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The Top 5 Things Retirees Should NEVER Buy!

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We spend a lifetime saving for retirement, so let us not squander your savings with things that won't add value to your golden years. Not every tempting purchase is worth it -- many can lead to unforeseen financial burdens. In today's video, we talk about the top five seemingly appealing purchases that retirees should never buy and can become retirement pitfalls.
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CHAPTERS:
00:00 Introduction
01:34 Luxury Items Without a Good Purpose
04:23 Time-Share
05:49 Large and Expensive Boats or Hobby Equipment
08:29 Does It Make Sense to Buy a Much Larger Home
09:57 New Financial Products that are Unvetted
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Husband and wife duo, Mark & Jody Rollins, inspire and serve as personal guides to meaningful, transformational journeys for individuals who are planning for, going through or are living in retirement. This is everything in retirement beyond your financial plan.
We are not financial advisors or medical experts. Any advice we give is our own and should not be taken as professional advice. This video is for informational and entertainment purposes only. Please seek professional assistance before making any financial decisions or changes that can affect your physical or mental health.
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17 авг 2024

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Комментарии : 723

@dos-fslady3140 10 месяцев назад

With all due respect, your "tips" were hilariously absurd to someone like me who: (1) has driven the same Subaru for 5 years and keeping it another 4 to give to granddaughter, (2) uses bar soap until it is the size of a nickel, (3) buys almost everything at thrift stores, (4) repairs and does our own alterations, (5) composts all kitchen scraps for the garden, (6) cuts my own hair -- and on and on. I started babysitting in 1962 when I was ten for 25¢/hour, and worked almost full-time at various jobs through high school. By HS graduation, I already had thousands of dollars invested in mutual funds. Didn't go to college. I would NEVER buy a boat or a timeshare. My hard-working partner and I live in a gorgeous home with spectacular artwork collected from junk stores and small galleries around the world. Now in our 70's, we are both still absurdly frugal except when traveling the world (over 70 countries so far) or taking the family to see extraordinary shows or sights. We both carry more cash than the average Hollywood celebrity, and often leave tips at restaurants far larger than our total bill -- plus we always take care of hotel housekeepers and everyone who is working hard to provide our "free" breakfast when we're traveling. Sometimes when we are at small country diners, we give tips to everyone, including the cooks. We have everything we ever wanted, support a number of worthwhile charities, and have a substantial safety net for any conceivable challenge we might face down the road. Our cup runneth over.

@RetirementTransformed 10 месяцев назад

What a wonderful comment to read. Thank you for taking the time to leave this. Very inspiring.

@islandmonusvi 10 месяцев назад

You just defined my life trajectory… filled to overflowing with abundance…

@galechicago325 9 месяцев назад

I drive a 13 year old convertible! It was top of the line, expensive in 2010. My previous car was the same model, 23 years old when I finally gave it up. Looked great, ran great, always a joy to drive, even when it became a vintage car. You do have to buy quality.

@BeckVMH 9 месяцев назад

It’s not just about being frugal, it’s about not wasting and taking of what we’re blessed with. Additional tip, I place those small pieces of soap in a repurposed portion of pantyhose utilizing the entire bar. I also open containers to extract all the product, i.e. anything in a tube (toothpaste), deodorant, etc. Granted, I may not be saving thousands, but there are many in this world who would appreciate having what our society simply throws in the trash.

@nickthinkpainting1978 9 месяцев назад

Inflation is killing retires where I live killing ever.. have you been to supermarkets lately or looked at your utility bills. Just being able to eat and pay bills is stressful for people I know especially retired new.

@PaulAmeliaIsland 10 месяцев назад

Love your common sense approach. My wife and I retired in 2015, current age 63 and 62. Still driving our two 2006 Honda Accords with 345k and 235k. Owned the 345 since new. No plans to replace either one. All our neighbors drive much newer cars. I do, on occasion get a sideways glance, but I just don’t care😊

@katz20200 10 месяцев назад

My 2011 CRV has close to 190k. I'm hoping to drive it for a looooong time.

@diannej7773 10 месяцев назад

Same here! 2012 Honda CRV and a 2018 RAV 4 😊

@RetirementTransformed 10 месяцев назад

Thank you for leaving this. We appreciate you being here.

@franciscodizon4078 10 месяцев назад

I stll drive a 2007 HONDA CRV. It does not make any difference with a new one as long as it is well maintained. A big savings.

@bigdougscommentary5719 10 месяцев назад

@franciscodizon4078 well maintained and saving money are at odds with a Honda. EVERY Honda owner I've known have spend thousands "maintaining" their Hondas. Maybe I just know the unlucky ones.

@MrGus4440 10 месяцев назад

Best advice is to have you house and toys paid for before you retire.

@RetirementTransformed 10 месяцев назад

Great advice!

@robertross8565 10 месяцев назад

Great message. Quit chasing shiny stuff. I went on a cruise to Alaska and bought absolutely nothing. I only bought excursions which to me have more value. Experiences not stuff is the way to go.

@RetirementTransformed 10 месяцев назад

Thanks for sharing. I bought a knife on the Alaska cruise we went on. Still sitting in my bedside drawer!

@carlamintert8747 10 месяцев назад

I totally agree. We took a trip to Austria and Bavaria and cuckoo clocks were in every shop. I was so tempted to buy one (my favorite was $400!) but I told myself no because I knew I would regret it when we got home. We will spend money on the excursions though because we think they’re worth it. I also take all my photos with my phone and then use them to make a digital scrapbook to remember the trip. That’s my favorite souvenir.

@boondog8504 10 месяцев назад

I bought a boat. A sailboat. I live aboard it in the Caribbean, sailing around the islands, doing exactly as I please, wind and weather permitting. I spend little but it costs little to live very comfortably on SS and some modest investments. When I am in a marina for hurricane season, a slip costs me $250 a month. I fly back to the States several times a year, and to Europe once or twice. My biggest expenses are boat maintenance and improvements, most of which I can do myself. I have no car, no house, no debt and am not a prisoner of my possessions.

@RetirementTransformed 10 месяцев назад

This sounds like a wonderful life you are living.

@allanfifield8256 2 месяца назад

Works for a few, not for most.

@robertwalker5521 2 месяца назад

In your situation, my biggest worry would be Caribbean thieves and marauders I assume you are well armed and alert.

@rds990 10 месяцев назад

I bought a boat when I retired and use it all the time. Of course it was not a snobby 40 foot job. It was a 19' fishing boat. GREAT purchase !!

@RetirementTransformed 10 месяцев назад

Good for you.

@bobfeller604 10 месяцев назад

You actually use it, so many folks don't.

@genglandoh 9 месяцев назад

I learned the lesson about gifts that can be a burden early. When I was in college our neighbor retired and their dog also died at the same time. Their youngest son, my friend, bought his retired parents a new dog without asking them first. The parents wanted to travel and the dog became a burden. Their oldest son decided to take the dog and unburden his parents. From that point on I decided I would never give anyone a gift that would become a burden.

@RetirementTransformed 9 месяцев назад

That is a good suggestion. Yes giving a dog can be complicated.

@ivanvarykino8202 10 месяцев назад

I really like the statement that another financial youtuber (Rob) I follow closes each segment with: "Remember that the best thing money can buy is freedom". I so agree with, relate to, and currently live this. Expensive cars represent the opposite of freedom for most people.

@RetirementTransformed 10 месяцев назад

Thank you for sharing this

@HunterChristianDarkman 9 месяцев назад

I find that, no matter what your age, you tend to be better off purchasing the best you can afford, whether needs or wants. Everything seems to come down to your financial situation, and managing your expectations within that situation.

@RetirementTransformed 9 месяцев назад

Thank you for sharing this perspective. Yes everyone is in a different situation and should do what they are comfortable with.

@garyscarstuff 10 месяцев назад

I agree with everything except the vintage truck. I've had a number of old cars and have never lost money on them, and because I do all my own maintenance and restoration as a retirement hobby they actually do better financially than my traditional investments.

@RetirementTransformed 10 месяцев назад

You are probably right. Maybe one day for me.

@donaldperrotta8514 5 месяцев назад

I’m 67 , retired 2 years ago. Not married-no children. I’m watching my spending… but I have no one to leave it too… so I am enjoying my $$ . Just went on a beautiful 10 day cruise … now having my kitchen remodeled …l thank God I’m blessed with pretty good health.

@RetirementTransformed 4 месяца назад

Great life for you! Enjoy it to the fullest.

@bikeman9419 10 месяцев назад

Great video, this is a subject that I’m an expert at. I have been since I was a kid. I have been called many names by family and friends but I prefer frugal. They would die if they saw my bank account. I try to never buy anything new except maybe groceries and then I am a very alert buyer. I could give classes and write books on this subject. Most of my clothes are from yard sales and thrift stores. You should see my sneaker collection. Most everything I buy is either used or on sale. I bought my Camry at a yard sale, it had 19,000 miles on it. I haven’t had a mortgage or car payment in 20 years and I paid cash for my last two houses. I never had a high paying job. Spending money can make you happy temporarily, saving money can make you happy permanently.

@RetirementTransformed 10 месяцев назад

Thank you for this comment and your perspective. Its helpful to all of us on this channel to see and hear about how people spend this phase of life

@erickirklin2962 10 месяцев назад

My 64 ford F100 has brought me a lot of joy, and can be sold for for more than 10 times more than I bought it for.

@RetirementTransformed 10 месяцев назад

Wouldn’t it be nice if we all had the first car that we drove here today.

@edhcb9359 10 месяцев назад

Dad bought a new Lexus when he retired 20 years ago and he loves it. It’s still like brand new with 150k miles on it. Not a mistake in my opinion.

@30-Year_Accountant 10 месяцев назад

I just purchased my retirement car (retire in December at 56) which is a 2023 convertible corvette. I invested extremely well (401k, roth ira, & brokage accounts) so the cost fits my budget and I get great satisfaction from it and the memories that will be made. Today is the youngest and healthiest we'll all be. Shout out to your dad!

@edhcb9359 10 месяцев назад

@@30-Year_Accountant LOL! I’m still working, but I was looking at getting one of those new Vettes too or a possibly a Porsche Boxster GTS but my wife got involved and now SHE has a BMW 440i convertible. 🤣

@RetirementTransformed 10 месяцев назад

Many times a purchase like this brings lots of joy in retirement and that is okay

@nancydeshaies4558 10 месяцев назад

A boat: think about mobility issues as you age. Bigger house: it’s less expensive to get a motel or AirB&B for visitors than to tie up money in taxes, heating, and maintenance. Cars: get a nice car, but don’t expect a nicer car to get you someplace better.

@RetirementTransformed 10 месяцев назад

Yes for sure. Thank you

@suvikoivunen8752 10 месяцев назад

Hello Mark and Jody! Thank you for this video with some very sensible advice. I live in a city in Europe, so I don't need a car. We have an excellent public transport. And unlike most of my countrymen, I don't own a summer house. Huge savings! Living in a city is more expensive housing wise, but you can save on not having a car and on free or low cost hobbies. I live in an apartment building, that I paid off before my retirement. It is very well maintained and doesn't cost much. But it is very important to pay attention to any detail when buying a place: does the building own its lot, does it have any further income, are there big renovations in sight etc. I wish you a nice week!

@RetirementTransformed 10 месяцев назад

Thank you for this nice comment. We appreciate you being here with us. Where in Europe do you live?

@suvikoivunen8752 10 месяцев назад

Hello, in Helsinki, Finland. 🇫🇮🐩

@marybusch6182 10 месяцев назад

Brilliant!!!

@CB-vg1wq 2 месяца назад

I think something possibly worth doing, if someone has the money, is remodeling bathrooms to curbless showers, putting in a seat and bars. Really makes the home more comfortable.

@RetirementTransformed 2 месяца назад

Good idea!

@pauloconnor5931 10 месяцев назад

The two happiest days in a boat owner's life-the day he buys it and the day he sells it.

@RetirementTransformed 10 месяцев назад

Agreed!

@davidclaycomb5496 2 месяца назад

Totally agree. All three of my boats I sold for a profit. Each one initially purchased from a bank repo lot. Enjoyed each one for 1 to 4 years and being a detailing nut, each boat looked stunning when I put them up for sale. The best deal I made was buying my first boat for 6100, and sold it for 9700. Boats are great!

@godfreydaniel6278 9 месяцев назад

Upon retirement, my wife and I sold our respective cars - hers a cute but tiny Toyota sedan, mine a Ford Ranger work truck - and bought a VERY well-maintained Subaru Forester that had been a rental. It's a little bit of an adjustment to go from having two cars to one - but the Subaru will last and last and is versatile enough to provide town, country, and back-country camping utility - plus carry the odd load of lumber or equipment. It's working out very well for us...

@RetirementTransformed 9 месяцев назад

Sounds like a great plan.

@TheOfficialABHS 10 месяцев назад

A timeshare and are much like a large motorhome. Lots of costs upfront, ongoing maintenance, and little resale value. BUT if you use it, understand the costs, and can afford them, go for it. We have a sizable amount of timeshare points (fixed weeks are old-fashioned) as long as we can travel, we make use of them.

@RetirementTransformed 10 месяцев назад

Yes. We have many friends that have them. the good side is that is forces them to schedule a vacation and they go to a place they are familiar with.

@galex5060 10 месяцев назад

Thanks for the great video! I live by the saying, "You know you're rich, when you know you have enough". This is not to say I don't enjoy myself and spend when I want to, but I make sure it is about great experiences, great quality of life and happiness. I question everything and if I want something, I force myself to wait at least 24 hours. By the end of that time, the spending itch has worn off anyway. In the end, stuff is stuff and you can't take it with you when you die!

@RetirementTransformed 10 месяцев назад

Haha, I love your spending strategy! Waiting 24 hours definitely helps with that spending itch. It's like a natural cure for impulsive shopping! Keep questioning everything and enjoy those great experiences without breaking the bank!

@kat1963 10 месяцев назад

Nor can you take the money

@panchopuskas1 10 месяцев назад

Make that a week.......or a month if it's a really big item......

@islandmonusvi 10 месяцев назад

The Art Frugality defines my Life… Leasing …conserving…investing… Sharing… avoid the Bling…

@RetirementTransformed 10 месяцев назад

Thanks for sharing

@robocop581 10 месяцев назад

I was frugal and practical before retirement. What is it I'm saving up more for during retirement and before I die? These tips are really for young people starting out in their careers

@RetirementTransformed 10 месяцев назад

I agree. We tell our kids all the time they need to pay themselves first and save as much as they can.

@conniedaniels4739 10 месяцев назад

When I turned 70, I bought my dream red sportscar. Now that is retirement after keeping cars for 20 years!

@7392318 10 месяцев назад

I have a ‘71 Pinto for fun which runs great. $100 a year for insurance and $11 for taxes.

@RetirementTransformed 10 месяцев назад

WOW. I remember the Pinto.

@mabelkhoza6831 9 месяцев назад

I agree with you like downsizing, I am 65 years and I downsized to a smaller house that I can be able to keep clean and maintain, when my children and grandchildren come for visits, we go camping in the yard with story telling and just chats about us and that brings us more together and since downsizing my children and grandchildren like to visit more than before because they even enjoy marshmallows barbecues 😅😅😅😅

@RetirementTransformed 9 месяцев назад

Thanks for sharing!! This sounds like a wonderful life you have created for you and your family.

@brians7419 10 месяцев назад

A friend (with daughters) told me once: “Fly first class because when you’re gone, your son in laws will”.

@RetirementTransformed 10 месяцев назад

That's good advice. If you can afford it you should consider that.

@markgilder9990 4 месяца назад

Love this comment ❤

@LouisJanYoung Месяц назад

Agree 💯

@johnrobinson5156 10 месяцев назад

Glad I bought red Shelby GT500 convertible fifteen years ago. Love it! Classic cars actually appreciate in value if you don't commute lots of miles. My Toy If you find a deal, buy the old truck for hobby. Sacrificed enough making Wifey happy 😊 It will be cool and not depreciate as much as a new one.

@RetirementTransformed 10 месяцев назад

Wish I had some of the old cars from high school days!

@pkerit308 9 месяцев назад

buy one. They are a heck of a lot cheaper than modern cars and easy to maintain@@RetirementTransformed

@MWS1960 10 месяцев назад

I bought a Porsche 911, 2014 and absolutely love it. It is expensive for oil changes but it puts huge smile on my face every morning. Other than that I don’t care about fancy phones or now fancy clothes and I don’t need suits anymore 👍👍. I ride my motorcycle that is also paid for and provides a huge thrill once I get outside of my home in Scottsdale, AZ to the northern parts of AZ.

@RetirementTransformed 10 месяцев назад

Thats awesome. Ive never met a person riding a motorcycle who didn't like it. As a young boy my brother and I had Honda 50 mini's back in 1970. They were such a blast. Then had a few more trail bikes then that was it.

@PacoJr-wr5ju 10 месяцев назад

Excellent choice, congratulations!

@arelimoreno1844 2 месяца назад

My husband bought two of the items you shouldn’t buy. An updated vehicle when our other was only 3 years old and a $20,000 tractor when a Ride lawn mower would have been just fine. We also purchased a new handicap vehicle but this was a necessity for my adult son.

@RetirementTransformed 2 месяца назад

Each family needs to do what they need to do. We just post videos like this to help us all think about what we really need as we age.

@NinaHuangCarmichael 10 месяцев назад

Hey Mark & Jody, thank you for sharing this insightful and practical advice for retirees! Your genuine advice and real-life experiences are making a positive impact. Sending lots of love to you both. 😘🥰

@RetirementTransformed 10 месяцев назад

Hi Nina! Thank you for this thoughtful comment. And thank you for being on our channel, we are happy you are here.

@aloisiodopinhooliveira1013 9 месяцев назад

Mark and Jody, you are a really very nice couple and very inspiring. I am here in Brazil planning my retirement and it is very nice to here from you. You are definitely contributing to my planning and making my journey better. Congratulations and thank you so much! Cheers!!

@RetirementTransformed 9 месяцев назад

Thank you. We are happy you are here and to be able to work together on our journey. We will keep creating content that helps all of us.

@markp.7165 10 месяцев назад

Great advice! On the boat issue, you have to love it!! I owned a top of the line ski boat for many years and I loved every day of ownership of that boat. We had many many great days on the lake with that boat. I no longer have it as I moved further away from the lake so I sold it but I don't regret spending money on it at all. You only live once. Now it wasn't new, I paid it off in 4 years so most of the years I owned it it was paid for. Had I upgraded and gone into debt again for a new one I'd bet my feelings would be different. Had you kept what you had I would almost bet you would still have it and be enjoying it without feeling the pressure of using it every weekend. Money going out each month makes you feel obligated to get your monies worth so there comes the pressure to use it.

@RetirementTransformed 10 месяцев назад

This is a great perspective. We are getting a lot of comments about boating. It's been in my life for 60 years and I always enjoy being on the water. Now its mostly on friends boats!

@gregfawcett5152 10 месяцев назад

Buying my sail boat was the best decision I ever made...Go to Dickinson Diesel Heater best install ever.

@lklpalka 10 месяцев назад

Me too. Had a pretty powerful outboard since I loved to ski. Was neither happy nor sad when I sold it to someone else who wanted their slice of the fun pie. Glad I did it. Now I have a friend with a bigger boat. If invited, I go just to be with them but truth be told I can't wait till it's over. I love that THEY love it, that's fun enough for me.

@CB-vg1wq 2 месяца назад

I am glad you talked about financial matters at the end of this talk. One of the best financial articles I ever read was about financial fraud. It turns out, people are much more likely to get involved in a scheme when a friend, relative or church person recommends a product. This is because people do not do their due diligence because they trust the person- who may know less than you! I agree, go to an advisor before getting involved. If someone tries to pressure you, with talk about the deal ending soon, run away (with your money in your hand)! Also, remember, people will tell you about their wins but will not tell you about their losses. So, be careful.

@RetirementTransformed 2 месяца назад

Thank you for your comment!

@2-old-Forthischet 10 месяцев назад

You only live once, don't regret not getting things you want. In my retirement years (16 years now) I bought a couple of boats (5 in total), a brand new RV trailer, a "new to me" 4wd, new bathroom remodel, new carpets, new central AC and so much more minor things. Again, don't regret it, you can't take it with you!

@lindacurrie6998 10 месяцев назад

Exactly, you can’t take it with you so be very careful on what you spend your money on, if you’re extremely wealthy then that’s possibly different story, it’s about quality of life and money doesn’t but that Imo

@2-old-Forthischet 10 месяцев назад

@@lindacurrie6998 no, I'm not "extremely" wealthy but have lived my life below my means so am comfortable in retirement. All that stuff I mentioned previously was bought with money readily available that doesn't affect my day to day expenses. Tomorrow could be the end so why wait.

@RetirementTransformed 10 месяцев назад

You are so right. Everyone's financial situation is different and enjoying this phase of life is important. Do what you can with all that you have.

@2pugman 9 месяцев назад

+We're spending our kids inheritance.

@2-old-Forthischet 9 месяцев назад

@@2pugman not me. Every toy I've bought was with my monthly income. I didn't touch anything my son stands to inherit. He's already set for his retirement and what I leave him will really put him at another level.

@htmc2022 9 месяцев назад

We looked at Timesgares in St Maartens but the new salesman (was security last week) told us a lot of people buying into this bldg we were touring or new bldg (not yet built) were people who lost their shirts across the road in that Timeshare bldg which a recent Hurricane damaged so badly that Mgmt company was NOT fixing older bldg!!! Then he proceeded to show us Holes in the closet not fixed! 😂 We - novices- lucked into the best deterrent Salesperson! My husband had to stand up & yell “No” to his boss’s face (who was using high-pressure sales techniques - BTW units got bigger & moved up higher and dates got better, from too Hot July to prized December weeks - while price went DOWN) before he would call the promised Taxi back to our hotel. We got the promised $100 U.S. coupon for sitting thru presentation - voucher for a store where my $100 bought a cheap souvenir plastic doll! What a ripoff! What a Crock! The whole experience reeked of dishonesty! First + last venture into world of Timeshares!

@RetirementTransformed 9 месяцев назад

That story has been told before. Some people have had success but not everyone. You were smart to pay attention in this particular scenario.

@stevenharris6626 10 месяцев назад

Warren Buffet says if you don't need it, don't get it!! It is tougher to be alone, but it's crucial to keep busy. I just subscribed as I am soooooon to be retired. Thanks!!

@RetirementTransformed 10 месяцев назад

We are so happy to have you in our community! Congratulations on your soon-to-be retirement! This is such a wonderful phase of life. Hope you keep commenting!

@wakeup6910 10 месяцев назад

You could not be more wrong about the old vehicles, new vehicles are hugely expensive to buy, keep and maintain, old school is best, i own several

@RetirementTransformed 10 месяцев назад

LOL. I still look at old cars online. maybe one day I'll pull the trigger.

@carolhawley7081 10 месяцев назад

My husbands old truck is his experience. He built his 51 Chevy himself and uses it has his daily driver, NOT a perfect shiny high maintenance showpiece.

@wakeup6910 10 месяцев назад

@@carolhawley7081 Exactly! 👍

@russellmcmahan3157 9 месяцев назад

I'm retired and planning to move to the Philippines next year with my lady. Being near the beach and have a reliable SUV will make me happy.😊

@RetirementTransformed 9 месяцев назад

Best of luck! Sounds fun.

@vinyalonde 2 месяца назад

The two happiest days in a boat owners' life are the day they buy it and the day they sell it.

@RetirementTransformed 2 месяца назад

Yes for sure

@RetrieverTrainingAlone 10 месяцев назад

I save money and more importantly time by doing my own vehicle maintenance. Living in the country it is a 60 mile round trip drive into town and cost over $90 for a synthetic oil change. Instead it takes me less than 15 minutes and less than $40 to do it myself.

@RetirementTransformed 10 месяцев назад

That's a great way to get it done for less money and have the satisfaction and fulfillment of a job well done.

@only1joy 7 месяцев назад

Before you even started, I thought of a few: Motorcycle, a boat, vacation home, an in-ground pool (I always said it's a hole in the ground that you pour money into) and extravagant vacations. Be mindful that you don't want to outlast your money. We just don't know what is down the road, and serious medical issues can really throw a wrench into your plans.

@RetirementTransformed 7 месяцев назад

Thank you @only1joy. We agree having enough savings for any kind of emergency or heath issue is important.

@ericmcdowell5762 9 месяцев назад

I went on a "Goodwill buying binge" many years ago, and bought enought shirts, shorts, sweaters, shoes, etc., that will last me for the rest of my life (went on 50% off days, etc.). The only clothes that I had recently purchased new, were a few dozen white boxer shorts and t-shirts.

@RetirementTransformed 9 месяцев назад

Good planning!!

@walterbandstra1931 10 месяцев назад

I think the saying goes like this. The best days of owning a boat are the day you buy it and the day you sell it. We own a 35 foot sail boat. The saying there is," The art of sailing is to get wet, cold and miserable, while slowly going nowhere at great expense.

@RetirementTransformed 10 месяцев назад

Yes so many comments on boating from this video.

@sandragregg9079 10 месяцев назад

We recently retired. My hubbie wanted to buy a boat. I recommend renting a boat for a day instead of incurring dock fees, gas, maintenance etc. Boats r a hole in the water u pour $$ into.

@RetirementTransformed 10 месяцев назад

We rented a pontoon boat in florida last winter a few times to see if we would use it. We are still considering it. There are also boat clubs you can join and use when you wants. But they may be more expensive than owning, just less hassle.

@keithr5638 10 месяцев назад

B.O.A.T= Break Out Another Thousand. Also, best two days of a boat owner is the day you buy it and the day you sell it.

@RetirementTransformed 10 месяцев назад

Thanks for sharing! It's so true that owning a boat can be quite an expensive investment.

@texasaggie8449 10 месяцев назад

Why not spend say $20k on a 1957 truck? If you drive it then that’s WAY cheaper than the new $60k pickups Ford and Chevy are pushing

@RetirementTransformed 10 месяцев назад

You make a good point

@user-di6kx8ns1y 2 месяца назад

Bought my ninth boat after retirement, still enjoying it. Bought a new car with what I wanted since I retired. Bought a new Apple desk top, iPad and I phone after retirement. Bought a fifth wheel camper never owned one before, use it as a second home . Travel more since we are retired, moved into a large retirement community. Guess I have been doing everything wrong, so how do I have the same in my 401 k as I did seven years ago.

@RetirementTransformed 2 месяца назад

You are not doing anything wrong. You are doing what works for you. Congratulations

@j.t.4299 10 месяцев назад

I have never owned a new car in my life. I have always purchased dealer certified used cars. Typically they are coming off a three year lease, usually have less than 30,000 miles, and come with extended warranties. They are inspected by the dealer and are anywhere from 20 to 30% off MSRP when new.

@RetirementTransformed 10 месяцев назад

Thanks for sharing. That is a great way to go when buying cars.

@kbaz6658 9 месяцев назад

Neither had my brother. He could have easily afforded to buy a brand new car with new tech and comforts right before and after he retired. He never did and is in hospice and dying from cancer right now. Sad. 😢

@alanroth2870 10 месяцев назад

Buy the truck. The real question is not what not to buy but; what can you afford? Most important, what makes you HAPPY!

@RetirementTransformed 10 месяцев назад

Thanks. Maybe one day.

@markwinslow5563 2 месяца назад

Turn in your man card Mark. 68 GTO and 57 Chevy truck here. Love them both, not a burden.

@RetirementTransformed 2 месяца назад

Maybe one day. Right now I don’t think it would work

@kerrischuh8000 10 месяцев назад

We bought a used RV. Not a big fancy one just a small basic RV. We love to travel and we like to camp. We don’t intend to stay at any RV resorts. Hope to find free and cheap camping areas. If it doesn’t work out as we hope we can sell the RV and because it was used and we really shopped around we hopefully won’t lose to much on it.

@RetirementTransformed 10 месяцев назад

Sounds like a good plan for you. Congratulations.

@RamMohanJRao 9 месяцев назад

❤

@margaretvillalpando7722 10 месяцев назад

TIMESHARES ARE A SCAM!!! I have a friend who is in his 70's and bought one in the 80's and can't get rid of it. He is pouring more and more money into it and doesn't like having it.

@RetirementTransformed 10 месяцев назад

I’m sorry to hear about your friend.

@jimamizzi1 10 месяцев назад

There’s so many variables in retirement, how much cash ( superannuation) do you have. The age you retired or want to retire,are you renting, do you own your home, income Vs out goings, just because you retired doesn’t mean your bills stop, they may go up because your at home more often using more electricity, heating gas, food etc, as you guy’s mentioned, just live within your means.

@RetirementTransformed 10 месяцев назад

Yes living within your means is critical. Then splurge once and a while when it makes sense. Always seek the advice of a financial planner to be sure.

@dennishayes65 10 месяцев назад

I remember PF Flyers shoes. Converse was the brand to buy back in my childhood. I’m a 1952 model.

@RetirementTransformed 9 месяцев назад

Thank you for watching!

@anniemoulinsteffen3465 26 дней назад

The tips are good for people who have a lot of money. In France we are crushed as middle class by taxes. We have to be very careful because of inflation . Plus 20 percent in groceries !

@RetirementTransformed 4 дня назад

We understand that financial planning can be challenging with high taxes and inflation. Adapting strategies to your situation is crucial. We appreciate your input. 🌟

@isabelgomes7246 9 месяцев назад

Great advice. I am not retired and it will be a while. But I have always said that many things that can cost financially have to be in place. Like a home. Downsize, It should be paid for and there should not be any major repairs pending or renovations being planned. You should have those things taken care of while still working or move into a home that needs no renos. Have a car purchased that will last you 10-15 years. Move your financial investments into safe guaranteed returns. We are living much longer so people can be living 20 - 30 years past retirement...almost another whole work life. So the costs that arise while your working can still arise when you are not.

@RetirementTransformed 9 месяцев назад

Thank you for this great comment. You covered a lot and we appreciate you being here.

@BeckVMH 9 месяцев назад

“Things retirees should never buy”… Motorcycle. I considered this purchase, but seriously , I realized I’m looking for ways to extend my lifespan, not shorten it.

@RetirementTransformed 9 месяцев назад

That's funny. I had the same experience. Was so proud that I had a motorcycle license since high school, but have not ridden on in 40 years and don't plan now.

@bagobeans 9 месяцев назад

I notice many new retirees who come on RU-vid and talk about buying new cars and campers, while making more debt for themselves. So I agree with you. Being on limited income, one should be wise on how to spend money.

@RetirementTransformed 9 месяцев назад

Simplicity is key! - RT Britt B

@taysgram 10 месяцев назад

Do not buy a timeshare! I have 3 and am so sorry I have them. They are costly every year and I can’t sell them. I am stuck!

@RetirementTransformed 10 месяцев назад

Thank you for sharing this with us. We do not own one, but years ago I came close.

@robertwalker5521 2 месяца назад

Take your losses and begin over...smarter.

@jeanettesuzannebrooks1963 10 месяцев назад

The two best days of a man’s life is the day he buys a boat and the day he sells it.

@RetirementTransformed 10 месяцев назад

I’ve heard that more than once for sure!

@leosmith9301 10 месяцев назад

Canoes and kayaks (both inflatable and hard shell models) are an enjoyable way to go boating without breaking the bank. I have 3 kayaks and an inflatable dinghy and have gone boating 28 times this year.

@RetirementTransformed 10 месяцев назад

That's great! Thank you for sharing this.

@CB-vg1wq 2 месяца назад

I really enjoy both of you. When I first saw this topic, the first thing I thought of was the boat. I have friends who hd a boat, they had it docked in Lake Michigan. They loved it but, they had to be there most weekends and it was expensive. If someone really wants a boat, I think used is a better decision.

@RetirementTransformed 2 месяца назад

Thanks for sharing!

@wwz1011 9 месяцев назад

Depends on your financial situation. If you have saved and invested your entire working career, you may be able to spend on frivolous items. The best two days in a boat owners life are the day they buy it and the day they sell it.

@dvader3263 9 месяцев назад

It's sad if you can't enjoy a best ownership day out on the water in a boat between the purchase and sale.

@RetirementTransformed 9 месяцев назад

We all have different ways of buying and spending. And yes if we can afford something we will buy it, but our focus now is more on experiences for us and also with our kids. Creating memories.

@timothyknight2236 10 месяцев назад

Older and classic cars usually appreciate. They actually outperform many types of investments.

@RetirementTransformed 10 месяцев назад

I would agree with you. Wouldn't it be great if we had all the old cars we owned in highschool and earlier years. Or my parents first cars.

@davepuffett8608 10 месяцев назад

With a boat you smile twice, when you buy it and when you sell it! 😊

@RetirementTransformed 10 месяцев назад

Sort of. It's a common theme for sure. But there is some en joyment in the middle.

@davepuffett8608 10 месяцев назад

For sure, the middle bit is more than smiles!

@josephrobichaud5198 10 месяцев назад

I once again agree 100%, kids come to visit once a year, why buy a bigger home your stuck dealing with!

@RetirementTransformed 9 месяцев назад

Thank for this. When all of them come, more that can fit in our home, we rent an airbnb for them

@paylnyles 9 месяцев назад

Even for people in the UK, your advice holds up x.

@RetirementTransformed 9 месяцев назад

Thank you!

@RobertR3750 9 месяцев назад

Bought a Camry just before Covid hit. Intend to make it my last car. The only "luxury" item I have is my home theater, but almost all of it was bought over a period of 29 years, when I was working.

@RetirementTransformed 9 месяцев назад

Thank you for sharing this.

@meisterslam 10 месяцев назад

I loved my PF Flyers! I’m with you. Thanks to you both for continuing the insightful content.

@RetirementTransformed 10 месяцев назад

Such good memories of my of my PF Flyers

@cback94 10 месяцев назад

I@@RetirementTransformed I was a “converse “ guy..😎

@richsmith4363 10 месяцев назад

I remember PF Flyers. They made me run faster and jump higher.

@RetirementTransformed 10 месяцев назад

LOL. Yes they did

@scottboettcher 9 месяцев назад

LOL - I just got a pair of PF Flyers for my son's bday! Still there, and not terribly expensive, relatively speaking... The new vehicle thing is obscene. There are literally pickups now selling for $200k! That's insanity. This is the worst I've felt about our future in a long time. No easy solutions here, and if you're helping kids/grandkids, even moreso. As for travel, road trips baby. This country is huge, and you'll never run out of places to go. We enjoy them more than ever, and you can do them economically.

@RetirementTransformed 9 месяцев назад

Thank you for your comment! Love hearing all perspectives!

@josephrobichaud5198 10 месяцев назад

I used to live with a lady that retired from Philip Morris and had a net worth of over a million dollars. Every 2 years she would order a new Ford Edge wagon with every single option, even though she had never even used most of them, and the vehicle only had less than 20,000 miles on it. She refused to look into just leasing one, or just keeping it. Her tax adviser told her she had to start spending some of her money. If you went to here 3 bedroom house today you would find every closets full of clothes she has never worn, no less the 300 pairs of shoes, at least 5 vacuum cleaners. The "laundry room" that's huge is full of boxes she has never even opened with stuff she ordered on line.

@RetirementTransformed 9 месяцев назад

A perfect example of one way to start downsizing. Thank you for watching!

@lauriefuda 2 месяца назад

Thanks. Great info. My husband wanted to buy a boat but got into a boat club membership instead. So far it's working out very well.

@RetirementTransformed 2 месяца назад

That is awesome!

@roberthein2156 10 месяцев назад

Time Share ? Book a hotel room for 1-2 Weeks. Go to anywhere.

@RetirementTransformed 10 месяцев назад

Good strategy

@carolinegathercole8473 10 месяцев назад

I’m downsizing to stop my kids and grandkids dropping by expecting me to provide shelter warmth food etc 😮

@RetirementTransformed 10 месяцев назад

Lol. Its time for them to host you.

@jazziered142 9 месяцев назад

What kids don't want to go out on a boat? That's the best time ever. Happiest memories ever as a kid on a boat.

@RetirementTransformed 9 месяцев назад

I agree. It can be such a great experience for everyone.

@zsuzsuspetals 9 месяцев назад

I have to be honest. I'm 52 and the idea of still living frugally, only buying "needs" and not wants in retirement is depressing. I'm glad you clarfied that the luxury item needs to really mean something to you. That is super important. Plus it can't be any type of financial burden. Really this all depends on how much money you have in retirement. My husband and I have two homes with no mortgage, maxed out 401ks every year, a good amount of money in mutal funds and CD's and zero debt. By the time we get to retirement, I plan on having a good amount of money earning interest enough to last us if we live to 100. BUT any money on top of that, I want to have fun with and splurge on things. I don't see what is wrong with splurging on something that means a lot to you as long as you have enough money to comfortably live on. But so many people buy luxury items because they think they are supposed to do this. Like the RV people. I see RV's here in California in our neighborhood that have sat in yards for YEARS. Never moved. They have stuff built up around the RV so you know that thing isn't moving, lol.

@RetirementTransformed 7 месяцев назад

Thank you for this perspective. It sounds like you are setting yourselves up for a great retirement. We tend to lean into spending money on experiences. Fun trips with our kids, adventure trips, visits to cities we have always wanted to visit. I’m sure of you both sat down you could begin to make a list of trips like that. Splurging on things that you will use and get joy from is good too.

@bflathead 10 месяцев назад

We were recently in Scotland and Ireland for 2 weeks. I am a photo hobbyist and have a beautiful Nikon camera with some fancy lenses that I decided to leave home. What I did notice was that 95% of the people I saw taking pictures were using their phone.. very few actual cameras and fancy lenses. The photos we took were perfect and I might be unloading my photo gear.. THANKS for the advice.

@RetirementTransformed 10 месяцев назад

It's good for me to hear this. I just upgraded to the iphone 15 from an 11 and I have to say the camera is so much better. The photos I have taken in the last week are much better than the 11.

@bflathead 10 месяцев назад

@@RetirementTransformed I have the 14 Pro Max and the camera is amazing. I believe that the 15 has some new features that will make it even better. It also has a 48 megapixel setting that will give you amazing high resolution pix.

@janicesmith1956 9 месяцев назад

I got rid of half the stuff in big house. When hubby died live on one pension. I sold house moved south island New Zealand. Family live 2 hours away. I got modest new vitara car for travelling round a bit. Joined a van trip club we go out for lunch. Also a yarn club knit and crochet together. Peace and new neighbours. 72 soon but I have a lively mind. I play mahjong on computer to keep mind alive. After melanoma op I have walking stick. Life is better with half of everything gave truck loads to charity. I have decluttered for my sons sake.

@RetirementTransformed 9 месяцев назад

Thank you for sharing this.

@citticat2 9 месяцев назад

I bought a Jacuzzi hot tub and for around 10 years we enjoyed it then I retired and it was just too expensive to run all year. After I retired we only used it in the summer but now using it in the summer has gotten expensive. For a few years the tub has just sat there but I still have to clean her in the summer.

@RetirementTransformed 7 месяцев назад

That’s too bad. Maybe friend would buy it from you

@citticat2 7 месяцев назад

@@RetirementTransformed I would probably have to give the tub away or have it hauled away, She still works - maybe I will fire her up next summer.

@AdamHelb 2 месяца назад

It's a good video. The most important is health, so it's wise to buy quality, healthy food and to eat at home. Avoid restaurants as they generally serve unhealthy food with huge surcharge. Also have good gym membership and work out regularly.

@RetirementTransformed Месяц назад

Agree!

@justhere3794 10 месяцев назад

BOAT = Bust Out Another Thousand. Best day is when you bought it and when you sold it…like I did. But I was smart I never went larger and only bought a Jon boat. Now my son lives in Tampa bay by the water and will rent if family wants to ride a boat or kayak. He also has beautiful views of the bay, sunsets and I don’t pay a penny since he’s wealthy. So am I…Thanks!

@RetirementTransformed 10 месяцев назад

That's great that you found a smart way to enjoy boating without the expenses! It's all about making the most of what you have. We rent a pontoon boat in Florida when we get family visiting. It's always a great day.

@kathygann7632 9 месяцев назад

I have an antique pick up truck. It is a 1994 Toyota I bought new at the end of 1994.

@RetirementTransformed 9 месяцев назад

Sounds nice! Thanks for watching!

@joedennehy386 10 месяцев назад

I have a holiday home, a mercedes E350 which will be the last car i ever need, and a 6 year old boat, which will be my last boat. But ive always owned a boat, but not a big one, a trailer boat

@RetirementTransformed 10 месяцев назад

Sounds like a great life.

@UncleJoeLITE 9 месяцев назад

The investments in properly-done cosmetic surgery have been money very well spent! Looking fine ma'am.

@RetirementTransformed 9 месяцев назад

No plastic surgery here! Thanks for following us.

@UncleJoeLITE 9 месяцев назад

Please take it as a huge compliment. Thank-you.@@RetirementTransformed

@RetirementTransformed 9 месяцев назад

Thank you Uncle Joe!

@uncareid5557 10 месяцев назад

The best day of boating is the day you buy it. The second best day is the day you sell it. A boat is a hole in the water surrounded by wood into which you pour money. PS I drive a nice Lexus. Liked it so much I bought another. Not a foolish purchase if you have the cash, they last and last and I enjoy every mile.

@RetirementTransformed 10 месяцев назад

Very true!

@me2cb488 10 месяцев назад

That’s the most important to remember. You worked hard to ensure your nest egg. It has to keep you financially stable in your golden years. That hard earned money can be gone so fast if you don’t take care and old people most likely will not have the energy and years to earn it back.

@RetirementTransformed 10 месяцев назад

Yes you are so correct. Thanks for leaving this comment.

@tadroid3858 10 месяцев назад

Great info. Thanks. I learned the "luxury item" lesson after buying a '63 Galaxie convertible, and none of my kids wanted to sit in the back seat with top down. Sold it within 3 years. We've started to shed as much "stuff" as possible before we move and building a house less than half the size of the one we raised our kids in. Great channel! SUBSCRIBE

@RetirementTransformed 10 месяцев назад

Thanks for sharing your experience! We are glad you are enjoying the channel and are part of the community.

@itsonlyatail 10 месяцев назад

Our big purchase in our retirement is a UK vacation! and we gave up my car, so we have only one now!

@RetirementTransformed 10 месяцев назад

The vacation sounds great. If one car works that’s a great idea too.

@bridge7528 10 месяцев назад

It depends how much $ you have. If you’ve worked hard, lived frugally, and saved, go for your dream car!

@RetirementTransformed 10 месяцев назад

Maybe one day. It will probably be an old willys jeep to run around town and go the the store

@VeRonicaMitchell-ii1pm 10 месяцев назад

Yes! I am with you

@RetiredLovingIt 9 месяцев назад

There are certain things that we love and that bring us joy but we live a simple life overall.

@RetirementTransformed 9 месяцев назад

Thank you!

@jmp.t28b99 10 месяцев назад

Ask yourself , Do I need it.....or do I just want it ??? Sold my house , retired with no debt. Bought an 18 year old 44 foot trawler and have lived aboard for the last 7 years in a gated marina downtown. Beautiful views of the bay, boat neighbors who value their privacy and respect the privacy of their neighbors too. No lawn care, no solicitors, visitors don't just drop in. Cost includes city water and electricity allotment. My monthly cost runs about $480. Sure there are maintenance costs, boat insurance, bottom paint every 2 years, but so do houses require the same . It all fits on my budget with half my retirement income left over for discretionary spending or saving. Secret is to retire with no debt. Money in the bank from years of saving. Stay healthy ! Retired at 70, now approaching 80 and still liking it.

@RetirementTransformed 10 месяцев назад

Good for you. Do you ever take her out on excursions or just stay at the dock?

@kathleendudek2955 10 месяцев назад

Great advice on upsizing your home. We thought about it. But, we decided not to.

@RetirementTransformed 10 месяцев назад

The biggest thing to do is think about it, discuss and decide. Great job.

@stevekamitsis1327 10 месяцев назад

Steve in Florida caught your video and enjoyed it thank you. A lot of this really makes sense

@RetirementTransformed 10 месяцев назад

Thank you Steve in Florida!

@rodrigok1220 2 месяца назад

It all depends on what you are retiring with and your debt burden in retirement. If you have no debt and have good cash flow, I don’t necessarily see these items as issues. I don’t think I’ll ever own a boat because of cost of ownership. As far as a new or good car, I don’t really want to be much older and being broken down on side of road.

@RetirementTransformed Месяц назад

Thanks for the comment!

@fitasj 10 месяцев назад

The classic vehicle ur talking about r a better value then a new car. At least they r cheat to maintain n don’t depreciate. The clothes n electronics don’t

@RetirementTransformed 10 месяцев назад

Well said

@ryanellsworth7246 9 дней назад

1 thing I have done my whole life is to buy a big fixer upper when it is cheap, spend 6-8 years living in the area, seeing the sights and working on it in my free time. Before the market goes up I buy a small rental in the next place I want to live and sell the big beautiful house for a lot more than I bought it when the market goes up. Live healthy and relax while everything is expensive, then 5 years later, when the markets crash again, buy a new fixer upper in the next place I want to enjoy and sell the rental. I'll be selling a 7,000 sq ft home on 28 acres for a million this year that I bought for 550 4 years ago in MO. It keeps me busy and I will retire in 2 years at 52 having lived all over the US. I recruit local farmers who need land to grow on and run a B&B when I can so everything I put into the home is deductible and I get free land development.

@RetirementTransformed 9 дней назад

This is such an interesting lifestyle. Thank you for sharing.