Managing my money – next steps

money in wheelbarrowI said goodbye to my money coach last week. Our time was up. Four lengthy meetings and a lot of work in between figuring out my present and future goals.

What I learned from the process:

  • I can retire at 60. I’m not going to. The longer I work the more I have when I retire. It’s comforting to have a date though.
  • I’ve been paying too much in mutual fund management fees. I’m moving my investments to two local companies I met with and really liked a lot. Lower fees and better service.
  • I’ve been a tad reckless at times. With travel spending, dining out, lattes and buying scuba gear. Will be reigning this in. I’m doing this by recording every cent I spend and feeling lousy when I make a stupid purchase.
  • The money coach process was expensive, but worth every penny. I now have a grasp on where I’m going money-wise. A plan. What a relief.
  • I can still take my diving trips. And, my annual wine trip. Spending with in reason, of course. No first class travel, caviar and champagne. I have a travel budget to stick to.
  • I haven’t screwed myself by NOT buying a condo in the overheated Vancouver market. I’ve saved a lot over the years and put the money into investments.
  • I’ll probably have to move when I retire. Find a cheaper place. That’s okay. I’ll be spending at least four months a year in Mexico scuba diving.
  • I need to buy critical illness insurance NOW.
  • I misunderstood my short and long term disability benefits through work. I thought the coverage was more extensive.
  • Maxing out my RSP and TFSAs has been a smart move.
  • It pays to have a side hustle = part-time job.

I’m not exactly done with my money coach. I’ll be checking back in every couple of years to ensure I’m still on the right track. Next, I’ll be moving investments to save on high management fees (MERs) on mutual funds.

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