About Us
Financially Free 2033
Welcome to Financially Free 2033! We're a Canadian couple in our thirties (33 & 39) pursuing a path to financial freedom. Currently, we live in a small town in Southwestern Ontario. However, part of our plan (and a key motivation) for financial freedom includes a move north to Ontario cottage country.
Our Journey
Before starting this blog in 2021, the financial freedom movement had already become ingrained in many aspects of our life. We were tracking every dollar we spent, constantly looking for opportunities to earn more money, and continuously boosting our savings rate.
The only problem was, we didn't really know why. While we had a vague sense of not wanting to work forever, we didn't have a clear picture what we were working towards (or how soon we would get there). This blog is a way for us to document our progress and share it with others. But more than anything, it holds us accountable.
Ultimately, we hope to create a life where work becomes optional (or at least negotiable). Our goal is to reach complete financial independence by Spring of 2033. At this point, we'll be able to live off of our investments without ever working again. You can think of this as our Lean FIRE number - we'd have enough to get by comfortably but not much extra. This represents a major milestone for us, as it will give us the flexibility to choose where and how we spend our time.
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Currently, we plan to keep working well beyond this point and continue building towards a version of financial freedom that includes room for all of the things we love in life. However, that could change depending how much (or how little) we're enjoying work. And for us, that is the ultimate freedom.
Where Our Money Goes
All numbers are based on our gross (pre-tax) income.
20%
Pre-Tax Savings
Each year, we set aside roughly 20% of our pre-tax income into RRSPs and a company sponsored pension plan.
20%
Taxes
Our effective tax rate is roughly 20%. This includes deductions for CPP and Employment Insurance.
10%
After-Tax Savings
We save an additional 10% of our pre-tax income in TFSAs and unregistered accounts.
50%
Spending
The remaining 50% of our income covers our living expenses - from groceries to travel and everything in between.
Progress To FI
48%
Lean FI
We're 48% of the way to Lean FI, the point at which our investment income could cover all of our basic needs.
29%
Fat FI
We're 29% of the way to Fat FI, the point at which our investment income could cover all of our needs plus everything else we love in life.