[kolijila]

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.

[toomuchtodo]

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/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

[kolijila]

>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]

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

[kolijila]

Roughly $85k net.

[pm90]

So you're living on $15k per year? That's just slightly over $1k a month. My rent alone is $1k a month :).

[kolijila]

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]

It pays to live humbly I suppose haha

[cylinder]

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

[pm90]

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.

[kolijila]

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.

[seattle_spring]

Anyone else sick of the unbelievable amount of lazy and unsubstantiated "shill" accusations being thrown around lately?