Style Switcher

Predefined Colors

The Top 5 Things Retirees Should NEVER Buy!

we spent a good portion of Our Lives savings for retirement so we don't want to squander it away on useless items or pick up poor spending habits you know we're you get to this point you're on a fixed income you want to be careful so not every tempting purchase is going to bring value to your retirement actually many purchases can lead to unforeseen burdens which has happened to us it definitely has happened to us the last thing we all need is to find ourselves strapped financially and sitting on stuff and things that create more work than they do experience and they also have tremendous expense yeah they might bring a little bit of Joy but not enough to justify it right today we're going to dive in and unveil for you five purchases that might seem appealing at first but have hidden pitfalls in retirement and if you guys are new here thanks for joining us I'm Mark and this is my wife Jody we don't focus on the financial aspects of retirement but rather lifestyle Health relationships and much more to do us a favor hit the Subscribe button the notification button and if you could share this video or others would with some of your friends that'd be awesome we're really trying to grow this Channel and get more people to watch our stuff and have a good retirement all right so let's jump in here we go retirees often believe they're making wise purchases and wise purchasing choices to to enjoy their golden years but many of them end up with regrettable financial dreams so first category is luxury items without a good purpose let's face it we've worked hard our entire lives up till now and if there's a little bit of extra money laying around it's a good time to splurge right it is I'm trying to think like what do we mean by luxury items well I think if you think about it is that something that might cause twice as much as the basic version or three times or four times yeah but doesn't bring as much value yeah so exotic sports car okay or even a brand new fancy car or my hankering that's hanging out there an antique pickup truck a 1957 Ford or Chevy pickup the year I was born so I could bang around town in that that's not a smart thing that's why I haven't bought it yet right so so exotic sports cars okay so they serve a purpose but do you really need the latest and greatest you don't yeah and what are you going to do about maintenance and cost That's my kind of pushback on this truck what truck the truck you want I is one it's not gonna happen it's just a little thing I have out there don't worry about it you're not getting the truck I promise not I promise we're not going to get a truck so anyway Exotics you're retired you need your car is up uh you had a company car do you buy it do you lease it is it new or used you kind of remember depreciation what kind of options do you need do you really need do you really need the latest and greatest uh Lexus GS 250 or I don't know but you need a car right you need to get around so I think it's important to really challenge yourself when you're thinking of getting a car or a fancy car does it really make sense and the other so I'm good on that one because I'm not really a fancy car person all right how about the latest computers phones gadgets I mean I love gadgets so far these two are speaking to you okay so all right let's jump into something different okay how about high-priced designer clothing I mean this outfit costs one I'm not really a high price designer clothing kind of guy wow I kind of wish I was but I do believe and I do have friends that have you look nice by the way I like it thank you I have one friend that has seven pairs of those Golden Goose sneakers and they're like 750 a pair I don't have any of that stuff but you know we have flyers I wish they'd come back you don't remember PF Flyers no back to luxury items right so for all luxury items I think it's important to think about resale maintenance and costs longevity of use and is it practical right so that's maybe the best way to define for you individually what is a luxury item and we're over with jewelry it's out no no more fancy jewelry right what you have is fine yeah you're good yeah actually pretty happy if you want we're gonna start selling something all right so timeshare what about that the second item would be a time share which is appealing to a lot of people we know people that have time shares and they've had them for decades that's great yeah but if you're a retirement now you say thinking about a time share you really want to challenge yourself on that there's hidden costs monthly maintenance Insurance property taxes there's risks um gosh Geographic risks political risk you know where you buy a time share right the resale value is a little sketchy on some of that thing and the other thing is flexibility of dates right because we we travel we we do Airbnb or VRBO right which is a really good option I think well it is most of the time if you do the research ahead of time I don't know a lot about time shares but I do know we do have friends that utilize them a lot well they go the same two weeks right every year to the same place now the good thing is they've been doing that for a long time they know the staff right they know the other people that go at the same time but if it's new to you really what we're saying is give that a lot of thought you're 60 65 years old how much longer are you going to go to this location do you want to be tied to one local do you still like doing the same things the same activities I mean vacation and retirement is important but and travel is right and just make sure that you vet everything that is included well the third thing that you really should never buy and when we say you never should buy we don't really mean never well but it's individual large and expensive boats or hobby equipment so we what's so funny we've been boating for a very long time and during our career we carved out weekends and we went boating and it was really important to us and then we got a little bit of a bigger boat so we could go further afar but then we retired and said okay this is great we have all this free time let's get even a bigger boat so we can go away for longer periods of time so we did that and we sold it a year later the thing is I think it's really important to figure out if you're going to get a boat does it really fit into your lifestyle we thought it would we did but we now with all our free time travel to go see the kids we have them come to our house we hang out they don't want to go on the boat with us so I think that that's something you know talk about depreciation you buy a new boat there's this saying that uh a boat is a hole in the water into which you pour money now there's some acronym oh the uh the best day and uh the best day to buy the best day of boating is the day you sell it or something like that yeah yeah anyway well I think the thing about an investment like a boat is it has to be part of your retirement vision and in that retirement Vision you have to have explained to all of your community right your children your partner your spouse your it has to be part of what you do otherwise it is a huge floating expense well we yeah and and we started entertaining more at the house and visiting the kids and then when you're not on the boat I have a real problem with a luxury becoming an obligation right and our boat really became an obligation to us and we really got angry with ourselves and each other because we weren't spending enough time on it I think it got more angry at me than I did it myself really yeah anyway uh we have friends that have large boats right in Florida but that's their winter home so if that's what works it works anyway expensive hobby equipment you know we're going on a safari next year can't wait for that and we're like we should get a camera with a long lens take pictures of all the animals not we're bringing our our iPhones and then we're gonna maybe maybe borrow a camera from a friend don't need the highest end camera for a two-week Safari right buying high-end drones uh expensive gym equipment you know I work out with freeletics app doing body weight you go to yoga we don't we don't you don't need to buy all that stuff yeah well and and if you do and it's part of your vision and it's part of your financial plan and you've budgeted for it then great but really the message in this is just be careful be careful not to jump into certain things the other thing that a lot of people face when they retire is their home does it make sense to buy a much larger home we have six children all over the place and in order for us to have a home large enough for them to come visit we need a seven bedroom house oh gosh not with the grandkids it needs to be eight or nine okay we'll get a nine bedroom house then it's just it's just so it's not we're actually downsizing we're buying smaller houses we we are at this phase where maybe and hopefully we start to spend more time at our kids houses for holidays and things like that and the other thing that we do is uh when we have kids come in town is no room we do Airbnb they are VRBO or somehow figure out how long are they coming where are they staying are they bringing pets like what do we need to do I think when you're looking at upsizing you know when you retire because maybe you have a nice pension you have a wind full of money you have stock you need to cash out whatever it is you've got to think of things more than just the cost of this new grand home right the ongoing cost you have to think of insurance and taxes and heating and air conditioning and Landscaping and maintenance all of that has to go into your decision-making process otherwise you may find yourself behind the eight ball a little bit so that's you know you really need to give that consideration we don't say it's wrong to do but right if it works for you that's great there's nothing like having all of the kids all the friends and family around for holidays and things like that absolutely another thing not to buy is these new Financial products that are unvetted and Mark and I have a lot of Congress conversations about this because we have friends that are into some um wildly High returned short-lived unvetted Financial I don't even know what they're called Bitcoin and nfts yeah that I don't know if that's but if you're if you've got money to invest it's really not smart to say have a friend say I got this thing it's a 20 return you should give me 100 Grand or 50 Grand or 10 000 or 5 000.

It could be gone in a minute it could evaporate so you want to get good advice from a financial planner before you invest in anything that looks and sounds a little bit like is that really possible Right is it is it the right thing for me to do with my money now right and we're a big Advocates of and we are not financial planners but finding yourself a financial planner and getting your Baseline really understanding your spending and your withdrawal strategies and really trying to figure out where you can go moving forward you know we have this um arrangement with new retirement and the link is below for their dashboard that you can get that ties together all your financial information to show you on one screen how much money you have and then you can run all sorts of different scenarios it's a really cool tool if you don't have it you should take a look at it but you know we're talking about your nest egg right right what are you going to do with it you want to protect it and make smart decisions and really there is no get rich scheme no in retirement we've all worked hard to get here and hopefully we have enough money to last and live a comfortable lifestyle that's been the goal right probably the best advice we can give is to live within your means make smart purchases and make good financial decisions with solid advice yeah we only get to retire once so we shouldn't blow it by making rash and short-sighted purchases we hope you enjoyed this and if you did this next video Don't retire without this financial advice even though we're not financial advisors there's some great information in here we touch on emergency funds living within your means you just mentioned that and some tips on social security so watch this next

As found on YouTube


Posted in Planning your Retirement, Retire Wealthy & Wise, Retiree Tips and TricksTagged , , , , , , , , , , , , , , , , , , , , , ,

Post a Comment