I am 29 years old with a wife and we are planning on having a child in the next 2-3 years and as such I have been making a lot of life changes and planning for the future.
Fist off I am sorry this is so long. Its not quite an easy answer question which is a tad bit against the rules but my questions should be rule abiding.
I live in Saskatchewan and work as an electrician and 95% of the companies up here offer little to no retirement plans. I have one of the "best I have seen yet" from my bank advisor which is 4% of my gross earning but pro-rated based off companies profits. One year I got $3100 and last year $174... So I have decided to take savings into my own hands.
Short Term (2-3 years):
- Grow savings in an account I have easy access to and save up to prepare for having a family.
- Increase home equity by finishing my basement myself
Medium Term (15-20 years):
- I don't expect school to get any cheaper and if I could afford it I believe private high schools are a good choice.
- Save up at least 75% of an average 4 year university tuition. (~$53,000 as the path I started down was $71,00/5 years but could not get student loans)
Long Term (30-35 years):
- Given that inflation in Canada since 2000 has been around 2.2% and living the same lifestyle I am now (less any car/mortgage payments) I estimate I need $3000/month to retire in 2043.
What I Am Doing:
- Build garage, finished yard. Added $22,000 to resale value so I plan on finishing the basement and spend no more than $20,000 to guarantee a return or break even worst case scenario.
- Living on a cash budget (Gail Vaz-Oxlade from Til Debt Do Us Part) which works fantastically. We have no debt outside of mortgage/car loan.
This is the section I do not know how to handle and why I came here. Below I will ask my questions.
- Putting $650/month into medium risk RRSP with the goal of $1M in 30 years so I will have $3000/month from 60-85. After 85 I have no idea what to plan for. Retirement homes eat every last cent but trying to save more than $650 is difficult with the other goals.
- Are their any reputable forums to discuss long winded things like this whole question? I have found some but they where sponsored or leaned heavily to "Bank Products"
- Given the current economic instability I have considered setting aside ~10,000 in tangible precious metals. (1oz gold, 1x50g gold, 1oz silver) however I bought silver bullion as a novelty in 2001 for $6.50/oz and gold especially seems quite inflated. Any info/report/sites on tracking spot prices and trends?
- Medium term planning is the hardest to plan for. I talked to a friends personal adviser who handles many wealthy people from my home town and even though I was inclined to trust the advice is was all these "Bank Products" and "Insurance Securities". I have been taking long distance economics courses and a term insurance course and while I see the "possibilities" of making great gains I can see the fundamental flaws in assumptions and even the blazing turds in the middle. Advice?