I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
most of this talk describes spending as a regular budget, steady monthly or annual spending, but just higher than one is currently doing. Another approach is to splurge a large amount in a once every 5 or 10 year schedule on top of the current frugal approach for regular timed expenses. One strategy is to set a budget, similar to how you describe, but then move the excess into a separate account to distinguish it from the retirement fund. Mentally, the money is spent because it was in the safe drawdown budget, but it is accumulating to make a large expense. It helps to name the account with the goal you have in mind. In my case it is a custom built house optimized for my specific retirement lifestyle, yet future proof in terms of mobility considerations and potential for easier accommodation for aging at home.
It is hard when you've saved all your life. Plus in today's economy i feel like I'm being ripped off with prices. A new flashy restaurant opened near me, $78 for the cheapest bottle of wine, no way am I handing over my hard earned savings. 2.7 mil saved and 2 houses.
I think sometimes the sticker shock just gets to us. The other day I went to the store & intended to get a loaf of Dave's Killer Bread. But it was $7. I could easily afford it but just something about the outgageous price stopped me. I got a cheaper brand. Maybe next time.
I'm a baby boomer just retired in May. I do agree I am struggling to spend what my financial advisor wants me to. But I did get an annuity with an income rider. The struggle for me is I grew up with no parents in a childrens home with nothing. So I always had nothing. My current situation is I have mire than I need will not need social security until 67. So now trying to figure out how to change my mindset to be ok spending. My social security and annuity will be well over what I need to live on. So need to figure out what to do with thw 1.5 million in my IRAs . A good problem to have I guess.
I’m taking money from my 401k, bridging to SS @70. But I’m saving up part of it again, for major purchases (30-35k) in the next 5 years) like my next car, or a new deck, etc. I’m not really spending it, Willy nilly. I want zero debt in retirement, other than my mortgage. But I see future expenses.
I Know I will spend my money? You may be right but I am concerned I will spend too much? Alot people I know think I am titewad? I spend Alot of money, I just don't spend it on Them! 4new tires on my van will cost over $1000 replacing a vehicle is Extreme expense? But single, no kids, I don't need to leave legacy?
I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
Yoda: " Control, control, you must have control!"😀
Automation point is spot on and the only way I can do it. 👍🏻
I will have Soc Security and a Pension so a secure base?
Transition/change is always difficult, especially when you have been saving for later your whole adult life.
most of this talk describes spending as a regular budget, steady monthly or annual spending, but just higher than one is currently doing. Another approach is to splurge a large amount in a once every 5 or 10 year schedule on top of the current frugal approach for regular timed expenses. One strategy is to set a budget, similar to how you describe, but then move the excess into a separate account to distinguish it from the retirement fund. Mentally, the money is spent because it was in the safe drawdown budget, but it is accumulating to make a large expense. It helps to name the account with the goal you have in mind. In my case it is a custom built house optimized for my specific retirement lifestyle, yet future proof in terms of mobility considerations and potential for easier accommodation for aging at home.
Yes indeed. Goal-based saving can be quite powerful. Some find it easier to spend when they have a separate account earmarked for large expenditures.
It is hard when you've saved all your life. Plus in today's economy i feel like I'm being ripped off with prices. A new flashy restaurant opened near me, $78 for the cheapest bottle of wine, no way am I handing over my hard earned savings. 2.7 mil saved and 2 houses.
Will you save for your entire life? Will you take it all with you or spend it all beforehand?
@Dolphinfinancialgroupfl I'm working on spending it, but definitely not going to be easy. 2 yrs before we retire.
I think sometimes the sticker shock just gets to us. The other day I went to the store & intended to get a loaf of Dave's Killer Bread. But it was $7. I could easily afford it but just something about the outgageous price stopped me. I got a cheaper brand. Maybe next time.
Lifelong habits are difficult to change. Then again, being frugal on certain things isn't necessarily bad.
I'm a baby boomer just retired in May. I do agree I am struggling to spend what my financial advisor wants me to. But I did get an annuity with an income rider.
The struggle for me is I grew up with no parents in a childrens home with nothing. So I always had nothing. My current situation is I have mire than I need will not need social security until 67. So now trying to figure out how to change my mindset to be ok spending.
My social security and annuity will be well over what I need to live on. So need to figure out what to do with thw 1.5 million in my IRAs . A good problem to have I guess.
@@steves3234 people who grow up in a situation like yours often struggle to spend money in general.
I’m taking money from my 401k, bridging to SS @70. But I’m saving up part of it again, for major purchases (30-35k) in the next 5 years) like my next car, or a new deck, etc. I’m not really spending it, Willy nilly. I want zero debt in retirement, other than my mortgage. But I see future expenses.
One of the most difficult parts of delaying social security is drawing down other assets during the delay. ua-cam.com/video/9P21Rue_ybY/v-deo.html
I Know I will spend my money? You may be right but I am concerned I will spend too much? Alot people I know think I am titewad? I spend Alot of money, I just don't spend it on Them! 4new tires on my van will cost over $1000 replacing a vehicle is Extreme expense? But single, no kids, I don't need to leave legacy?
Very unconvincing. Definitely wouldn't invest with this guy