10 "All Time Worst" Money Habits of Retirees
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- Опубліковано 11 чер 2024
- This video discusses 10 of the worst money habits engaged in by retirees. There is a good chance that you or someone you know personally is doing (or not doing!) one or more of these right now!
Important link mentioned in this video - 6 Must Have Estate Planning Documents: www.investopedia.com/articles...
FREE Retirement Ready Checklist:
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CHAPTERS:
00:00 Introduction
00:19 Over-Spend Early On
01:15 Not Continuing to Invest
02:50 Excessive Credit Card Use
03:52 Impulse Spending
04:34 Paying Bills Late
05:10 Ignoring Insurance
05:56 Thinking Estate Planning is Not Necessary
08:15 Having No Financial Goals
09:21 Giving Gifts You Can't Afford
10:32 Budgeting No-No
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
I don't usually comment but I'm a subscriber and I just want to say thank you for all your videos. Also, your voice is so soothing, which might sound weird, but some financial channels are very dramatic and my anxiety goes through the roof. I just can't watch them even if they're giving good info. Listening to you is a pleasure plus I learn something too. Thank you for that.
Thank you for calling out these scammers in the comments. They inhabit every financial video on UA-cam. "Hey, you're a dope if your money is just earning market average returns. I manage my finances with Debbie Gremuldski!" followed by a reply of "Yeah Debbie is awesome!" What a load.
The entire the entire response thread is Auto generated. People looking for an advisor should do as Geoff says and check with friends first.
No way man. Debbie is a rookie. I made $5 billion last year knitting sweaters out of my belly button lint. I'll sell you a franchise for a measly $200K.
We go to a grocery store and a hardware store that gives a 10% discount on Tuesdays. Credit card balances are paid every month. The mortgage was paid off a couple years before retirement.
you gotta ask yourself: do you overspend on tuesdays because there is a 10% discount? Don't you know that is a classic marketing ploy to get you in the store where you will be tempted to buy things you don't need because they are on sale.
You gotta ask yourself: do you justify paying for whatever you want, things you dont need, just because you pay off your bill each month
You sound fun😂
I will never pay off my mortgage! At 2.625% interest for 30 years, that thing is a wealth-building machine!!!
Arbitrage, baby!
My grandmother had 15 grandkids. We all got a gift around 5-10$. We loved anything she gave us
We retired from FT work in 2002. We worked part-time for several years. I volunteer at 3 different places. Friends watch TV or shop all day. Because I volunteer,
I talk to younger people and meet people with interesting hobbies and ideas. I do a number of crafts, too. Tina, Al's wife
Thanks for warning people about the stupid scams and advertisements in the comments!
Thank you GEOFF for constantly working to better the retirees lives… I’m sure you were a great dad a great son a great uncle, a great accountant and a great person. Peace be with you. I tell you you make my world a better place every day and I’m sure around the world people that listen to you feel the same.❤
IMHO, the most important factor is managing money is knowing where 100% of it is spent. It is as simple as writing it down at the end of the day or putting it on a basic spreadsheet by category.
Then it becomes easy to plug the holes in the boat.
80% of the people i know do not know where most of their money goes outside of rent/mortgage.
Absolutely agree. It really is as simple as writing it down, and there are multiple phone apps to assist you in keeping accurate records.
Yes. That's how I always did it. Likely, most people are just bad at controlling their spending.
But I'm sure that there are many that have another problem. They have very little income, have no idea how to add and subtract, and spend mindlessly, spending money on things because there neighbors do, regardless of their financial situation.
Agreed! That's how I've been doing it for many years, before retiring and since. I always have a full picture of my spending.
One item you failed to mention about maintaining a good credit score in retirement: Depending on your state’s laws, it is often used by insurers as an indirect measure of risk during initial screening or directly in making policy approval or rate decisions.
Great advice sir. I started watching you several years ago, and now that I'm VERY happily retired, I still come back for more useful advice. Thanks for these videos, and kudos for "calling out" all the ridiculous - and hysterically funny, in terms of the scammers thinking their coordinated little back and forth comments are fooling anyone with a functioning brain - who permeate a lot of these financial channels' comment sections.
Just a note on DIY-ing your estate planning documents (wills, trusts, advanced directives, powers of attorney, etc.). Just DON'T do them yourself. Laws vary state to state. Too often, these online "form generation" websites will generate forms for you that, sadly, your heirs will discover weren't valid for your jurisdiction. Yes, it costs something to get these documents done properly, but I, at least, don't want my children to have to deal with a mess when i'm no longer around -- all because I didn't see an experienced estate planning attorney. No one likes to deal with gettings wills, etc. done -- because it reminds us we are not immortal. But I'm inspired to keep all that stuff up to date and done right so my children aren't left with a mess. (And that mess could cost your kids time and money and stress.)
First comment, thanks Mr Schmidt. I used your advice through my working years maxing out 401K and then when I hit 50 I used maximum additional into my investments. I survived on my same income from the 90's through 2017 on retirement. I now get more monthly between SS and pension than I cleared working the last 30 years, my 401K (sizable) is my fun money! Thanks young people must save early and my kids have done this also.
Yes, in number of dollars, we can get more monthly income in retirement than when we were working. But, not the same purchasing power, what with Bidenflation and all.
Yeah, similar situation here. For years we didn't see any or all of my annual raises as I threw all or most of those at our retirement funds until I hit the IRS maximum allowed - the early years are SO important! Plus do NOT believe that volatility = risk. Not having enough is the biggest risk, so I went with S&P 500 index funds.
That raises a question for us diligent and successful (lucky?) investors/savers: how much spending is too much if you don't need to live off your 401K (etc.) each month? My wife and I are in the "go-go" years, in that we have the physical capability and health to travel NOW, but probably will not in not that many years. So like Scrooge McDuck, do we just sit on our money to watch it grow, in our case for no benefit as compared to living life and traveling? I don't think so.
I wish I could give you multiple thumbs up!!! Thank you for your great videos and advice!
Very good as usual. Thank you for your insights
Continuing to invest in retirement keeps my mind busy and I enjoy it. We still use a budget and follow a wise advice of “ don’t pay more for something than its worth.
I had strangers and small business owners who assisted me with getting essentials when I struggled to get through a month at time. I am paying back by doing the same when opportunities arise.😊
What did Geoff just say about co-signing on a loan. That’s a big No No. There are a number of good reasons to keep your credit score up in retirement (better insurance rates or similar) please, no co-signings!!!
When researching a financial adviser insist on a fiduciary focused adviser, shun dually registered advisers (broker/IAR), and avoid insurance agents in investing. Most CFPs are dually registered.
In general, be wary of people coming to YOU for money. Home remodelers, "emergency" messages from "relatives" on Facebook, etc. People asking for money from you, unasked, are rarely looking out for your interests.
Thanks Everyone that was very enjoyable
Very good information. Thanks for making this video!
Real world, sensible and intuitive. Thanks
Thank you! Great list and thankfully we are good to go.
What do you do when your whole family is dead? I would love to see you do something about retirees who have no survivors. It's not all that uncommon.
charities
That will be me. Friends and charities.
That’s me! I’ll donate to animals funds and other charities and friends.
My university! I have chosen a program I support and the funds will go toward students who need assistance.
All of our assets are going to charities over 10 yrs through a Community Foundation.
When I retired, I went to cash envelopes.....best for me.... savings for trips.....no credit cards! Living below my means❤
What was not mentioned regarding your credit score is that it will directly affect the insurance policy premiums for your car and house.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2018 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
I agree, having a portfolio-advisor for investing is genius! Not long ago amidst the pandemic crash in March 2020, I was really having investing nightmare prior touching base with a license portfolio-advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $120k investment thus far.
@@maryHenokNftKudos on the effective execution of innovative ideas and tactics that lead to significant advancement. As I seek guidance from a trustworthy advisor, would you be willing to share details about the individual assisting you?
The decision on when to pick an Adviser is a very personal one. I take guidance from *Gertrude Margaret Quinto* to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
My parents always encouraged me to save. However, I believe that as a Jr or Sr in HS, there should be a REQUIRED class in how investing works. A full year of creating a pretend portfolio, choosing 4-5 investments after research & then track/adjust based on changing market dynamics & performance. Your grade is the result of the plus/minus outcome & your level of participation.
I tried to teach my kids about investing but they ignored my advice and started spending with reckless abandon as soon as they left home.
Yes this would be good. But I think basic financial education should start in junior high and then continue in high school. Teach the kids literally how a checking account works, how her credit card works, how student loans work, etc. Mortgages, investing, etc. These kids come out of school knowing absolutely nothing. And I'm not just talking finances but at least if they have some financial education, it's usable.
If the person teaching the class is an investor.
I agree, but I think understanding the math and strategies of finances, investments and retirement is just part of it. Some things are difficult to teach in a classroom. For instance, many of our parents, or for some, grandparents, lived in a different time and in a different culture. I have always noticed a strong difference in the 'financial behavior' of my late grandfather, my father, and my son. I expect that this will continue based upon the conditions each of us lives through.
When I was young, all of my cousins joked that my grandfather was still pinching the first penny he ever made. He became rather wealthy in late adult life amid a crushing economy. My father experience childhood through the Great Depression, and he too is quite frugal. My parents are successful and still enjoy a long and healthy retirement. I lived through the sixties, am quite frugal, and can only hope to live as long, as happy, as as healthy as they have.
My point is that my son was educated in middle and high school by a mandatory curriculum of financial courses. Yet I don't think he gets it. I could give him a million dollars, and he would spend it on video games, useless and intangible goods and services, and be broke in less than a year.
I believe that my dad had taken the opportunity to educate me and my sibling in his own way. In the summers of my childhood he would give each of us one dollar and say go have fun. We were responsible for feeding ourselves. We could buy a toy, a soda, or candy, or go to an arcade... whatever we wanted. The smart ones would go hungry and have seven dollars in their pockets each week. The foolish ones wouldn't have anything. Some of us smartened up.
This suggestion has all the earmarks of a good idea, but it misses the most important factor in investing...the effect of time and compounding. What you are describing is speculation, not investing. It is a game of timing the market. Successful investing is the result of investing early and consistently in low cost, indexed investments, mutual funds or ETFs, and time. This is not a theory or an opinion. It is the result of numerous research papers over decades. Ar there exceptions to this rule? Yes...Peter Lynch's Magellan Find in the 1990's is an example, however, 98% of actively managed investments do not beat the S & P 500, and in most cases, you are paying 1% asset management fees for that underperformance.
Now I do agree that students should d have to attend a semester of financial literacy education in high school and that education needs to teach budgeting, checking and savings principals, and investing principals. Learning and understanding the magic of compound interest and the avoidance of market timing will do more for students in their financial lifetimes than all the market timing games put together.,
I had to make an end of life decision for my mother. I discussed it with my father and brother. Fortunately, they both agreed and I made the call. I was able to do that because of her advance directive.
We have a good and solid will but I also have documents in my safe at home with explicit directions and instructions. Contact info for insurance and financial information, what we think they should do with our personal items, etc. The kids all have seen it and know where it is, but it should make it easier on them. I have seen some vicious battles among siblings when money and belongings have to be divided. It can, and will happen.
My parents led the way for us. Very clear and concise legal documents made the process as easy as possible when I had to execute their wills.
My one rule that I don’t violate is that every month more money needs to come in than goes out. No matter what, more in than out. I combine this with paying my credit cards in full every month and having zero debt. I figure If I can manage that, the rest is all gravy
Thank you
Thank you.
68 and retired. Still have 25 years on the mortgage and 3 years on the pickup. No big deal. Why? I planned for it.
Good as usual. I should get more detailed on estate planning and the same with thinking about having a financial goal when I retire. My shallow thought is that my goal is to not run out of money but I probably can come up with better goals than that.
The goal is not enough; what is your plan to reach that goal?
"Lack of adequate insurance"- My next-door neighbors had a long-time family home. The elderly matriarch just passed away. Back around Thanksgiving they had a fire. The house is mostly standing, but GUTTED. ZERO insurance. They are now living in the ramshackle garage out back, the yard piled high with debris, zero utilities. I let them get water from my driveway faucet, but that's all I'm up for doing. They saved a few $$, but ended up THIS way. Sad.
Yes, going without homeowner's insurance and thinking you will '"self-insure" is delusional for most.
Excellent info and advice!!! So far I’ve made the effort to keep purchases to a minimum. That being said my wife and I will do bigger things together which are priceless.
You do realize you are contradicting yourself, right? bigger things are not keeping to a minimum. Don't fool yourself.
One of my aunts died without a will. She had never married or had kids, so a trustee was appointed. She wasn't rich but it was about 15 years before her estate was settled because of difficulty in tracing all her siblings or children of her siblings. Single or not, make a will!
Agreed. I had a childhood friend who's dad died young and his mother never really recovered from that. She also died young and without a will. The family was quite wealthy and although the kids got along and didn't cause any issues settling the estate by the time the lawyers got done with all the other claims and issues that arose and everyone had hauled their wheelbarrow loads of cash to the bank the kids had only a small fraction of the estate left. It was still enough that none of them have ever had to work a day in their lives. But it wasn't a good situation and not at all what the parents would have wanted.
Actually, make a trust, and a pour-over will.
Although I don’t use a budget I do run a monthly financial statement and a cash flow statement. I know exactly where I stand and how much money I have. I guess this is modified budget.
yikes! if you dont know where you stand, you are not running a financial statement.
Through twenty years of retirement we have created a one page spreadsheet which shows our financial position on the first of every month.
Far better than a budget because you can see the trends over the years. If the graph trends down we can cut back on our lifestyle.
That's basically what I do also.
5:37 what a surprise. The insurance industry thinks we’re underinsured.
The reason they think that is because it is true. The average American Family doesn't have adequate life insurance. The average American Family is also improperly insured for Auto and Home Owners Insurance. Most don't have Personal Liability Insurance, Disability Insurance and Long Term Care Insurance. Why is this the case? Because too many people are like you...thinking they know everything and the insurance industry is "out to get you." They also focus on the cheapest rate, instead of proper coverage. Your choice...
I can't believe you mentioned keeping a good credit score so you can be a co-signer for someone to help them get started. Retirees should NOT be risking their financial future. If a bank with all their tools doesn't deem that person a good risk, you are saying you know better than the bank. Sorry, young relative, you'll have to wait and earn it like we all had to...
I do not like to spend money now. I think I will be good in that regard with respect to retirement.
Don't co-sign for anyone. :) If you do, it's your debt. And, size of the gift for sure. lol
I like your channel but you seem to give information to married people or people with children or Grandchildren. Maybe you could do a video about single people. I'll have more than enough saved for retirement and I hope to die broke. Most singles live within their means. I follow many channels on UA-cam that talk about retirement and investing, none talk about single people. I feel there are more single 70's than married. If your single you not concerned about your legacy. I feel investing in retirement is risky. Cash is King. Thank you for your work and your advice. I really enjoy your channel.
I agree! I am single and would love more content on being a single retiree!
Same
Plus, when married people become widowed, they are again single. And there are many horrible stories of single widowed people who lose it all!
Partly because they were not on their own for many years.
If you're a single guy be careful dating. Those costs can stack up.
Find someone who's willing to pick up the tab every once in a while. Many women get insulted if you suggest splitting the tab. I thought they were equal. You've been warned.
First date should be coffee. Starbucks is the leading first date location in the country (I made that up but I wouldnt be surprised if it were true).
Alcohol is horribly marked up. I have cut back on what beverages I order, both in price and quantity. Usually one drink. I have more at home that costs a lot less.
If the initial dates go well, consider a date at the bloodmobile. Donors are screened for various communicable diseases at no cost.
If she doesn't get a donor card, you've been warned.
Careful money management while dating can save you enough for 5 early bird dinners at Luby's per date.
Thanks for your advice. I always like to pay for food, drinks and dating in general. I'm male and I feel it's man thing to pay for dinner and movies and expenses. I'm not worried about money in retirement. If you live within your means and you have your money work for you, then all will be good. Thanks again.@@TheRealJBMcMunn
Part of your insurance premium is determined on your credit score. Credit scores are important even if you do not need loans anymore. You should still have car insurance and home owners insurance at least.
Have you done a review of long term care insurance value?
Ha, my plan is to buy video game systems so that _I_ can play with them later. One retirement plan I have for myself is to get around to playing the games I haven't had time for while working. It'll be a cheap way to spend my days!
Bring back the Michigan helmet, Geoff. We’re National Champs, baby!
Good credit is a definite asset but the quickest way to lose a friend is to co-sign for anyone! iFamily or foe. Its also not a sound business practice. if they need money give it or don't. By cosigning u r giving anyway.
Tough call not sending money to a troubled Nigerian Prince who needs help from you freeing up his inheritance.
🤣
Put all reoccuring bills on your credit card, schedule a regular payment twice a month. You get a twofer, no worry about late bills, minimal interest, and as a bonus the points from your credit card.
Note on trusts: If you don't have a trust in California when you pass and you have assets, your estate will go through probate costing an average of 10% of your estate. This will happen even if you have a will. Lawyers make bank if you pass without a trust.
Any assets that you have that are titled, house, car.., can easily be dealt with via transfer on death set up. Same thing for accounts. People rarely need trusts unless they want to direct money for some time after death or have significant non titled assets.
@@christopherhaak9824 You are incorrect from a financial aspect in California. Also a trust avoids any transfer, since the assets are owned by the living 'revocable' trust. There are many nonfinancial elements that are defined in a trust such what happens to minor children upon death. Anyone with a reasonable amount of assets or minor children should have a trust. There are many more reasons a lot of folks should have a trust. Everyone should at least talk to an estate attorney.
We stick to a budget.
Our expenses are 40% of our budget. Those are things we have to pay like insurance, utilities,cell phone, internet, etc. It doesnt include food or travel, or discretionary spending.
That leaves us 60% of our income that we can work with. We stick to that number very strictly.
Virtually everything we buy goes on a credit card which I i pay off every week. Paying it every week keeps me from getting sticker shock with a huge bill once a month.
My electric bill went up 50% at once this year. I'm using a meter adding up all the appliances usage.
Yikes! Will your utility company come out to do an assessment for you?
My Electric bill went from an average of $48 to $85 last month on a 1 bedroom apartment. 😮
My electric nearly doubled last January. When I got the bill, I immediately got on line, read my statement, and switched (available in my state) to a different provider of the generated electricity. Our bill is now divided into generation and distribution, but you can't change who is your distribution provider.
Each customer can select who you "get" your generated power on line from a long list of different providers on the electric grid all over the county. I have changed twice in 2023, the last time for a 3 year contract. Each time it took me ten minutes to sign up. The contract happens in the next billing cycle, and your electric bill lists who is your selected generation supplier. This has saved me hundreds of dollars already.
Haha, according to an insurance company, “2 out of 3 homes are uninsured by 22%”.
Thanks for the good laugh!
Kinda like the big financial institutions attempting to scare us that our retirement savings are woefully low - that we’ll never make it on $750K… $1 mil, whatever. Retire… never.
NEVER be a cosigner for anyone NEVER
I agree! Terrible idea!
Before I retired. I decided to save all of my PTO and cash it out at the end of the year. I retired at the end of December. I cashed out my PTO and received around 15k
So far, I've been splurging and paying bills.
I'm down to about 5,000. I stopped spending and saving it for next year's bills.
What not to do
I believe only government employees get a cash out on their pay time off.
The private sector doesn’t provide that, I made sure I used up all my vacation time.
@@sct4040
IBEW union members get to choose what happens with their PTO.
They did take away the hours you can transfer over to the following year.
It used to be up to 240 hours down to 40 hours.
I retired in January 2024, and I cashed out the maximum PTO Hours allowed, 300 of them. As a longer term employee, I earned 262.60 hours a year in PTO and because I was a remote employee, without the hassles of commuting and office politics, and the ability to manage my work and teaching responsibilites from anywhere with WiFi, I took lots and lots of 3-4 day weekends vs. 1-2 week "vacations." Now...every day is Saturday and I greatly enjoyed the PTO Payout check...I used it to fund our two Roth contributions for 2024 ($16,000) and a nice stay in Virginia Beach over Christmas., with my daughter & her husband. ($4000)
Here's another reason to keep your credit score up. Last year we moved into a senior independent living apartment complex. They want to know about your finances to make sure you can afford it, and as part of that they check your credit score.
If you have living trust containing all your assets and stating who hold which positions do you need additional planning documents?
Hi, that depends. Click the link in the description for an article addressing your question.
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
The portfolio goes up and down, it’s scary but stay the course.
Stay the course. Anything else is market timing.
In March 2020 I "lost" $206,000..on paper. By 12-2020, it was all back, because I kept investing and left it alone. In 2022, when the market drop in both Stocks and Bonds, my portfolio dropped @22%. By the end of 2023, most of it was back and because I kept investing, my portfolio is at an all time high...after paying cash for a new $53,000 SUV.
Kept investing in low cost, indexed funds. If your 401K has a Roth Option, be in it. "STAY THE COURSE" John Bogle (1929-2019)
My dad spent his inheritance in a casino and lost it all. 100k worth of gold coins were left to him by his hard working mom who worked as a nurse for 50 years. He hasn’t owned a home since 1990. Now he’s being forced to move out of his 3rd wife’s house because she passed away and she did not put him on her home title and it had a reverse mortgage on it. Complete cluster f all the way around. Don’t do what he did.
Sorry that happened. There are some people who seemed determined to have trouble for themselves
what should we do instead.
@@DrSchor
No third wife (spouse). Don’t get married after two if they both failed: You’re the problem.
Never gamble.
If married, *everything* needs to be in both names!!!
Really complicated stuff like that.
I wonder, if it’s possible to put the money one leaves for their kids in an annuity to be paid out monthly. That way, it less likely to be squandered.
@@DrSchor Don't gamble, and don't put money into investments or assets unless you're listed as the owner of the asset.
I know plenty of people over 65 who still have a mortgage that never gets paid off.
Mom & 2nd Looooooooong term husband go on 2 or 3 Expensive trips a year!
How do you have the More Likely Successful & Understood conversation that 25 - 35 years of Trips is Enough?
How did Rome fall?
I swear this is true: at 93, my dad invested ALL his money in a 10-year plan. Once I explained to him that this would yield results when he was 103 years old, he allowed me to pull the plug - at some cost.
Wow, they had to do a study to find out people like to spend money!
I can testify that you will get bored out of your mind really quickly maybe a lot faster than you may actually think possible. I broke my arm and by week 13 I was begging my doctor to let me to return to work as I was going out right ster crazy out of shear boredom.
What?!?! Loaning money to relatives didn't make the list???
Who would ever do that???
I have 2 weddings to go to this summer. My husband outgrew his suit. Can he just wear nice slacks shoes and shirt and a tie? I don’t want to spend $500 on a new suit.
What are you going to wear? If you plan to dress nicely, he should too. Buy a new suit for him. He can wear it for the next 10 years.
What did I do with that Like button ???
I feel most of know this.
Can you teach us something new?
Co-signing on a loan is never a good idea. Not with friends, not with relatives. If a bank won't lend to them, you shouldn't either.
I hate spending money. I will for real necessities, but otherwise not. My wife and I are about half way through cleaning out our basement. I purchased less than 5% of the items that are now being thrown out. They are mostly worn out tools that I used. I think nearly all boomer husbands are in the same position that I am.
And a lot of single boomer women as well!
People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
I became an empty nester in 2022 when inflation was at an all time high. A great time to become one. 😂😂😂
But, home insurance costs are growing to the point where self-insurance is becoming a real option.
You can't save enough to self-insure. Think of a fire, a flood, a tornado.
That would be a mistake. You need to bet it all on red, not black. DAMHIK..
If I do not use debt why would I care about my cared score.
Some people find themselves in peculiar situations later in life
what is a cared score? did you mean card score
One comment mentioned insurance companies using your credit score.
@@sct4040 not like they used to. Just talk to them.
As Geoff, credit scores are used for many different things...like qualifying for insurance, or renting apartments, and in many cases, getting hired by a new employer. This surprises folks, but it is true. People are also surprised to learn that some employers will also check your driving record, looking for DUIs and reckless driving, including excessive moving violations.
Credit score to co-sing on a loan? Are you totally nuts? 😮
Did you just advocate co-signing a loan for someone while in retirement?! Wow. I just u subscribed with that piece of crap.
I turned off the video as soon as he said, "If we're being honest."
When I first retired we were going out to eat it was once or twice a week. Now we go out once a month. I do like hamburgers no more going 5 Guys or Whatabuger or chili’s for there 3 choices for 10 dollars.