Since moving back to Canada, things have been pretty smooth sailing financially.
Of course it’s because we know people here like my parents who house us for free, and now my friend who also houses us for free.
By ‘free’ I mean we don’t pay them money, but we help out in many tangible ways that make their lives easier and happier. So it’s really an exchange of services for housing, like a super intendant (sp?) or Hausmeister.
Turns out, not paying rent is really great for building net worth!
However, we admit that we’re not as hardcore about building our net worth anymore, for 2 main reasons:
1. We like not working!
2. We’re living the CoastFI lifestyle
I recently discovered this term on Reddit or another forum, and I’m in love with the concept. CoastFI means we have enough invested at the moment to be able to retire at a traditional age, even if we don’t contribute another cent from now until then.
We just have to leave our portfolio alone and not draw it down until we’re in our 60’s.
So we have another 25 to 30 years to coast along, without having to worry about our future retirement. It really takes the pressure off, and we can focus on having fun, taking on less stressful jobs (I just turned down some more freelancing!), and being more creative in our money making techniques.
Some people call what we’re doing BaristaFI, because it lets them quit their jobs and work at coffee shops. But I like to call us BikeFI since we’ve traded in our career jobs to bike for dollars.
Well, I haven’t actually gone out on my bike since last year (too COLD!), but Martin has been regularly working through the elements and pulling in $500 to $1000 a month. This is for part time whenever-he-feels-like-it work.
I’m so proud of him! He’s having FUN while also learning the streets + people of his new city, staying fit and earning money. Yay all around! 🙂
Since we’re coasting (errr biking to FI!), we could just blow $500 to $1000 a month if we wanted to.
To be perfectly honest, we are living it up BIG TIME, doing everything we want to do without thinking much about costs. The price for that?
Something like $300 a month MAX, and usually it’s closer to $200.
The money we don’t spend is going into index ETFs, just because it’s the easiest and laziest thing we can do. We still want to grow our net worth even though we’re low income.
Of course it’s a slower pace from when we used to contribute thousands per month as full time employees. But we think investing smaller amounts is a GREAT trade off for living the life we do, and don’t yearn for our old lives at all.
We do have some big purchases coming up that we’re also saving for:
1. Two new bikes ($4,000)
2. Immigration costs ($500)
3. Travel around Canada ($3,000)
Total = $7,500
Probably bike courier-ing won’t cover it all since we don’t want to do it full time. But we’re excited to figure it out and already have some ideas. The plan is to NOT withdraw from the stash!