Too little money makes people desperate; too much money makes people greedy Aristotle
In order to retire well, without worrying about running out of money, you must figure out how much you really need. The financial industry people will tell you a lot of stuff, but we must remember that they increase their profits by selling more financial products. These can include mutual funds, GICs, IRA, RRSP’s, bonds, stocks, IPOs. life insurance and a range of other products. In many instances you will be asked to save as much as possible for as long as possible regardless of how much you need. But only you can answer that what kind of lifestyle do you want?
There is a cool story that illustrates this.
A few years ago, a very rich businessman decides to take a vacation to a small tropical island in the South Pacific. He has worked hard all his life and has decided that now is the time to enjoy the fruits of his labor. He is excited about visiting the island because hes heard that there is incredible fishing there. He loved fishing as a young boy, but hasnt gone in years because he has been so busy working to save for his retirement.
So on the first...
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