So, my long term planning typically reaches an eighteen
month expiry date; I live to travel. This is for both for my financial and personal
prospects. This isn’t a secret. Traveling is my top priority and I
often struggle to balance the other aspects of my life. I’m not sure many
people have had the privilege to see both Travel Kirstin and Canadian Kirstin,
but they are drastically different. When I’m working in Canada, I make calculated
risks and I’m a cautious person. I’ll be the first to admit that I
push relationships aside, because I know I’m just going to leave again. I can't fathom finding a Canadian Boy worthy of a Travel Partner.
Financially, I budget hard – It all goes towards the travel funds. But once I've landed
in that new country, with those exciting vibes and collect my luggage and barrings, everything becomes one big grey area. I’ve
been known to fall easily in lust, which I quickly mistake the love for a boy,
when really it was the love for the country the whole time. I budget loosely - enough to
ensure I run out of money only when the trip runs out of time. So, you see, I’m saving to
travel.
So, somewhere between the timelines of a three month stint
in Connecticut, visiting South America and traveling to Southeast Asia, I somehow
turned my job into a bit of a career. Where, like, I feel as though I’m quite competent
at my job, or dare I say, even good at it, and people started to take notice. One
contract extended into a second, and my resume is showing that I have actual
work experience in the field of my four year degree. And without really
comprehending it I’m Adulting. I know right? My dad’s pretty thrilled about
that concept, too.
But, you see, my investments continue go mostly
towards traveling. Retirement seemed like something I didn’t have to address anytime
soon - until now. My Accountant Friend/Colleague and I had a startling
conversation about retirement, and how it was something she had planned
for,
for a very long time. She wants to indulge in her life with her
husband
before they’re too old to actually enjoy it. She doesn’t want to work
until she
dies. And right then, I realized, that shit, either do I.
I’ve been randomly depositing money into my
Retirement
Savings Plan (RSP). But, the dollar value put away would change monthly as it
based solely on how much money I could spare from my travel account.
Some previous jobs I
had a Pension – one of which I foolishly declined, in my defense, it was
my first real job.
But retirement wasn't something I’ve ever seriously thought about.
So, after that eye opening conversation with my
Accountant
Friend, I called the one person who I always call when it comes to
performing obligatory but unbearable Adulting tasks. My sister, Shawna.
Shawna’s started investing in her own RSPs at the
age of eighteen. She said she did it as soon as she graduated High School
and moved to Calgary, because just she knew it was something Adults did
(yes, we have the same parents). She paid off her student loans only
seven short years after getting her degree; it was a four year degree
that took her three years to complete. Keep in mind I got my degree in
2011 and still have 4.5 years left.
Asides from being a
mom of two, a wife and working a full time job, she also has a ‘hobby’ of
helping people sort out their finances through working with and for Primerica. Primerica's mission is to
help families earn more income and become properly protected, debt free and
financially independent. This is a pretty heavy goal given that in today’s
society, financial burdens are very much the norm. So, with wine in hand, Shawna sat me
down one sunny afternoon a few weeks ago in Megan’s backyard and we went over a
Financial Needs Analysis which, for me, focused on a Retirement Income.
First and foremost, she looked into Debt Solutions,
which provides strategies for paying off credit cards and loans in the most efficient way.
For me, this means the difference between paying off my Student Loans (my only
debt) compared to the benefits of paying into RSPs. For this minimalist, my assets
consist of black, nine year old Volkswagen and a black, nine year old Hugo, and I don’t anticipate owning a house.
However a travel trailer or Tiny Home sounds pretty appealing. We determined, with
inflation in mind, how much money I wanted to be provided during my retirement so
I could still live a comfortable lifestyle (hopefully residing in a different
country) when I’m no longer generating an income. We then came up a detailed
analysis of how much money I’ll need to prepare for retirement at the age of
sixty, without having to rely on dying young or marrying rich.
Setting up for Retirement isn't the only thing Shawna helps with; Within
North America, debt has been such a socially
acceptable issue in today’s society: Credit Card Debt, Car Loans, even a
second mortgage, is so very common. She can help with Debt Solutions. I know I'm one of the few people
able to live within my financial means. I pay off my Credit Card every
month, but I was never taught about RSP’s in High School, otherwise I
would have started
putting away a portion of my paycheques long ago. With my generation,
it’s
so difficult to focus on the future, of attaining Life Insurance when
people can
hardly afford the ten percent down on their house, which is so baffling.
Thinking about the financial repercussion that came from me dying was
something that I never once considered, so we also talked about Life Insurance. For instance, who is going to
pay for my funeral and payoff those daunting student loans should I
actually get Malaria and die on my trip to Beijing when hiking the Great Wall of
China. Also, my sisters and I were lucky enough that our parents were able to
pay a portion of our schooling through Education Funding that they set
up; I often wonder if any new parents in my age range have thought about
that - my sister's got this covered too.
For me, being financially independent
and not relying on anyone is one of my proudest and scariest
requirements. I’m
a Society-Economic Feminist; I believe that women are deemed as the
Second Sex as a result of being financially reliant on men based on the
roles they choose to
play, but that debate is a song for another time. My point is that because of
this Financial Independence, and flaunting my
I-don't-need-a-second-income mantra, I was three glasses of wine deep,
hounding Shawna with
questions and I was less than classy about it. Because, I'm on my own
for retirement, baby. But that's the thing. I don't have to strategies
alone. Becoming educated about your financial situation is
such an important first step on and planning for your future. And that's
where I lean on Shawna - the planning process - and, she was really
good at breaking down the information into something I could comprehend.
So here I am, feeling really good about my future right now. I’ve found a bit more of a balance between Travel Kirstin
and Canadian Kirstin and it’s a nice feeling. Shawna was more than
capable of
calming my crazy and ensuring me that that it’s never too late to start
saving
for the future, and financially organizing my life. If you wanted to
talk to Shawna about your Financial Needs and prepare for your future,
you can
reach out to me (comment, email, phone) and I can provide you with her information. She lives in Alberta, but often visits the Prince George Area.
Truthfully though, and she agrees, just reach out to a Financial Planner
you trust. You need to educate yourself
on your Financial Future, because that's the cost of living.
Kindly,
Kirstin
