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The FIRE (Financial Independence, Retire Early) movement is a personal finance and lifestyle movement that advocates for extreme savings and investment strategies in order to achieve financial independence and retire at an earlier age than the traditional retirement age of 65.

The basic premise of the FIRE movement is to live frugally, save aggressively, and invest in income-generating assets such as stocks, real estate, and rental properties. The goal is to accumulate enough wealth and passive income streams to be able to retire early, typically in one’s 40s or 50s, while maintaining a comfortable lifestyle.

The FIRE movement has gained popularity in recent years, in part due to the rise of social media and online communities that share tips and strategies for achieving financial independence. However, the movement has also been subject to criticism for promoting a lifestyle that may not be feasible or desirable for everyone, as well as for its reliance on assumptions about investment returns and other factors that may not always be realistic.

Overall, the FIRE movement is a personal finance philosophy that emphasizes the importance of financial independence and early retirement, and encourages individuals to take control of their financial lives and plan for their future. Given the impact of the 2008 recession, the global pandemic and another recession on the horizon for 2023, it is unlikely that people will be able to retire for a long, long time.

That is what is happening to one couple: they are having to work longer than anticipated to save up for their retirement:

Couple looking to retire will have to stick to “boring” jobs.

RRSP mistakes to avoid

RRSP stands for Registered Retirement Savings Plan. It is a type of tax-advantaged investment account that is available to residents of Canada.

The purpose of an RRSP is to encourage individuals to save for their retirement by providing them with tax incentives. Contributions made to a retirement plan are tax-deductible, meaning that they can reduce an individual’s taxable income for the year in which they are made. Additionally, the investment earnings within an RRSP are not taxed until they are withdrawn, typically in retirement when the individual’s income and tax rate may be lower.

There are some limits and restrictions to RRSP contributions, including an annual contribution limit that is based on a percentage of an individual’s earned income, as well as a lifetime contribution limit. Additionally, there are rules around when and how RRSP withdrawals can be made, including penalties for early withdrawals.

RRSPs are a popular retirement savings vehicle in Canada, and can be used to build a diversified investment portfolio that is tailored to an individual’s risk tolerance and financial goals. There are differences between how Boomers and Millennials will setup their retirement. Obviously, Millennials are in a precarious economic situation and may not always have the funds to assist in building up a “nest egg” for their retirement. The following article provides advice for both Boomers and Millennials, but fails to take into account the finances of many Millennials. Many Millennials struggle with saving any money at all, let alone investing in stocks or their retirement. The article does make an attempt at providing advice, however. You can read the advice provided below:

RRSP mistakes to avoid – particularly during market crashes.

Austrian woman shreds fortune

In Austria, a testator has the right to dispose of their property by means of a Will, subject to certain mandatory inheritance rights of close relatives. However, a Testator may not completely disinherit their spouse or registered partner, who is entitled to at least 50% of the estate. Children of the testator are also entitled to a share of the estate, which may not be completely excluded by a Will.

In addition, there are some cases where a testator may not be able to disinherit an heir, even if they are not a spouse or registered partner or a direct descendant. For example, a Testator may be prevented from disinheriting an heir if they have a legal obligation to provide for that person, such as a child with a disability.

However, there are also some circumstances under which a testator may be able to disinherit an heir. For example, a testator may be able to disinherit a child who has been convicted of a serious crime against the testator or a family member, or who has severely mistreated the testator. Even in these cases, the disinherited child may still be entitled to their compulsory portion of the estate.

Overall, the ability to disinherit an heir in Austria is limited, and that is why one grandmother shred her 950,000 (in Euros) fortune; so her disinherited relatives wouldn’t get it. Unfortunately for the grandmother, it might be replaced and given to the relatives she hated so much. She literally shredded up her fortune so that they wouldn’t be able to get their hands on her money. An Austrian bank may end up actually replacing the shredded bills. She also went so far as to cut up her bank books. It seems a little unfair that her money is going to the people whom she least wanted to have it. She may have been better off to disappear and not let her relatives know her whereabouts. You can read more by clicking on the link below:

Austrian woman shreds her fortune.

Updated: Robin William’s wife and children settled the battle over his estate

Funnyman Robin William’s death by suicide was a huge shock to many who grew up watching Williams in several movies, shows, etc., over the years.

Robin Williams’ estate battle was a legal dispute that arose after his death in 2014. Williams, a beloved actor and comedian, left behind a sizable estate worth an estimated $100 million, including real estate, investments, and intellectual property rights.

The main issue in the estate battle was how Williams’ assets would be distributed among his heirs. Williams had been married three times and had three adult children from his first two marriages. His third wife, Susan Schneider Williams, was not the mother of any of his children.

Schneider Williams claimed that she was entitled to a significant portion of Williams’ estate, including his Tiburon, California home, which she had shared with him during their marriage. However, Williams’ children argued that they were entitled to the majority of their father’s assets, as outlined in his estate plan.

The dispute was resolved through a private settlement in 2015, which was not publicly disclosed. However, court documents revealed that the settlement allowed Schneider Williams to keep certain assets, including property in California and some of Williams’ personal effects, while the majority of his estate was left to his children.

According to this article, The battle between his wife and three children, Zachary, Zelda and Cody finally came to a resolution in the courts:

A) William’s wife, Susan Schneider Williams, retains ownership of their home in Tiburon, California
B) William’s children have acquired ownership of William’s memorabilia and awards, along with other (unnamed) items

You can read more HERE.

The Robin Williams estate battle serves as a reminder of the importance of proper estate planning and the potential complications that can arise in the absence of a clear and comprehensive estate plan.

Canada’s #1 Estate Planning website

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