Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
'Sharon Ann Meny' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Buying stocks might seem easy, but picking the right one without a solid plan is tough. I've been trying to grow my $100K portfolio, but the tricky part is not having clear plans for when to buy and sell. Any tips on this would really help.
@@Elliot-Ivan I agree. From my own experience with an investment advisor, I've got $1 million in a diverse portfolio that's growing fast. It's not just about having money for stocks; you need to know your stuff, stay determined, and be resilient.
@@ElijahOliver-t9u VICTORIA CARMEN SANTAELLA is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I think one of the best things was to downsize and move. Downsizing is less stressful and opens time for other activities. Moving, while not necessary, gives you a chance to well, be someplace else. Reducing stress is great and while moving is stressful in itself, it is temporary. Get out of the city. The other thing I found out about moving was I got rid of a lot of stuff. Since I downsized, I had no room for 30 years collecting stuff that I thought I needed. Get rid of the baggage, you will feel better and be more likely to choose a hobby/project that is more age appropriate. One thing about retirement I would probably put first on any list is be leery of the couch, they will age you faster than food left out on a picnic table. Don't be a potato. Find something you enjoy and do it. Live within your means, but be active and take care of yourself.
The many things you didn't mention about a paper journal is, it never looses power, never needs an update in software, never corrupts your information, never looses your information, never deletes your information, cannot be hacked, and never becomes obsolete or go out of date. My daughter is a millennial and uses a paper journal for everything she does and loves them.
I learned that lesson many years ago when I had my appointments on a Palm device that had stopped syncing with my laptop. Over Xmas it must have been improperly seated on its charger because it ran down and wiped itself clean. A lot of hassle ensued trying to rebuild my diary from dozens of paper records. Back to a portable A5 size diary, and to hell with Information Governance who (much later) preferred everything to be online behind a password but also randomly inaccessible.
I want to thank you . Watching your videos last year convinced me that though I didn't have anything near a million saved, that retirement was possible . Took the plunge in January at 65 and life could not be better . Thank you sir
I would include getting rid of large assets you no longer use. For example, boats, campers, and cabins. If you are really using and enjoying these, then by all means continue. But if no one is using them, it is time to let go. It feels great once you are past the initial nostalgia.
Along the lines of selling assets, sold my FL timeshare and club memberships. Just pay for what I want/need/use as I go. Recreational costs are easier to control and saves me a ton of money.
This sounds like higher value items slated for 'de-cluttering'. I am doing that with my garage as well as with my library (no one wants old books) .....
I like the cash buffer idea. in my 20s I shot for twice my monthy spend. Now I keep a 10k buffer in my working account and treat that amount a zero. It also means I NEVER pay any banking fees which a I personally consider an evil rip off.
Yea it's a rip off 🙄 They should keep track of ALL your money AND transactions for free. Also they should maintain their branches, atm's and pay all of their taxes and employees but hell if you should have pay a DIME for that service. I'm sure you'd do the same for your customers if you ran a bank? No you would not. Time to put the crack pipe down and join reality.
Great points today!! The only caveat is the "investing in yourself" section. Absolutely agree health is by far #1. However, starting a business or getting an expensive hobby that you expect to generate income is very risky. I know a retired person who wanted to start a business, and invested hundreds of thousands, before realizing that his partner wasn't trustworthy, he spent more time working in retirement than when he had his regular job, and made a lot less money. Eventually, he closed the business and lost about 80% of his investment, and worse, spent almost five years of his retirement being miserable. If you do stuff in retirement, make sure it's fun, and don't expect to make money. If it turns a profit, that's just gravy.
Important rules of thumb about starting a business in retirement: 1) Make sure its a business that you fully understand and have a wealth of experience (dont buy into some franchise for a business you have no experience); 2) Start small, prove viability and then scale (dont use 'big bang' approach). Not for most in retirement due to risk, but some can parlay a careers experience 'working for the man' into something that they know completely and can handle all aspects of the biz and it can fund retirement.
What is the one important thing that many of our fathers & grandfathers had when retiring, that most don't have today? The answer: a defined pension plan! In my opinion, the main reason Americans don't have as much as their parents did is because, in the 1980's &90's, they were 'hoodwinked' into opening IRA's, 401K's & 403B's, which actually replaced, instead of augmenting existing pensions! This got major companies "off the hook", putting a comfortable retirement on the worker's back!
Regarding the cash flow buffer. Very good advice. The way I do it is that I know what I need as net working capital and maintain twice that as fully liquid. I also created a simple savings account for irregular cash flows (insurance or property taxes). Finally, I created a simple savings account for extra-ordinary expenses. The two savings account have what I consider to be a minimum balance. I only add to these when they are below the minimum, else anything in excess of what I need as net working capital is invested.
The majority of Americans don't think they'll be able to retire comfortably; they estimate they'll require more than $1 million. How do I invest on the stock market with the roughly $745K equity I currently have from selling my home?
Having an investment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly and I made over $220K within a short time
Having an FA is essential for p0rtfolio diversification. My advis0r is *SHARON LOUISE COUNT* who is easily searchable on the web, and has extensive knowledge of the financial market
Cash buffer; pay annually, buy end of season,invest wisely,spend wisely,look after yourself and your loved ones,enjoy yourself with your loved ones, use time wisely, carry on learning- and enjoying it, remodel your home- for living in, use efficient- and green- energy,and don’t forget insulation (which cuts AC costs as well as heating costs, plan spending throughout the year, use paper (don’t lose it!), ; thank you
This pandemic made me realize how important investment really is, I am 35 this year a business owner here in Australia with no investments and that is not good , as a beginner in the stock market am finding it difficult to invest right now, I don't have the time and the market is also not very stable, I really need to invest my earning in stock market, I know now is the right time.
I understand, every 9 to 5 worker or busy business owners have this fear of missing out of the market. Am not an expert, however i made a proper research for one, Monroe Horcel is the expert who assists me in my journey up till now, search his name online if you are ready to start your journey in the market.
@@sureshh6193 Thanks a lot, I have made my research about him online and find him trustworthy, I have sent him an email already waiting for his response.
@@Reload77725 And whatever you do, don't hand your money over to one of these sharks who cruise the internet offering to make you rich through Bitcoins or some other wild scheme.
My son graduated from college last month. Our experience with textbooks was that he needed lots of very overpriced textbooks for lower level courses and as he moved up through the years, there were more options for renting physical books or using virtual text. Frankly, my opinion is that college textbooks would already be obsolete if not for the influence of several big name publishers along with the college professors who write the books and assign them as mandatory text in their own class.
Yes - 1st year we bought the books .. then we learned .. wait till class actually starts .. usually the professor will say "eh I won;t use that or "i use this one" .. then we rented the very expensive books off of Amazon ..
I was light cash for longer than I needed to be in 2022 but I buffered up with two months in checking and two years in savings. I call it my oxygen fund because it allows me to breathe in rocky markets.
I kept a paper journal when starting out, also had a wish list. It was so satisfying when I could crossed it off. The entries let me see how my savings and investments were doing monthly. Very motivating.
That is a really good point. When my sister had a stroke we realized that none of us knew her passwords but knew she did all her banking online. Luckily she recovered quickly but that taught me a lesson. I keep a paper record with logon info and passwords for my husband so he can access them if need be.
Having time to do my own landscaping, which I enjoy, and many other such tasks is a money saver in retirement. Other examples, haircuts, sewing repairs, wall painting,etc.
As a college professor, I will say that much of it is going digital. However, students that are able to work off of traditional paper sources in my classes always do better, it's a different thought and learning process.
I lived through the era when undergraduates mainly studied their own textbooks and referred to others in the library, and any journal readings were done from bound volumes from which we took notes. Later postgrad work could involve making our own photocopies from a master copy of each article set aside for students on our course: such was the ritual demanded by copyright law. Now everything is online on the publishers' and the university's servers and accessed at home. Once out of the academy, it's $30 - $50 per article for what you can read for free in a library. I don't find reading a chapter or article online at all equivalent to having a paper copy in my hands: you can't easily go back and forwards, or check footnotes and endnotes without losing your place. The difference must be like going back from a bound codex in a mediaeval library to an ancient set of scrolls, which had to be unwound from one hand and wound by the other hand. That's what we call "scrolling," and it does not give us the "random access" that a book allows. The quality of engagement with the text is just not the same.
I agree with you fr personal experience. I learned more easily when I wrote down information with my own hands. For things I had to memorize, I wrote them over and over while I said them aloud.
My father did so much renovations to the house in anticipation of his early retirement, then he died. I think you should spend the money as you need to, instead of ahead of time. He was 60.
You would know better than I do, but I am guessing it gave your father a real sense of satisfaction and achievement, to have got the house the way he wanted it. I know it is a big ambition of mine. I am really sorry you lost your father at such a young age. He sounds like he was a good sort. So I am very sorry for your loss, S CT 🙏🌺
@@gracec3418 I agree. I have the impression that the keen home improvers I know, who are not in the building trade, do it as much out of enjoyment of the process as to save money.
I use a paper planner because 3 years ago all my contacts, appointments, etc. were on my 'smart' phone. One day the phone 'died' ... it was only 2 years old! Phone company had no idea what happened and was not able to recover much except photos which were auto saved to a microSD . This worried me so I printed any 'important to me' info off my PC which was great because abt 3 weeks later my PC hard drive crashed. Yes, phone and PC died within 30 days of each other. The past 3 years my paper planner has never crashed!
Windows Office 365 installed on the PC, Surface Pro and Samsung Galaxy phone. All are linked and the yearly subscription (on autopay for discount) provide 1T of cloud storage.
Just as a side note of your electronic devises dying. The powers that be want the public to buy electric cars and some will be self driving. Think about this: All computers die eventually. Where does that leave you at 70 mph on the freeway?
If you have an Apple product, everything is saved on the cloud with an Apple Id. When you buy a new gadget, just sign in and boom, everything are uploaded including all your apps, contacts, calendars, ibooks, notes. Keep the rest on a flash drive. All my Apple gadgets sync together.
@@sct4040 Yes that works also. About 3 years ago my wife dropped her phone off a balcony. Destroyed it. She had spent days loading data in her phone and was really crushed with the thought of having to redo all that work (she hadn't loaded the app on her iPad yet). Went and got a new phone and when she logged in nothing was there. I told her to wait it's not instantaneous on 4G. We got home and got on the Wi-Fi. Took about 2 hours for a full recovery.
I am the same way, there is absolutely something about writing the "old school" way that helps you focus and reflect so much more than just typing a list on your phone or computer, I have always been that way, my best ideas come from when I'm doodling nothing on paper!
We use a HELOC on our otherwise paid off house in lieu of a cash buffer, like a business current account. Buy a car, write a cheque on it, pay it off over the next several months, or for any time there's a monthly deficit between spending and income. The balance floats between 0 and 30k or so at any one time, although there is 250k available. You have to be financially disciplined for it to work. Too many people would just run it up to the limit on a spending spree.
You are a good person to help so many! Thank you very much! I love my physical monthly calendar. I can see my schedule for the entire month. Special items may call for lists. And writing checks helps me to know exactly what I pay for utilities. I never schedule events on my smart phone. I am 64, retired and healthy. Yay!
Good work! Also, you could record your utility payments in an Excel workbook. Do a worksheet (tab) for each year. Then you could make formulas for averages of each utility per year, all utilities per month, and etc. I do that with all my major bills. Just a thought.
Fortunately I don’t worry too much for the dollars and pennies for utilities. All my bills are on autopay which helps me avoid late payment penalties that are really irritating (and costly). I just check the spending every few months making sure nothing too out of the ordinary
I do that also, though sometimes I forget if I've scheduled them through my calendar which I think is Google, or through Outlook. I need to spend some time and figure it out.
Loved the dog on the beach!!! You mentioned Miami Beach….. In the late ‘80s, I went there every year for the Art Deco Festival- before all the hotels were refurbished and while they were still senior living residences. I was a new grad and living I’m in Fl. It was a great experience. Hubs and I got engaged at the Waldorf on Valentines Day. It may be time for a return trip!
I have years worth of cash flow buffer. One thing I found, it is hard to resist spending money on goodies. I make and eat healthy food everyday and I do work out. As you get older you will turn to stone if you sit around. Personally, I am not motivated to do big things. Keeping it simple is more my style.
Paper planner, yes! I've used one for years. Not only is it quick to look ahead, it's quick to review. Many books I'm interested in are not available for Kindle. Lastly, I combine a cash cushion in my annual budget. I have, as I'm sure you've recommended before, figured out annual expenses, divided by 12 and set aside that portion of pension and SS in a bill paying account. The account is padded to absorb a problem or two. I'm a electrical/mechanical retiree, but this much budgeting should be easy to understand for about anyone.
The research (and indeed the students themselves) prove that performance overall is best with physical books as compared to audio & digital, as much as half a grade level (e.g. B+ to A-), when faced with a significant task. Kids initially preferred audiobooks for light, pleasure reading but chose & performed better with physical books.
For many, it’s easier to interact with a book. Writing in margins, drawing boxes and arrow, shapes, etc. It also feels like one is part of the experience rather than just extracting info.
@@DrSchor See,e.g., American U. (Linguistics) emerita Dr. Naomi S. Baron “How We Read Now: Strategic Choices for Print, Screen, & Audio” in L.A. Times, Op Ed. (May 10, 2021).
@@markswanson1564 Thanks - always wanted to read something about learning --- I still take notes on paper (3ring binder) and can re-org - especially for science-tech & research, while keeping info in some biblio software for the computer. Even for thinking through history and economics useful to have multiple ways of capturing info to re-org / learn. -- at least for me...
I love your videos! I'm retiring at the end of this month, taking the lump sum option, and it will rollover into my existing 401K and IRA, We also just listed and sold our condo, it sold in 6 days it was an all cash offer. We still had a mortgage on it, with the net profit after sale, now we are paying cash for a new high quality manufacture home in an 55 and older adult community. Some people think that we are crazy, but my wife and I are going into retirement with little to no debt, and zero CC debt. Plus we will have a very nice place and home to live in and will continue to travel in our motorhome. We are at the point in our life we no longer need home to build equity. We are very Blessed.
Nothing wrong with that plan at all. A lot of people scoff at manufactured homes. My brother lives in one and has for 9 years now. They paid cash and the inside of the house looks like...a house.. Zero debt is the key for most retirees. I feel for my friends who are 60+ with big houses, big cars, and big payments.
I love your videos and appreciate everything you tell us. I also like your presentation...easy and calm...makes me feel intelligent and positive. I dont have much money saved...but just from my experience of living, I am quite aware of how suddenly something expensive comes up..like last winter when my boiler basically burnt itself out and the hot water heater was leaking a lot of water due to a rusted out bottom...so I need some cash reserve for my sanity. My back up plan though is using community resources for the elderly and poor...never be afraid to ask for help if needed. One time a church gave me a dryer for free and delivered it and hooked it up...many years ago when I was a struggling single mom...but if I wouldn't have asked...no one would have helped. Remember that it helps others feel good when they can help as long as you dont get excessive. Love to all.
1. 30-40 day cashflow buffer to take advantage of savings opportunities 2. Improve quality of life - food, exercise, sleep, give back and gratefulness. Manage stress 3. Continue to think about your investments and not make any foolish purchases 4. Invest in yourself and use time wisely 5. Remodel your home to maximize resale value as an investment 6. Upgrade appliances to energy efficient to save money 7. Use daily calendar with journal since time is most valuable item and anticipated timing of purchases provides opportunity to save money.
I love my paper calendar, and much prefer it to smartphone and computer options, for many of the reasons you give, Geoff. I’m 72, semiretired, purposeful, productive, and happy!
That was helpful, thanks! Especially about the home improvements paying off later. I also have used a paper planner for years and not a digital planner. Makes much more sense to me. I've started going to grocery store more often, seemed foolish at first, BUT as you say in another video, it helps me not waste money, and I throw away (compost) less. And the store is only two minutes from my house. I have started asking friends if they want to share housing, because I realized how expensive maintaining housing is.
Paper journals are great for planning time and activities but I use a spreadsheet I created for monthly cash flow and expense planning. It allows you to plan expenses and put in the lumpy ones like annual property taxes, quarterly income taxes, insurance and the like which can otherwise throw off your cash flow if you aren’t anticipating them. Same for income if you have some irregular sources. It also allows you to plan the remodel or do sensitivity analysis on “what ifs” so you can see the impact on your cash and savings months out. Mine captures twelve rolling months of income and expenses. You only do the math once and it’s less susceptible to math or memory errors.
What is crazy to me is how many recurring expenses people forget about and never plan for, so they are always thrown into “emergency” - anticipated maintenance on a vehicle is a big one (tires every 2 years, registration/inspection every year, brakes, scheduled maintenance, oil changes x 6 - we drive a lot). My children go through this and Christmas also hits them hard. And I don’t feel that bad, because I taught them better and continue to point out these things are not surprises, so you should plan for it. I also know a lot of people like to get big refunds from the IRS - they treat it like they won a jackpot. It’s already your money - you just let the government use it for free all year. I like to finish my tax year owing the IRS just a little (less than $500) and put my money to better use throughout the year. $500 is an amount I can write a single check for and be done. One other thing. Don’t forgo having credit cards, just be an adult and learn to use them wisely (i.e. payoff balance every month). You need a credit history - no credit is just as bad as bad credit and that affects what you pay for insurance. Stepping off my soapbox now.
I am not going to lie. It is getting pretty discouraging knowing I am doing everything right and the more people screw up in life they get rewarded with free stuff. Student loans paid off free money given out. And speaking as a black man I am against this new no money down no credit check home loan program they are doing just for being a minority. I sacrificed buying wants for needs and where is that getting us. But I know one day it will eventually pay off. I Hope!
Amazing you choose student loans being forgiven as an example but nothing about Trump getting endless free money and legal tax scams available to large developers. Or Trump “University” where the Cheeto scammed 1000’s of folks. Or ITT Technical or Phoenix University that particularly fed on our returning Middle East war vets. Or the fact that our largest corps pay no taxes. Or the fact that taxpayers subsidize our scamming petroleum industries or…. I’m really interested how the Republican Party so effectively grooms people like you? Is it because you’re so naive? Not worldly? What is it? What is it that such an ignorant man as Trump can so effectively groom Fox nation? Nearly 40% of our country?
@@mrsmartypants_1 And I rest my case. We live in a time of when someone's opinion about " HOW THEY FEEL" is wrong because it doesn't align with what other people feel. We are doomed. It's crazy how people think presidents really control the country. That a poor persons mindset the wealthy understand lobbyists pick the laws and write the bills. Wake up we are on the same team.
@@TheNORegretShow We are not on the same team. I grew up in a very rich, lily white neighborhood with an executive father pulling down big bucks. You are naive as hell and have been groomed to spew out “student loan forgiveness” as the first thing that comes to your mind replying to this vid. Unfortunately you don’t have the vaguest idea of how this occurred to you.
The student loan thing is a sticky widget. I paid off my loans (and a good chunk of my children's) eons ago. I have relatives buried in student debt that you could buy a Tesla for. And little to show for it. A scam college with a degree worth about the same as that roll of paper in the bathroom. I have some sympathies for folks like this, but think the best answer is solve the root problem, not distribute the problem to all.
I've always had my retirement "knife", but watching your videos have helped me "sharpen" it to pretty near ready. My wife and I have roughly 3 more years before we can get off the hamster wheel. So looking forward to that! Thanks for sharing the information.
Life in retirement is so different from my work life. I hardly buy anything at all except for groceries and drugstore items. Hardly any extraneous spending. My apartment is paid for and my maintenance pay for the Super to fix things.
The current economic climate favors savers. So while I was getting 0.5% in a cd two years ago, now I am getting 4.5%. I’m certainly ok with that especially when you have sizable saving amassed during the fist several years in retirement. I’m thinking of ladering the cd’s for future income. Great videos - enjoy them.
Great video as always Geoff. Many retirees become stubborn and remain in homes that are large and require a great deal of maintenance and expense to run. It is at this very time that one need to reflect on their living needs and downsize to a more suitable and sustainable living situation. I recognize that family keeps us from moving on, but one needs to calculate the expense of just visiting periodically versus keeping a home near family members.
After my mom died, we (all 6 of us kids) begged dad to sell the house. He didn't need a 4 bed, 3 bath house anymore. He refused and eventually was foreclosed.
@@tiffanym4202 Am sorry to hear that Tiffany. It is indeed a challenge when folks get older as they get entrenched in their ways and cannot be budged from their position. I do hope that your brothers and sisters stepped in to help him afterwards. Best to you and your family.
Great video. I keep a 4 month look ahead dry erase calendar on the wall in my office. It allows for planning ahead long term and gives me visibility to my schedule. Can’t get that from my I phone.
Great contents. When it comes to investing, you have to continue to build wealth. I fully retired at 57 and have continue to stay relevant in the equity market. I enjoy it and it fills most of my mornings. By reinvesting my dividends, I can continue my compounding rolling.
Agree with you on the paper planner! Hitting pause is the best explanation because it's actually true! Many don't believe this though until they actually try it.
I guess I'm old fashioned because the paper planner makes total sense to me. My only gripe with your example Geoff is the size. It must fit inside a sport coat inner pocket to really be an everyday useful tool. Anything larger is a 'work' monument for the conference room meetings and a prominent placement on a desk, not a personal planner. Less is more.
We live in a home we built 20 years ago and have kept it up to date, however we have stairs and my wife is starting to have a problem with them. I am looking at installing an elevator (30K). we love our home and feel this would be much cheeper and better for us than moving. The house was built as a retirement home overlooking the water and we would not be able to find a better location. 30k for an extra 10 years in our home. Priceless!!!!
30K elevator? Wow! You are definitely funding your contractors retirement. Must be a reframing of a portion of your house, there are less expensive options that won't shade the resale of you house and would a smaller cash outlay. Either way, good luck
Thanks for the excellent information. On another note please consider raining your camera light source 4 to 8 inches to eliminate the reflection in your glasses.
Maximize the credit card point system. Funnel all spending through just a few credit cards. Do NOT increase the spending of course, just use a travel (or cash back) card instead, and by ALL means pay it off monthly. There are many RU-vid channels that cover this further, but I consider this found money simply by changing the way or the method in which you spend.
@pinñed by Holy Schmidt!• - you have a LOT of good context, i’ve been watching your channel for over a year now, you’ve touched on a LOT of items and planted a lot of seeds for further thoughts and items to consider. 👍🙏 I’m slightly older than you (on the younger side to be considering retirement) but not as tech savvy, so RU-vid it’s about the extent of my social media (beyond Strava). No Snapchat, FB or IG. I have a Roth started for both my boys and doing what I can so they are mindful to combine being frugal and taking advantage of the resources and rules that are out there. 👍💪🤞🙏😎. Thanks again to you and the small handful of other channels that I watch.
Interesting comment on Kindles. I used to use a kindle every day. In fact, I have several gathering dust. Why? Not because I’m not doing the same things as I did on my Kindle, it’s just all on my large phone today! The screen size on my phone literally made my kindle obsolete! I still buy kindle books, and read them on my phone. (My PC has gone obsolete, too, with no plans to replace it, all because of my phone.)
The stock market is at an all time high! No better time to retire! Now my daughter (who got her first real job in 2020, with several raises later) gets to take over paying her own student loan. Life is good! 🎉🎉🎉
Do not replace appliances that are not broken. Chances are the newer ones will not last nearly as long as the ones you throw away. Also realize that the efficiency standards that the manufacturers report are almost always exaggerated.
I draw on my dividend payments to the extent I need to. since the divs exceed my needs, i'll take the excess and invest in more div stox, and the result is growing income as time goes by. So far so good.
Great video and ideas. I’d say my reserve fund is both a buffer and emergency cash. Stashing the max every year in I bonds over time. I like the home maintenance ideas but do what pleases you, not what is necessarily the biggest ROI. I’m highly skeptical of ROI claims which rarely seem to pay off. I don’t buy any of those claims. You know what pays off? Having a home you enjoy living in. Something in between. Do what pleases you if you’re staying long term. I agree with using paper, I prefer it but I use both. I only want paper books. Yellow legal pads for me too. I’m starting with a trainer next week to get back in shape. This is a great list of ideas. Last, this idea of starting a business, with respect, seems like bad advice. A lot of retirees lose their life savings starting businesses that fail. And they usually fail within a year. I wouldn’t do it. But if you do, start with the assumption you lose everything you put in, would it still be worth it. Probably not. Or find a business idea that doesn’t require much capital
I really agree with William, We just remodeled our guest bathroom and made it more handicap friendly. We widened the doorway and took out the tub making it a walk in shower that can accomodate a wheelchair. These expenses might be considered a negative to some that might one day buy the house but to my wife and I we felt this would help us stay longer in the home and out of the nursing home.
🇺🇸 I'm 85 and to fund my retirement, I work for the cartel. Once a month I go to Mexico or near the border. Pickup the goods and deliver to several warehouses in Dallas, Austin, And Waco. Paid $50k in cash. Usually takes 2 days a month.
I use Qualified Charitable Distributions (QCD) from my IRA for my favorite charities to avoid some of the tax that I would otherwise have to pay on my RMD.
FYI you can "pause" streaming services. I just paused all of them and will only switch them back on when I want to watch a show or two. Thanks to the nightly news for doing a report on the decline in streaming and giving me this idea. Now I'm $20 ahead each month:)
The written journal is about thinking about your progress and steps to correct your path. Electronics can handle the tracking and maybe forecasting. Writing and electronic means work in tandem. Writing and reflection are too powerful as tools to waste them in mechanical functions. Tracking and math is what CPUs do best.
With everything that is happening, most of us are a paycheck away from being homeless, hope we are all prepared, get yourself an alternate source of income
The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks gold, silver and digital currencies.
I rely on the government for my retirement annuity of which I gave 40 years of my life for, some military, the rest government service. I do not rely on social security to live, but I take my social security because I paid for it.
Hey Schmidt! I agree with most of what you have to say, but, you overlooked the gorilla sitting on the Davenport. Specifically, BEFORE you change out "inefficient appliances" work on roof repairs and super insulation. These two items go hand in hand. Window and door caulking are next on my list. Annual repairs and upgrades will cost less than $500 in most cases and will be offset by the same amount or greater savings in energy. Consider selective replacement of poor fitting windows and doors as your last option. Also, the attic hatch or pull down stairs are horrible energy waste items. Use one of the new thermal breaks for these locations. So, in short, spending $500-$2000 this year in most cases is a much better ROI than spending $5000 on a new HVAC. Also, keep in mind, an average house in the midwest needs a 3-5 ton AC unit. But, with an attic hatch retrofit and added insulation the load drops to 2-3 tons. Keep in mind, these "estimators" will want to sell you a larger unit that won't run all the time. But, a small two speed compressor on low cruise is much quieter and more efficient cooling and heating. All engineers will tell you a system start is what wears out a system. You can understand a two cycle per hour load versus a 15 cycle per hour will make a huge cost difference.
One problem with college text books is their price. Digital versions are not substantially cheaper and you can’t resell them when your done. You can get used books at a significant discount and then resell them when you’re done. It is true that digital is different from paper and people have different preferences. But the decision of which to buy isn’t often just financial.
That piece of furniture is like a statement asset : it looks like an assembly of old kitchen cabinets that once retired, served out the remainder of their useful life in a home garage / workshop. A while back, they were salvaged from the heap beside the bonfire pit - and are now an 'art installation' in Mr. Schmidt's study. The name of the installation, is "A Study in eco-conscious use of natural materials". All the museums of modern art are putting in bids as we speak, to become the new curator of this ground-breaking exemplar of eco-conscious living. This trend-setting line of home furnishings is Mr. Schmidt's new side-gig, in anticipation of a fruitful and prosperous retirement in the future.
Hey, stick to what you know! Most people would benefit from eating more fatty meats like we did 50 and more years ago. Bacon and eggs, a good chuck roast, a rib eye. It’s sugar, seed oils and too many carbs that are contributing to metabolic syndrome
@@sactopyrshep The problem with moderation. There is no clinical definition of moderation. Its only purpose is to provide permission to make bad choices. I can't say I will never have ice cream or pizza. I will say I make it a point to eat everyday a meal that is natural, no sugar or high carbs. It has done wonders to my health and I know for the health of others.
I like white boards..... Tantamount to a neon sign close up and colors too ... 🙂 Editing: just to add the fact that whiteboards encourage graffiti and outside participation and additions... 😆😂🤣📝📊✅
Have several sources of income is a vital step. Such as Social Security, Annuity, pension, part time job, etc. It adds up but set them up before you retire. Also have different buckets of money. That's your buffer. Such as Savings, CD'S, untouched annuity, municipal bond, etc. I personally use an inherited annuity as a cash flow buffer for home emergencies like plumbing appliances, etc. I only use my IRA brokerage investments to take Required Minimum Distribution which some of which I reinvest and place some into a money market
Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement, my question is, do I pull cash from my 401k and buy a house, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement?
Lately, I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future. I've also invested in the stock market, experiencing fluctuations without substantial gains.
Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q2.
Sharon Ann Meny, is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I follow Warren Buffett advice and put my money in a low cost S&P 500 fund like Vantage. The rest goes to Berkshire Hathaway Class B stock. Then I forget about it. I make an average of 15% -20% a year on my money. I live on Social Security and a bit of savings. I’ve been betting on the US economy as a whole for 15 years. It’s never let me down.
On vacations - these days, I found paying early for a hotel shows the price goes up not down. It doesn't seem to coincide with the off or on season. Some require a year in advance such as Bryce Canyon and Yosemite. Also, my most recent research showed cancelation insurance has a poor rate of return even if you go through a travel agent. My friend's trip to Israel turned out that way. You'll get some of $ back but not 100%. You may get the air fare back but not the hotel, or you'll get car rental but not the hotel. Air-fair doesn't pay you back in cash either. They will give you a raincheck instead. There is a bill in congress to make this illegal.
I retired 5 years ago with my house paid off. I live on my pension money, and just keep reinvesting my retirement savings. If I need long term care in my really elder years, the money will be there for that.
Property. I bought property in a market - HK - where there is only about 20% home ownership, with most people renting or living in government housing. The biggest obstacle to buying your own home at that time was the requirement to provide a 20% upfront payment before you could even get a mortgage. I realised that my mortgage repayments would be the around the same, if not less, than rental. I was fortunate. Property is at a premium in HK as there is limited space. I bought an 884 sq ft apartment for around 400,000 USD. I sold it 8 years later for 1 million. I guess I got lucky. However, I relocated to the Philippines where everything, property included, is about 15% of the costs in the USA or UK. I bought 3 commercial and 3 residential properties which have increased in value by about 60% in the past few years. Financially, Covid benefitted me since our properties are about 2/3 hrs from Manila, at altitude and in a clean environment. One side-effect of the pandemic was a huge influx of people, who work in Manila, choosing to relocate to a healthier and more affordable city.
I look at home improvement ROI differently than most. Wife and I retired late 50’s and are in our forever home, health permitting. Asked ourselves improvements we may consider since we are home more. Went ahead and did all the improvements over two to three years rather than waiting 10+ years. Our ROI is personal enjoyment as we don’t plan to move.
Most modern appliances are energy efficient, so unless the appliances are really old, most appliances are already energy efficient. What about solar, heat pump, geo-thermal etc.?
Substantial tax credits for energy efficient appliances and home improvements are part of the new Inflation Reduction Act so will pay to wait until tax year 2023 to make elective upgrades. EG heat pumps/ efficient A/C, insulating windows, solar power, etc.
