Happy Canada Day! This blog is about Canadians and their money and the how, why and where you should save, protect and invest yours!
I hope this blog will resonate with new and experienced Canadians alike.
I would be remiss not to mention the COVID-19 pandemic. We are starting to economically recover from it, however, that will likely be a multi-year process. The aim is that this blog will assist, motivate and encourage anyone at any stage (pandemic or not!) to prioritize your finances and line you up for success.
Money migrating meticulously
Loons are amazing birds. They can be spotted across North America and occasionally in further-flung places such as Iceland. In the summer, many of them hang out on our lakes in Canada. When I think of loons, I think about canoeing across a northern Ontario lake. Thoughts of peace and tranquility ensue.
At the risk of a bad segue, the loon is also a symbol of the Canadian dollar: our dollar coin, known as the “Loonie.” Our dollars should likewise bring feelings of peace and tranquility. Wait…did I just hear a quiet “Ha! Yeah right” mumbled under your breath? Was my analogy too cheesy? Too bad…let’s continue.
Loons have a purpose – they have goals. They often travel thousands of kilometres in order to survive and thrive. Flying south to find non-frozen bodies of water, traversing clear lakes and diving for several minutes to catch a fish.
How do they know they are going in the right direction?
How do you know if you are going in the right direction?
#AnalogyOver
I’ll propose that we’re all going in the same direction, and it’s called financial independence (“FI”). FI has a multitude of meanings to different people. A simple definition of FI is that you have enough money such that working for more money is optional. This can be as simple as traditional retirement around age 65 give or take, but it can also encompass other goals.
The “FI community” generally advocates frugality and saving a high percentage of your income with the goal of attaining FI earlier than the average age-65 retirement. Some choose to achieve FI with a goal to retire early (“RE”). Combining RE with FI is referred to as “FIRE”.
If you want to learn more about FIRE, I suggest you watch the new documentary (or the book by the same title) that came out last year called “Playing with FIRE.” Loonie Logic is a proud supporter of this project and helped it get off the ground with its Kickstarter campaign. Look closely in the credits of the film for yours truly!
While I do like to find a good deal and to optimize my spending, I would not call myself frugal and I don’t fit perfectly into the FIRE mentality. Savings strategies have an important role to get to FI, but I won’t give you a hard time about what you purchase (unless it was at regular price, lol). I have a bit of the FIRE mentality in me, but that’s not the main thing I want to focus on.
For me, FI is about having a choice. I view money as a tool to achieve your goals. If you have enough money, then it gives you the freedom to choose what to do with your time. You will not be obligated to trade your time for money (aka working[1]), although, no one is going to stop you if you enjoy it or have a good use for more money. Other things you could choose to do with your time include travelling, spending time with your kids, pursuing a hobby, volunteering, changing careers, or just slowing down your life so that you can stop and smell the proverbial flowers.
This is not dependent on age, but rather defined by a mentality. A mentality of intentional living, ignoring societal norms, focusing on fulfilling your life rather than have it filled with others’ goals and expectations.
Expect to see posts about once a month, with the occasional interjection as events unfold and thoughts arise. Next month, you’ll see a road-map of where this blog is likely to go and a better idea of the types of topics to look forward to.
As a flock, we can migrate our money into more prosperous territory and be farther ahead than a lone wolf on Wall Street. 
[1] Shout out to Vicki Robins for the trading “life energy” for money concept