Why Your Saving Mindset Won’t Result In a Happy Retirement: Real-Life Story of Client

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In this video, I will discuss a common problem many people face using a real-life example from one of my clients' experiences. My client accumulated substantial wealth but struggled with spending in retirement. Honestly, many of you can make this mistake.
This video will help you understand the importance of balancing saving and spending. It will also share insights into some clients' regrets about not enjoying their money earlier when they had the time and energy.
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Time Stamp
00:00 Intro
00:45 Reviews of the Week
07:40 Case Study of a Couple Who Continued to Save Rather Than Spend.
09:13 Explanation of the Rule of 72 and Its Impact on Their Savings.
11:54 Considering All the Worst Case Scenarios for Spending in Retirement
13:40 The Couple Realizes That They Missed Opportunities Due to Their Saving Habits.
14:17 Introduction to Early Retirement Academy
16:50 Summary/Outro
19:07 Work With Us
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Ari Taublieb, CFP®, MBA, is the Vice President of Root Financial Partners (Fiduciary) and host of the Early Retirement Podcast.
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⚠️ "DISCLAIMER:⚠️
All content is not to be received as financial advice, and each individual should consult with their dedicated financial planner, tax preparer, estate attorney, etc., before making any financial decisions.
This video contains content I created and got permission from its creators to use. This Channel DOES NOT Promote or encourage Any illegal activities; all contents provided by This Channel are meant for EDUCATIONAL AND ENTERTAINMENT purposes only.

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7 авг 2024

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Комментарии : 137

@jameschaves5723 Месяц назад

This is me!! On my way to $3 million and can’t get myself to buy that Porsche

@edhcb9359 Месяц назад

Been there and done that. Here’s the thing, that Porsche won’t make you any happier than you already are now. The novelty will quickly wear off and there it sits in your garage collecting dust and depreciating.

@1brunner699 Месяц назад

When you say, on your way, what does that mean? For example, being 55 with 2.5 million planning to retire at 60 is different than being 30 having 250k thinking you’re on pace for 3 million. If it’s closer to retirement I think it’s more justified to make a big splurge on a depreciating asset than it is when you’re 25. Money needed for the Porsche is not only a smaller percentage of your overall savings if you’re older, but also has less impact on what it would’ve compounded into than if you spent it younger and lost out on those extra years of investment returns.

@jameschaves5723 Месяц назад

@@edhcb9359 i totally agree and ultimately I won’t buy the Porsche

@jameschaves5723 Месяц назад

@@1brunner699 absolutely correct!! To be clear, I’m 53 y/o. No matter how much I have I most likely can’t get myself to buy it. It’s just not a wise decision.

@vicz8899 Месяц назад

@@1brunner699 Blowing cash when young is enjoyable. Not when you have matured. I think most people mature out of flashy purchases.

@boatsie Месяц назад

My recommendation for “non-spenders” is to start out slow…instead of shopping at Walmart, go to stores where the shelves are neatly stocked and all the wheels on the shopping carts are round and go in the same direction (you will pay a premium for these services, but it makes shopping a more pleasant experience). Next, find the most talented local folks in your area to do your servicing on your car & home…opting out of using “big box company” oil changes, plumbing, lawn services, etc. Knock off the DIY and spread your wealth in your local town so those trades-people can earn a living and provide for their families. Carry around a stack of $5 & $10s to be more generous with tipping…for local waitstaff, delivery people and others who give you service & a smile. Buy a bunch of groceries and drop them off at a food pantry….or a bunch of animal food and take it to a local pet shelter. If you’re blessed with wealth and don’t know how to spend it, try playing “secret millionaire” and spreading it around on the down-low…it’s really a lot of fun!

@Frankweily Месяц назад

I'm convinced that investing $50k-100k in the right company before it goes big is more important than saving for retirement. However, picking the right company is so hard that saving might be safer, cuz who would've guessed Nvda? I have around $200k in a HYSA and want to invest. What are the best opportunities now?

@TheDayTheDay312 Месяц назад

I believe investors should start with S&P 500/ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.

@Duttonmuffins Месяц назад

For someone starting with $200k, begin with S&P 500 ETFs, diversify across asset classes, and invest consistently to minimize risks and maximize growth. Partnering with a financial advisor can help streamline your strategy. This approach turned $80k into $53,000 in annual dividends.

@JesseMayhill Месяц назад

I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.

@Duttonmuffins Месяц назад

Sure, 'Melissa Elise Robinson' is the licensed advisor I use. Just research the name. You’d find necessary details on the web to set up an appointment.

@JesseMayhill Месяц назад

I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks you.

@glennet9613 Месяц назад

Health is more important than money when you are retired and you have more control over your health than you have over your finances. Yet nearly all retirement videos ignore health as if it were predetermined, nothing you can do about it everybody is preoccupied with money. My advice, retired twenty years and age 79, is to prioritise getting your health back to where it should be. I am so happy that I can still cycle, hike and ski in the mountains every day without any aches and pains and the only time I see my doctor is for an annual check up. That is worth far more than any amount of money. I don’t know about the example you used but so many health events are lifestyle related, a sedentary lifestyle, a poor diet, stress and could have been avoided.

@earlyretirementari Месяц назад

Completely agree and great points

@steveo4749 Месяц назад

Ari, great video. This story is me. Hearing you have enough money to retire does not help motivate me to spend my money. I have been a saver all my life. It's hard to make that mental change to spend money for your personal enjoyment after years of saving.

@1515cando Месяц назад

I had a friend and fellow driver who never tired of chasing the $. He refused to retire even at 71. He was drawing max SS starting at 70 as well as earning around 100k. He bragged he'd be making more in retirement than he ever did while working. He did finally say he planned on retiring at 75. He died of esophageal cancer before he turned 72. I told him many times you're running out nature's clock when you're healthy and missing out enjoying retirement. After he got cancer, he said he'd rolled the dice and lost. Such a shame.

@janaynmelis5250 Месяц назад

That is truly heart breaking. ❤

@earlyretirementari Месяц назад

Very sad. Thank you for sharing. Not easy.

@METVWETV Месяц назад

We're all going to beat the odds!! Except, we're not 😢

@Julia-b9x Месяц назад

This is the saddest comment ever. Shall we all learn from it.

@caregiver_life Месяц назад

Being in "retirement" all of a sudden (disabled spouse) definitely had me bogged down by "head trash" regarding spending even though we are well positioned because of our frugal lifestyle. I still have struggles but two things that are helping me are 1. Using software to create "worst case" scenarios and 2. Having a heartfelt reason to spend. Since we won't be able to do much traveling I decided to do multiple home projects focused on turning parts of our home and backyard into family gathering areas and comforting spaces for my husband. I hope to be part of the community as well - though I had already purchased the root software through James before you started offering it - not sure if that matters or if there is a difference in the package. Thank you Ari.

@genxretiree Месяц назад

I can relate to this. We actually had to adjust our spending up even with sequence of returns risk now that we're retired. Credit to James and the RPA course for helping us run the numbers and get a handle on our actual retirement expenses. We're doing all the things (bigger goals, using a DAF for tax purposes when we need it, Roth conversion plan, etc). Our CPA's are definitely earning their money this year.

@davedeboy5726 3 дня назад

My father worked for 52yrs for the state DOT-He retired but still demanded to go to work. He loved engineering. They wouldn't let him come back as it was killing him.

@drmitofit2673 Месяц назад

When you're a prodigious saver/investor while working, it puts you in a frugal state of mind for decades, and it can be hard to be a prodigious spender in retirement.

@xlerb2286 Месяц назад

That was my parents and to some extent my wife and I. I just retired and we're pulling money out of investments now and it's hard. Our plan says we can safely pull X dollars out a month, and we're pulling about $3K a month less than that. Both because it's hard to pull that money out, and second, we're used to living on the income we've had. We don't need more than that. Not on a monthly basis anyway. Trips or other expenses may occur of course.

@filamphibian2980 Месяц назад

Such a great video! Man, i think of myself as a solid saver and investor. Now, a military retiree (= pension) 12 years into retirement at age 55, i'm really taking my spending and enjoyment to the next level. I have a Die With Zero mindset, but my spending habits are slowly catching up to match that attitude. Thank you for sharing this!

@earlyretirementari Месяц назад

Thank you so much for your service. Wishing you an incredible continued retirement!

@collins.l454 Месяц назад

The interest rate has increased eight times since March of last year, to 5% now. My retirement fund has suffered greatly over the past few years due to inflation at 7% and mortgage rates at over 7.5%, so I'm wondering how older people retire and survive in such an unsteady economy. Obviously, now is not the time for me to play the long term game.

@OscarOwenn Месяц назад

I completely agree. As someone who recently retired, I had very little in retirement funds compared to my portfolio balance over the previous three years, no debt, and approximately 1.2 million in outside retirement accounts. Actually, one can only neglect rather than deny the importance of the invt-advisor. just need to conduct research to identify a reliable one.

@bandboyAntonio Месяц назад

The important thing is to manage your money, not how much you save. It still comes down to income vs. expenses whether you work for a living or invest, so sure, you might check into financial consultants for a plan that works for you.

@collins.l454 Месяц назад

That's really interesting. I have a shrinking portfolio; how can I get in touch with the invt-advisor that is helping you?

@OscarOwenn Месяц назад

"Leah Foster Alderman."

@OscarOwenn Месяц назад

for information on investing, insurance, ensuring retirement is adequately funded, and exploring strategies to provide a volatility buffer for investment risk, you'll probably get more information if you do an internet search for her

@stevenharms5368 Месяц назад

I've been retired 7 years. In the monthly cash flow I've had two months of spending more than bringing in. I smell regret creeping in as I get older.

@liveandretireusa Месяц назад

The analysis is easy to understand and very informative

@joedove7918 Месяц назад

Thank you for such an informative video. Really thought provoking!!

@markb8515 Месяц назад

Thanks Ari for another informative video! This was a very helpful video.

@earlyretirementari Месяц назад

Glad it was helpful!

@thomasbruner854 Месяц назад

So much wisdom and knowledge from such a young guy. I love the content here!

@earlyretirementari Месяц назад

Thank you!!

@alwynn_thatsme 18 дней назад

After watching the video and reading all the comments, I plan to work on a PROCESS to enjoy more whether funded by retirement accounts or not (as I enjoy much that has little or no cost). I have plenty of funds and have probably done too good of a job saving... Anyway, my processes got me here so now I will use that same skill set to maximize my remaining time. I realize this will take experimenting and practice but I am up for the challenge! Thanks for the great content Ari!

@toddc3135 Месяц назад

I like to say, it's like turning a barge on the Mississippi River. It takes 2-miles. I want to say it takes 5 years to get your money from savings mode to income mode. Two years for most of it, but you will find things that will need longer horizons.

@NKUBill Месяц назад

This one hit home Ari. I'm retired, wife is retiring soon and has a nice pension. We are both mid 50's. I'm a hard saver, tracking balances and investing well for 30 years. We have run the scenarios with our advisor over and over but it is hard for me to understand being able to live better in retirement than when we were working. We are happy and grateful for where we are but it is more difficult to switch from being a saver to a spender than people think. It is good to know there are a lot of people in this same situation. Thank you for this video, I'll be following for updates on this topic.

@briarcliffbabe Месяц назад

Yep. Me too. It’s not a bad thing to be happy spending below one’s means. Funny thing is, I don’t know anyone else in this position-I don’t dare tell my friends! My advisor shakes his head and tells me to spend more! But I’ll make sure I leave a legacy to a good charity. Daughter is already wealthy at 29. Go figure!

@Bmw-Hk Месяц назад

Most of times some people becomes so cheap with themselves… They forgot how to please themselves ..But than again is all about what makes you feel good !

@janethunt4037 Месяц назад

Great insights. I've noticed someone who inherited a lot of $$ several years ago and seemed to spend much of it too quickly. Now they are back to budgeting. Yes, next car for me will be fully loaded for the first time ever, but I'm planning to pace out some big expenditures.

@focusedfreebird Месяц назад

I'm at the age of spending it. I know I won't live forever. No kids, so no intention of leaving it behind for someone else to enjoy. 😊

@earlyretirementari Месяц назад

Check this out: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Qlpvp6jQbjA.htmlsi=U6AM7isc2tJ8jKUX

@OffgridApartment Месяц назад

Great video! I’ve got multi-goal retirement plans. Goal one is to retire at 40 to spend as much time as possible with kids and family. Goal two is to invest with m the next 7 generations in mind. With those two goals there are competing requirements between safety for a potential 60 year retirement and portfolio longevity. Spending is in the plan but doing so dynamically with an eye to minimize taxes as much as possible to create the most likely scenario for success.

@dvmdoc Месяц назад

If one thing is clear, this story resonates with so many of us. In 2008 I was divorced and left with $0 retirement and had only a 1/3 interest in a business and my vehicle. A very short/small net worth statement. I struggled and worked hard to support two households (mine / ex) and have been busy "inflating the balloon". While today intellectually I know that we're in a good position, I still struggle with any air leaving the balloon. It represents my life's work and so much sacrifice/struggle along with sweat equity. I'm ready for the transition however it's just proving more difficult than I had anticipated....feel so many of these other comments. Learn to exhale/deflate....tough.

@darrenmatthews1667 Месяц назад

Retired 2 years ago at 54 with what I'll say is plenty of money. It was hard to spend money at the beginning because of that irrational fear of running out. In the end, the only reason we have all this money is we only spend money on things we value - experiences mostly. Our necessary expenses are very low. House is paid off and there is very little besides food that we consider necessary. Here is what has gotten us to be able to get more balanced in spending. We have faith in our ability to adapt to our situation. We are not going to force ourselves to spend when we aren't feeling good about our savings and probably would naturally reduce our spending anyway - maybe we skip a vacation on a bad year. So live more abundantly when times are good. Know what you really need, what can be cut and don't think you are locked into a single coarse of action. The ability to adapt far outweighs your nest egg in assuring a happy retirement.

@earlyretirementari Месяц назад

Beautifully said

@METVWETV Месяц назад

I agree... I'm retired but fortunately, I'm looking at sometime before I need to touch my portfolio. "My goal is" (best laid plans.....) to only take dispersments beyond my need to pay my bills in the up years and never allow my balance to fall below whatever it is the day I start withdrawals. If it's a very good year, I'll move a large portion to cash or bonds (I'm currently 100% in equities at the moment). In this way, the down years are self-funding. About 3-5 years out from my target date, I plan on moving 3-5 years of expenses to a stable account to carry me through any down years.

@nunuvyurbiz123 Месяц назад

My issue is golden handcuffs. I'm 55, and when I retire I plan to travel indefinitely in Asia and Europe at a 4-star level. My net worth is $6.5M (inc. $700K net home equity) - so, I have enough, especially since it's just me (no wife or kids). But I earn over $500K/yr (half is stock), and since dividends cover my expenses (no wife or kids...), I save 100% after tax (about $350K). That's a lot!!! Wouldn't it be foolish for me to just walk away from that? Even if it wouldn't necessarily affect my lifestyle, it could radically improve a sibling's.

@spatty2589 Месяц назад

You should be planning 1 trip a year now before you retire. You need to take an extended vacation at least once a year. I have a years worth of vacation saved after 26 years of working and I have to use it or lose it. Good savers tend not to take a vacation but don't wait for retirement to do it. This will also help transition others to take over your role before retirement. Now that my kids are out of high school I want to travel more. So I've planned more trips while I'm relatively healthy and in my right mind at 51.

@robertmeyers3640 Месяц назад

I retired 17 years ago (53 yrs old) and traveled and spent money on expensive hobby’s. @70 and slower my down so I saving again. But I find the best savers have trouble transitioning to spending and are not happy in retirement because they don’t do much.

@METVWETV Месяц назад

I'm a die hard Saver and only spend on my home and home improvements (to a degree, anyway. I would like to do a kitchen remodel but cant bring myself to spend another 100k!). My car, I bought it new 10 years ago and that's it! I have no desire to travel.... I just live life and am content that I don't have to worry about the bills!

@robertmeyers3640 Месяц назад

@@METVWETV You are truly cheap. God bless you

@timp2663 Месяц назад

So here I am, 62 yrs old, $1.8 million in 401k & IRA. Another $900k in rental properties. House paid off. Ive worked since age 13. Parents instilled in me to be frugal, live below your means and save. Now 50 years of working, getting ready to retire in the next few months feels like trying to do a 180 in a car going 200 MPH and not roll over.

@beefcreeb96 Месяц назад

New subscriber! Is it as simple as changing your family/couple conversations as they pertain to money? When your spouse shares her latest triumph in saving 50 cents/doz eggs and earns a fist bump, and that's the general tenor of your money conversations, when are you ever going to sit down and talk about the sorts of purchases that would be truly impactful? I think you need to be intentional about these conversations, as I think we accumulators like to avoid them. My wife and I had one recently about an anniversary trip and it was very interesting to explore what matters to us when price/value are deemphasized.

@josephcler3299 Месяц назад

This is an excellent video. My wife and I are both 62, we have investments of 2.5 million and no debt. My wife who just retired has a tough time spending money even when I show her all the finances.

@spatty2589 Месяц назад

Could have, Should have, Would have. Everyone has 20/20 vision when looking back. Most people don't have retirement savings because they don't save!!! Please mention that health insurance needs to be covered if you retire before 62/65.

@earlyretirementari Месяц назад

I have an entire episode (multiple) dedicated to health insurance and how to plan for it efficiently - check them out!

@geniferteal4178 Месяц назад

Sounds like me. I don't have the same money, but I have the same spending attitude. It's natural for me not to spend and I don't feel like I miss it. Retirement is single digits away.

@livinforlessinsingapore3601 Месяц назад

Interesting video. First I’ve seen on RU-vid. It’s usually the other way around where people are really ready to spend more than they can afford. But it’s true. If one is a good saver, it’s very very hard to transition to a good spender. Many average people have a good retirement nest egg be has been frugal all their lives. At 60, a working single person might be spending $2000 a month. His retirement savings allows him to spend $6000 a month if he stopped working. How is he going to spend three times his normal spending? Really difficult. We need a good plan to do so.

@earlyretirementari Месяц назад

Thank you.

@patienceisalpha Месяц назад

1.2M mid thirties, want to stop working for a year and tour the world with the kiddos, but huge one more year fear because of unvested RSUs and so on. Can't wait to pull the plug 😢

@earlyretirementari Месяц назад

another version of golden handcuffs

@patienceisalpha Месяц назад

@@earlyretirementari they do steal the best years with the kiddos for some random big tech work

@dathat555 Месяц назад

Walking away from a large pile of accumulated RSUs is tough.

@HB-yq8gy Месяц назад

Thanks for answering my question. I retired at 49 y/o. My pension will be offset by WEP & GPO. My SS benefit at 62 y/o is $124 per month because of offset. We have no debt my Wife has early-stage breast cancer that was treated five years ago we are both 60 y/o. So life expectancy is shortened so it doesn’t pay to delay SSA. My pension is offset (GPO) Gov Pension Offset for SSA spouse/survival benefit goes to ZERO! Also, you mentioned about RMD. If anything our RMD will be less you stated the opposite because we will be spending down at 62 y/o. My wife is still working until 62 y/o. Our monthly expenses once my wife retires will stay the same increasing slightly. We did remodel our kitchen & bath, vacationed yearly, replaced the SUV & an 8% cash reserve for anything. We are trying to die with zero with a small legacy.

@logicae4096 Месяц назад

I think the question that we all have is NOT 'do we have enough' but instead 'do we have enough cushion'? With inflation, debt, global de-dollarization - even with a healthy portfolio, will we be living like paupers?

@earlyretirementari Месяц назад

Precisely. The value of stress testing summarized: would I still be okay if I was the most unlucky investor and everything goes up (inflation, healthcare, tax brackets, live longer, returns are lower, etc.).

@7SideWays Месяц назад

Even retiring in 40s can be too long because we have to read our market niche and time our exit. Q2 of '22 baby!

@NiranjanBendre Месяц назад

With all the crazy math someone with average savings now and saving rate might end up with 40-50M in less than 2 decade but those have a lot of ifs and buts… Running numbers are great but who knows what will happen in the future. It might not be the case that people aren’t doing remodel or spending money on wants… maybe they are… With the amount of money they might have in the future, they will not be able to ever change their attitude towards that money (saving/spending rates).

@rodrigok1220 Месяц назад

Are they looking to adopt a 50 year old🙂 In all seriousness, I’ve been able to enjoy life and not be as frugal as others. Did an international trip with kids several times over the past 10 years, put 2 through college and working on the 3rd now. I’ve still managed to save over a million and currently putting a large sum into retirement accounts. Plan to retire at 60 with no mortgage and very little debt. My fear is we spend a little too freely right now.

@Ethernet480 Месяц назад

Comment from Kate Libby….lets not ignore the Hackers reference 👏

@getinthespace7715 Месяц назад

I'm investing for standard of living increases. Hobby Costs X Amount Annually. Invest 10X to fund hobby into the future. If an Aviation hobby costs $40k a year... maintenance, fuel, equipment, additional training, etc. I'll get $400k invested to pay for it. $20k a year vacation budget... invest $200k. Guilt free standard of living increases because I earned them. This is separate from my retirement investments.

@FIRE_DrNinjaTurtle Месяц назад

I want to buy a BMW convertible for cash, but will not spend my investment income.

@johnd4348 Месяц назад

Its been my experience that money does not double every 7 years. Markets have a way of dropping and wiping out a lot of gains. I had a million when I was 35, At 60 I only have 2.2 million. Dont depend on your money doubling just because math says it should.

@earlyretirementari Месяц назад

Agreed! The importance of investing well :)

@user-wj1pr1jj4p Месяц назад

Considering it’s been a bull market for the last 15 years, you may be investing wrong. You’re supposed to cost market average. Invest during highs and lows and don’t withdraw a lot during a low. Sure- it’s not linear but I think negative bias is influencing your perception.

@peterwest2933 Месяц назад

Never heard so much happy talk in my life. Bull market for last 15 years. I guess if you had a job after the GFC you were doing well. If you had over 100k in bank it was at risk if you had it in Wamu or Countrywide. If your broker was Lehman or Bear Stearns you lost most or all of your money. Even Warren Buffett made most of his money after 50 and he is a tightwad. People like to hear themselves talk and re create the wheel. I just hope we remain in a free country where lying to people will have severe consequences.

@johnd4348 Месяц назад

@@user-wj1pr1jj4p 47 of investing is influencing my perception. I have seen at least 3 bear markets were gains were wiped out and market dipped 50 percent. Even if you stay invested those gains go south. And They dont go back up very fast.

@johnd4348 Месяц назад

@@user-wj1pr1jj4p I have been investing a lot longer than 15 years. Try 47 years and seen 3 bear markets with 50 percent drops. The last 15 years is an abnormal Bull Market. Gov has been dumping billions to keep the Market afloat. Remember quantitative Easing and low interest rates of 0 percent. That has driven the market up, not fundamentals.

@70qq Месяц назад

🤘🏻

@derwinmitchell9947 Месяц назад

I got 2 words Warren Buffet

@clb24 Месяц назад

Most people have kids or charities to donate to so spending it all is unnecessary.

@tyjameson7404 Месяц назад

If you’re paying taxes? Your cash flowing good and are solvent! Stop 🛑 worrying about this good virtue!! “Give unto Caesar what is Caesar’s! And give unto the lord what is the lord’s” accept taxation !! And cash 💵 flow!!

@johnurban7333 Месяц назад

And then their is not investing to well and working well into their 70's

@user-wj1pr1jj4p Месяц назад

In all honesty people in their 70’s grew up learning about pensions and not 401ks. So give them a little break.

@LawrenceTimme Месяц назад

Traveling is massively over rated.

@user-cw1fr2jo2f Месяц назад

$3 millions when you are in the 55 is a lot different than $3 millions when you are in your late 30s. I have 3.3 millions in liquid assets now and I just turn 40, have a paid off house worth $800k but I still don’t feel comfortable retiring yet.

@user-wj1pr1jj4p Месяц назад

Well, you must have a pretty expensive family / hobbies to support because I could retire on a lot less then 120k a year (4% rule). Yep, if I had 3.3 million at 30 I’d probably retire. And I wouldn’t need the added 800k money pit … I mean home 😂.

@MuhammadRohan-gu3vp Месяц назад

johny johny yes papa

@jacobside2656 Месяц назад

There is no such thing as saving too much money

@jayfrey5527 Месяц назад

Spending money in the future isn’t the reason to save money. :/

@victordasilva5255 Месяц назад

Cant think of a better one

@donotreply8979 Месяц назад

Ok then what is the reason unless you expect to live forever

@jayfrey5527 Месяц назад

Please give me some latitude. When I was younger, we were presented with “401k concept.” You work and save your entire life, then spend your savings to zero. I always hated this concept. If that was the goal in life, then why did families like the Kennedy’s or the Rockefellers exist and keep THIER money, generations after generations. The catch - they needed us to spend our wealth down and get our offspring to do the same. Why? Because they need workers to support them and their dreams and passions. Same reason they inflate the currency and the only finance they teach us is that we need a good credit score so that we can be awarded with debt. I’m just an hourly working stiff. I personally don’t view my retirement accounts as a lottery winning at the end of my life. I know I’m rambling - I don’t do this for a living. There was a finance radio guy in the early 90’s named Bob Brinker. He spoke of the goal in building wealth was to create money/wealth “critical mass”. Like a nuclear chain reaction, you want your wealth to generate enough “energy” to support yourself. “Retirement” isn’t an age - it’s a number. Once your wealth reaches that number, you work because you want to work, not because someone else wants you to work. Life is short, and wealth gives you the freedom to insulate you from the fools in this world whose only existence is to get the next shiny thing. Anyway, that’s my thoughts, take it for what it is.

@buyerclub2 Месяц назад

Boy do I disagree with you. No we do NOT need to SPEND SPEND SPEND to have a good and healthy retirement. So tell me how many vacations should you take. I take around 6 a year. On Wed. I am off to Greece for a cruise around the islands. . How many properties should one own? I own two outright, and certainly don't need more for income. Do I need to buy a boat? Nope. A jet ? Nope? Should I give my children so much that they lose motivation? I certainly will do my best not to, although I will leave them plenty. The fact of the matter, by investing, and being somewhat smart and lucky, I retired with so much that it likely means I wont spend down any of my retirement. Yeah I am talking actuality, you discuss theoretically. No, I wont give you money to discuss my situation. But yes I would share the details with you. And BTW, my portfolio is MUCH larger than your real life example.

@earlyretirementari Месяц назад

I appreciate your perspective. Thank you for sharing.

@Julia-b9x Месяц назад

@buyerclub2 - You should spend all of your money on courses around decreasing arrogance. Your personality and social skills need a lot of work.

@buyerclub2 Месяц назад

@@Julia-b9x My comment was mostly directed towards Ari. But since you decided to leave me a snippy comment. Exactly what do you disagree with? The first aspect of my comment is that one does not need to spend to have a happy retirement. I just elaborated a little on what I dont need to spend on. Then I stated that while I wasnt going to hire him as a FA or pay an AUM fee, if he wanted to know more about me and my situation I would be happy to discuss. If I was going to critique someone's social skills it would be you, who seems it valuable to leave nasty comments. Have a good day and life.

@joflo63 Месяц назад

That, my friend, perfectly describes touché!!😅

@user-wj1pr1jj4p Месяц назад

Wow, it sounds like you plan on being very charitable in death. I would like to be the first to thank you for all of your hard work throughout your lifetime so that your beneficiaries can cash it out.😂😂😂

@EdA-bz3bu Месяц назад

Can relate and more for my wife. At 51 and when retire at 55 if live to 90, pension is worth $2.5M SS worth $2.5M and will have $1.8M in investments at 55. We can and have been living on just one pension income and zero debt no debt what so ever and $.25M in money market and liquidity. Still my wife will not indulge in buying a modest toy car ($16k) or other basic luxuries. We are great saver and bad spenders. We are already maxing out teenage kids Roth IRAs.

@EdA-bz3bu Месяц назад

I call us “poor millionaires” When only have $2-3M that can quickly go to nothing in couple bad years of stupid spending if their is not a good flow of replenishment cash.

@Julia-b9x Месяц назад

*There