That is my target amount for savings and my target date to have it by. I rarely mention real numbers in this blog because I feel that numbers are irrelevant.
Specifically, my: income, expenses, and debts are different from other peoples, yet the struggles we face and the methods we use to solve them are the same.
Yet I am putting this one out there as another of the large public targets like the one that I put out there when I started this blog.
I have been doing some research the last few days on High Interest Savings Accounts, and other savings vehicles.
The name is a misnomer and misleading as the rates they pay are a joke, historically speaking. But if I am going to save, I might as well get the highest rate that I can.
More money could be made if I played the stock market, but I have never done anything like that and STOCKS ARE NOT SAVINGS, THEY ARE GAMBLING!
Bonds are more secure, but you have to have a large amount to give them up front and you can’t touch that money until the end of the term (as you are loaning someone else money for a specific period of time).
So, for me the best option is at least two HISA’S. One will be in my TFSA (Tax Free Savings Account)
In a nutshell, a TFSA is like an RRSP that we all can setup, but this one you can take cash out of without the government freaking.
The cash you make in there is tax free, so the beer money that I make (as in the I expect to make about enough to buy a case of beer) will be tax free.
I will have another HISA at this bank, and perhaps another one at a different institution, so as to split this savings up into thirds.
As with all things this plan will be revised as I go, but I have a plan, to save up $150,000.00 in less than four years (by April 7, 2022).
The plan is to work my last day, pick up my last paycheque then head (probably) east in search of the land to buy in order to found that town (the reason that I am doing all of this for).
I will not setup a Gofundme page, as I seriously doubt anyone will want to give to help me do this,
But, if you are interested, message me and you can send me cash via E-transfer. Or you can message me if this project seems like something you are interested in helping with.
Anyways, this is me charting another large life goal direction and clomping on ahead with a: Dream, Vision, and Determination.
As always: Keep your head up, your attitude positive, and keep moving forward!