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I'm 24 and have 10k in Wealthsimple because I can't be bothered to learn more about how to manage my investments myself right now (and I've been a dumbass with

I'm 24 and have 10k in Wealthsimple because I can't be bothered to learn more about how to manage my investments myself right now (and I've been a dumbass with money for the past 6 years). WS tells me I'll have ~$5,222,649 when I'm 65 if I continually add $5k/mo to my invesments. They say "We include your scheduled contributions into this projection and assume a return of 5.1-5.45% on stocks and 0.74-1.05% on bonds after 0.5% fees. The impact of taxes is not included. Actual returns may differ." My ideal plan is to have ~$600k+ in investments and withdraw 1-2%/yr to cover food costs. I'm looking at some 200-300 acre stretches of land for around $150k~ in Canada where I plan to build a house myself. Looking to hookup solar and for a freshwater lake to be running through the land. The goal is to self sustain for however long I need to so I can think and work on my hobbies without the overhead of rent/career. I feel like trying to scrape together an hour or two here and there for a hobby doesn't do anything for me because I'm working on things that require large stretches of uninterrupted time over the span of weeks/months.

kingbirdy 9y ago
How much are you earning if you can afford to drop $60k/year in investments?
- kolijila 9y ago
  Roughly $85k net.
  - pm90 9y ago
    So you're living on $15k per year? That's just slightly over $1k a month. My rent alone is $1k a month :).
    - kolijila 9y ago
      2-3k/mo, sometimes I hit 3, most of the time it's the lower 2000. That's why I said roughly 85. So yeah, 2-3k on living, and anything I didn't use that month goes to investments which is usually 4-5k.
    - milkytron 9y ago
      It pays to live humbly I suppose haha
cylinder 9y ago
New account - suspicious. I don't doubt that startups like Wealthfront are gaslighting HN and Reddit.
- kolijila 9y ago
  Don't want financial data tied permanently to a popular username of mine. I realize it looks like an Ad yes. I provided the third paragraph for people unfamiliar with WS returns as background to the $5m number I posted.
- pm90 9y ago
  Or it might simply be that people don't like to discuss specific numbers related to their income/investment on a public forum under their real name.
- seattle_spring 9y ago
  Anyone else sick of the unbelievable amount of lazy and unsubstantiated "shill" accusations being thrown around lately?
toomuchtodo 9y ago
Why waste your money at Wealthsimple when you could open a Vanguard account and put the money in a target date fund? https://investor.vanguard.com/home/ https://investor.vanguard.com/home/ https://investor.vanguard.com/mutual-funds/target-retirement/?lang=en https://investor.vanguard.com/mutual-funds/target-retirement... EDIT: Sweet jesus, wealthsimple charges 0.5% of your first 100k, Vanguard is like 0.16%. You might as well be stuck in a crap 401k at wealthsimple expense ratios. https://www.wealthsimple.com/en-us/details#pricing https://www.wealthsimple.com/en-us/details#pricing
- kolijila 9y ago
  >Why waste your money at Wealthsimple when you could open a Vanguard account and put the money in a target date fund? Because I would have to know what any of that stuff is, hence: "can't be bothered to learn more about how to manage my investments myself right now" Thanks for the links. Also I'm a Canadian and their MER is lower than everyone elses all things considering, even tangerine. What can I do as a Canadian?

kingbirdy 9y ago

How much are you earning if you can afford to drop $60k/year in investments?

kolijila 9y ago
Roughly $85k net.
- pm90 9y ago
  So you're living on $15k per year? That's just slightly over $1k a month. My rent alone is $1k a month :).
  - kolijila 9y ago
    2-3k/mo, sometimes I hit 3, most of the time it's the lower 2000. That's why I said roughly 85. So yeah, 2-3k on living, and anything I didn't use that month goes to investments which is usually 4-5k.
  - milkytron 9y ago
    It pays to live humbly I suppose haha

cylinder 9y ago

New account - suspicious. I don't doubt that startups like Wealthfront are gaslighting HN and Reddit.

kolijila 9y ago
Don't want financial data tied permanently to a popular username of mine. I realize it looks like an Ad yes. I provided the third paragraph for people unfamiliar with WS returns as background to the $5m number I posted.
pm90 9y ago
Or it might simply be that people don't like to discuss specific numbers related to their income/investment on a public forum under their real name.
seattle_spring 9y ago
Anyone else sick of the unbelievable amount of lazy and unsubstantiated "shill" accusations being thrown around lately?

toomuchtodo 9y ago

Why waste your money at Wealthsimple when you could open a Vanguard account and put the money in a target date fund? https://investor.vanguard.com/home/ https://investor.vanguard.com/home/ https://investor.vanguard.com/mutual-funds/target-retirement/?lang=en https://investor.vanguard.com/mutual-funds/target-retirement... EDIT: Sweet jesus, wealthsimple charges 0.5% of your first 100k, Vanguard is like 0.16%. You might as well be stuck in a crap 401k at wealthsimple expense ratios. https://www.wealthsimple.com/en-us/details#pricing https://www.wealthsimple.com/en-us/details#pricing

kolijila 9y ago
>Why waste your money at Wealthsimple when you could open a Vanguard account and put the money in a target date fund? Because I would have to know what any of that stuff is, hence: "can't be bothered to learn more about how to manage my investments myself right now" Thanks for the links. Also I'm a Canadian and their MER is lower than everyone elses all things considering, even tangerine. What can I do as a Canadian?