Even though I think that saving for retirement is not the way to go because we need to get past the mind set of saving money for a certain magical day, when we spend it. See my entry on Retirement Etc of Tuesday, February 11, 2022. However, I think that having savings is a very good idea. I look at money as freedom.
I did save for my future and I was able to live off my dividends and not have a traditional job after age 54. However, there were lots of benefits along the way. The biggest one I noticed was that in the 1990’s when my company decided to downsize, I was not nearly as stress out as my co-workers. I know that I had a pot of money I could use if I did lose my job. I have never lived from pay cheque to pay cheque. That can be a very stressful way to live.
Savings and investing can provide you with a second stream of income. This is a very important point. A second stream of income can provide some backup and security if you main stream of income (like you job) becomes unstable for whatever reason.
You have to enjoy life now as well as put some money aside for the future. This is because we never know what sort of a future we will have. Look at the problems people are having with working at the present time. Also, for a lot of people working full time is not an option because of the lockdowns. I would never have been happy to draw down the money I was investing, but if it was necessary, it would have been there for me.
On my other blog I wrote yesterday about Manulife Financial Corp (TSX-MFC, NYSE-MFC) ... learn more. Next, I will write about Choice Properties REIT (TSX-CHP.UN, OTC-PPRQF) ... learn more on Wednesday, February 23, 2022 around 5 pm.
This blog is meant for educational purposes only and is not to provide investment advice. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.
See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.