how and where to retire Qorax and Others please advise

[at9459]

How and where in Canada one should try to retire to have a decent life?
Suppose I carry one million Dollar with me - Legal Money.
Is this amount sufficient to retire and lead a good life?
Please looking for you guidance and advise.

 

[explorer101]

How and where in Canada one should try to retire to have a decent life?
Suppose I carry one million Dollar with me - Legal Money.
Is this amount sufficient to retire and lead a good life?
Please looking for you guidance and advise.

You have come to the right person, I am working towards my financial planning certification and it is fine opportunity to test my skills. Guys you have to tell me did i pass or fail.
Lets see, funds in portfolio 1 million
one important factor is your age /kids age/ other liabilities, i am calculating without these inputs.
option 1
1. Owning semi detached house in cities like Toronto / Vancouver $500,000.00
2. Car $30000.00
3. Monthly household expense inc house maintenance ( good life) - 5000. * 12= 60,000.00
4. Yearly travelling, vacation, misc exp 10000.00
5. One time moving cost to Canada with home furnishing / renovation $30000.00
6. Your 3 kids college education $240,000.00

yes, you can last with 1 million for about 5-6 years( aprox), with these expenses
option 2
If you stay in small city or in rural area you can have a house for about $100,000.00
Manage with a small/ pre owned car - $8000
cut short monthly exp to 3000 *12= 36,000
cut vacation and other exp to $5000 yearly( dont fly to India with family every year)
less allocation of money for education of kids.like for small technical cources
then this money can last for 18 years ( aprox)

option 3
If you rent $ 1500 pm ( condo) and keep other exp as stated above in option 2

Invest money in some mutual funds, stocks, property to take capital gains , you will have more money in pocket and can last longer for about 30-35 years.

If you reach 67 years by that time, will get minimum pension also. After 65 years of age medicines are also free.
Now you have $ 995000 to start ($ 5000 my consultation fee deducted).
How about working in Canada and keeping $995000 million for investment( property, stock, kids education)?
In order to profile you I read your previous posts, your property price in India is rising more than the water of ganges in monsoon, in 2009 it was $200,000, then after few months it became $600,000 and now $1 million and who knows it can become 2 million by the end of this year and so on. Are you sure this is a property and not a money tree? In 2009 1 cad = Rs45, in 2012 1 cad = Rs56, meaning by indian currency is depreciating and so are your assets. Good luck!!!!

 

[scylla]

I agree with explorer - $1M does not buy you a "good" retirement in Canada (at least not my definition of "good").

 

[lubob]

You have come to the right person, I am working towards my financial planning certification and it is fine opportunity to test my skills. Guys you have to tell me did i pass or fail.
Lets see, funds in portfolio 1 million
one important factor is your age /kids age/ other liabilities, i am calculating without these inputs.
option 1
1. Owning semi detached house in cities like Toronto / Vancouver $500,000.00
2. Car $30000.00
3. Monthly household expense inc house maintenance ( good life) - 5000. * 12= 60,000.00
4. Yearly travelling, vacation, misc exp 10000.00
5. One time moving cost to Canada with home furnishing / renovation $30000.00
6. Your 3 kids college education $240,000.00

yes, you can last with 1 million for about 5-6 years( aprox), with these expenses
option 2
If you stay in small city or in rural area you can have a house for about $100,000.00
Manage with a small/ pre owned car - $8000
cut short monthly exp to 3000 *12= 36,000
cut vacation and other exp to $5000 yearly( dont fly to India with family every year)
less allocation of money for education of kids.like for small technical cources
then this money can last for 18 years ( aprox)

option 3
If you rent $ 1500 pm ( condo) and keep other exp as stated above in option 2

Invest money in some mutual funds, stocks, property to take capital gains , you will have more money in pocket and can last longer for about 30-35 years.

If you reach 67 years by that time, will get minimum pension also. After 65 years of age medicines are also free.
Now you have $ 995000 to start ($ 5000 my consultation fee deducted).
How about working in Canada and keeping $995000 million for investment( property, stock, kids education)?
In order to profile you I read your previous posts, your property price in India is rising more than the water of ganges in monsoon, in 2009 it was $200,000, then after few months it became $600,000 and now $1 million and who knows it can become 2 million by the end of this year and so on. Are you sure this is a property and not a money tree? In 2009 1 cad = Rs45, in 2012 1 cad = Rs56, meaning by indian currency is depreciating and so are your assets. Good luck!!!!

Appreciated Sir ! +1 for your analysis and foresightedness and right calculation of OP ' s property.

Hope you are doing fine in Canada.

kind regards

Dr.Brar

 

[mute_man]

You have come to the right person, I am working towards my financial planning certification and it is fine opportunity to test my skills. Guys you have to tell me did i pass or fail.
Lets see, funds in portfolio 1 million
one important factor is your age /kids age/ other liabilities, i am calculating without these inputs.
option 1
1. Owning semi detached house in cities like Toronto / Vancouver $500,000.00
2. Car $30000.00
3. Monthly household expense inc house maintenance ( good life) - 5000. * 12= 60,000.00
4. Yearly travelling, vacation, misc exp 10000.00
5. One time moving cost to Canada with home furnishing / renovation $30000.00
6. Your 3 kids college education $240,000.00

yes, you can last with 1 million for about 5-6 years( aprox), with these expenses
option 2
If you stay in small city or in rural area you can have a house for about $100,000.00
Manage with a small/ pre owned car - $8000
cut short monthly exp to 3000 *12= 36,000
cut vacation and other exp to $5000 yearly( dont fly to India with family every year)
less allocation of money for education of kids.like for small technical cources
then this money can last for 18 years ( aprox)

option 3
If you rent $ 1500 pm ( condo) and keep other exp as stated above in option 2

Invest money in some mutual funds, stocks, property to take capital gains , you will have more money in pocket and can last longer for about 30-35 years.

If you reach 67 years by that time, will get minimum pension also. After 65 years of age medicines are also free.
Now you have $ 995000 to start ($ 5000 my consultation fee deducted).
How about working in Canada and keeping $995000 million for investment( property, stock, kids education)?
In order to profile you I read your previous posts, your property price in India is rising more than the water of ganges in monsoon, in 2009 it was $200,000, then after few months it became $600,000 and now $1 million and who knows it can become 2 million by the end of this year and so on. Are you sure this is a property and not a money tree? In 2009 1 cad = Rs45, in 2012 1 cad = Rs56, meaning by indian currency is depreciating and so are your assets. Good luck!!!!

+1

 

[qorax]

You have come to the right person, I am working towards my financial planning certification and it is fine opportunity to test my skills. Guys you have to tell me did i pass or fail.
Lets see, funds in portfolio 1 million
one important factor is your age /kids age/ other liabilities, i am calculating without these inputs.
option 1
1. Owning semi detached house in cities like Toronto / Vancouver $500,000.00
2. Car $30000.00
3. Monthly household expense inc house maintenance ( good life) - 5000. * 12= 60,000.00
4. Yearly travelling, vacation, misc exp 10000.00
5. One time moving cost to Canada with home furnishing / renovation $30000.00
6. Your 3 kids college education $240,000.00

yes, you can last with 1 million for about 5-6 years( aprox), with these expenses
option 2
If you stay in small city or in rural area you can have a house for about $100,000.00
Manage with a small/ pre owned car - $8000
cut short monthly exp to 3000 *12= 36,000
cut vacation and other exp to $5000 yearly( dont fly to India with family every year)
less allocation of money for education of kids.like for small technical cources
then this money can last for 18 years ( aprox)

option 3
If you rent $ 1500 pm ( condo) and keep other exp as stated above in option 2

Invest money in some mutual funds, stocks, property to take capital gains , you will have more money in pocket and can last longer for about 30-35 years.

If you reach 67 years by that time, will get minimum pension also. After 65 years of age medicines are also free.
Now you have $ 995000 to start ($ 5000 my consultation fee deducted).
How about working in Canada and keeping $995000 million for investment( property, stock, kids education)?
In order to profile you I read your previous posts, your property price in India is rising more than the water of ganges in monsoon, in 2009 it was $200,000, then after few months it became $600,000 and now $1 million and who knows it can become 2 million by the end of this year and so on. Are you sure this is a property and not a money tree? In 2009 1 cad = Rs45, in 2012 1 cad = Rs56, meaning by indian currency is depreciating and so are your assets. Good luck!!!!

Well done Explorer!

 

[qorax]

Life is pretty good here in Canada. Things are generally quiet, smooth, relaxing and life is so exhilarating. So much so that a lottery jackpot can actually make you retire here... in heavenly utopia... very thoughtworthy!

LottoMax is a weekly lottery where you pick seven numbers, from 1 to 49, for your chance to win. The pot starts at $10 million, and once it hits $50 million it goes into super-fancy “Maxmillions” mode, with additional $1 million draws on top of the main jackpot. The other night there was one draw for the $50 million prize, and an additional 45 – $1 million draws.

The odds of winning are 1 in 28 million, but considering that there are only 33 million people in Canada – it's sure a good bargain -- the stakes are pretty decent... to go for it!

I'm sure I'm not the only one to play the “WTF?” game: “What would I do if I won the big jackpot?” How much would I need to win in order to quit my job? Or would I keep working where I am if I had an extra $50 million in the bank?

Would you move on to something else altogether – something you truly love? Or retire? ...WTF!

Qorax
________________________________________________________________________________________
*Canadians got in on the biggest lottery jackpot ever this year. Granted, for whoever wins, that's an unbeatable return on a $1 investment. But while the average Canadian spends $22.11 a month on lottery tickets in the hopes of striking it rich, the odds of being hit by lightning while you're checking the numbers are actually much, much better. Invest that $22 instead; after 25 years, you'll have $28,000 in the bank.
http://ca.finance.yahoo.com/news/7-little-expenses-could-cost-160324031.html

 

[mute_man]

qorax, man u rock!!

 

[qorax]

qorax, man u rock!!

tnx.

 

[ankit_20]

You have come to the right person, I am working towards my financial planning certification and it is fine opportunity to test my skills. Guys you have to tell me did i pass or fail.

You passed explorer101 with flying colors!!!

 

[explorer101]

Thank you everyone for encouraging words, Certrified Financial Planner is what I am looking to become in the next 2-3 years and then work as Investment Advisor. This is my final goal as of now. It is quite difficult target as I have a full time job and family with kids to take care of.
+ 1 receprociated to everyone .

As for my client Mr at9459
Sir,
You have excellent backup of money and that will help you during the initial time of immigration. You dont have to do survival job. You can complete your full time study of the profession of your liking ( like Pharma, lab technician etc) and the money in your bank will run your home expenses. At the most you will spend $ 200,000. In 2-3 years your certification will end and you can get a job and that will run your day to day expenses and also help in providing funds for your major life events ( buying house, children education, marriage of children ) and you will still have excellent amount of money left in the bank which you have brought from your country.
You can work till the time your body permits and In this way your portfolio would be far better at the time of your retirement. Your million(s) will grow and you can enjoy you retirement life with your family and I would be pleased if you invite me and Capt qorax sometimes for a cup of coffee, we can chat about good old days sipping coffee and watching the glowing red and yellow maple leaves falling from the sky.
best wishes

 

[goodhope]

Good one,best luck for your future endeavour

 

[mute_man]

Thank you everyone for encouraging words, Certrified Financial Planner is what I am looking to become in the next 2-3 years and then work as Investment Advisor. This is my final goal as of now. It is quite difficult target as I have a full time job and family with kids to take care of.
+ 1 receprociated to everyone .

As for my client Mr at9459
Sir,
You have excellent backup of money and that will help you during the initial time of immigration. You dont have to do survival job. You can complete your full time study of the profession of your liking ( like Pharma, lab technician etc) and the money in your bank will run your home expenses. At the most you will spend $ 200,000. In 2-3 years your certification will end and you can get a job and that will run your day to day expenses and also help in providing funds for your major life events ( buying house, children education, marriage of children ) and you will still have excellent amount of money left in the bank which you have brought from your country.
You can work till the time your body permits and In this way your portfolio would be far better at the time of your retirement. Your million(s) will grow and you can enjoy you retirement life with your family and I would be pleased if you invite me and Capt qorax sometimes for a cup of coffee , we can chat about good old days sipping coffee and watching the glowing red and yellow maple leaves falling from the sky. 8)
best wishes

this is why we keep coming to this forum!! thank U all.

 

[at9459]

Thank you everyone for encouraging words, Certrified Financial Planner is what I am looking to become in the next 2-3 years and then work as Investment Advisor. This is my final goal as of now. It is quite difficult target as I have a full time job and family with kids to take care of.
+ 1 receprociated to everyone .

As for my client Mr at9459
Sir,
You have excellent backup of money and that will help you during the initial time of immigration. You dont have to do survival job. You can complete your full time study of the profession of your liking ( like Pharma, lab technician etc) and the money in your bank will run your home expenses. At the most you will spend $ 200,000. In 2-3 years your certification will end and you can get a job and that will run your day to day expenses and also help in providing funds for your major life events ( buying house, children education, marriage of children ) and you will still have excellent amount of money left in the bank which you have brought from your country.
You can work till the time your body permits and In this way your portfolio would be far better at the time of your retirement. Your million(s) will grow and you can enjoy you retirement life with your family and I would be pleased if you invite me and Capt qorax sometimes for a cup of coffee, we can chat about good old days sipping coffee and watching the glowing red and yellow maple leaves falling from the sky.
best wishes

Hi Thanks for the advice. I really appreciate your views.
How will the money grow in Canada as the banks hardly give any interest in Canada?
Stocks are risky.
Another issue is as to which place in Canada amongst Montreal/Missisauga/Brampton/Cambridge is ideal for staying keeping in view the education and safety and job prospects of the family?
I have relatives in the areas mentioned.
I will definitely like to meet you and Qorax as you have guided me well during my application process from time to time and It's my desire to meet you.
Thanks again.

 

[explorer101]

How will the money grow in Canada as the banks hardly give any interest in Canada?
>> the interest rate would not be the same as in your home country, but with the depreciating Indian rupee the interest earned will get lost when you convert into CAD.

Stocks are risky.
>>> Yes they are of one keep all the assets in stocks, the investment portfolio should be diversified. When you get your visa and are about to move send me pm and i can suggest you how the portfolio can be diversified.

Another issue is as to which place in Canada amongst Montreal/Missisauga/Brampton/Cambridge is ideal for staying keeping in view the education and safety and job prospects of the family?
>>> Mississauga and Bramption are in GTA and are good for job growth and kids education. You will always feel at home.
>>>>Canbridge is a small city
>>>Montreal is all about french.
For Desi people i would recommed GTA / Vancouver is most suitable.