Good list. Only thing I would add is to leave behind regrets. We got to retirement, but many who wanted to didn’t. Let’s try to embrace it with as much gratitude as possible.
Amen. Within the last week two of my former work colleagues had cancer news. One retired about 5 years after I did and just called last week and said he was stage 4. Another friend who delayed about 7 years past me just said a couple days ago that his wife was stage 4 also. They had lots of travel planned, but the first year stayed put thanks to Covid then they had just taken a couple small trips this year so barely got started. Life is short, don't take anything for granted and smell those roses along the way.
@@davidroush1224 Great point! Last year I got a call from the wife of my Chiropractor who left me a message that John passed away suddenly the night before at 58 and knew that he considered me a friend as well as a patient. I always thought that he was in better shape then I was so to say I was shocked doesn't begin to describe how much it effected me! And he was 5 years younger than me also! You could have knocked me over with a feather! With 5 kids and one still in high school, I'm thankful that his wife is a strong woman with a close Italian family to help them get through. I'm sure that he had different plans for retirement! 😔
Great advice. I just retired at the age of 58 100% debt free including my mortgage and it gives me great peace. I would add to get you home in the best shape you can possibly afford prior to retirement so you don’t have those expenses while your on a fixed income. We got a new roof, HVAC replaced, new water heater, garage and exterior doors replaced. Our windows are in great shape so we didn’t replace those. I have an emergency fund and am saving money to replace my car when the need arrives.
@@TheEvie202 you are right. I am a multi-millionaire (not to brag, but to reinforce your point) and I wear a Timex (with an expansion band. It saves me time putting it on). I have a colleague that wore Cartier. He got robbed including his watch. Watches: I DO have two great-looking (but cheap) watches, too.
I would like to add one more thing to your excellent list. Everything you own (or buy) will have to be disposed of when you die. After dealing with both my parents and my sister's stuff after they died (not all at once) I vowed to NEVER leave that task to my son. I've told him to take what he wants and Goodwill the rest. And the only "stuff" I now buy is from estate sales (pennies on the dollar) and only what I truly need to survive. Period.
There is a method of downsizing called Swedish death cleaning. Lots of RUclips videos on the subject. One of my goals this year is to start this process.
It took me nearly two weeks to clean out my brother's studio apartment when he passed away. Recently I took five SUVs full of stuff to donate to the Humane Society Thrift Store. I feel much better for having gotten rid of so much of my own stuff. If I need something or just decide I want something I'll look to thrift stores first.
Good list. I am retired and have been for a few years and I am now Dept Free except for living costs when I tell my friends and family that I am debt free most cannot believe it and yes one thing to leave behind is regretting...Retirement is a new chapter in your life and I love reading the comments here gives me more ideas to help others love this channel...
Thurston Howell III! Oh, you are making me laugh! Right on for those of us who grew up on this. I am 63 and took SSN early. I lost everything in the stock market during COVID. I was a multi-millionaire. This just snuck up on me. I was retired since the age of 40. Now I am begging for a part time job ANYWHERE. This is so not happening. I have put all of our charges in a spreadsheet and have shaved off as much as my little charmed life will allow. One thing we also did was to build a 2-bedroom high-end apartment in the basement. We charge traveling nurses $2000 per month to rent. This has helped us so much. I remembered that when my grandmother went through the Depression, she had boarders. So I finished the luxury apartment accordingly. If you have the means to share your home to traveling professionals, it's a great way to get a big chunk of expenses paid - AND - I do very little with it as far as management goes so I think I qualify as passive income which does not hurt my SSN earnings.
I got hit badly in the great recession. My two rentals lost all equity, my IRA's dropped 50% and I got laid off at 59 with no job in sight. It took me some time but I used what I had well and paid off the mortgage; got to 62 and started SS. One thing that was extremely helpful was having a HELOC on the house. It allows me to manage cash flow. When the Heat Pump failed I used it to pay for immediate replacement then took some IRA distributions in December and January to pay that back. When I was rear ended and my car totaled I bought a great replacement immediately instead of waiting for the other guy's insurance to settle. Then the water heater went out... I haven't used it in four years I think but at least I know where I could get bail money if I had to... (LOL)...
Thank you. Just what I needed to watch. My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
@@jessicasquire I totally agree, I'm 60 and newly retired with about 1.2 million outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of the investment advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.
@@patrickbrussels4454 that's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well.
@@Erikkurilla01 My specialist is *STEPHANIE KOPP MEEKS* I found her on a CNBC interview where she was highlighted and contacted her a while later. She has since give passage and leave focuses on the protections I center around. You can turn her upward on the web assuming you care oversight. I fundamentally follow her exchange design and haven't lamented doing as such.
The Millionaire Next Door, is an excellent read. I gave it to my children as a road map to financial freedom. I also followed it - now I’m comfortably retired. And enjoy driving my Hyundai.
Knowing when to start to de-clutter. Having to be part of cleaning out my wife's parents house of 60 years of organized hoarding made me want to start on our 35 years of crapola. Need to make room for all their stuff we need to save for our kids.
@@timothykeith1367 Organized to the point of saving bills and statements neatly in large envelopes for each year back to the 70's. Saving 300 cloths patterns for home made cloths for 3 girls used and neatly returned to their packages from the 60's.
We have cleared out both out parents homes and agree. We still have way too much stuff, but are getting rid of some all the time so making a little progress.
This was comforting.... I just retired this week, and had to laugh at some of it... it is wonderful. Your videos helped me get to where I am right now, thank you! I hope you make lots of money on here, because I know many are being helped too!
I like the part about giving up the “Climb.” I do not want to be around competitive people now in retirement. I have no interest in joining an HOA, or anything else that brings out that part of people that I couldn’t wait to get away from.
I am of two minds about HOAs. They make rules you have to live within. But they also make your neighbors live within those rules. The last thing I want is a neighbor that never mows their lawn and has old cars with grass growing through them in their front yard.
Leave behind renovating, unless you just enjoy that sort of thing. If it ain't broke, don't fix it. Be happy with what you have. You won't have to put up with it much longer anyway.
Good video. I have been retired for two years now and I agree with all of these points. Debt reduction is very important and so is becoming more conservative in investments. Stretch out when you file for social security as close to your full retirement age as you can. As far as clothes, I have worn shorts and jeans for the past two years, leaving my working years clothes hanging in the closet. I would send them all to GoodWill, but my wife says I might need them. Maybe, but shorts and T shirts are really great.
I did give my suits to the Humane Society Thrift Shop along with five SUV loads of "stuff". I have six pair of shorts and fifteen shirts. If my heirs want a funeral they can buy me a suit.
Thanks, Geoff, for these amazing videos. Happy to report that I’m newly retired and debt-free. Live within your means, recognize a “want” from a “need,” and sleep soundly each night. Works for me! : )
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@EmilyMoore-n7n renowned for her proficiency and expertise in the financial market, “Susan Bauer Normansell” my financial advisor, holds a broad understanding of portfolio diversification and is recognized as an authority in this domain.
@@laszlolee Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Been retired for over 6 years now. The only thing I changed is that I no longer go to work. Instead, I do what I want any time I want. I spent 40 plus years planning for the day I would no longer need to go to work. Not only haven't I given up anything, I've added a few new things. The single most important thing you can do is to save enough money that you no longer need to worry about money.
Good advice. I don't see much change in the non work-related things I do. I have interest and hobbies I will likely continue for a long time. And I continue to get addition education because I like to learn and keep up with my interests.
Thank you for these videos. As a widow close to retirement I am trying to absorb all the info I can. I miss being able to discuss these things with my husband.
I'm recently widowed as well. Nothing can replace that sense of having a true partner in life--someone who is going to be there to face anything and everything that is coming. The loss of that friendship is profound.
With inflation running at a four-decade high, a Recession is now the ‘most likely outcome for the economy and I cannot imagine being a victim of circumstances. I will be ''Retiring'' in two years and I have a goal of doing that with $1M. What measures can I take to ensure this?
I'm giddy watching the maket tank as I buy as much stoc'k as possible across my port-folio. The key is keep buyng, don't let the naysayers change your mind. Recessions are where millionaires are created. I feel for the older generation, but if you are young or middle age, you should do everything possible to double and triple your investments.
Definitely! I've been able to scale from $350K to $550K since April because ''Frances Annette Batista'' my FA figured out Defensive strategies to protect my portfolio and profit from this roller coaster market.
I would recommend factoring for inflation going forward in determining whether you can actually retire. If already retired, a retiree needs to examine where they can cut expenses now, to absorb the continuing inflation that will be with for the foreseeable future.
Excellent comments. Very concise, clear, full of wisdom. This should be shown to all people age 55-60 so they have time to get their ducks in a row before they bail out to those green pastures. Mark, MBA, age 70. retired and loving it !!
Converting some of the money which is just a tool for getting something worthwhile into something worth while (like a dream home where you can control your own time and do things you want to do,not things you have to do)
Accountants prefer Seikos over Rolex. I do like my Bulova. You know what I am looking forward to, evenings alone in the garden, coffee outside in the morning, having just close friends over, cooking, my inflatable 400 buck coleman hottub, and Green Acres reruns. I want to just do a seasonal accounting job. I am working on my revamped Beverly Hillbillies series, called the BelArabs. 😂. Great advice as always. One thing. Retire into a new life. I am making these plans, now. Make sure your forever home is the way you want it before retirement. If you have to work another year to make the changes, do so.
Here my 10 things I left behind 1. my co-workers. 2. my driving vehicle. 3. buying new cloths. 4. stop setting alarm I toss my alarm clock out. 5. Getting up early. 6. Never went to work building again. 7. Stop spending on items I no longer needed since I stopped working. 8. No more to do list. 9. change my phone number. 10. Stop buying gas. That how it change once I retired 8 years ago. Thank you for sharing this video.
1) Never "sport shopped" 2) Clothes don't make you look good,, your level of fitness does 3) Let your kids make financial mistakes and don't bail them out 4) Keeping up with the Jones' will never provide satisfaction 5) Find contentment in what you already have 6) The top-floor corner office was never worth it 7) Take risks in relationships that benefit others 8) Unless you can afford a housekeeper, smaller is better 9) Pursue activities that cost very little (exercise, reading, learning an instrument, volunteering) 10) Appreciating debt=okay; $100k pickup truck=not okay.
Hell NO # 3 ! Teach your kids financial responsibility EARLY so they don't go into the BAD DEBT trap ! It will save you thousands of $$$$ in " The kids Learning " ! Live a healthy lifestyle & stay off ANY medications !
Excellent video Jeff ! I hear you 100%. I just paid off a big chunk of debt in June and I’ll be debt-free in January 2023 except for my mortgage. Last April 2021 I sold my 2013 Lexus ES350 and got rid of a $475 monthly note and bought my 2002 ES300. This car will be paid off in January 2023. No car payment is the way too go. My Lexus will last me 10+ years well into my retirement. I plan on retiring in seven years in 2029 at 65 years old and my goal is to be debt-free except for my mortgage going into retirement
Great tips, thank you. It is mostly about habits and vanity vs. practicality. It largely depends how you are wired, like are you a saver or spender by nature, but it is great to be aware of them.
There is a fine line between making adjustments and giving up or living in the final act waiting room. If we give up too much then we are no longer living. Not that it is all about money. I'm not going into retirement to sit back in a rocking chair. I know you are not saying sit back but having goals that may appear to be the provenance of the young is ok. As far as I'm concerned my retirement in many ways looks similar to my work life.
Been retired a long time now. I have six pair of shorts and fifteen shirts. I do have a couple pair of long pants in case it gets cold but I never need them really. I took five SUV loads of stuff to the Humane Society Thrift Store. I'm going to see if can't scare up one ore....
What I left behind was the city where I worked. When I was working, I lived in a city where housing was moderately expensive but the pay (in my field) was pretty good, so at the time it was a good financial situation.. But, when I retired, I could live wherever I wanted, so I found a city where I could buy a similar house at about one third the cost. So, not only was I able to pay off my mortgage when I sold my old house, I had enough left over to entirely pay for my new house plus I had a nice nest egg. Also, my new home is an area with more recreational opportunities and a much lower crime rate.
It might even mean leaving behind the entire country (and in case of the US, also citizenship to avoid double tax reporting, let alone payments). There are countries with pretty good health insurance and lower cost of living that might help some who just can't make ends meet in their home countries.
@@WoodworkerDan I understand that many Americans spend their retirement in Mexico, Costa Rica or Thailand, with lower cost of living and health care in their favour. It's a pretty complex decision, with lots of things to consider individually (medical needs, ease of home visits, security, taxation, language...) - so it's not ideal for everyone.
Being debt free is number one with me. Out of the 12 cars my spouse and I had over 49 years of marriage only one had a loan, all the others were cash. I could and still can buy any car I want so long as I have the cash to pay for it. To me, taking out a loan for a depreciating asset like a car, boat, RV, or airplane is just bad economics. Saving and investing money was much more important than driving a fancy car. And yes it did make paying off the home loan that much easier. Being debt free allowed us to retire early.
Hello, I am due for retirement in two years, I'm a senior citizen but I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $50K per year but nothing to show for it yet.
In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at your budget, you should consider financial advisory.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Great advice, thanks. It's hard letting go of the "old" lifestyle and needs, but I'm trying to stay focused on the new frame of mind and switching gears. I'm glad that I found your channel. It's what I need in the transition. 👍
Leave behind all the paperwork, books, magazines, junk hiding in drawers, shelves, closets, and start to simplify life. Through life you collect “stuff” you may need someday that never comes, or when it does the stuff is rotten, dried out, etc. The other reason is you are so busy with life, work, kids that stuff just piles up - get rid of it so the family doesn’t have to deal with it! Less stuff means more life to enjoy.
A long while ago I had to clear out my brother's studio apartment when he died. It took two weeks. Recently I filled the SUV up with donations for teh Humane Society Thrift Shop -- five times. Nothing feels better than emptying those drawers and closets and storage rooms and garage... and if I miss something (almost never) I just go to a thrift shop and buy it.
I replaced sport shopping with thrift shopping for resale. Same thrill, but you turn an expense into income. It actually can be MUCH more thrilling as you find a $5 item and turn it into $50 or $100!! I like to say now that I am retired: "it's easier to spend money, than to find more of it." So I left behind some of my foolish spending and got debt free. I am always surprised the # of retired people with substantial debt.
I realized that the secret to making a million is making better investment. I always tell myself you don't need that new car or that vacation just yet and that mindset helps me make more money investing.>>>>>>>>>>>>>>>>>>
What I think everyone need is a Financial Adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit>>>>>>>>>>>>>>>
Having no debt was the best goal I ever had, it felt so good when it happened. I was retrenched 3 days later, they gave me a big bag of money and I literally danced out the front door into retirement.
Leave behind the couch. I know I worked all day and came home to the couch exhausted. If you retire to the couch it won’t be for long. Get a dog, we walk 5+ miles a day. Get a hobby, I got back into golf, now I golf 4 times a week, I also got a part time job that I use to buy woodworking tools for the long winters. If you don’t keep busy it will be a short retirement.
This is a great list and I agree with pretty much all of that I'm still working however in however I'm 63 years old and probably will go at least another 2 to 3 years therefore giving me 80% of my salary and retirement but but people come on I mean enjoy yourself enjoy the rest of your life spend the money you want to spend Do the things you want to do my goodness it's not worth it be extremely frugal in life when you're retired those things should have been prepared for while you were working
Many of the richest retired men I know where the same old pants and flannel shirts all the time even though they are worth over $8 Million each. Very candid video. Thanks.
Thank you for another inspirational piece! I know you speak from a USA point of view but I'd just like to pick up on the debt issue from an international perspective as here in the UK we have inheritance tax when people die with significant assets. In this case dying with assets AND debt can mean reducing or avoiding this tax and enables the gifting of assets to offspring early so as to escape or mitigate inheritance tax...
I have been retired for ten years. I am now 65. I am still growing my real estate and stock portfolioa. In the beginning it was risky. Now that I have a considerable portfolio it is of little to no risk at all. I know what I am doing and my accumulated, and applied knowledge has paid off handsomely and will continue to do so. So, I submit that if you want to expend time, effort, and money on your pursuits, then by all means, do so. As long as you are on sure-footing. In everything there is risk, but only you determine if it is risky or not.
Thank you for clarify the notion of 0 debt from some promotional speakers to make them standing out. It should be depend on what debt and what is the net worth of the assert.
Thoughtful, helpful presentation, as ever, Geoff - thank you. And, some great comments/additional recommendations from viewers. This channel pulls together a great community.
I am currently burning through my 40s and This is no time to taper retirement savings. I want to max out my retirement funding and I also have another $200k in a savings account that i want to invest in a non-retirement account.Would it be better going to housing? Maybe own property and let it till im ready to move in at 65.
Research dividend aristocrats and choose six to ten firms with over 25 years of dividend payments. Also consider working with an asset-manager to build a strong portfolio.
A good percentage of people do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… now my dreams are getting bigger. Going from ($50k to $600k) is surreal all thanks to insights from a professional.
She goes by ‘’.Sonya Lee Mitchell’ I say you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
What do you do if you enter retirement with a mortgage but have more than enough money in your IRA to pay the mortgage off? My tax man says “don’t do it” because of the tax rate I would have to pay. So I’ve refinance my mortgage down to 2.25% ten year mortgage and am paying an extra $20k each year to finish the mortgage in 2026 instead of 2030. Am I doing the right thing?
Review what your insurance policies really cover then decide what you really need. I over purchased auto and home insurance because I did not have the time and energy to study it while I was working.
Thanks Geoffrey! Last year, I made a property sale and had over a million dollars in proceeds. I allocated $400k to index annuities and put the rest in the trending algorithmic trading. So far I've more than doubled the annuity premium from the stock market. However I won't discredit annuities in any way, they buy you peace of mind but then, if you need growth, try other stuffs. Concepts like algo trading and diversification of assets can be of great help for growth oriented individuals.
I was wondering if investing in a cumulative ETF during this next decade is a sound investment. Or is it better to invest in a distributing ETF (even considering taxes)?
@@virgilhall6866 I use Josephine Guevara Laporte's popular program. She's a chartered financial analyst. Look her up and maybe schedule a call. Might be the best bet for you. Consistency and smart diversification skills were the clincher for me with Josephine. My portfolio has gone around 23% up from the last two quarters.
Hi, I'm planning for retirement and have like $600k in a CD account with a very low interest. I only need $20k for liquidity purposes(emergency fund) and plan on growing the bulk. I found Josephine Laporte's official website after I looked up her name. She's got some impressive stats and qualifications. Just dropped her a message. What's the fee structure though?
@@mattgallagher9940 Josephine takes ten percent of the profit she makes. And since it's an algorithmic based model, it's very much transparent. You can actually see what assets you have and how much growth your portfolio achieves over time.
Seems like you missed an obvious one: Your job. Let it go. Don’t look back. Don’t dwell on what might have happened or what more you could have done or how much more $$’s you could have made if you stayed longer. Move on mentally, and perhaps physically if your former job is close by.
Here in Miami this is a play boy play girl town of people under 35. Me I'm 52 retired early so here in forced to get along with younger people. Even though life long I never ever got along well with people younger than me. I didn't even date under class women in high school so it's hard to be retired in Miami, But I would say Having a strong relationship with younger people is very important. From the aspect younger people run the whole medical system.
I left behind the dream of getting to be a full time homemaker, have a garden, do ministry trips (instead of vacations). I had to give up my dreams because at 68 I continue to work so I can pay rent to people who lied to me. I see every day as being one day closer to getting out of the earth realm.
I’m not retired yet, but retired or not, leaving debt behind is one of the best things my wife and I have ever done. Being your own banker just transforms your life. I think anyone who achieves this probably has most of the other items on this list well under control.
Would love more videos on getting out of debt. I was out of debt then helped my son (my choice) and had to pay for healthcare which is killing me financially. If you already have done videos and I’m managed to miss them please point me to them.
You just said in another comment that you aren't working. The only way to get out of debt, is to #1. spend less than your income, #2. get another job, #3. sell your stuff, or #4. use your savings. That's it. There are no magic answers.
@@edennis8578 using savings is a bad idea because you will have to go back in debt for an emergency. First rule of getting out of debt is to have at least six months of cash for ordinary expenses, and more if you expect a large expense such as a roof repair or new car. Everyone agrees spending less than your income is next. See McCawber's Principle. A written budget helps with that. 2 and 3 combine into one idea: raise more money.
@@deidrapowell8762 - Plenty of retired folks take a temporary job to help get them over a tough financial spot! Ain’t going to kill anyone and next time tell your little boy it’s time to be a man!
#8 Most people own more then one home. Really? I sure don't but our modest home has been paid off years ago before my wife and I retired. Our focus now is to de clutter what we really don't need and work on some projects we never had time for. My wife is good about not accumulating junk. One of the things that I find strange is how huge these brand new single family homes their building in the suburbs are. Families are smaller so why do you need 4-5 bedroom and 3000+ square feet of living space? You have to heat and cool all this which just eats up your income.
I found my groove by the time I got home, after the little party. #1 No, #2 No, #3 Kids are gone, #4 No, #5 I'm putting away more money now, than when I was working, #6 I don't "hang out" with people I've worked with, #7 Zero risk, #8 I've owned my home for 40 years, #9 I've "saved" more money in retirement than I did before. My expenses have dropped lower than I've dreamed, and #10 I retired debt free, and I've stayed that way for the last 8 years.....PS. The best thing you can do is start a Trust before you retire. That's the most important.
Home mortgage debt isn't much of an issue with retirement if it's a 30 year fixed mortgage. It's a known monthly expense that won't change. So it's easy to determine if you have enough income to retire knowing that you'll always have that monthly expense. Cars become an issue. Car payments suck. Right after we retired we sold a second home we had. Not only did we reduce our monthly expenses by shedding that home, we bought two new cars known for reliability with the cash we got from the sale. So we're guaranteed to not have car payments for a long time, maybe even the rest of our life. We also try to keep our balances on credit cards low.
Great video. I think of having things more low maintenance. Certainly the landscape of my property but in other things as well. I want to focus on me time since I don't have much left of it.
My plan to financially survive retirement: #1: Urge to shop? Go to a Dollar Tree. You can get 15 items for $20. (Actually, 16 items but there is still sales tax.) #2: Retired 10 years ago; still trying to wear out the clothes purchased 20 years ago for a really good job that came with a dress code. #5/10: Paid off all debts including the $50,000 consumer credit debt my late spouse left me. #6: Stopped climbing before retirement. Closed down my business and went to work for someone else. #7: Sold my city house; paid off my country house so no risks there. #8: The country house is a small ranch, is my downsize, and close to my best friends. #9: Letting my retirement savings grow on their own. Social Security and a small pension pay the bills and living expenses..
What other tips have you run into since the inflation is hitting so hard. Also what is your budget for all the monthly food and entertainment and other costs/expenses you didn't forsee over retirement?
I agree with your list for the most part, or many don't apply to me. Never married, no kids, so no issues with the parent one. Also never owned fancy clothes, just one suit that is now quite old to use for interviews. A car is simply transportation for me. I buy good reliable cars (think Toyota Camry) that aren't super expensive but offer good value. I disagree on being 100% debt free though. I still have a mortgage at 3.125%. I pay a few extra dollars towards the principle with each payment but not much. That extra dollar can be invested in the stock market and yield a lot more than 3.125%. I should add that I'm 63 and still working, though retirement is on the very near horizon.
9:40 This seems to be a USA thing. If I can't afford a car, then I don't buy it. Getting long term credit for a fast depreciating asset is asking for trouble should you hit hard times.
I appreciate this list as we didn't have to "leave them behind" because we never started them in the first place. At 67 yo we are still working part time in our beloved fields not needing SS until 70. We are still working on #9 as there is still room for growth in our investments.
You might think joining a gym in retirement would be a good idea since you will finally have the time to use it. However, a recent trend in my area is gym locker break ins. Losing your wallet, id, credit cards, and cell phone would be a huge setback in retirement. There is also the risk of Covid exposure. I recommend hill repeat bicycling every other day. It is intense time-efficient exercise that burns fat, builds muscle, improves cardiovascular function, and on hilly residential roads is safe. I have found group riding and bike commuting to be more dangerous. If the rides are intense enough for mild muscle soreness and endorphin release, then every other day is often enough.
We bought a Schwinn exercise bike for aerobic and leg exercise at any time and during any weather conditions. This is supplemented with weight-lifting and walking during late afternoon/early evenings.
I wear a small lightweight crossbody bag with ID, Health Insurance card, car key. For showering I put it in a ziplock bag but I usually shower at home.
Good list. Only thing I would add is to leave behind regrets. We got to retirement, but many who wanted to didn’t. Let’s try to embrace it with as much gratitude as possible.
Fantastic!
That's a great one to add to the list. You can't change your past.
Amen. Within the last week two of my former work colleagues had cancer news. One retired about 5 years after I did and just called last week and said he was stage 4. Another friend who delayed about 7 years past me just said a couple days ago that his wife was stage 4 also. They had lots of travel planned, but the first year stayed put thanks to Covid then they had just taken a couple small trips this year so barely got started. Life is short, don't take anything for granted and smell those roses along the way.
@@davidroush1224 Great point! Last year I got a call from the wife of my Chiropractor who left me a message that John passed away suddenly the night before at 58 and knew that he considered me a friend as well as a patient. I always thought that he was in better shape then I was so to say I was shocked doesn't begin to describe how much it effected me! And he was 5 years younger than me also! You could have knocked me over with a feather! With 5 kids and one still in high school, I'm thankful that his wife is a strong woman with a close Italian family to help them get through. I'm sure that he had different plans for retirement! 😔
Perfectly stated!
Great advice. I just retired at the age of 58 100% debt free including my mortgage and it gives me great peace. I would add to get you home in the best shape you can possibly afford prior to retirement so you don’t have those expenses while your on a fixed income. We got a new roof, HVAC replaced, new water heater, garage and exterior doors replaced. Our windows are in great shape so we didn’t replace those. I have an emergency fund and am saving money to replace my car when the need arrives.
That's a great point.
All great advice, especially about the house. A good fixup will last you a decade or two.
Great advice.
Not true about Rolexes! Millionaires prefer Timex watches. Yes, they might own a Rolex, but they wear that Timex daily!
Wow, age 58 is young to retire, but congratulations. You hit a key…NO debt.
Early Retirement Issue: Health care. How did you handle it?
@@TheEvie202 you are right. I am a multi-millionaire (not to brag, but to reinforce your point) and I wear a Timex (with an expansion band. It saves me time putting it on). I have a colleague that wore Cartier. He got robbed including his watch. Watches: I DO have two great-looking (but cheap) watches, too.
# 13 Leave behind the people you never really got on with - as life at this stage is definitely too short
I would like to add one more thing to your excellent list. Everything you own (or buy) will have to be disposed of when you die. After dealing with both my parents and my sister's stuff after they died (not all at once) I vowed to NEVER leave that task to my son. I've told him to take what he wants and Goodwill the rest. And the only "stuff" I now buy is from estate sales (pennies on the dollar) and only what I truly need to survive. Period.
Amen! I feel exactly the same! I’m trying to make everything as simple as possible for my son.
There is a method of downsizing called Swedish death cleaning. Lots of RUclips videos on the subject. One of my goals this year is to start this process.
It took me nearly two weeks to clean out my brother's studio apartment when he passed away. Recently I took five SUVs full of stuff to donate to the Humane Society Thrift Store. I feel much better for having gotten rid of so much of my own stuff. If I need something or just decide I want something I'll look to thrift stores first.
Good list. I am retired and have been for a few years and I am now Dept Free except for living costs when I tell my friends and family that I am debt free most cannot believe it and yes one thing to leave behind is regretting...Retirement is a new chapter in your life and I love reading the comments here gives me more ideas to help others love this channel...
Thurston Howell III! Oh, you are making me laugh! Right on for those of us who grew up on this. I am 63 and took SSN early. I lost everything in the stock market during COVID. I was a multi-millionaire. This just snuck up on me. I was retired since the age of 40. Now I am begging for a part time job ANYWHERE. This is so not happening. I have put all of our charges in a spreadsheet and have shaved off as much as my little charmed life will allow. One thing we also did was to build a 2-bedroom high-end apartment in the basement. We charge traveling nurses $2000 per month to rent. This has helped us so much. I remembered that when my grandmother went through the Depression, she had boarders. So I finished the luxury apartment accordingly. If you have the means to share your home to traveling professionals, it's a great way to get a big chunk of expenses paid - AND - I do very little with it as far as management goes so I think I qualify as passive income which does not hurt my SSN earnings.
I got hit badly in the great recession. My two rentals lost all equity, my IRA's dropped 50% and I got laid off at 59 with no job in sight. It took me some time but I used what I had well and paid off the mortgage; got to 62 and started SS. One thing that was extremely helpful was having a HELOC on the house. It allows me to manage cash flow. When the Heat Pump failed I used it to pay for immediate replacement then took some IRA distributions in December and January to pay that back. When I was rear ended and my car totaled I bought a great replacement immediately instead of waiting for the other guy's insurance to settle. Then the water heater went out... I haven't used it in four years I think but at least I know where I could get bail money if I had to... (LOL)...
Thank you. Just what I needed to watch.
My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52.
We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
you should consider financial planning.
It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
@@jessicasquire I totally agree, I'm 60 and newly retired with about 1.2 million outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of the investment advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.
@@patrickbrussels4454 that's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well.
@@Erikkurilla01 My specialist is *STEPHANIE KOPP MEEKS* I found her on a CNBC interview where she was highlighted and contacted her a while later. She has since give passage and leave focuses on the protections I center around. You can turn her upward on the web assuming you care oversight. I fundamentally follow her exchange design and haven't lamented doing as such.
Freedom from all debt cannot be overstated. It gives you a feeling you haven’t had since a kid! 😊
I always feel smarter watching this channel. Great advise, thanks buddy !
Been practicing this all my life. I’m 66, retired and debt free. House paid for, 2019 car paid for. All I owe is death and taxes.
And the medical industry - if you ever need to use them, all that good planning will evaporate into their coffers.
The Millionaire Next Door, is an excellent read. I gave it to my children as a road map to financial freedom. I also followed it - now I’m comfortably retired. And enjoy driving my Hyundai.
Thank you.
Knowing when to start to de-clutter. Having to be part of cleaning out my wife's parents house of 60 years of organized hoarding made me want to start on our 35 years of crapola. Need to make room for all their stuff we need to save for our kids.
😂
Oh, that’s a good one!
At least they were organized
@@timothykeith1367 Organized to the point of saving bills and statements neatly in large envelopes for each year back to the 70's. Saving 300 cloths patterns for home made cloths for 3 girls used and neatly returned to their packages from the 60's.
We have cleared out both out parents homes and agree. We still have way too much stuff, but are getting rid of some all the time so making a little progress.
I love your content! Thank you!
This was comforting.... I just retired this week, and had to laugh at some of it... it is wonderful. Your videos helped me get to where I am right now, thank you! I hope you make lots of money on here, because I know many are being helped too!
I like the part about giving up the “Climb.” I do not want to be around competitive people now in retirement. I have no interest in joining an HOA, or anything else that brings out that part of people that I couldn’t wait to get away from.
I am of two minds about HOAs. They make rules you have to live within. But they also make your neighbors live within those rules. The last thing I want is a neighbor that never mows their lawn and has old cars with grass growing through them in their front yard.
@@JBoy340a If that gets bad enough *Big Brother Government* will stomp down hard on that.
Leave behind renovating, unless you just enjoy that sort of thing. If it ain't broke, don't fix it. Be happy with what you have. You won't have to put up with it much longer anyway.
Good video. I have been retired for two years now and I agree with all of these points. Debt reduction is very important and so is becoming more conservative in investments. Stretch out when you file for social security as close to your full retirement age as you can. As far as clothes, I have worn shorts and jeans for the past two years, leaving my working years clothes hanging in the closet. I would send them all to GoodWill, but my wife says I might need them. Maybe, but shorts and T shirts are really great.
I did give my suits to the Humane Society Thrift Shop along with five SUV loads of "stuff". I have six pair of shorts and fifteen shirts. If my heirs want a funeral they can buy me a suit.
Thanks, Geoff, for these amazing videos. Happy to report that I’m newly retired and debt-free. Live within your means, recognize a “want” from a “need,” and sleep soundly each night.
Works for me! : )
Exactly!! It pays off to learn the difference between wants and needs early in life. It's about priorities.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@laszlolee How can I contact your Asset-coach as my portfolio is dwindling?
@@EmilyMoore-n7n renowned for her proficiency and expertise in the financial market, “Susan Bauer Normansell” my financial advisor, holds a broad understanding of portfolio diversification and is recognized as an authority in this domain.
@@laszlolee Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Been retired for over 6 years now. The only thing I changed is that I no longer go to work. Instead, I do what I want any time I want. I spent 40 plus years planning for the day I would no longer need to go to work. Not only haven't I given up anything, I've added a few new things. The single most important thing you can do is to save enough money that you no longer need to worry about money.
Good advice. I don't see much change in the non work-related things I do. I have interest and hobbies I will likely continue for a long time. And I continue to get addition education because I like to learn and keep up with my interests.
"Every day is Saturday" is how I explain it to those who aren't retired.
Thank you for these videos. As a widow close to retirement I am trying to absorb all the info I can. I miss being able to discuss these things with my husband.
I'm recently widowed as well. Nothing can replace that sense of having a true partner in life--someone who is going to be there to face anything and everything that is coming. The loss of that friendship is profound.
With inflation running at a four-decade high, a Recession is now the ‘most likely outcome for the economy and I cannot imagine being a victim of circumstances. I will be ''Retiring'' in two years and I have a goal of doing that with $1M. What measures can I take to ensure this?
I'm giddy watching the maket tank as I buy as much stoc'k as possible across my port-folio. The key is keep buyng, don't let the naysayers change your mind. Recessions are where millionaires are created. I feel for the older generation, but if you are young or middle age, you should do everything possible to double and triple your investments.
Definitely! I've been able to scale from $350K to $550K since April because ''Frances Annette Batista'' my FA figured out Defensive strategies to protect my portfolio and profit from this roller coaster market.
that's heavy! keep it up, I could really use the expertise of your advisrs, my portfolio has been down bad....
I just looked up Frances Annette Batista online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals.
You don't know?!? That's easy, make a million dollars, put it in your bank account, retire. Your welcome!
Thank you for this series. I'm retiring in two yrs and paying attention to all your videos. 🙏
Brilliant advice. Thank you.
I would recommend factoring for inflation going forward in determining whether you can actually retire. If already retired, a retiree needs to examine where they can cut expenses now, to absorb the continuing inflation that will be with for the foreseeable future.
I learn a lot from your talks.Much appreciated.
Excellent comments. Very concise, clear, full of wisdom. This should be shown to all people age 55-60 so they have time to get their ducks in a row before they bail out to those green pastures. Mark, MBA, age 70. retired and loving it !!
Excellent, as usual. Thank you for your efforts to provide these important videos.
Thanks Andrew
You leave behind your focus on accumulating money, but start to focus on how much time you have and your health takes on more priority.
Converting some of the money which is just a tool for getting something worthwhile into something worth while (like a dream home where you can control your own time and do things you want to do,not things you have to do)
Accountants prefer Seikos over Rolex. I do like my Bulova.
You know what I am looking forward to, evenings alone in the garden, coffee outside in the morning, having just close friends over, cooking, my inflatable 400 buck coleman hottub, and Green Acres reruns. I want to just do a seasonal accounting job. I am working on my revamped Beverly Hillbillies series, called the BelArabs. 😂. Great advice as always.
One thing. Retire into a new life. I am making these plans, now. Make sure your forever home is the way you want it before retirement. If you have to work another year to make the changes, do so.
Aah, I hear you. I too look forward to those things.
@@ppw8716 I have my Vegas loft townhouse and a paid for Salt Lake condo. I plan on sharing my time between the two.
Fantastic point Kevin.
Retire into a new life. Wonderful!
It's worth watching George Carlin's bit about "stuff"
Here my 10 things I left behind 1. my co-workers. 2. my driving vehicle. 3. buying new cloths. 4. stop setting alarm I toss my alarm clock out. 5. Getting up early. 6. Never went to work building again. 7. Stop spending on items I no longer needed since I stopped working. 8. No more to do list. 9. change my phone number.
10. Stop buying gas. That how it change once I retired 8 years ago. Thank you for sharing this video.
I'm on the same page. I get up when I done sleeping.
I describe it to others as "Every day is Saturday."
1) Never "sport shopped" 2) Clothes don't make you look good,, your level of fitness does 3) Let your kids make financial mistakes and don't bail them out 4) Keeping up with the Jones' will never provide satisfaction 5) Find contentment in what you already have 6) The top-floor corner office was never worth it 7) Take risks in relationships that benefit others 8) Unless you can afford a housekeeper, smaller is better 9) Pursue activities that cost very little (exercise, reading, learning an instrument, volunteering) 10) Appreciating debt=okay; $100k pickup truck=not okay.
Thank you
I've been shopping at Goodwill lately (when I shop for clothes) - make sure that it is clean - wash it after purchase
Great advice! I lived below my means my whole teaching career!
Hell NO # 3 ! Teach your kids financial responsibility EARLY so they don't go into the BAD DEBT trap ! It will save you thousands of $$$$ in " The kids Learning " ! Live a healthy lifestyle & stay off ANY medications !
Great list & I have them all checked off except 1 year of car payments left that’s it.
Excellent video Jeff !
I hear you 100%. I just paid off a big chunk of debt in June and I’ll be debt-free in January 2023 except for my mortgage.
Last April 2021 I sold my 2013 Lexus ES350 and got rid of a $475 monthly note and bought my 2002 ES300. This car will be paid off in January 2023. No car payment is the way too go. My Lexus will last me 10+ years well into my retirement.
I plan on retiring in seven years in 2029 at 65 years old and my goal is to be debt-free except for my mortgage going into retirement
Excellent.
Great tips, thank you. It is mostly about habits and vanity vs. practicality. It largely depends how you are wired, like are you a saver or spender by nature, but it is great to be aware of them.
There is a fine line between making adjustments and giving up or living in the final act waiting room. If we give up too much then we are no longer living. Not that it is all about money. I'm not going into retirement to sit back in a rocking chair.
I know you are not saying sit back but having goals that may appear to be the provenance of the young is ok. As far as I'm concerned my retirement in many ways looks similar to my work life.
Excellent list. Thank you!
In my opinion, I think "stress" should be left behind.
100% on leaving the business wardrobe and trappings behind. But it’s a big change.
Been retired a long time now. I have six pair of shorts and fifteen shirts. I do have a couple pair of long pants in case it gets cold but I never need them really. I took five SUV loads of stuff to the Humane Society Thrift Store. I'm going to see if can't scare up one ore....
What I left behind was the city where I worked. When I was working, I lived in a city where housing was moderately expensive but the pay (in my field) was pretty good, so at the time it was a good financial situation.. But, when I retired, I could live wherever I wanted, so I found a city where I could buy a similar house at about one third the cost. So, not only was I able to pay off my mortgage when I sold my old house, I had enough left over to entirely pay for my new house plus I had a nice nest egg. Also, my new home is an area with more recreational opportunities and a much lower crime rate.
smart! enjoy your new adventures!
It might even mean leaving behind the entire country (and in case of the US, also citizenship to avoid double tax reporting, let alone payments).
There are countries with pretty good health insurance and lower cost of living that might help some who just can't make ends meet in their home countries.
@@notroll1279 I would consider moving to another country, but I"m not sure where to go. I looked into Canada, but they did not want me.
@@WoodworkerDan
I understand that many Americans spend their retirement in Mexico, Costa Rica or Thailand, with lower cost of living and health care in their favour.
It's a pretty complex decision, with lots of things to consider individually (medical needs, ease of home visits, security, taxation, language...) - so it's not ideal for everyone.
"Hill Billies" LOL. Great content, but I really had to laugh at that :)
Never goin' use the ce-ment pond in retirement. Or them fancy pot passers.
@@clbcl5 LOL. I do use my ce-ment pond, but dang if I can fig'r out how to use dem pot-passers correctly.
Very sound advice, thank you
Being debt free is number one with me. Out of the 12 cars my spouse and I had over 49 years of marriage only one had a loan, all the others were cash. I could and still can buy any car I want so long as I have the cash to pay for it. To me, taking out a loan for a depreciating asset like a car, boat, RV, or airplane is just bad economics. Saving and investing money was much more important than driving a fancy car. And yes it did make paying off the home loan that much easier. Being debt free allowed us to retire early.
Great List. Thanks
Hello, I am due for retirement in two years, I'm a senior citizen but I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $50K per year but nothing to show for it yet.
In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at your budget, you should consider financial advisory.
Hello, thanks for replying. I'm thinking of trying out an advisor, how can one reach a decent advisor like the one you use?
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Great advice, thanks. It's hard letting go of the "old" lifestyle and needs, but I'm trying to stay focused on the new frame of mind and switching gears. I'm glad that I found your channel. It's what I need in the transition. 👍
You’ve on the right track M. Keep going, you’re doing great!
I can definitely relate to #3 - the PFO's
Always words of wisdom. Thanks Jeff for taking the time to share your professional knowledge...
You bet Mike
Leave behind all the paperwork, books, magazines, junk hiding in drawers, shelves, closets, and start to simplify life. Through life you collect “stuff” you may need someday that never comes, or when it does the stuff is rotten, dried out, etc. The other reason is you are so busy with life, work, kids that stuff just piles up - get rid of it so the family doesn’t have to deal with it! Less stuff means more life to enjoy.
A long while ago I had to clear out my brother's studio apartment when he died. It took two weeks. Recently I filled the SUV up with donations for teh Humane Society Thrift Shop -- five times. Nothing feels better than emptying those drawers and closets and storage rooms and garage... and if I miss something (almost never) I just go to a thrift shop and buy it.
Thanks Geoff for another great video.
I replaced sport shopping with thrift shopping for resale. Same thrill, but you turn an expense into income. It actually can be MUCH more thrilling as you find a $5 item and turn it into $50 or $100!! I like to say now that I am retired: "it's easier to spend money, than to find more of it." So I left behind some of my foolish spending and got debt free. I am always surprised the # of retired people with substantial debt.
I realized that the secret to making a million is making better investment. I always tell myself you don't need that new car or that vacation just yet and that mindset helps me make more money investing.>>>>>>>>>>>>>>>>>>
What I think everyone need is a Financial Adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit>>>>>>>>>>>>>>>
ROCHELLE DUNGCA-SCHREIBER,* That's whom i work with>>>>>>>>>>>>>>>>>>>.
Thanks for these videos -- I learn so much and they are constantly entertaining and engaging
thanks for the good content.
Having no debt was the best goal I ever had, it felt so good when it happened. I was retrenched 3 days later, they gave me a big bag of money and I literally danced out the front door into retirement.
I retired early in my mid 50s about 3 1/2 years ago. I don't miss working.
I have tried to leave behind my sense of time urgency.
Leave behind the couch. I know I worked all day and came home to the couch exhausted. If you retire to the couch it won’t be for long. Get a dog, we walk 5+ miles a day. Get a hobby, I got back into golf, now I golf 4 times a week, I also got a part time job that I use to buy woodworking tools for the long winters. If you don’t keep busy it will be a short retirement.
This is a great list and I agree with pretty much all of that I'm still working however in however I'm 63 years old and probably will go at least another 2 to 3 years therefore giving me 80% of my salary and retirement but but people come on I mean enjoy yourself enjoy the rest of your life spend the money you want to spend Do the things you want to do my goodness it's not worth it be extremely frugal in life when you're retired those things should have been prepared for while you were working
Many of the richest retired men I know where the same old pants and flannel shirts all the time even though they are worth over $8 Million each. Very candid video. Thanks.
Great list - upvoted. I thought that #5 and #8 weren't fully developed in the discussion - maybe there was enough of a hint there for each of them.
Thank you for another inspirational piece! I know you speak from a USA point of view but I'd just like to pick up on the debt issue from an international perspective as here in the UK we have inheritance tax when people die with significant assets. In this case dying with assets AND debt can mean reducing or avoiding this tax and enables the gifting of assets to offspring early so as to escape or mitigate inheritance tax...
You can only legally gift £3,000 a year without the amount becoming liable for tax.
I have been retired for ten years. I am now 65. I am still growing my real estate and stock portfolioa. In the beginning it was risky. Now that I have a considerable portfolio it is of little to no risk at all. I know what I am doing and my accumulated, and applied knowledge has paid off handsomely and will continue to do so. So, I submit that if you want to expend time, effort, and money on your pursuits, then by all means, do so. As long as you are on sure-footing.
In everything there is risk, but only you determine if it is risky or not.
Thank you for clarify the notion of 0 debt from some promotional speakers to make them standing out. It should be depend on what debt and what is the net worth of the assert.
Bravo!! Same here! Welcome to the club! : )
Thoughtful, helpful presentation, as ever, Geoff - thank you. And, some great comments/additional recommendations from viewers. This channel pulls together a great community.
I am currently burning through my 40s and This is no time to taper retirement savings. I want to max out my retirement funding and I also have another $200k in a savings account that i want to invest in a non-retirement account.Would it be better going to housing? Maybe own property and let it till im ready to move in at 65.
Research dividend aristocrats and choose six to ten firms with over 25 years of dividend payments. Also consider working with an asset-manager to build a strong portfolio.
A good percentage of people do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… now my dreams are getting bigger. Going from ($50k to $600k) is surreal all thanks to insights from a professional.
I thought gains like that are nothing but a pipe dream! mind sharing details of yourmanager please?
She goes by ‘’.Sonya Lee Mitchell’ I say you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
I am fortunate in that I don't enjoy shopping unless it comes to quality mechanics' tools and eclectic stuff like flashlights and sporting goods.
I like those too!
My weakness too - love me my tools……..😂
Love your practical videos! Is the class system book you reference the Paul Fussell or something else? Thanks!
What do you do if you enter retirement with a mortgage but have more than enough money in your IRA to pay the mortgage off? My tax man says “don’t do it” because of the tax rate I would have to pay. So I’ve refinance my mortgage down to 2.25% ten year mortgage and am paying an extra $20k each year to finish the mortgage in 2026 instead of 2030. Am I doing the right thing?
Review what your insurance policies really cover then decide what you really need. I over purchased auto and home insurance because I did not have the time and energy to study it while I was working.
Thanks Geoffrey! Last year, I made a property sale and had over a million dollars in proceeds. I allocated $400k to index annuities and put the rest in the trending algorithmic trading. So far I've more than doubled the annuity premium from the stock market. However I won't discredit annuities in any way, they buy you peace of mind but then, if you need growth, try other stuffs. Concepts like algo trading and diversification of assets can be of great help for growth oriented individuals.
I was wondering if investing in a cumulative ETF during this next decade is a sound investment. Or is it better to invest in a distributing ETF (even considering taxes)?
@@virgilhall6866 I use Josephine Guevara Laporte's popular program. She's a chartered financial analyst. Look her up and maybe schedule a call. Might be the best bet for you. Consistency and smart diversification skills were the clincher for me with Josephine. My portfolio has gone around 23% up from the last two quarters.
Hi, I'm planning for retirement and have like $600k in a CD account with a very low interest. I only need $20k for liquidity purposes(emergency fund) and plan on growing the bulk. I found Josephine Laporte's official website after I looked up her name. She's got some impressive stats and qualifications. Just dropped her a message. What's the fee structure though?
@@mattgallagher9940 Josephine takes ten percent of the profit she makes. And since it's an algorithmic based model, it's very much transparent. You can actually see what assets you have and how much growth your portfolio achieves over time.
@@theexpendables3152 Ok one more thing. Any idea if her services are available outside the United States? Thanks a lot.
Great advice
Holy cow, now you tell me! (Seriously, these are great ideas!)
I sport shop, but only at thrift stores. Last week I bought 5 button down dress shirts for a dollar each. I also bought a suede jacket for $6.50.
Seems like you missed an obvious one: Your job. Let it go. Don’t look back. Don’t dwell on what might have happened or what more you could have done or how much more $$’s you could have made if you stayed longer.
Move on mentally, and perhaps physically if your former job is close by.
And it’s harder to do when you worked from home. I finally boxed up and sent old records back to my company so that helps
good humour love it
Here in Miami this is a play boy play girl town of people under 35. Me I'm 52 retired early so here in forced to get along with younger people.
Even though life long I never ever got along well with people younger than me. I didn't even date under class women in high school so it's hard to be retired in Miami,
But I would say
Having a strong relationship with younger people is very important. From the aspect younger people run the whole medical system.
Very helpful.
Don't know who that was at 3:18. But it sure wasn't Thurston Howell III!
I left behind the dream of getting to be a full time homemaker, have a garden, do ministry trips (instead of vacations). I had to give up my dreams because at 68 I continue to work so I can pay rent to people who lied to me. I see every day as being one day closer to getting out of the earth realm.
Thanks. This video is better than " A Three Hour Tour".😊
I’m not retired yet, but retired or not, leaving debt behind is one of the best things my wife and I have ever done. Being your own banker just transforms your life. I think anyone who achieves this probably has most of the other items on this list well under control.
Would love more videos on getting out of debt. I was out of debt then helped my son (my choice) and had to pay for healthcare which is killing me financially. If you already have done videos and I’m managed to miss them please point me to them.
You just said in another comment that you aren't working. The only way to get out of debt, is to #1. spend less than your income, #2. get another job, #3. sell your stuff, or #4. use your savings. That's it. There are no magic answers.
@@edennis8578 I am retired. Duh. Looking for strategies not pompous comments
@@deidrapowell8762 Check out some of the Dave Ramsey videos on RUclips
@@edennis8578 using savings is a bad idea because you will have to go back in debt for an emergency. First rule of getting out of debt is to have at least six months of cash for ordinary expenses, and more if you expect a large expense such as a roof repair or new car. Everyone agrees spending less than your income is next. See McCawber's Principle. A written budget helps with that. 2 and 3 combine into one idea: raise more money.
@@deidrapowell8762 - Plenty of retired folks take a temporary job to help get them over a tough financial spot! Ain’t going to kill anyone and next time tell your little boy it’s time to be a man!
Great video.
Thanks Don
#8 Most people own more then one home. Really? I sure don't but our modest home has been paid off years ago before my wife and I retired. Our focus now is to de clutter what we really don't need and work on some projects we never had time for. My wife is good about not accumulating junk.
One of the things that I find strange is how huge these brand new single family homes their building in the suburbs are. Families are smaller so why do you need 4-5 bedroom and 3000+ square feet of living space? You have to heat and cool all this which just eats up your income.
Thanks for the comment
I found my groove by the time I got home, after the little party. #1 No, #2 No, #3 Kids are gone, #4 No, #5 I'm putting away more money now, than when I was working, #6 I don't "hang out" with people I've worked with, #7 Zero risk, #8 I've owned my home for 40 years, #9 I've "saved" more money in retirement than I did before. My expenses have dropped lower than I've dreamed, and #10 I retired debt free, and I've stayed that way for the last 8 years.....PS. The best thing you can do is start a Trust before you retire. That's the most important.
Home mortgage debt isn't much of an issue with retirement if it's a 30 year fixed mortgage. It's a known monthly expense that won't change. So it's easy to determine if you have enough income to retire knowing that you'll always have that monthly expense.
Cars become an issue. Car payments suck. Right after we retired we sold a second home we had. Not only did we reduce our monthly expenses by shedding that home, we bought two new cars known for reliability with the cash we got from the sale. So we're guaranteed to not have car payments for a long time, maybe even the rest of our life. We also try to keep our balances on credit cards low.
I've mostly ever done only three of these (#3, #5, and #9) and let me tell you, #3 is the biggest financial drain of them all!
Great video.
I think of having things more low maintenance. Certainly the landscape of my property but in other things as well. I want to focus on me time since I don't have much left of it.
Thanks
My plan to financially survive retirement:
#1: Urge to shop? Go to a Dollar Tree. You can get 15 items for $20. (Actually, 16 items but there is still sales tax.)
#2: Retired 10 years ago; still trying to wear out the clothes purchased 20 years ago for a really good job that came with a dress code.
#5/10: Paid off all debts including the $50,000 consumer credit debt my late spouse left me.
#6: Stopped climbing before retirement. Closed down my business and went to work for someone else.
#7: Sold my city house; paid off my country house so no risks there.
#8: The country house is a small ranch, is my downsize, and close to my best friends.
#9: Letting my retirement savings grow on their own. Social Security and a small pension pay the bills and living expenses..
What other tips have you run into since the inflation is hitting so hard. Also what is your budget for all the monthly food and entertainment and other costs/expenses you didn't forsee over retirement?
Beautiful! Life sounds good.
I agree with your list for the most part, or many don't apply to me. Never married, no kids, so no issues with the parent one. Also never owned fancy clothes, just one suit that is now quite old to use for interviews. A car is simply transportation for me. I buy good reliable cars (think Toyota Camry) that aren't super expensive but offer good value. I disagree on being 100% debt free though. I still have a mortgage at 3.125%. I pay a few extra dollars towards the principle with each payment but not much. That extra dollar can be invested in the stock market and yield a lot more than 3.125%. I should add that I'm 63 and still working, though retirement is on the very near horizon.
9:40 This seems to be a USA thing. If I can't afford a car, then I don't buy it. Getting long term credit for a fast depreciating asset is asking for trouble should you hit hard times.
Hard times are starting.
You can’t be without a car in the USA…it’s a need not a want, you can’t simply walk anywhere here.
I appreciate this list as we didn't have to "leave them behind" because we never started them in the first place. At 67 yo we are still working part time in our beloved fields not needing SS until 70. We are still working on #9 as there is still room for growth in our investments.
As long as your healthy work.
You might think joining a gym in retirement would be a good idea since you will finally have the time to use it. However, a recent trend in my area is gym locker break ins. Losing your wallet, id, credit cards, and cell phone would be a huge setback in retirement. There is also the risk of Covid exposure. I recommend hill repeat bicycling every other day. It is intense time-efficient exercise that burns fat, builds muscle, improves cardiovascular function, and on hilly residential roads is safe. I have found group riding and bike commuting to be more dangerous. If the rides are intense enough for mild muscle soreness and endorphin release, then every other day is often enough.
Be careful,hopefully this does not apply to your area but in some areas there seems to be a rash of vehicles rear ending cyclists !!
Kids moved out. Turned 1 bedroom into exercise room.
We bought a Schwinn exercise bike for aerobic and leg exercise at any time and during any weather conditions. This is supplemented with weight-lifting and walking during late afternoon/early evenings.
I wear a small lightweight crossbody bag with ID, Health Insurance card, car key. For showering I put it in a ziplock bag but I usually shower at home.