Wednesday, April 18, 2007

Canadian Tour of Personal Finance Blogs – Reviews

Today I’m just going to review some of the posts that other bloggers have contributed to the tour. I honestly didn't have time to read everyones post so I'm only going to review the posts from blogs in my "Blog I Read" section.

Canadian Dream
He contributed a post entitled “How Much Do You Need to Retire”. His post begins with some sound advice by dispelling the notion that there is a magic percentage of your income that you’ll require in retirement. He then describes the method he would use to calculate how much income is actually required in retirement. He has a pretty extensive list of the costs and revenues that you should use (I won’t list them all here) to generate a rough idea of how much you should have in retirement. Part of the review process of the PF blog tour is to provide some constructive criticism but the only thing that I would suggest is that after the final retirement figure is calculated that it be increased by 10% to ensure that the retirees lifestyle is protected in case of unforeseen events ie- higher than expected inflation, unexpected expensive house repairs like a flood, you end up with 20 grandkids etc… I would just rather have a little too much than a little too little… A great post and I look forward to reading his next post where he’ll go over the numbers for his specific situation.

Investoid
Investoid went over the “save half, spend half” approach that he uses to balance investing for the future versus living for today. He goes over the technique and explains some of the benefits that it has for him and his family such as it “forces us to look at how much value we truly place on an item or experience”. Personally, my wife and I use an allowance system but I have no real criticism here...if it works for you and your family then do it...if not find something that does.

The Money Diva
She discusses how retirement planning can be divided into two stages, accumulation and declining. The Money Diva is quite proficient at the accumulation stage with a networth in excess of $600,000 however, she is admittedly less proficient at planning for the declining stage and has realized that “to retire, you need income. Net worth doesn’t pay the bills every month.” The post provides some food for thought for those contemplating retirement.

14 comments:

Canadian Dream said...

MCM,

Thanks for the feedback. I was thinking about mentioning the "add 10%" idea, but I decided to push that off to a section in Friday's post as Monday's was getting a bit too long.

Ah the joys of balancing a week of really long posts.

CD

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