Good morning. It was raining at camp when I arrived to the mess hall for check-in. Duffel bags, small cabins and a drafty cafeteria, Steam Whistle beer and conversation about tax shelters and exchange-traded funds – my time at summer camp for financially responsible grown-ups is in focus today.
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In the news
Mexico: Prime Minister Mark Carney and Mexican President Claudia Sheinbaum have vowed closer ties against the backdrop of rising U.S. protectionism
Mining: Anglo American’s CEO rules out redomiciling to Canada as Ottawa pushes for more concessions in Teck deal
Politics: A real estate executive, lobbyist and a banker hosted a reception for MPs and cabinet ministers, raising concerns about a possible breach of federal lobbying rules
Finance: Nicola Wealth warns investors about potential delays in redeeming money from two real estate funds
On our radar
- Today: We’re watching for data on July’s Canadian retail sales.
- Follow-up: Former transport minister Chrystia Freeland is being called to testify again on the BC Ferries deal after e-mails show her department knew in advance.
- Started: CRTC begins hearing on Cancon requirements for music streamers. Arguments will be heard in Gatineau between now and Sept. 29.
- Up next: Thousands of public servants have requested exemptions to the Ontario government’s coming order to return to the office full-time.
Attendees of CMTO Firescape, a summer camp for financially responsible grown-ups.Bryan Dickie/The Globe and Mail
In focus
Learning about how to leave the work force forever
Hi, I’m Meera, The Globe’s retirement and financial planning reporter. About two weeks ago I spent a workday at summer camp. Yes, camp. And no, I wasn’t skipping work … this was all in the name of journalism.
The four-day camp was for followers of the FIRE movement – short for financial independence, retire early – people chasing the dream of saving and investing enough to quit work decades ahead of schedule. I’ve covered FIRE before, but usually the cautionary side: early retirees who regret it or feel guilty for leaving the work force. This time, I wanted to see the movement up close on its own turf.
My invitation came the way many of my stories do: through a late-night Reddit scroll. A post about a gathering called CMTO Firescape popped up, and I was instantly intrigued.
The camp, about 75 minutes northeast of Toronto, was started in 2017 by Chris and Leslie Potvin of Belleville, Ont., as a way for FIRE devotees to meet in real life. Many of them are disciples of Mr. Money Mustache – Canadian-born FIRE blogger Peter Adeney – whose followers proudly call themselves “Mustachians.”
Getting a spot at camp isn’t easy. The Potvins like to keep attendance each year to around 65 people, so tickets – $405 for food and lodging – are distributed by lottery. Some people even volunteer to organize the camp or to present just to guarantee their spot.
Lead organizer Chris Potvin of Belleville reacts to the first guest speaker on Sept. 4, the first day of the retreat.Bryan Dickie/The Globe and Mail
I e-mailed Chris in April, half expecting my note to disappear into the internet void. Instead, he replied within two hours (a reporter’s dream!) and said he’d be happy to have me come. His only warning: Some campers might be shy about chatting with a journalist.
And fair enough, money is personal. But I couldn’t resist. People chasing early retirement aren’t exactly easy to find. And a whole camp full of them? Yeah, I was going.
The first day of camp finally arrived, and with it, torrential rain. The kind that turns dirt paths into rivers and makes you question every decision that led you to a children’s camp in the woods. I worried no one would show or that the vibe would drown in mud. Instead, the parking lot filled fast. People trekked in from British Columbia, Seattle and even Australia.
Campers made the pilgrimage, from 20-somethings learning investing basics to 40-somethings who’d already quit their jobs. More than a third were newcomers; others were on their seventh visit. The weekend offered a packed schedule of talks, everything from estate planning to Excel shortcuts, many led by former campers. But the real draw wasn’t on any agenda.
A view of the cabins where attendees will sleep for the four-day retreat.Bryan Dickie/The Globe and Mail
FIRE is often caricatured as a lonely spreadsheet hobby: Live frugally, save aggressively and invest wisely. And sure, that’s part of it. But camp revealed the heart of the movement: community. In a year of high costs and economic uncertainty, this was a rare break from the quiet grind. I was actually overwhelmed by the amount of laughter there was on that first day. It was so loud that it drowned out the sound of the rain outside.
I met so many different types of people: A cancer survivor, a millionaire who lives in a van, a father-son duo and a woman who came to camp after a divorce.
Despite my worries, plenty of people were eager to talk on the record about their FIRE journeys. They were proud of their progress and their tribe. I left with a better perspective on followers of the FIRE movement, and maybe a little more motivated to revisit my own budget.
If you’re interested, you can read my full feature on the camp here.
Charted
Vibe check
Mark Carney and Pierre Poilievre are wrapping up their first week together in the House of Commons. But combine the dour economic mood with turbulence in the Canada-U.S. relationship and you get a situation driven by a compulsion for less talk and more action. The Liberals shouldn’t get too comfy, writes Nik Nanos, the chief data scientist at Nanos Research.
Bookmarked
On our reading list
Stick: Moderna to roll out first made-in-Canada COVID-19 vaccines this fall.
Trick: How to outsmart an irrational stock market.
Click: Nvidia will invest US$5-billion in Intel, throwing its heft behind the struggling U.S. chip foundry.
Morning update
Global markets were muted at the end of an event-filled week that included central bank rate cuts and Nvidia’s US$5-billion investment in Intel.
Wall Street futures were little changed after North American markets recorded another record close yesterday.
TSX futures were in negative territory.
Overseas, the pan-European STOXX 600 was down 0.09 per cent in morning trading. Britain’s FTSE 100 was flat, Germany’s DAX slid 0.25 per cent and France’s CAC 40 advanced 0.25 per cent.
In Asia, Japan’s Nikkei closed 0.57 per cent lower, while Hong Kong’s Hang Seng was flat.
The Canadian dollar traded at 72.41 U.S. cents.