That could affect my decision to stop working even if I love my job.

I know I said I’d be writing about death but I met with my advisor and a financial planner this week and that took priority.

Even before the meeting, I knew I had to make some changes in my spending habits. The lifestyle creep has been real. Why? Probably boredom and access.

In 45 minutes, the planner went through my financial plan for the next 45 years, using actuarial tables that predict life expectancy based on several calculations that include information from Statistic Canada and historical data. He looked at my income, investments, Canadian Pension Plan, Old Age Security, that tiny defined benefits pension, the Locked-in Retirement Account, the value of my condo, inflation, returns and my current budget and plotted it all on a graph. There were some sections in red. Red in a graph is often not a good thing as it’s a colour used to highlight or draw your attention. It screams to be noticed.

The semi-brutal part was I needed to cut back on my spending otherwise at some point, I’d run out of money to fund my lifestyle and income-wise, it’s all me, baby.

When I heard and saw that, my shoulders rose up, I took a deep breath, let it out and nodded. Visions of being that stereotype of the little old lady eating cat food flashed across my mind but all I said was, “yikes.” (Mentally, so much swearing and guilt.)

The planner went to the next slide and said if I can reduce my yearly spending to a certain amount, I’ll be fine. In fact, would be able to live fairly well until I die and even leave an estate. I saw the number and my shoulders came down, I nodded again and said, “Yup, that’s feasible.”

Like I said in the beginning of this post, I came to the decision to cut back on spending on my own. I knew something was out of alignment and I could see the results around me. The clutter was screaming to be dealt with. I honestly don’t need anymore.

Does this make me a financially responsible person? Maybe? No? I’m not sure. It’s just fortunate that I made the decision before the meeting. Or did knowing about the meeting solidify my decision to cut back on spending so I could come across as financially responsible? I’d say a bit of column A and way more of column B.

Were the numbers in red big? Not at all. Even my advisor said I could easily (in context) scale back and I was doing it several decades before I retire anyway so I had enough runway. But I don’t like red in my numbers so that alone motivates me to change my habits. Obviously I have the privilege of being able to cut a want rather than a need and to be able to work with an advisor and planner.

I write about finance, investing and money and I love it but I am glad someone else sat down with me and showed me the scenarios and how they vary with one difference. I could not have done this part by myself and even if I could have, I’d have freaked out about it. Money makes us do odd things whether we have it or not.

Instead, I was able to see the change, the long-term results and discuss it with my advisor. I appreciate the gentle but necessary poke that I was veering onto a path that would result in stress. I might print off the graph and stick it somewhere so I can remind myself that the change is not only good for my wallet now but 45 years from now. That’s a long ways away but also, not that long.

Pre-orders are live!

The Singles Tax: No-Nonsense Financial Advice for Solo Earners is available for pre-order. It’s distributed by Indigo in Canada and Simon & Schuster in the US.

Indigo

Simon & Schuster

I believe other book stores are carrying the book as well so buy from your favourite local bookstore. As all other authors have said and will say again, pre-orders do help.

This week’s readings:

No One Wants to Buy a Condo (The Walrus)

Pairing it up with The Condo Crash (Macleans)

Maybe I won’t live into my 100s. No need to get a hobby. Canadian lifespans are no longer increasing. Here are some possible reasons why (Globe and Mail, paywalled)

Not for the fashion but for the estate planning. Armani’s will could shake up luxury (WSJ, paywalled but you can probably read it through your local library)

A bunch of stuff by me in the last two weeks:

So you’re leaving Canada to start a new life abroad. Here’s how that could affect your taxes and investments (Toronto Star)

Wealth & Legacy: The Art of Passing It On (Sharp magazine)

How AI is quietly transforming financial services (Pivot magazine, members only)

How much are workplace benefits worth? (Rates.ca)

Capital Markets in Practice: Deals, Debts and Dynamics (NAIOP)

How Redevelopment, Demographics and Growth Are Shaping Canadian CRE (NAIOP)

I dislike capsule wardrobes and just carryons (Social life of a single woman)

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