Age 45: Andrew from Toronto

Dad of three, and always thinking about what the world will be like for them.

Do you think about retirement?

A lot actually. I'm 45 and I see a looming clock counting down from 20 years to the point where I hit that magical number of 65. I'd love to FIRE but we're not quite set up financially to do that. But also, I don't know what I'd do with myself if I retired tomorrow, since I only have a few hobbies and they don't take up all my time. Our kids are still young, so I think about their lives all the time and what they'll grow up to be and how that will give us something to look forward to.

Describe you situation?

I work for a marketing agency right now. I used to run a business but the three horsemen of the apocalypse (pandemic, supply chain, inflation) pretty much killed it. So that left a financial wound to heal from but we're healing. I've had a career in marketing, for lots of great companies, big and small. My wife also works. Combined we make around $200k a year give or take.

We've put away some money for retirement, but it doesn't seem like enough. I'm also actively investing in Bitcoin because I really believe in it.

How much money do you think you'll need when you retire?

I think in 2043, which will be when we plan to retire, we'll need the equivalent of $4mil net worth. I really don't know though.

What will you do differently than your parents?

My parents were both never that great with money, and I don't think they'll have much of an estate or legacy to leave behind, but that's ok. I have a different approach to planning for our kids, and although I want them to learn about hard work, I want to provide them with as many advantages as I can.

I think paying for post-secondary so my kids don't have to work full-time is great, but also working part-time during University is how you learn so many other skills, so I'm not looking to spoil them.

My parents made a few decisions when it came to their mortgages, time-shares, businesses, that were all good learning for us. I don't think it's so much do differently as it is learn from them like you're supposed to. My in-laws are great with money and understand how to manage, plan, gift, and other things that make our lives better and set the kids up for success.

If you had a time machine, what would you do differently?

I made some decisions in the last 10 years around career and business that I may do differently. Starting a business without having enough of your own capital, and relying on expensive loans can really cripple cashflow in tough times. I'd do things a little differently there. But overall, I wouldn't want to change the timeline before 2016 otherwise I may not end up with the same great kids. Depending on what theory of time travel we're talking here, Back to the Future, Dr. Strange Multiverse, etc.

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