The Most Powerful Tool in Retirement is NOT Savings...
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- Опубликовано: 1 окт 2024
- Having the right financial resources in retirement is important, yet some of the most affluent retirees are not happy. Moreover, many retirees who enter retirement with a big nest egg run out of "nest egg" long before they run out of "retirement." On the other side there are those that have little to no savings entering retirement and are EXTREMELY happy. The difference is what Geoff calls the retirement focus and this video discusses some of the main elements.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
Well that would be impossible to do considering I'm in my late 50s and I'm more interested in investments that could set me up for retirement in my 60s, my goal is at least $2million.
I came here to learn how to invest after listening to a guy on radio talk about the importance of investing and how he made $960,000 in 4 months from $160k, somehow this video has helped shed light on some things, but I'm still confused, I'm a newbie and I'm open to ideas.
@@Jody8337 Investing in stocks is a good idea, a good trading system would put you through many days of success.
It is possible to produce superior performance provided you do something different from the majority. However most of us tend to pay more
@@pablosmith1747 Exactly, the trick is to diversify your investment, don't panic when everyone else is and invest consistently.
@Doukas Amal Hello Do you trade on your own?
You’re the only financial RUclipsr I’ve ever seen that touches the psychological aspects of retirement as well as the financial. It is probably the most important aspect, aside from your health, and it’s not talked about enough.
Thank you!
I've been retired for 11 years now, and I wish, wish, WISH someone had told me this exact thing before I retired! I fell right into the traps you describe, and it took several years of painful fits and starts to arrive at 'the secret'. I've been following your videos for a couple of years, and I'm really impressed that you tackle the deeper psychological issues. This is vital information. Thank you!
Thanks, Geoff. Another great video. I have decided my retirement mantra is "I have everything I need." When I see something that I could buy, but won't need for quite a while (refills of things, etc.) I repeat my mantra, and pass on the purchase. I'll get it, just when I need it. And it has saved me from getting stuff I actually will never need. My focus has been to get rid of more stuff, rather than getting more. Other people in my city need some of the things I have and never use, so I am seeking those people out and donating stuff. It is actually more fulfilling than acquiring more.
Plumber, mechanic, chef.
My most powerful tool is my ability to fix things and apparently make excellant donuts.
I was fortunate to retire this year, a very wiseman (my dad) told me when you retire “YOUR HEALTH IS YOUR WEALTH”, meaning stay healthy in retirement😀
He's wrong.
HEALTH IS KEY.
STOP focusing on money and ignoring your health.
#1 Healthy Sleep
2. Healthy Eating
3. Vigorous Exercising
4. Healthy Brain Exercising
Great Health promotes a Great Life during our 60s thru 90s. You can always make a little money if necessary. People need to invest heavily in their Healthy Body "bank account", starting at 20 or 30 yrs. old. You can start now to reverse some or most of the damage.
Run. Walk. Garden. Moving about is #1,not sleeping and eating. If you exercise enough you will eat healthy because bad food will make you feel sick. Also enough exercise will make you want to sleep early and get up early.
He specifically said exercise, cook your own (presumably healthy food), & interact with family, friends, & new friends in classes & hobbies. His point was how to save money AND do the NON-material things that matter on a daily, planned basis. [It’s estimated that 6% of the American public are “shopaholics.”]
Yes...... I posted above..... and then scrolled down. Health is #1..... it's diet and exercise. RUclips has some great DOCTORS ( not health "gurus" ) talking about this very thing. #1 is Dr Eric Berg He has amazing diet and health videos.
Health is important but, like everything else, I've seen people focus TOO much on health to the point they are actually not enjoying life.
In retirement, the best things are free. More sleep, more relaxation, time to exercise, time with loved ones. The devastation is not lack of money necessarily but your health. If you haven’t looked after yourself, no amount of money will be able to substitute for it. Who wants to dribble in a wheelchair for their last 20 years ?
The best retirement advise. I ever got was "you need to have a passion". People that have nothing to do but sit and watch TV all day will be dead with in two years. I have seen this in several friends.
You are right on point! I am retired and have four monthly cash inflows. I never realized, until now. That managing the monthly funds, reducing taxes, having multiple bank/credit unions for FDIC limits.....was so much work!
I love the hardware store story. About 10 years before my husband and I retired, we started putting any raises into our 401K and learning to live within the budget even though it was getting tighter because of inflation. It made me appreciate being frugal before I had lots of free time. And the extra savings are especially appreciated now. Thanks for your perspective....it's always so enlightening.
Exercise is free and makes you feel good. That is the key. Find things that are free and fun
Thanks Jeff, this was a good one. Very well done! I believe the people that use this tool in retirement will be much happier and more relaxed
Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.
thank you, can you give a pointer the best investment now ? i am thinking of getting stocks or cryto
The key to making money in stocks is not to get scared out of them. An important key to investing is to remember that stocks are not lottery tickets. get a financial assistant
I currently work with VIVIAN KLAINE MORGAN a financial expert i met in a seminar
I recently watched VIVIAN KLAINE MORGAN on TV , such a great speaker . but have you made any profit whatsoever working with her ?
I have been able to make maximum profits off my trade with $40,000 and I have amassed about $190,000 in net profit In 4 weeks
Replaced the heating element in my dryer last month. So satisfying. Thank you RUclipsrs.
** Also....... Volunteer work ! There are so many kinds to match everybody's different skill sets and background.......... much more rewarding than a new car, or whatever.
The feeling you get from giving is powerful, and lasting.
The most important thing in all stages of life is your health without which you won’t be able to enjoy the simple pleasures in life ,, let alone worry about buying the latest grass cutting device ,, best wishes, Lisa
Sage advice! People need to discover free experiences that give them the same rush as spending money and there are many possibilities for this. I've delved into physical fitness over the last couple years and I am now in great shape and really committed to maintaining my health, which not only releases endorphins that make me feel great, but is also vastly improving my health and quite possibly extending my lifespan. Even simple things like visiting with friends and family, playing games and such, can provide that rush.
Ovymorons: Naval intelligence, accordion music, jumbo shrimp, and emergency lawn cutting situations.
not in Texas! It can rain for 2 - 3 weeks while that stuff just grows and grows. Then the city will send you a nice lil letter...
You forgot “Senate Intelligence.”
"You never know when you might be in an emergency lawn cutting situation and you just can't get hold of a lawn mower" is my new mantra.
Emergency lawn mowing situation 😂
That is the funniest thing I heard this week! I don't know when, or how, but some day I am going to borrow that one and use it to great effect!
Laughter is a good endorphin producing activity too, right? 😉☺️
I love watching Drybox comedy on RUclips. It is free, clean, and funny.
This guy is spot on. I should get him to check my retirement plan.
Oh, this was a funny video, and also, very inspiring. I am planning on retiring soon, and suddenly became worried because I live in an old house that needs so many things.... I have been telling myself lately that I have lived with many of the issues for 20 years now, so perhaps another 20 will not be that bad, except for the water heater I needed to replace since it was leaking from the bottom and almost blew up.... and my teeth need a little bit of repair.... and there are a few trees that I could kill myself on if I try to trim them.... so that is only a few more months....of work.... but... seriously, I needed to hear about how to get my happiness without spending money. Thank you and love to all!
Good video. In the UK we have peoples Money Saving Expert called Martin Lewis, his mantra when going to buy something is: Do I need it? Can I afford it? Will I use it? Is it worth it?
Excellent
I retired 20 years ago at 45. What a trip. Originally I was planning to take just a few months off. One crazy thing is how much I love walking. 2-4 hours a day. Here in Phoenix we have bulk trash pickup every 3 months. So on walks I see cool stuff people have thrown out and I drag it home. And outside of bulk trash times some people just set out useful stuff they don't need any more for others to take. To me it's like shopping but even better. A treasure hunt. I garden and have many plants that were found at the curb. The office chair I'm sitting on was curbside missing 1 wheel. Block away another office chair, trashed, but with the exact same wheels. Snap off one, snap onto the other and new chair. I've had several of these found chairs over the past 15 years. Garden hoses no problem, all I want. A lot of building materials...just added a bathroom to my house and grabbed a curbside toilet and bathtub in perfectly good condition. Grabbed an extra toilet just to remove the flush valve because my current toilet valve is leaking. Hude solid copper birdbath. Love that Americans shop so much because they have to throw out so much cool stuff to make room.
Nice work WB
Incredible!!!
You don’t need a lot of money to retire ! I don’t even spend my social security! Material things don’t improve your happiness !!
THANK YOU!!!!!! My wife retired at the end of December and last week (this being Jan 28) started to find herself wondering what she was going to do with herself. Last week she found herself spending a lot of time (and $$$$) at Hobby Lobby, Target, Walmart, Kohl's etc. This video has been a big help for her as how to go forward with her (our) retirement. Thank you!
Everything you said is true. But what I like about retirement is NOT managing time. While I worked I was constantly managing time; jumping from one task to another and another. But the message the Corporation was sending out was we need you to do more and more and more. They'd say jump, I'd say how high?.....until one day I told myself enough is enough, I'm not going to give them one more minute of my time. I've been retired now for 5 years and I've never regretted my decision to leave. Life is very good.
I have now been "retired" for three years now and seem busier than ever doing projects. These include being treasurer for an organization, making RUclips videos, a long-term genealogy project, organizing a 50th reunion, yard work, home repairs, etc.
All good observations but can I also add (speaking as a retiree) that I've found the most important things in retirement is that you and your spouse both have an enjoyable hobby to keep you busy, that you have an adequate nest egg that will cover you in times of emergencies, and most important of all, that you are debt free and own everything. From that psychological standpoint, it brings great peace of mind to know that all your possessions are your possessions 100%. No mortgages, no loans, no credit cards, no car payments, no liabilities other than good, utilities, insurance, and property taxes. This will minimize the fear of something horrible happening in your life and then watching your assets being stripped away from you: a house foreclosed on, a car repo, your credit trashed from unpaid loans and possibly a law suit, all the things that give you peace of mind and a sense of safety being taken away.
Excellent advice. After wasting 7 minutes listening to the word salad in this video, he could have just read what you just wrote! 👌
I'm with you! I love having no debt and owning everything I have (I live on acreage). I worked until I was 68 and collected my FRA SS along with my paycheck for 2 years, just to give myself more cash in the nest egg (this doesn't include my IRA). I give myself different goals to attain in order not to get bored but having been in the workforce for 52 years, I'd take boredom over a job happily, every day of the week. I've been retired for a few years now and it's great!
Good post Jola - the only other thing you didn't mention that could strip your assets away is Long Term Care ....
Clinical psychologist here yes...great thoughts here. The number one problem in retirement is social.isolation esp for singles. If a perdon lives,alone when elderly without the forced socializing work provides they temd tlward depression eventually. COVID isolation has been especially hard on single retirees. One suggestion is got get a dog...make a careful selection as to type of dog and you have a ftiend...petting a dog releases endorphins so does walking one. Having a dog people comment upon it and they can be comversation starters. Some peole enjoy sleeping with their dogs...a dog can really raise life sstisfsction. Volunteer at a dog shelter.
Wow Geoff, you describe me to a T. Thank you very much for this video It’s a clear reminder that I need to cut out the impulse buying and get my priorities straight to maximize not only the money set aside for retirement but using the extra time it affords for more important things like family.
First timer, great post, just subscribed, I'm 62 still working cause I love being busy, I own the business and not ready to sell.
Welcome Tom!
Excellent information! I’ve been retired for over a year now and it’s so true-plan your day and follow your plan!
At 66, I do my own vehicle maintenance. I understand not everybody feels that they have the skills to do vehicle maintenance. However almost every maintenance task of every vehicle make, model and year can be found on RUclips with easy to follow instructions. This allows retired people to get more miles out of their older cars and trucks without spending $40,000 on a new one. It is also very rewarding not only to your bank account, but also to your pride. Seniors can learn how to do simple things at first like changing their oil and oil filter and go on form there. Last week on my vehicle I changed the engine oil, transmission fluid, both filters, replaced 4 motor mounts, installed two new headlight assemblies and two new rear shocks all for the cost of parts, about $200 and saved $2,000 by not taking it to the Dealership! By the way, my Wife and I still attend the Sturgis Motorcycle Rally in South Dakota every year since 2005 and we ride our 30 year old Harley Davidson Fatboy when we get there. We trailer our Harley to South Dakota as it's now a little too far to for us ride from Northern California!
This one got me to subscribe. Great stuff, thanks!
staying single and healthy is #1 and #2 to best situation to retirement.
This is just what I needed to hear. Retirement is fast-approaching, and I've been overly focused on will i have enough money. I totally do the shopping thing though most of it is on groceries. With meal planning, I'd probably save 50% or more of what I've been spending. Good advice throughout! Thank you. 😃
Emergency law cutting situation - made me LOL. On a more serious side, my Mom shopped to keep herself busy at times. When she decided to move from her home to an apartment in her later years, there were cupboards full of "stuff" that was bought and never used that had to be donated or given away.
Show me a $40k American luxury auto.
This is good advice at any time in life as well as retirement
Thanks Geoff! I LOVE all your videos, but this one may be my absolute favorite! It puts our power to enjoy retirement right in our front pocket!
Hi Esther. Good to hear from you again! Thanks for the kinds words. See you on the next one.
I am turning 71 and spend every Wednesday volunteering at a local shelter for abused women and children. I have a strong background in building repair and maintenance, so keeping the shelter in shape keeps me going. It seems that when I leave each week I take home to my shop items that I can repair at my leisure (furniture, lamps, household items, etc). Keeps me very busy with little cost. Also keeps me socially active with other people. Places like that are out there and appreciative for the help.
Bless you...as the clinical psychologist board president and founder of two shelters we really could have used your help. I was able to get older homes donated but the upkeep was always an issue...thank you so much. I am in a country in retirement that has no shelters at all, the entire country and abuse is of course here too. It breaks my heart to not be able to set one or some up...there just isnt the interest...Americans are the most volunteering people and we take for granted how much they make possible, these volunteers...it isnt it like that everywhere....so thanks !!!!!
@@latinaalma1947 While I appreciate the kind comments, no need to thank me. I like doing this stuff and am glad that my efforts help a worthwhile organization. Too bad the shelter is needed...
I'm 71 and I'am working 4 days a week. All I have to do is drive, when I get there ,they unload . As long as I can get up and down the truck ,it keeps me fit & young !
Absolutely the best retirement advice I have seen or heard yet. "Doing" vs. "Getting".
Thanks Patrick
Spent decades in wealth and risk management, this advice is the best I have every seen....you can't buy happiness; health is the most valuable asset.....look after your body, mind and spirit.....I am 73 and very comfortably retired, however as a gym rat since 1969 still putting in a serious 8-10 hours a week lifting plus yoga, meditation and sports such as skiing and kayaking and now learning guitar ....these are the things that truly matter....through in a decent marriage, kids and grandchildren where it fits!
Very Timely. I keep stocking up for retirement while I still have an income. Haha. I'm ready for any and all emergencies.
good advice, not just for retirement!
My husband is a "Hardware Harry" just as you describe. Had a good chuckle. One things we like to do is to see plays put
on by the local community theater. Tickets are usually cheap, the talent great, it's a night out, and supports the local actors and
actresses.
dang that shopping scenario is SO DAMN true!! I used to be that way. Since I set up a strict budget, I don't do it anymore. I recently helped a friend pack to move. She had 4 to 5 quantity of numerous things in closets or drawers. I asked her about it and she said she would shop and think she needed one, not remembering she already had 4!! Definitely a shopaholic in her retirement.
I did enjoy this. Substituted the hardware store with Walmart. I go there for a few things and end up spending $100.
Yes! Big box stores are hard on budgets unless you take just enough cash for your list.
This video convinced me to subscribe! A hobby I am working on now is de-cluttering my life of stuff. Rome wasn't built in a day, and neither was my hoard! A few minutes here and there has been cathartic!
Good point Vann. Welcome to the channel
Totally agree with your video. I'm partially retired to help my 93yr old Mother. This precious time can't be replaced. It's like when your children were young and needed your assistance. Time and ones Health has more wealth than Money can buy!
Thank you! Im retirering early 62 all about time for me.
I have never regretted NOT buying something, the same can not be said for my purchases. Another good video.
are you not upset that you did not buy gold coins years ago
Best advice I have ever heard!! 👍😁
Spot on! So wise! Thank you
Wow; your suggestion of organizing as a positive, no cost way of getting an endorphin boost is so simple, utilitarian but brilliant! Going to start on a room by room reorganization today! Thanks!
Found this advice to be true. I think many of my peers would be surprised how little income my wife and I need to live a good life in retirement. My interests/hobbies include computer music, astronomy, writing, reading, cycling and downhill skiing. And yes, I have experienced those endorphins upon buying new things - especially new gear for my hobbies. I’ve made a rule, though. I have to sell enough old gear to significantly finance new gear. The fear of overspending more than outweighs the kick of those endorphins.
Sell gear? Heresy!
Every day volunteer …..clean up community poor areas, Endorphins and dopamine ….costs me very little ,,,,get many thanks for neighbors yeah!
Thank is terrific BH. I do the same thing. I also pack food at Thanksgiving. I don’t pay for it, because my donations go to single mother scholarships, but it is good for the soul.
@@HolySchmidt When you mentioned the endomorph-ins and dopamine , it explained everything , I am a non stop addict to those drugs in my body…lol, can’t wait to shoot out of bed in the early morning hours to attack blight and ghetto even if it’s just one piece of trash…..but I have amassed a list of over 350 different blight issues that fall under my volunteer umbrella! B.
I never really bought into the hype surrounding the trending algorithmic trading method till last year. But now looking at the $250,000 in profits I've made from just the last quarter of 2021. I am quite convinced that this is the future of investing. All these without making a single trade by myself while still having a properly diversified portfolio
That's freaking amazing. last year was like the worst year for my portfolio. I exited the market when the pandemic began and my stocks were at an all time low. I regret my decisions now. how does this algorithmic trading stuff work?
@@robertlambert1786 is there a minimum amount required for her services? I am very interested in this as I have an inherited amount of $600k doing next to nothing in a savings account right now.
@@joshh6078 I started with a sizeable sum I had laying around in a savings account, around $150,000 at the time. the beauty of this method is that you do not hand over funds to the manager. it stays right in your account while your account mirrors her trades automatically
@@robertlambert1786 Nice. She must have fees for this service right?
@@joshh6078 Yea. She takes 10% of the profits she makes in my portfolio. It's fair enough considering her consistency and devotion to my account
Oh my gosh! This explains my dad who has been retired for about ten years or so. He will also of a sudden decide that the doorknob needs replacing and viola' that doorknob has cost 50% more. Then he puts it on the credit card and this makes my mom upset. It comes down to he is bored. He has said this. Oh the way, my dad is 82 this April and my siblings and I are always trying to keep him busy with small tasks that he can do. For example, over seeing a project such as making sure the cleaning crew does it right. ;)
If you would have told me 15 years ago I'd be making what I am today, I would have said I'd be rich! Here I am, and it's still "not enough". The more you make the more you spend and the more "needs" you seem to have. Funny how life works.
I am in the middle of the 9v battery/paint issue. Helping to clean out an organized hoarder of 60 years. The multiples of so many things that were never opened or used. She even hoarded cash that was hidden away in change purses. Every bill ever gotten for 30 years neatly packed away in pancake mix boxes. The amount of perfectly good items that will be thrown out is sickening. 1 drawer just filled with full tooth pick boxes.
Thanks for sharing this. Too many of us fail to see what is right in front of us.
Goodwill, just sayin.
The truth is many folks have the plan for the worst-case issue mentality but take it a tad too far. I encourage your friend to seek some help in determining where the hoarding drivers are based on and get it adjusted. Both their life and other swill benifit.
Wow. My mom has a hoarder issue. It’s not organized though. Lol. She just has to go buy something, because even though she knows she has it somewhere, she has no clue where it is.
ummm...i doubt they could help it. Did you offer to help while they were alive? sad.
All so true what your saying. I retired early 61 because of a labor type job and didn’t wanna wear out my body until the gov’t full retirement age of almost 67. Had plenty of money invested and house paid off for. And working more would only accumulate a bigger pile of money. Kept my lifestyle, exercise as you say every other day actually lost weight since retirement because I eat less. Enjoy education books and audio books. I keep in contact with my family and friend I choose to and keep all negative people far away. I never talk about aches and pains . Lucky to have full medical benefits and a pension as well from my former wonderful employer and I did start collecting s.s. At 62. Cook at home and enjoy it. I’m a free bird. Thank you Schmidt. For your short important videos for us seniors. Been retired for 1 1/2 years now. My next step is finding somewhere to volunteer in some way maybe I’ll see if my library can help with that. Have a great day. Thanks again
Check your local school. We are in desperate need of volunteers to read with kids. Usually you need a fingerprint clearance card which can take some time to process. We have some volunteers who work with students by zoom so they don't have to pay gas or be exposed to colds and flu
Brilliant video! Time is the ultimate wealth and endorphins the sweetner of it. Thanks for spelling it out.🔤
Holy cow! My 88 year old mother laughed like hell! You hit my late great father right on! Every day, Home Depot! Hahaha TY
well alot of found money is also available by slaying your vices, eating junk, drinking junk, cigs, drugs, etc, keep your money with yourself and not on the vices, build virtues slay vices.
Loved what was said🤗
Wow! Talk about a video that has zero value for me! I am nothing like this whatsoever lol. I go to the store and get only the items I went for. Then I get home and remember the other things I forgot to pick up.
yeah, it's pretty generalized I hate buying things! the money, the possibility of returns...the paying the bill. It's more like 2x or 3x the pain!
great points.i am 58 and will have 40yrs t UPS in august. unfortunately on short term term disability from a blooper of hitting a small ice pat h on motorcycle that messed my foot up. i thought, man i would make more if retired and getting my pension and now it may be hard to go back physically....so i have a lot of time on my hands...i can see how easy it ould be to "spend" money on nothing every day.! i have nothing but time right now..but if i get out it seems i spend $$$! so i want to educate myself for the heck of it on using EXCEL!
Also called the law of diminishing returns. 😊
Great great video love it that is true retirement enjoy it don’t fine things to do just the absolute stuff and enjoy the rest
Wow! That sounds just like me and I'm not retired yet. I will be soon so I'll need to watch this video again! Thanks!
I was a single parent and raised twin daughters on my own. Once they finished college, I spend the next three years helping care for parents as they developed dementia. I was planning to work until 70. My daughters wanted me to retire. I checked with my Fidelity 401K and they have already calculated that I had enough money to support myself for the rest of my life and leave nearly a million dollars to each of my daughters. I stopped working because I could not see the point of adding to their inheritance. They'll probably inherit another million in 20 years or so. My daughters both have good, professional jobs so they're pretty well set.
Work because it's something to do for your mind and body. Or find something else that keeps you busy.
I have been retired for six years, and the last thing I want to do is to "plan every day." I had to do enough of that out of necessity during my working life. I think once you get to retirement, you'll see things a little differently.
As for the shopaholic problem, this was never anything I did. I have been a saver, not a spender, my whole life. Now that I'm retired with a good income, my biggest problem is allowing myself to buy the things I actually need and want.
I realize I may be the exception, but I think there are probably a few other viewers in my position.
I really enjoy your videos, Geoff. Thanks for posting!
You bet Jody
An emergency lawn-cutting situation......I'm sure that exists....somewhere.
Re: wasted time during your working years: The same is true of children in public school.
Thanks for this reference to ‘not thinking’ about life.
I’ve never hired a plumber, an electrician, carpenter, painter or movers. I turned off the water to all the plants in the yard and the plants just died off except for the hardy ones that can survive in the desert, so I don’t need lawn keepers. Oh yeah my career was a mechanic for 32 years so I do my own vehicle repairs along with my children’s vehicles. I’m not bragging but I saw how much my family was paying for services as I was growing up and decided I was going to learn to do mostly everything myself, I’m 62 now and still learning new things.
I wish my retired husband would spend more time at the hardware store and get things fixed around the house!
This is one of the best retirement videos I have seen. Thank you.
Another good post ....... I would add, if someone just can't get away from the shopping thing .... become a Secret Shopper and at least get paid for it ....
It's sad how people don't talk about health. I started bodybuilding at 54, and am in fantastic shape at 59. Other people may have more money, but I'll have the ability to play sports and do things other seniors wouldn't even dream of. Keep making that money to afford medicines, hospital visits, and oxygen tanks. I'll be hiking, playing golf, and going to amusement parks.
We just did the spending thing in reverse and sold a bunch of accumulated stuff lying around in the house that we never use anymore. A chance to declutter and avoid having it end up in a landfill. Even if you’re only getting $10 for something you still get the endorphin boost! One of my most unexpected, but very effective “frivolous” retirement purchases was a gps fitness watch. I quickly became motivated to accumulate fitness miles and ended up with 800 biking miles and 100 swimming miles for the year😃
Thanks, Geoff. Great tips.
Thank you. All of this is so true. I learned how to cook 12 months ago and My wife and I really enjoy it.
My wife is 15 years younger than I, I am comfortable, but I'm worried about my wife in the future. I am already retired (9 years) and 70 my wife is still working,
I get a pension (reduced to cover the age difference of my wife by 10% plus social security I took SS early which is slightly more than my pension, and I have some savings from a 401k.
I am concerned even though my wife is trying to max out her 403b as we took a hit hard in the stock market and I it looks like I can no longer recover and I haven't even started doing the mandatory withdrawal from it yet. Just wondering if there is a better plan to feel good as we slip into retirement. We have very little debt but it's a matter of time and now my employer is dropping our healthcare screwing me as I suffered for many years to work there simply for the benefits.
Very unique perspective for financial advice. This really falls in line with the Japanese philosophies of Ikigai, Wabi Sabi, and minimalism.
this is very sage advice, even for folks like me still working. it's called: have a PLAN or PLAN to fail.
Very astute, especially about the shopping which is boring and ultimately unsatisfying. Learning and practicing skills is what matters.
Thanks Tom!
Lovely!!! Couldn't agree more :) I hope when I retire I won't forget a word of this. Plan, plan, plan
Yes Marginal Utility is something I plan on taking a long look at when I retire soon. Stimulating the mind & body thru exercise has always been in my routine just not as much when the weather is below zero like it as been. Also plan on learning more in retirement.
Great content - thank you for making these videos. Awesome stuff (from a 60+ soon-to-retire guy).
Huh? I feel pained every time I buy something at Amazon! I actually have a hard time hitting purchase because I imagine the additional steps of then checking my credit card, then going to bill pay in banking. Especially when they add in the tax. Sometimes, if I like the thing I'll be sort of happy I got it, No way does spending money give everyone a rush!
Great great video. My husband is semi retired and I will retire in about 4 years. We both have plans to enjoy ourselves. He wants to work part time at a golf course, I want to become a certified financial planner. We both want to cook together more. I plan on practicing yoga and meditation 5 - 6 days a week and maybe take some piano lessons! We are going to travel and visit our children. Our best days are ahead of us!
Simple-- my dad once told me- if you earn $2.00 - save $1.00… old school but makes sense
the seriousness of how you describe this experience (me) is hilarious! thanks for sharing!
the lawn mower emergency. LOL. 🤣
I'm 65, never worked in America and just recently moved here form the UK. How do I sign up for SS?
In these challenging times ,your videos are so uplifting. Your knowledge and ability to present all your info in such a positive way is a gift!!!
i don't need this video.. because i figured long ago 99% is wasted purchases.. i never race with Jones.. never.
Great info, I fell into this trap. I itemize everything now. And only get what I need.