey to early retirement. Our goal is to have a $1 million dollar portfolio to retire on in another few years. This portfolio value is in addition to our paid off home, any valuation of our workplace pensions and it excludes all future government benefits like the Canada Pension Plan and Old Age Security – although the latter will certainly be icing on the cake.
I write about our saving and investing journey all the time. For today’s post however, I want to share some kick a$$ ways you can use to kill your retirement plan. If you don’t care about saving or investing (for anything) then this post is for you. Let me know how many of the following made your list!
- Always carry a monthly balance on your credit card.
- YOLO (You Only Live Once) spending.
- Take payday loans when you can.
- Screw the emergency fund.
- Buy a McMansion you cannot afford.
- Ignore TFSA contributions.
- Forget RRSP contributions.
- Play the lottery as often as you can.
- Carry a fat balance on your home equity line of credit.
- Buy penny stocks.
- Day trade.
- Drink lots.
- Smoke lots.
- Hope for an inheritance.
- Assume your kids will take you in.
- Use debt to repay other debt.
- Buy mortgage life insurance.
- Finance new cars for as long as you live.
- Own as many cars as you can.
- Put all your savings into GICs forever.
- Ignore the stock market.
- React to every move of the stock market.
- Invest in pricey mutual funds or pricey segregated funds.
- Own the latest iPhone every year.
- Dine out with your friends as much as you possibly can.
Do some of these things often or many of these things and you have it made my friends. Good luck and party on.
How many major money mistakes have you made?