In order to meet my daily needs and get lower taxes even though I'm in a higher tax band, I need to figure out how to create a retirement plan while continuing to earn passive income. I would like to invest about $250K of my money.
Instead of putting all of your eggs in one basket, diversify your holdings among a number of asset classes to lower risk. Consult a financial specialist if you lack financial knowledge.
Under the direction of experts, accurate asset allocation is essential. I own 850k in equity, 300K in cash with 5.25 interest, 685K in a 401(k), 250K in cash, 120K in paid-off automobile assets, and gold and silver bars. 48 years old. My portfolio increased over time after my advisor helped me realign it to my risk tolerance.
I moved to Spain as is inexpensive. My monthly income is $2485 a month. My mortgage payment, all utilities, groceries, health insurance, incuding cell phone is $1,275 max per month for all expenses. I sold my car and use public transportation which is very clean and never problems with homeless or others causing trouble. I am able to save at least 1100 per month which helps with long weekends and very cheap airfare to visit other countries throughout Europe staying at very clean adult hostals for around 35€ per night. I am living my dream at 77 I am very healthy, have never smoked or done drugs. I take B12, Vitamin D and calcium and nothing else. I eat exceptionally well, meditate daily, do yoga, walk 5 miles a day with a senior group along the Mediteranian which I live 1/2 mile from in southern Spain. I never could experienced this lifestyle in the US.
@@daviddean6032 Had to laugh at the wording. Careful as Spanish women love American men thinking they are rich. Rentals can be found for around 500€ which rate of exchange is very good right now. I have heard of rentals for less but have not seen them. I have rented in Greece, France, Spain and Italy but i agreed to stay 6 months each place. Paid as low as 450 to 750€. Hostals in Europe are very strict and regulated and very clean. Adult Hostals are much quieter. I love to travel and have also done a home exchange through a certified agency. The people have been retirees like myself and my experiences have been positive. But have also heard stories much less successful. What it comes down too is when traveling on a budget remember it is not home but simply a place to rest your head while you enjoy the moment, collecting memories. Have a nice day David as mine is nearing an end at 9:46pm.
I’m really thinking of going back to my birth country of Malta. I have been going there every Summer, I walk everywhere, free transportation and Medical and love to be with family. The only thing that I don’t like is that it’s too crowded especially during the Summer months and very noisy. I’m also 77 and could live well on Social security. I’m giving myself another year to decide.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
@@Jaffcardwell I need a guide so i can salvage my port-folio due to the massive dips and come up with better strategies. How can one reach this advisor?
@@Jaffcardwell Appreciate this recommendation, hopefully I can get some insight to where the economy is headed and strategies to beat inflation with when I hear back from Julie .
Gonna retire on 250,000 with my ss. I plan to work part time until i just can’t. I’m a nurse and I don’t want to be home all the time alone. I think staying active is a good way to stay healthy. Also continuing to serve others is a key to longer life.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Diversify your holdings across several asset types to reduce risk rather than putting all of your eggs in one basket. If you don't know a lot about finances, speak with a financial expert.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
This is his most amusing video yet. It is a video of a rich person imagining what a poor person spends money on. People living close to the poverty line do not spend on taxis/Uber, airline tickets, restaurant meals, bottled water, and so on ... They can barely make rent/utilities/groceries. Oftentimes it involves choosing between medicine and keeping the lights on, or between rent and food. In reality, this video is suited to solidly middle-class folk who are looking for ways to be more conscious in their spending habits. It is wonderful to work hard to secure one's household wealth and financial future, but we can do that without being so hilariously oblivious to the reality facing those less fortunate than us. Otherwise we sound like Marie Antoinette when she said "let them eat cake." 🙂
@deepaksubramony5438 I'll translate your comment. "wahhh wahhhh wahhhh, I'm broke and dusty! I will NOT take any advice from this video, since life is too haaaaaaarrrrddd! None of this applies to meeeee!!!"
Actually, in the United States, many people I know personally are in debt because they are unable to deny themselves the things this video mentions (food from restaurants, expensive presents for their kids, all the subscriptions, bottled water and other drinks). I absolutely believe that income inequality is a Huge problem in America, but I also know that personal choices are part of the problem.
Buying groceries - try store brand items, shop sales, buy fresh produce in season, stock up on canned goods on sale. Buy clothes at thrift stores, garage sale. Learn how to DIY simple repair projects. Been living on lower income for many years. Buy quality they will last longer.
I’m finding the current level of inflation is making thrifting very expensive. Food inflation worsens weekly as well. For the past 2 years my grocery stores are still inflating in season produce. They are now saying you have to buy 7 cans of this or bags of that to get the lower price. It’s really getting out of hand. FJB.
I am a low income retired older adult. Last year when I got my Social Security cost of living increase, I decided to save the $$$ .....to try to live without spending those $$$. I saved $1,000. ! I plan to do the same this year.
I loooove the do not buy bottled water comment. The cost of bottled water is higher than gas and it is way cheaper to fill you own bottle. Not to mention so many empty water bottles litter sidewalks, grocery store parking lots, and streets. Even if everyone disposed of their empty bottle in the trash we do not need landfills full of more plastic.
LISTEN ... DO NOT use plastic for any drinks you consume, that plastic bleeds off into the liquid and it enters your body, it's bad news ! POISONIOUS , USE GLASS containers ONLY
Also recent studies in 2023/2024 have shown worrying levels of microplastics in mineral water bottles, that inevitably leach into the water and into your body . Thus i've stopped buying bottled water, and preboil tap water then cool it instead, every day. (Tap water flouride is bad for your thyroid.). 🌱🤔
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Spend spare time volunteering... For example: I am 72 and for the pat 15 years I spend one day a week (about 5 or 6 hours) at a local shelter for abused women and children. I grew up in a construction family and use that experience doing repairs and improvements to the buildings and grounds. Everyone has skills charitable organizations could use. It helps my mind being sharp doing the work, interacting with others, and gets me out of the house without costing anything...except gas and my time. And the organization improves our community. The best is... I get to fix stuff! Really enjoy it.
Funny you brought up the forgotten 401K. I am getting ready to retire at the end of the year and remembered I had a small amount in NC orbit system, about 5K as i remembered. Did the paperwork, got it notarized for transfer to my TSP account and low and behold 18K was received. Nice plus up for a forgotten account!
And when you left that job if you had rolled it over into an IRA with a brokerage company like Fidelity it would have been worth a lot more. There would have been much better options for investments. I’ll never understand why people don’t do this.
My husband and I started going to parks a couple of years ago You could call us park heads. We were amazed how many beautiful parks there are nearby. We walk, we have picnics, we sometimes fish, and still go in the winter. Most are free
About libraries. Preach it! Another library tip. No worries if your library doesn't have a certain book you want to read. They can almost always get it for you from another library via interlibrary loan. That means it will be shipped to your library, where you can check it out. There will probably be a fee, which will cover (or partly cover) shipping costs. That's much cheaper than buying a book!
Top hint, and one you should start immediately if you don’t now, grocery shopping WITH A LIST. Also, don’t shop when you are hungry, have a snack before shopping.
Great points! Many I've already done getting ready to retire. For those who can / want to do repair work around the place - larger tools can be rented from HD & lowes ; Working on your car? most National auto parts chains 'rent' for free tools needed - a great one is the OBD reader - I've used it a couple times. Additionally, I drive a 27 y/o F150 I purchased 26 years ago (no car payments) - I keep the interior in great shape and do maintenance as needed - keep that oil changed (which I do myself). Just put $1K worth of 'rubber' updates - bushing, ball joints, tie rods, hoses & belts. Actually, my mechanic loves my truck - says it is 'easy' to work on - not a lot of computer components, easy to get parts for - but he doesn't get to see it much! Took 30 min for me to change the thermostat. UA-cam can help you diagnose your issues - which saves you money - need to fix a leaky toilet? there's a video for that! etc. Even if you don't want to do it, you are armed with knowledge prior to ordering the work done.
For those on the brink of retirement and uncertain about where to invest their funds for a secure future, the stock market can be a viable option, but navigating the vast array of stocks requires careful consideration. It's crucial to make informed decisions to safeguard your financial well-being during your retirement years.
For stability and possible growth, take into account well-known equities like Johnson & Johnson (JNJ), Microsoft (MSFT), and Apple (AAPL). But investing in the stock market may be complicated, which is why having an experienced financial advisor's advice is so helpful. You can adjust your investing plan with the assistance of a professional to better suit your risk tolerance and retirement objectives.
@JosephineGaule Who is this individual, please? I firmly think that achieving a profitable retirement and navigating the intricacies of the stock market may be made much easier with the help of a trustworthy advisor.
@@JosephineGaule I appreciate your viewpoints. After I typed his whole name into my search engine, the first result was her official website. Although her credentials are clear, they might not represent her expertise.
Last year I was laid off my job. I opened an IRA at my credit union and transferred my 401K there. Then since I was on a roll, I tracked down 3 more. They are all in one place now. When I retire from my new job, i will transfer that money there too. Easier to manage. Plus I took out a 5% CD.
I add up all my expenses over $200.00 incurred during the year, divide it by 12 and save that amount every month so when my car insurance, taxes or any other larger bill comes the money is available.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Monica Shawn Marti is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
According to your info I am on the poverty line. I already do everything you suggest, and sold my car too. ..Where I live; in addition, we have anti-waste stores...which fight against food waste by recycling products intended for the trash by supermarkets etc but still suitable for consumption plus selling locally sourced products. Prices are often 50% lower than elsewhere for virtually the same food.... a real saving!! We also have a very good subsidised cheap health system. The tax system pays ME a little every year because I am so poor , about 300$ and of course I pay no tax. The public transport system, which is excellent, is free at the weekends and not expensive during the week. The state pays me 6% on small savings up to about 8000$ Rent increases are limited and fixed by law. Where do I live you ask me? I am British but I live in France.
Be careful though! I think bikes are great, but often the streets aren't designed to keep bikers safe. The last thing you want in retirement is to get hit.
He mentioned libraries... I use the Libby app through my library much more than the physical library. I stopped all magazine subscriptions and read them all through the app. I also read books and listen to audio books often. Sometimes I might have to wait a few months for my turn but it's worth it because it's free.
Thanks for this video! When I retired earlier this year I remembered the earlier video with some of this advice and saved myself more than $200 a month.
I shop a discount store, which gives me monthly coupons. I get any where from 10 to 30 percent off my entire purchase. I use this buy my dogs a good quality dog food.
Also, In addition to unclaimed 401Ks, check your state's unclaimed funds! I found a 'last paycheck' I had never received from my last job prior to moving and starting my own business .... Seemed I had unpaid vacation time they paid me for.
Re: Going to the quick lube vs regular mechanic. I would recommend finding a trustworthy mechanic over and above a quicky lube place. The fast lube place never reset my cars computer for the services rendered and it really messed me up for future servicing. Then I found a GOOD mechanic that not only did the oil changes but alerted me to a critical tire problem that I never knew about. I took it back to the tire place and found out they were still under warantee and got 4 new tires for very little cost. Without the knowledge of that mechanic, my tires could have failed, causing an accident or he just could have waited til I noticed a problem myself and the warantee would have expired costing my hundreds of dollars. The quick lube places do just the minimum.
I agree. I don’t know how we could keep our cars without our wonderful mechanic. My husband used to do all our auto maintenance, home repairs, etc. The eventuality of needing help is another issue to plan for.
@@InMyBrz I am a senior female who still works so that's not going to happen. But if you read my entire post, if I HAD changed the oil myself the problems that the MECHANIC discovered would have gone unnoticed. They were not related to an oil change at all and were picked up by an observant, well-trained mechanic who is worth their weight in gold.
The 2023 US Poverty level is grossly underrated. With skyrocketing inflation/price gouging, rents inflating to 110% over the previous year, food, prescription drugs, all consumables...saying that an individual poverty level is only $14,580 annually, a $600 monthly rent is nearly half the poverty income restriction. Now, for retirees add food, utilities, prescription medications, and transportation costs and now they're in debt! ON A MONTHLY Basis! There's a growing number of retirees and those close to retirement age who barely are able to make their income last paycheck to paycheck. Most don't have ANY savings, let alone a "cushion" for emergencies! These people are literally one paycheck away from being homeless! Grocery shopping for a larger number of people is another issue that causes a LOT of stress. Many who don't have their own transportation or who can't afford gas, find themselves having to make ONE trip to the grocery store every couple of weeks or less! This means fresh foods (produce especially) don't last. This means having to buy canned goods which aren't as healthy, usually full of preservatives and sodium, and lacking in nutritional value. So, they're either poisoning themselves, starving or having to toss out food because it can't be stored long-term. I don't know about what "online pharmacy" you use, but MY insulin is MORE expensive if I use my ExpressScripts online pharmacy than going to my local CVS pharmacist. Actually, it's nearly 10x's more expensive!! 10X'S!!! My insulin, with a discount card from GoodRx or direct from the manufacturer, costs me $35 a month, if I were to use my online pharmacy it would cost me $350 a month!! So, how exactly, is that a savings? Why rent movies? If these same people have cut their cable bill and are now streaming their entertainment, just re-watch a favorite movie via the streaming service one is already paying for! There, costs of Cable and Renting movies is CUT! EVERY major telecom company has what is known as a "Retention" department. These representatives have access to plans that are far better and lower priced than a "front line" customer service rep. I know this because I have worked for TWO cellular telecom companies, both of which were major brands. This is true for Cell phone plans, Cable, and internet services. My current internet provider also allows me to stream online on their website for many networks and even basic cable channels without paying extra for cable, it's included in my internet fees and doesn't cost me any extra. I also have access to "hotspots" all over the city, even all over the country!
Also, stop buying expensive gifts for people. I know a lot of people who continue to lavish grown children, who have good jobs, and grandchildren with ridiculous gifts, even when they can't afford basic expenses for themselves.
After I retired from the military at age 47. I told my son that I would no longer buy gifts for adults. Instead, we eat out for a birthday celebration and Christmas. It's less stressful looking for gifts that might not never get used.
We retired early with no debts. By limiting our retirement income we saved over $25,000 per year in health insurance premiums via Obamacare. Our retirement funds have grown each year since retiring. Retirement savings via more time...flying on days when rates are the lowest, maintaining our own vehicle (changing oil costs $30 versus $90 at quick lube for synthetic oil), gardening, woodworking, etc.
-Except that it's unlikely your retirement investments have grown every year unless you have funds that are not completely in the stock market. It is also much more difficult to maintain our own cars given all the new computer systems in the car. At least, that's what I've found.
@@Lucylou7070 Yes, our retirement funds have grown by about $300,000 since 2019 with a balanced portfolio, but not increase every year. Change the oil with synthetic oil and save time and money! Change the differential fluid, cabin and air filter and wiper blades, don't pay for someone to do simple car maintenance.
The public libraries and parks also provide entertainment as do local colleges and universities. Food banks can supplement a food budget. I've been working with local churches and social service agencies and found so much free or low cost stuff that I wounder why I worked so hard.
Our local entertainment venue offers free movies once a month for seniors. They are mostly classic movies, but have seen others. I usually buy a soda and popcorn for $4. A cheap way to spend an afternoon.
I’m in my 50’s. When I retire in a few years, I realized I would never starve because there is a senior center close by that offers daily meals of breakfast and lunch for only two dollars. They have menus that show what foods they will be serving, so people can show up on a particular day to get it, if they want to. Seniors can also socialize with each other for companionship. I can’t join until I turn 60, but at least I know the option is there!
Things I have noticed I've done this year probably due to inflation: --More rice, potatoes, carrots, chicken quarters --the A/C is set to 88 degrees whenn electric rates were high during the 2pm-7pm day with a box fan blowing. --On this hot days, taking a quick COLD shower actually feels good. --Only driving the most fuel efficient vehicle maybe even walking more. --I switched to generic powder laundry detergent from Sams Club. --We have stores that sell surplus items in my city. Cereal boxes for $1.00. 2 pounds of Starbucks whole bean coffee for $2.00. A whole case of cleaning wipes for $5.00 which I rinse out and use as wet wipes. I have more but dont want to sound toooo cheap...😂
@@silviaberrios2068Most of the stuff I do I think most folks know about and probably would NOT want to do....and I do not want to sound like an "extreme cheapskate".....well I have an air fryer, toaster and induction stove that I cook in the garage during the summer. Avoid heating the house so the AC does not have to cool down. I never use the oven. I have a very large counter top oven that I use in the garage. I quit using liquid body wash....I now use dial bar soap and mainly focus on the smelly/important areas mainly. I debone my $.49/lb chicken drumsticks and grill the meat and use the bones for broth....I haven't bought chicken broth for years. Of course I use the phone FLIPP to shop for local grocery ads each week. It seems here in Oklahoma the Mexican grocery stores sells meat much cheaper than say Walmart again $.49/lb chicken drums. When stores have Giftcards promotions for places I already go to (home Depot/Lowe's), I load up. For example: free $15 store gift card when you buy $50 in gift cards to store X. Frozen fried potatoes are already cheap, but throwing fresh potato tossed in oil in an air fryer is even cheaper. ANY of fast food place I would go to, I creat an account for me and my wife. Seems every 90 days I get a "where have you been, we miss you" promotions for a free entree or buy1- get1 free deal. There are sooooo many free food promotions in all these stores phone apps. I apply for new credit card promotions where you get $200+ when you spend $1,000 in 90 days. If I have nothing to buy I buy my grocery store gift card to use at a later date. I am 46 years old and a newly empty nester so I have extra time....my wife just rolls her eyes at my thriftiness.
My husband and I have been retired a while. The people who say that you’ll have plenty of time during retirement have not yet retired. You have less time. Suddenly there are grandchildren to take care of and health appointments. And that’s if you’re lucky. If you’re have health problems, you may not be able to do things when you want to. By thinking you have plenty of time, you’re thinking that you’ll be the health situation that you were where you were working. Not necessarily true. Hopefully, you’ll be blessed when you retire. But it’s amazing how much my health changed between 50 and 60. And 60 to 70. It’s incremental!
I genuinely mean it when I express my stress and concern regarding the market crash and high inflation, particularly in relation to my retirement. I have been experiencing losses for quite some time, and while some may argue that crises can present opportunities, I am feeling overwhelmed. However, I understand that investing is a long-term endeavor, and it is crucial to maintain focus on the bigger picture and the long run.....
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment....
Where I live we are forced to pay for the library with our property taxes while renters pay nothing. I use the library but it costs me in property taxes.
I repaired my 20+ year old clothes dryer twice. The repairman told me the second time that all the inside parts were getting worn (it had been used for its first few years for my mother's care as an invalid) and that next time it had problems i should buy a new one. It lasted 3 years after that before the motor locked up. I unplugged it and ordered the new one with the funds I had put away for that event. My point is repair if possible but know when to say enough. Timing is everything and we should expect the unexpected when it comes to household items breaking down. Stash a little bit away in that account every month. 😣🤗
The junk that’s rolling off the line will last about 6 years now and many need their first repair in the first 2 years. So much for that lie about saving the environment! The whole world is going to fill up with broken appliances!!
I live in Colorado and dry ALL of my clothes on a backyard clothesline. I'm think I'm the only person in the neighborhood who does it. Every week has at least one day when you can dry clothes for free.
Your library is a good friend. Besides being able to borrow books and DVDs, libraries offer many other money- saving services like free classes, clubs, etc.
Geoff mentions quitting smoking. Excellent advice. I'd also add limiting the beer, wine, gin, lottery tickets, trips to the local casino and - where legal - sports /casino app betting and visits to the local cannabis dispensary. And those are the legal ones. Nobody is saying not to have fun - but the above vices can kill your retirement and cause a lot of personal strife.
Plain CBD oil is good to have on hand for your pet's pain. Lots of over the counter meds aren't safe for pets. Pets can get injured or develop arthritis in their later years.
One thing that I do to save on food waste as a single person is to batch cook. You can use up lots of veggies by making big pots of soups, chili, pasta sauce, etc. Stow them in the freezer. I have never been without a freezer since I got married. It always pays for itself. Now even more than ever since I figured that I wouldn't be able to easily afford a vehicle after retirement. I am fortunate enough to be able to walk easily to two different grocery stores and the bus system is good where I live. Even ordering groceries for delivery is inexpensive. You didn't mention thrift stores for clothes. One can actually find nice stuff there. Some have books for cheap and usually the price for DVDs is good as well. Be careful with electronics and small appliances. See if your local library has book sales. Some of us take a while to get through a book. My library has several programs, even some on Zoom. Nice for me as I don't like going out in the evening.
I batch cook also, and freeze items - it's a lifesaver! I can walk or bike to at least 5 or more grocery stores near me - which saves on expensive gas.
@@carollynt What I said does sound corny, but even if I have pennies to my name after the bills are paid, I feel like a richer man for it. I know Poverty, so for me, it is saying a lot.
I have started pre retirement planning ( 3 -5 years left) in order to start saving money, paying off any debts and organizing downsizing to a 550 sq foot cabin. I look forward to travel , spending time with my family and feeling relaxed
Figure out what your retirement income will be and live on that amount for the year before you retire. If you can’t live on that amount, don’t pull the cord!
I just 30 this year and have just under $40k in my own 401k and another $10k between my other retirement accounts. My wife has about $41k in her retirement accounts (she is not currently working). I currently make close to $63k a year. I only do 5% though to my 401k for the company match and another 10% of my income is split between an HSA and a ROTH IRA
7:45 public transportation (if available) can save a fortune. Where I live you can get a monthly pass for $100 a month. Support referenda and bond issues to bring it to your district.
Your comment about locating old 401k accounts is accurate. In the 1980s I bought an investment while working for a public school system. It was very small at the time, and I received statements regularly. After 30 years, I decided to take the money out. It took two weeks and multiple phone calls. The account had been bought out by another company, which was rolled into a different company, which was merged and the account number changed - even though I was still getting statements based on my original account number. They couldn't find it; good thing I'd kept all my statements. Finally it was settled. The account had grown by thousands of dollars. Probably if I'd waited longer, the records would have been impossible to find.
A cushion fund is great but to create one, you need to be earning more than your 'tiny income'. Hence a suggestion of a part time job which adds to income which pretty much defeats the premise of living on the 'tiny income' to begin with. How to live on tiny income? Earn more money! Got it!
Practice, practice, practice! I live on about what my social security payment should be. But I’ll have the 401k & IRA’s to live off too, when I get there ❤
It's immoral. He doesn't talk about Social Security COLAS not keeping up with inflation. Conservative Republicans are the problem. Talk about what is causing this!
Retired at 55 several years ago, $1m in the bank. More time with my wife. 3-5 trips to the gym each week that I couldn’t do while working. Way less stress. More time for hobbies. Cycled 5,000 miles my 1st year of retirement. Joined a golf league that work travel had prevented. Actually have seen our net worth INCREASE nearly each year in retirement, thanks to no debt and years of dedicated investing with my FA Emily Lois Parker who made me a million after giving her a sum of one hundred and eighty thousand to start. Now i'm able to help my elderly mom more. Way more time spent outdoors with my family. Life is good!
hi, i'm 49 and already planning ahead for my retirement, i know it's really early but i'm working really hard to retire by 55. I've been working as an accountant for an AUTO company for 12 years and i already have close to 100+ saved but i don't know where to start. Can your Fa invest it for me please? i don't think i can do it myself. please i need a reply
In my small back garden I grow virtually every piece of fruit and vegetables that my husband and I eat. You'd be staggered at how much you can grow in 20 Square feet. It's also meant that we don't need to shop for fresh produce so aren't tempted by all the so called bargains.
Good for you guys! Us too, my husband has had a graden every year for 30 years Our garden now is 20x20. We have too much food! We stopped canning many years ago and instead freeze everything left over in the fall It lasts until next harvest We even freeze chopped up celery for soups and stews. We can't eat out because we're so used to good food that restaurant food is a no way for us so we save tons of money that way too
Retiree here living near the proverty level. However, I still go on camping and day trips. Seniors can get a National Park Pass for a one time fee and it is good for a lifetime. You can get in those parks for free. My state has a senior pass for 40 dollars a year and I can access any state park for free.
I haven't watched this yet, but I will because I love your content. I just want to put in my two sense and see how it lines up. I retired at 59. I have a very modest residual income and a small amount in a 401K plan that I won't touch until I have to. I own my home, car, and everything else I have. I'm totally debt free. I have my same healthcare from when I was working and will have it for life. I planned this years ago.
Learn to say NO. It will come in handy when she’s a teenager! More to the point, she shouldn’t be asking grandma she should be asking mom and dad! Figured out ✅ You’re welcome!
Easy...NO, and when she is older, like my dad told me when 12, you want something? Go work for it. So I did to buy a 12 speed Columbian bike. Mowed yards, paper route, baby sat, sold veggie seeds door to door. So proud of myself to pay $99.99 for that bike, all out of my pocket.
Purchase fresh fruits and veggies from the 'REDUCED' bins, use some now, and dehydrate the rest for future use, one can save a fortune by doing that. I NEVER shop with a list, rather I buy items I can use and stash as much as possible for future use. Being a prepper is the very best way to hedge against inflation and food shortages. As much as possible, I buy other items used, but in excellent condition. This provides a buffer so that I allowing me to absorb the high cost of petrol, I also have an electric bike for short trips and just plain fun!
I have been retired for nine years, and I do most of these things, In fact, I lived like this all my life. As a result, my retirement income is the opposite of tiny. But I’m sticking to the way I’ve always lived, with a few small exceptions.
I've done all these things all my life because I have had to. My retirement income is still tiny because I could never seem to make very much money, despite having two advanced degrees. I'm good now, but didn't know enough about retirement when I was younger and could have put money away, at least the one year that I did make a decent salary.
The first thing I did when I moved to our current state--after securing a place to live and setting up utilities--was a library card, and we've used them religiously since. Ironically, I'm also an author, and I'd LOVE for people to actually buy my books, rather than check them out from the library. Times change....
Of course eat at home as much as possible but for the rare occasion when you have to go out, here is how to do it without breaking the bank; Order an entrée and nothing else except free water. No starter. No salad. No dessert. No coffee.
Go with a smaller garbage receptacle if you can manage. Also, change your insurance policies to a higher deductible and lower payment, IF you can handle it should you have to make a claim.
Yes. You have more daily time in retirement, but, in the big picture time is short. I’ll be 70 soon, how much time do I realistically have left? Certainly not as much as I did when I was 20. So that’s why I say, in the big picture, time is short. I take that into consideration when I make decisions.
We're not quite that frugal, but pretty close, not out of necessity but because it's the best way to live. I'm constantly reminded of this whenever we experience what the majority are doing. The other day we drove into the city to take my elderly mother to an appointment and when it was over it turns out that my parents didn't have anything for their dinner. We offered to go get them a rotisserie chicken and some sides or pickup takeout for them. They wanted to go out to a casual dining restaurant but my mom was supposed to rest at home and quickly realized that she needed to. After they couldn't make up their mind we went to pickup the chicken but the grocery store was sold out by then so my parents asked that we go to Culver's to pickup 2 piece cod dinners for the 4 of us which we did for $52. Now, I can't say a single bad thing about Culver's. It was very busy but we got through the line and the order was correct, the service was excellent and the food was OK but honestly all my wife and I wanted to do was to get home and have the delicious leftover pork loin roast, mashed potatoes and fresh corn on the cob that we had planned on having after our busy day. We always plan on having our great home cooked leftovers whenever we've got a day when we'll want an easy dinner. After years of cooking exclusively at home and not dining out you can imagine how we're just not interested in waiting in line for 30 minutes for fast food that ends in mild stomach upset or worse waiting for an hour to be seated at a loud, crowded restaurant for mediocre food and a $100 bill for the 4 of us. Eating out has become an expensive disappointment and far more disturbing is how we've become addicted to having our food EXACTLY how we like it, lol. This if frugality's "dark side"...it's so great you don't want to do anything else. We can almost quadruple our spending if we stopped saving and took 4% from our portfolio but we're already very happy with our lifestyle and spending more doesn't do a thing for us. Cheers!
I've been diligently working, saving, and investing toward financial independence and early retirement, but the economy since the pandemic has eaten up the majority of my $3 million portfolio. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?
I stopped listening and taking financial advise from these UA-camrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice.
@@hushbash2989 How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
@@roddywoods8130 I’m a contractor, and my job doesn’t permit me the time to properly analyze my holdings/evaluate stocks myself, so I’ve had a fiduciary " MRS MARISOL CORDOVA " actively restructuring my portfolio for the past 7 years now to match the present market condition and that’s how I’ve been able to stay afloat, knowing when to buy and sell…maybe you should do the same.
@@hushbash2989 Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly scheduling a call.
Thanks for sharing, 2 other savings come to mind(a) availing up to 10% senior discounts at most restaurants and (b)using the reduced metro card while using public transport where you pay only half the regular fare.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement...
A 76-year-old veteran. I cycle 15 miles every day. I don't wear suits. I just wear my bike shorts and T-shirts and a helmet! My cars been paid off for 5 years, I don't have cable, and I found free movies on youtube, and pirate streaming websites! I embraced a minimal lifestyle, cook my own food, and never eat out. I live on ss of $2,061 a month, which has been sustainable.
Excellent video. The one subscription that actually saves me money is my instant ink, because of my own printing habits. I'd be interested in your ideas about tips for living without a car, especially those of us who don't live on the bus line. Will things like Uber and Walmart plus end up saving money in the long run? Or is it better to hang on to the car for as long as possible?
No, I mean, when you are getting old enough that maybe you should think of not driving. I could never afford a used 3 year old car anyway! Current car is 2008 and driving just fine. But it may become cheaper to not have a car in retirement.@@wa210
@@julierahn6932 I did that in my younger years and still walk up to the grocery sometimes, but I'm in FL and this summer we had "real feel" of 108 for days on end, and warnings for seniors to stay out of the heat. I'm thinking is it cheaper to use uber than it is to have a car?
super ideas. We now have some credit card debts that we want to pay off. We live below our means most of the time. But owning three homes takes its toll.
If you like this video check out my video on: 7 Tips for Living Comfortably on Social Security Alone
ua-cam.com/video/D_uDwgBkQlA/v-deo.html
In order to meet my daily needs and get lower taxes even though I'm in a higher tax band, I need to figure out how to create a retirement plan while continuing to earn passive income. I would like to invest about $250K of my money.
Instead of putting all of your eggs in one basket, diversify your holdings among a number of asset classes to lower risk. Consult a financial specialist if you lack financial knowledge.
Under the direction of experts, accurate asset allocation is essential. I own 850k in equity, 300K in cash with 5.25 interest, 685K in a 401(k), 250K in cash, 120K in paid-off automobile assets, and gold and silver bars. 48 years old. My portfolio increased over time after my advisor helped me realign it to my risk tolerance.
@@j.ottinger pls how can I reach this expert, I need someone to help me manage my portfolio
Annette Marie Holt is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
I moved to Spain as is inexpensive. My monthly income is $2485 a month. My mortgage payment, all utilities, groceries, health insurance, incuding cell phone is $1,275 max per month for all expenses. I sold my car and use public transportation which is very clean and never problems with homeless or others causing trouble. I am able to save at least 1100 per month which helps with long weekends and very cheap airfare to visit other countries throughout Europe staying at very clean adult hostals for around 35€ per night. I am living my dream at 77 I am very healthy, have never smoked or done drugs. I take B12, Vitamin D and calcium and nothing else. I eat exceptionally well, meditate daily, do yoga, walk 5 miles a day with a senior group along the Mediteranian which I live 1/2 mile from in southern Spain. I never could experienced this lifestyle in the US.
I really enjoyed your post. You are an inspiration to me and I'd love to read more about your life in Spain.
How much is a bachelor to rent in Spain?
@@daviddean6032 Had to laugh at the wording. Careful as Spanish women love American men thinking they are rich.
Rentals can be found for around 500€ which rate of exchange is very good right now. I have heard of rentals for less but have not seen them.
I have rented in Greece, France, Spain and Italy but i agreed to stay 6 months each place. Paid as low as 450 to 750€. Hostals in Europe are very strict and regulated and very clean. Adult Hostals are much quieter.
I love to travel and have also done a home exchange through a certified agency. The people have been retirees like myself and my experiences have been positive. But have also heard stories much less successful.
What it comes down too is when traveling on a budget remember it is not home but simply a place to rest your head while you enjoy the moment, collecting memories. Have a nice day David as mine is nearing an end at 9:46pm.
I’m really thinking of going back to my birth country of Malta. I have been going there every Summer, I walk everywhere, free transportation and Medical and love to be with family. The only thing that I don’t like is that it’s too crowded especially during the Summer months and very noisy. I’m also 77 and could live well on Social security. I’m giving myself another year to decide.
Oh please write about it or vlog....some of us are desperate...but thanks for posting this...because I look everywhere for a better place.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
@@Jaffcardwell I need a guide so i can salvage my port-folio due to the massive dips and come up with better strategies. How can one reach this advisor?
@@Jaffcardwell Appreciate this recommendation, hopefully I can get some insight to where the economy is headed and strategies to beat inflation with when I hear back from Julie .
Scam
SCAM ALERT - ANY FINANCIAL “ADVISOR” ON THIS FORUM OR ANY OTHER. GO AWAY
Gonna retire on 250,000 with my ss. I plan to work part time until i just can’t. I’m a nurse and I don’t want to be home all the time alone. I think staying active is a good way to stay healthy. Also continuing to serve others is a key to longer life.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
Exactly why i enjoy market decisions being guided by a pro , seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience , been using a portfolio-coach for over 2years+ and I've netted over $3million in that time frame.
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.
Diversify your holdings across several asset types to reduce risk rather than putting all of your eggs in one basket. If you don't know a lot about finances, speak with a financial expert.
Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 300K cash earning 5.25 interest, 685k in 401k, 250k cash account, 120k in car assets ( paid off cars) Gold and silver bars. age is 48. My advisor helped me realign my portfolio to my risk tolerance and it boomed overtime.
@@Dantursi1 pls how can I reach this expert, I need someone to help me manage my portfolio
Annette Christine Conte is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
This is his most amusing video yet. It is a video of a rich person imagining what a poor person spends money on. People living close to the poverty line do not spend on taxis/Uber, airline tickets, restaurant meals, bottled water, and so on ... They can barely make rent/utilities/groceries. Oftentimes it involves choosing between medicine and keeping the lights on, or between rent and food. In reality, this video is suited to solidly middle-class folk who are looking for ways to be more conscious in their spending habits. It is wonderful to work hard to secure one's household wealth and financial future, but we can do that without being so hilariously oblivious to the reality facing those less fortunate than us. Otherwise we sound like Marie Antoinette when she said "let them eat cake." 🙂
@deepaksubramony5438 I'll translate your comment.
"wahhh wahhhh wahhhh, I'm broke and dusty! I will NOT take any advice from this video, since life is too haaaaaaarrrrddd!
None of this applies to meeeee!!!"
Actually, in the United States, many people I know personally are in debt because they are unable to deny themselves the things this video mentions (food from restaurants, expensive presents for their kids, all the subscriptions, bottled water and other drinks). I absolutely believe that income inequality is a Huge problem in America, but I also know that personal choices are part of the problem.
Buying groceries - try store brand items, shop sales, buy fresh produce in season, stock up on canned goods on sale. Buy clothes at thrift stores, garage sale. Learn how to DIY simple repair projects. Been living on lower income for many years. Buy quality they will last longer.
I’m finding the current level of inflation is making thrifting very expensive. Food inflation worsens weekly as well. For the past 2 years my grocery stores are still inflating in season produce. They are now saying you have to buy 7 cans of this or bags of that to get the lower price. It’s really getting out of hand. FJB.
I am retired. I have a classic wardrobe: t-shirts, sweat pants, sweat jackets. And I always love my sketchers, lol.
I am a low income retired older adult.
Last year when I got my Social Security cost of living increase, I decided to save the $$$ .....to try to live without spending those $$$.
I saved $1,000. !
I plan to do the same this year.
Nice work!
That is like a promotion at work. Don't spend it, bank it. I did that for years. Saved a ton of cash.
🎉🎉🎉
Well done you!
I should do the same thing. Thank you.
I loooove the do not buy bottled water comment. The cost of bottled water is higher than gas and it is way cheaper to fill you own bottle. Not to mention so many empty water bottles litter sidewalks, grocery store parking lots, and streets. Even if everyone disposed of their empty bottle in the trash we do not need landfills full of more plastic.
And those stupid K cups too!
LISTEN ... DO NOT use plastic for any drinks you consume, that plastic bleeds off into the liquid and it enters your body, it's bad news ! POISONIOUS , USE GLASS containers ONLY
Also recent studies in 2023/2024 have shown worrying levels of microplastics in mineral water bottles, that inevitably leach into the water and into your body .
Thus i've stopped buying bottled water, and preboil tap water then cool it instead, every day. (Tap water flouride is bad for your thyroid.). 🌱🤔
I don't use bottled water on a routine basis, but I do keep some on hand in case of a boil water advisory and a few in my car for walking the dogs.
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Not only is this a good advice video but his voice is enjoyable to listen to.
I already do all of these! Didn’t know how smart I am!
Spend spare time volunteering... For example:
I am 72 and for the pat 15 years I spend one day a week (about 5 or 6 hours) at a local shelter for abused women and children. I grew up in a construction family and use that experience doing repairs and improvements to the buildings and grounds.
Everyone has skills charitable organizations could use. It helps my mind being sharp doing the work, interacting with others, and gets me out of the house without costing anything...except gas and my time. And the organization improves our community.
The best is... I get to fix stuff! Really enjoy it.
Thanks for doing this...I have donated blood and platelets for years.
Thanks for this suggestion, volunteering is a great way to beat isolation, too.
I love your comment! You are truly living a rich and satisfying life
Funny you brought up the forgotten 401K. I am getting ready to retire at the end of the year and remembered I had a small amount in NC orbit system, about 5K as i remembered. Did the paperwork, got it notarized for transfer to my TSP account and low and behold 18K was received. Nice plus up for a forgotten account!
And when you left that job if you had rolled it over into an IRA with a brokerage company like Fidelity it would have been worth a lot more. There would have been much better options for investments. I’ll never understand why people don’t do this.
My husband and I started going to parks a couple of years ago
You could call us park heads. We were amazed how many beautiful parks there are nearby.
We walk, we have picnics, we sometimes fish, and still go in the winter. Most are free
About libraries. Preach it! Another library tip. No worries if your library doesn't have a certain book you want to read. They can almost always get it for you from another library via interlibrary loan. That means it will be shipped to your library, where you can check it out. There will probably be a fee, which will cover (or partly cover) shipping costs. That's much cheaper than buying a book!
My library allows us to request books to buy. I've requested a lot and only 1 wasn't bought. There was no charge to me. Yes I love my library!
Top hint, and one you should start immediately if you don’t now, grocery shopping WITH A LIST. Also, don’t shop when you are hungry, have a snack before shopping.
not so fast, cowboy, the top hint is a budget.
@@DrSchorlol 🤠
Great points! Many I've already done getting ready to retire.
For those who can / want to do repair work around the place - larger tools can be rented from HD & lowes ;
Working on your car? most National auto parts chains 'rent' for free tools needed - a great one is the OBD reader - I've used it a couple times.
Additionally, I drive a 27 y/o F150 I purchased 26 years ago (no car payments) - I keep the interior in great shape and do maintenance as needed - keep that oil changed (which I do myself). Just put $1K worth of 'rubber' updates - bushing, ball joints, tie rods, hoses & belts. Actually, my mechanic loves my truck - says it is 'easy' to work on - not a lot of computer components, easy to get parts for - but he doesn't get to see it much! Took 30 min for me to change the thermostat.
UA-cam can help you diagnose your issues - which saves you money - need to fix a leaky toilet? there's a video for that! etc. Even if you don't want to do it, you are armed with knowledge prior to ordering the work done.
For those on the brink of retirement and uncertain about where to invest their funds for a secure future, the stock market can be a viable option, but navigating the vast array of stocks requires careful consideration. It's crucial to make informed decisions to safeguard your financial well-being during your retirement years.
For stability and possible growth, take into account well-known equities like Johnson & Johnson (JNJ), Microsoft (MSFT), and Apple (AAPL). But investing in the stock market may be complicated, which is why having an experienced financial advisor's advice is so helpful. You can adjust your investing plan with the assistance of a professional to better suit your risk tolerance and retirement objectives.
@JosephineGaule Who is this individual, please? I firmly think that achieving a profitable retirement and navigating the intricacies of the stock market may be made much easier with the help of a trustworthy advisor.
Emily Lois Parker is her name. Not only is she SEC confirmed, but she's the greatest FA. To get to her, look her up.
@@JosephineGaule I appreciate your viewpoints. After I typed his whole name into my search engine, the first result was her official website. Although her credentials are clear, they might not represent her expertise.
scammer alert
Last year I was laid off my job. I opened an IRA at my credit union and transferred my 401K there. Then since I was on a roll, I tracked down 3 more. They are all in one place now. When I retire from my new job, i will transfer that money there too. Easier to manage. Plus I took out a 5% CD.
I cut the tv cable a couple weeks ago. I've always used a shopping list. It helps me remember to pick up the items I need.
Well done!
Pluto TV is free through the internet and has most of the old TV shows I love.
I add up all my expenses over $200.00 incurred during the year, divide it by 12 and save that amount every month so when my car insurance, taxes or any other larger bill comes the money is available.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Monica Shawn Marti is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
According to your info I am on the poverty line. I already do everything you suggest, and sold my car too. ..Where I live; in addition, we have anti-waste stores...which fight against food waste by recycling products intended for the trash by supermarkets etc but still suitable for consumption plus selling locally sourced products. Prices are often 50% lower than elsewhere for virtually the same food.... a real saving!!
We also have a very good subsidised cheap health system. The tax system pays ME a little every year because I am so poor , about 300$ and of course I pay no tax.
The public transport system, which is excellent, is free at the weekends and not expensive during the week. The state pays me 6% on small savings up to about 8000$
Rent increases are limited and fixed by law.
Where do I live you ask me? I am British but I live in France.
And no guns. I'm thinking of moving to France.
I knew it when you mentioned the antigaspi shops and state health care. I’m American but also live here. Vive La France!
Riding my bicycle is my big money saver in retirement. Plus I get plenty of laughs with the people I meet as a result
Be careful though! I think bikes are great, but often the streets aren't designed to keep bikers safe. The last thing you want in retirement is to get hit.
…and always ask if there’s a senior discount.
He mentioned libraries... I use the Libby app through my library much more than the physical library. I stopped all magazine subscriptions and read them all through the app. I also read books and listen to audio books often. Sometimes I might have to wait a few months for my turn but it's worth it because it's free.
@kristybowman8731. Does your library offer hoopla? Similar to Libby but also offers music and videos😊
@@kjohnson5932 I'll check! We live in a very small town but I'll see if they do; thanks!
@@kjohnson5932And Kanopy, and Mango Languages … public libraries are a huge overlooked source of savings.
Thanks for this video! When I retired earlier this year I remembered the earlier video with some of this advice and saved myself more than $200 a month.
Hopefully you can get that again this time!
My eyes used to be bigger than my stomach, but my stomach eventually caught up and overtook my eyes... 😁
Ok, watched the video now. Great advice and if you stop and think about it, a lot of the things you mentioned are common sense.
I am super happy to listen to this video after the one about whether a nice Tesla is worth it or not this is better :)
Glad you like it!
Our local supermarket has Seniors Day on Tuesdays. Additional 5% off. That along with digital coupons often make my grocery bill 25% smaller.
I shop a discount store, which gives me monthly coupons. I get any where from 10 to 30 percent off my entire purchase. I use this buy my dogs a good quality dog food.
Also, In addition to unclaimed 401Ks, check your state's unclaimed funds! I found a 'last paycheck' I had never received from my last job prior to moving and starting my own business .... Seemed I had unpaid vacation time they paid me for.
Found $50.00 for my son-in-law!
I do that every few years and usually find $100 or so.
Re: Going to the quick lube vs regular mechanic. I would recommend finding a trustworthy mechanic over and above a quicky lube place. The fast lube place never reset my cars computer for the services rendered and it really messed me up for future servicing. Then I found a GOOD mechanic that not only did the oil changes but alerted me to a critical tire problem that I never knew about. I took it back to the tire place and found out they were still under warantee and got 4 new tires for very little cost. Without the knowledge of that mechanic, my tires could have failed, causing an accident or he just could have waited til I noticed a problem myself and the warantee would have expired costing my hundreds of dollars. The quick lube places do just the minimum.
I agree. I don’t know how we could keep our cars without our wonderful mechanic. My husband used to do all our auto maintenance, home repairs, etc. The eventuality of needing help is another issue to plan for.
Agree, full service mechanic for me. Highly rated, trustworthy and reasonable prices.
NO, changing oil is SO EASY TO DO and cheap IF YOU DO IT YOURSELF
GET yourself a drainpan, an oil filter wrench and some paper towels. YOU CAN DO IT !
@@InMyBrz agree, IF you have the tools and ability to do so. Then you have to find a place to safely dispose of the used oil.
@@InMyBrz I am a senior female who still works so that's not going to happen. But if you read my entire post, if I HAD changed the oil myself the problems that the MECHANIC discovered would have gone unnoticed. They were not related to an oil change at all and were picked up by an observant, well-trained mechanic who is worth their weight in gold.
You forgot a very important one. Cook instead of using prepared foods. The cost difference is stunning.
And better for your health!
And if you are retired, you got time to cook!!!
He did say "eat in".
Great list, too bad I can't the wife to go along with it.
Didn't he say "dine in vs eat out at the 6:25ish mark? Like rescinded.
Thus guy is wonderful. I absolutely love listening to his videos.
The 2023 US Poverty level is grossly underrated.
With skyrocketing inflation/price gouging, rents inflating to 110% over the previous year, food, prescription drugs, all consumables...saying that an individual poverty level is only $14,580 annually, a $600 monthly rent is nearly half the poverty income restriction.
Now, for retirees add food, utilities, prescription medications, and transportation costs and now they're in debt! ON A MONTHLY Basis!
There's a growing number of retirees and those close to retirement age who barely are able to make their income last paycheck to paycheck. Most don't have ANY savings, let alone a "cushion" for emergencies! These people are literally one paycheck away from being homeless!
Grocery shopping for a larger number of people is another issue that causes a LOT of stress. Many who don't have their own transportation or who can't afford gas, find themselves having to make ONE trip to the grocery store every couple of weeks or less! This means fresh foods (produce especially) don't last. This means having to buy canned goods which aren't as healthy, usually full of preservatives and sodium, and lacking in nutritional value.
So, they're either poisoning themselves, starving or having to toss out food because it can't be stored long-term.
I don't know about what "online pharmacy" you use, but MY insulin is MORE expensive if I use my ExpressScripts online pharmacy than going to my local CVS pharmacist. Actually, it's nearly 10x's more expensive!! 10X'S!!! My insulin, with a discount card from GoodRx or direct from the manufacturer, costs me $35 a month, if I were to use my online pharmacy it would cost me $350 a month!! So, how exactly, is that a savings?
Why rent movies? If these same people have cut their cable bill and are now streaming their entertainment, just re-watch a favorite movie via the streaming service one is already paying for! There, costs of Cable and Renting movies is CUT!
EVERY major telecom company has what is known as a "Retention" department. These representatives have access to plans that are far better and lower priced than a "front line" customer service rep. I know this because I have worked for TWO cellular telecom companies, both of which were major brands.
This is true for Cell phone plans, Cable, and internet services. My current internet provider also allows me to stream online on their website for many networks and even basic cable channels without paying extra for cable, it's included in my internet fees and doesn't cost me any extra. I also have access to "hotspots" all over the city, even all over the country!
Also, stop buying expensive gifts for people. I know a lot of people who continue to lavish grown children, who have good jobs, and grandchildren with ridiculous gifts, even when they can't afford basic expenses for themselves.
Very true!
Guilty 😞
Read the book, The Millionaire Next Door. Learn about how bad it is to provide 'adult outpatient support' to your grown children. It's catastrophic.
After I retired from the military at age 47. I told my son that I would no longer buy gifts for adults. Instead, we eat out for a birthday celebration and Christmas. It's less stressful looking for gifts that might not never get used.
I don’t need any more stuff, but I do need help with certain household chores. Give someone a coupon for doing a free chore.
Thank you for talking nice enough so I could watch your whole video!
We retired early with no debts. By limiting our retirement income we saved over $25,000 per year in health insurance premiums via Obamacare. Our retirement funds have grown each year since retiring. Retirement savings via more time...flying on days when rates are the lowest, maintaining our own vehicle (changing oil costs $30 versus $90 at quick lube for synthetic oil), gardening, woodworking, etc.
-Except that it's unlikely your retirement investments have grown every year unless you have funds that are not completely in the stock market. It is also much more difficult to maintain our own cars given all the new computer systems in the car. At least, that's what I've found.
@@Lucylou7070 Yes, our retirement funds have grown by about $300,000 since 2019 with a balanced portfolio, but not increase every year. Change the oil with synthetic oil and save time and money! Change the differential fluid, cabin and air filter and wiper blades, don't pay for someone to do simple car maintenance.
The public libraries and parks also provide entertainment as do local colleges and universities. Food banks can supplement a food budget. I've been working with local churches and social service agencies and found so much free or low cost stuff that I wounder why I worked so hard.
Our local entertainment venue offers free movies once a month for seniors. They are mostly classic movies, but have seen others. I usually buy a soda and popcorn for $4. A cheap way to spend an afternoon.
I’m in my 50’s. When I retire in a few years, I realized I would never starve because there is a senior center close by that offers daily meals of breakfast and lunch for only two dollars. They have menus that show what foods they will be serving, so people can show up on a particular day to get it, if they want to. Seniors can also socialize with each other for companionship. I can’t join until I turn 60, but at least I know the option is there!
@@cherylT321 At our senior center it is $6 per meal. I can eat cheaper at home and don’t have to waste gas driving to feed myself.
@@Nwladylaura369 That’s very high for feeding seniors.
Things I have noticed I've done this year probably due to inflation:
--More rice, potatoes, carrots, chicken quarters
--the A/C is set to 88 degrees whenn electric rates were high during the 2pm-7pm day with a box fan blowing.
--On this hot days, taking a quick COLD shower actually feels good.
--Only driving the most fuel efficient vehicle maybe even walking more.
--I switched to generic powder laundry detergent from Sams Club.
--We have stores that sell surplus items in my city. Cereal boxes for $1.00. 2 pounds of Starbucks whole bean coffee for $2.00. A whole case of cleaning wipes for $5.00 which I rinse out and use as wet wipes.
I have more but dont want to sound toooo cheap...😂
Love it!
Please! Share some more... The ones in this video, I have been doing them for years.
@@silviaberrios2068Most of the stuff I do I think most folks know about and probably would NOT want to do....and I do not want to sound like an "extreme cheapskate".....well I have an air fryer, toaster and induction stove that I cook in the garage during the summer. Avoid heating the house so the AC does not have to cool down. I never use the oven. I have a very large counter top oven that I use in the garage. I quit using liquid body wash....I now use dial bar soap and mainly focus on the smelly/important areas mainly. I debone my $.49/lb chicken drumsticks and grill the meat and use the bones for broth....I haven't bought chicken broth for years. Of course I use the phone FLIPP to shop for local grocery ads each week. It seems here in Oklahoma the Mexican grocery stores sells meat much cheaper than say Walmart again $.49/lb chicken drums. When stores have Giftcards promotions for places I already go to (home Depot/Lowe's), I load up. For example: free $15 store gift card when you buy $50 in gift cards to store X. Frozen fried potatoes are already cheap, but throwing fresh potato tossed in oil in an air fryer is even cheaper. ANY of fast food place I would go to, I creat an account for me and my wife. Seems every 90 days I get a "where have you been, we miss you" promotions for a free entree or buy1- get1 free deal. There are sooooo many free food promotions in all these stores phone apps. I apply for new credit card promotions where you get $200+ when you spend $1,000 in 90 days. If I have nothing to buy I buy my grocery store gift card to use at a later date. I am 46 years old and a newly empty nester so I have extra time....my wife just rolls her eyes at my thriftiness.
@@jimv77 Thank you so much for sharing! you are the king of thriftiness.
Cooking in the garage is an excellent idea!! thank you. I hate being hot or having to turn up the A/C because the house is too hot@@jimv77
My husband and I have been retired a while.
The people who say that you’ll have plenty of time during retirement have not yet retired. You have less time. Suddenly there are grandchildren to take care of and health appointments. And that’s if you’re lucky. If you’re have health problems, you may not be able to do things when you want to. By thinking you have plenty of time, you’re thinking that you’ll be the health situation that you were where you were working. Not necessarily true.
Hopefully, you’ll be blessed when you retire. But it’s amazing how much my health changed between 50 and 60. And 60 to 70. It’s incremental!
I genuinely mean it when I express my stress and concern regarding the market crash and high inflation, particularly in relation to my retirement. I have been experiencing losses for quite some time, and while some may argue that crises can present opportunities, I am feeling overwhelmed. However, I understand that investing is a long-term endeavor, and it is crucial to maintain focus on the bigger picture and the long run.....
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment....
STEPHANIE KOPP MEEKS, that's whom i work with look her up and thank me later...
I've saved $321 checking out books from our library. Great tip! And the library has movies, classes, a book club, and so much more. All free!
Where I live we are forced to pay for the library with our property taxes while renters pay nothing. I use the library but it costs me in property taxes.
I repaired my 20+ year old clothes dryer twice. The repairman told me the second time that all the inside parts were getting worn (it had been used for its first few years for my mother's care as an invalid) and that next time it had problems i should buy a new one. It lasted 3 years after that before the motor locked up. I unplugged it and ordered the new one with the funds I had put away for that event. My point is repair if possible but know when to say enough. Timing is everything and we should expect the unexpected when it comes to household items breaking down. Stash a little bit away in that account every month. 😣🤗
The junk that’s rolling off the line will last about 6 years now and many need their first repair in the first 2 years. So much for that lie about saving the environment! The whole world is going to fill up with broken appliances!!
I live in Colorado and dry ALL of my clothes on a backyard clothesline. I'm think I'm the only person in the neighborhood who does it. Every week has at least one day when you can dry clothes for free.
Your library is a good friend. Besides being able to borrow books and DVDs, libraries offer many other money- saving services like free classes, clubs, etc.
and air conditioning and heat during the day
also, crafts - knitting, crocheting
movies - bring your own snacks
etc
Quitting drinking alcohol is as beneficial financially and health wise as quitting smoking.
Geoff mentions quitting smoking. Excellent advice. I'd also add limiting the beer, wine, gin, lottery tickets, trips to the local casino and - where legal - sports /casino app betting and visits to the local cannabis dispensary. And those are the legal ones. Nobody is saying not to have fun - but the above vices can kill your retirement and cause a lot of personal strife.
Plain CBD oil is good to have on hand for your pet's pain. Lots of over the counter meds aren't safe for pets. Pets can get injured or develop arthritis in their later years.
They can kill your health too
Well that's no fun
One thing that I do to save on food waste as a single person is to batch cook. You can use up lots of veggies by making big pots of soups, chili, pasta sauce, etc. Stow them in the freezer. I have never been without a freezer since I got married. It always pays for itself. Now even more than ever since I figured that I wouldn't be able to easily afford a vehicle after retirement. I am fortunate enough to be able to walk easily to two different grocery stores and the bus system is good where I live. Even ordering groceries for delivery is inexpensive.
You didn't mention thrift stores for clothes. One can actually find nice stuff there. Some have books for cheap and usually the price for DVDs is good as well. Be careful with electronics and small appliances. See if your local library has book sales. Some of us take a while to get through a book. My library has several programs, even some on Zoom. Nice for me as I don't like going out in the evening.
PS Love the name lol
I batch cook also, and freeze items - it's a lifesaver! I can walk or bike to at least 5 or more grocery stores near me - which saves on expensive gas.
Great info in this video. I just subscribed.
It's not how much you make, it's how much you keep. A penny saved is a penny towards retirement.
Well said☀️☀️☀️
@@carollynt What I said does sound corny, but even if I have pennies to my name after the bills are paid, I feel like a richer man for it. I know Poverty, so for me, it is saying a lot.
I have started pre retirement planning ( 3 -5 years left) in order to start saving money, paying off any debts and organizing downsizing to a 550 sq foot cabin. I look forward to travel , spending time with my family and feeling relaxed
Figure out what your retirement income will be and live on that amount for the year before you retire. If you can’t live on that amount, don’t pull the cord!
THANK YOU!!! for the info on looking for dormant 401ks...i will check that out asap. Ty ty ty!!
No problem!!
I just 30 this year and have just under $40k in my own 401k and another $10k between my other retirement accounts. My wife has about $41k in her retirement accounts (she is not currently working). I currently make close to $63k a year. I only do 5% though to my 401k for the company match and another 10% of my income is split between an HSA and a ROTH IRA
7:45 public transportation (if available) can save a fortune. Where I live you can get a monthly pass for $100 a month. Support referenda and bond issues to bring it to your district.
Your comment about locating old 401k accounts is accurate. In the 1980s I bought an investment while working for a
public school system. It was very small at the time, and I received statements regularly. After 30 years,
I decided to take the money out.
It took two weeks and multiple phone calls. The account had been bought out by another company, which was
rolled into a different company, which was merged and the account number changed - even though I was still
getting statements based on my original account number. They couldn't find it; good thing I'd kept all my statements.
Finally it was settled. The account had grown by thousands of dollars. Probably if I'd waited longer, the
records would have been impossible to find.
Work with what you have, don’t live beyond your means, and avoid credit card debt you can’t pay off monthly.
Thank you for recognizing ‘tiny’
A cushion fund is great but to create one, you need to be earning more than your 'tiny income'. Hence a suggestion of a part time job which adds to income which pretty much defeats the premise of living on the 'tiny income' to begin with. How to live on tiny income? Earn more money! Got it!
Great tips that aren't talked about in other places.
Practice, practice, practice! I live on about what my social security payment should be. But I’ll have the 401k & IRA’s to live off too, when I get there ❤
Excellent content, as always!
Thanks Tina
It's immoral. He doesn't talk about Social Security COLAS not keeping up with inflation. Conservative Republicans are the problem. Talk about what is causing this!
Retired at 55 several years ago, $1m in the bank. More time with my wife. 3-5 trips to the gym each week that I couldn’t do while working. Way less stress. More time for hobbies. Cycled 5,000 miles my 1st year of retirement. Joined a golf league that work travel had prevented. Actually have seen our net worth INCREASE nearly each year in retirement, thanks to no debt and years of dedicated investing with my FA Emily Lois Parker who made me a million after giving her a sum of one hundred and eighty thousand to start. Now i'm able to help my elderly mom more. Way more time spent outdoors with my family. Life is good!
smart, You've done well for yourself sir. It’s all about accumulating wealth through compound interest investment
hi, i'm 49 and already planning ahead for my retirement, i know it's really early but i'm working really hard to retire by 55. I've been working as an accountant for an AUTO company for 12 years and i already have close to 100+ saved but i don't know where to start. Can your Fa invest it for me please? i don't think i can do it myself. please i need a reply
@Lorre I respect your dedication, and I must say that you're on track to retire early. Look her up
@@JosephineGaule out of curiosity i did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply. Thanks for the tip
@@JosephineGaule Thanks for saving me hours of research, copied Emily Lois Parker on my browser, i'll reach out to her really soon. great share!
Our library has DVD’s and CD’s to borrow free, as well as weekday passes to museums.
Holy Schmidt,
I like this video ❤
Finally someone who understands my situation 👏🏼
Time has always be a more valuable currency for me 🕛
In my small back garden I grow virtually every piece of fruit and vegetables that my husband and I eat. You'd be staggered at how much you can grow in 20 Square feet. It's also meant that we don't need to shop for fresh produce so aren't tempted by all the so called bargains.
Amen! I have three raised garden beds and I have all the veg I’ll ever need. There’s zero waste. Big plus that it’s organic and FRESH.
@@Mrs.TJTaylor And no plastic bags to carry it all home.
Good for you guys! Us too, my husband has had a graden every year for 30 years
Our garden now is 20x20. We have too much food! We stopped canning many years ago and instead freeze everything left over in the fall
It lasts until next harvest
We even freeze chopped up celery for soups and stews. We can't eat out because we're so used to good food that restaurant food is a no way for us so we save tons of money that way too
@@Eileen49654 I totally agree about preferring to eat at home. Thankfully I love cooking.
@@TheEnglishladyskitchengarden Me to I love cooking
Very informative. Thank you.
Retiree here living near the proverty level. However, I still go on camping and day trips. Seniors can get a National Park Pass for a one time fee and it is good for a lifetime. You can get in those parks for free. My state has a senior pass for 40 dollars a year and I can access any state park for free.
Thank you, thank you thank you. I gained some very valuable insight and am on my way to living my retirement in a much less stressful way.
I haven't watched this yet, but I will because I love your content. I just want to put in my two sense and see how it lines up. I retired at 59. I have a very modest residual income and a small amount in a 401K plan that I won't touch until I have to. I own my home, car, and everything else I have. I'm totally debt free. I have my same healthcare from when I was working and will have it for life. I planned this years ago.
Proud of you thullraven1.🎉 😊 👍🏽
The healthcare is huge
@@markme4 Yep, and it's why I stuck it out all those years at a job I couldn't stand. I saw the light at the end of the tunnel and the big picture.
Retired at 58. Now, 15 years later, still have plenty of money. Living the dream.....
Videos like these seem to overlook the larger expense items of housing, transportation, healthcare
Great points, Geoff. Thank you. Now if I can only figure out how to say no to my 7 year old granddaughter when she wants something.
When you figure that one out, you’ve cracked the code!
Explain to the 5 year old that the $10 spent on the toy she wants today could be worth $70 when she's 55.
Go to yard sales with her.
Learn to say NO. It will come in handy when she’s a teenager! More to the point, she shouldn’t be asking grandma she should be asking mom and dad! Figured out ✅ You’re welcome!
Easy...NO, and when she is older, like my dad told me when 12, you want something? Go work for it. So I did to buy a 12 speed Columbian bike. Mowed yards, paper route, baby sat, sold veggie seeds door to door. So proud of myself to pay $99.99 for that bike, all out of my pocket.
How do you FORGET about a 401K?...
Sick, had memory loss from a stroke, car accident, the list is endless
Now that we have the Internet we can accomplish so many fixes by just looking up how. It's been a great boon to us.
My old 401(k) was sent to the State unclaimed assets list. Escheat - you may want to check that, as well.
Purchase fresh fruits and veggies from the 'REDUCED' bins, use some now, and dehydrate the rest for future use, one can save a fortune by doing that. I NEVER shop with a list, rather I buy items I can use and stash as much as possible for future use. Being a prepper is the very best way to hedge against inflation and food shortages. As much as possible, I buy other items used, but in excellent condition. This provides a buffer so that I allowing me to absorb the high cost of petrol, I also have an electric bike for short trips and just plain fun!
I have been retired for nine years, and I do most of these things, In fact, I lived like this all my life. As a result, my retirement income is the opposite of tiny. But I’m sticking to the way I’ve always lived, with a few small exceptions.
I've done all these things all my life because I have had to. My retirement income is still tiny because I could never seem to make very much money, despite having two advanced degrees. I'm good now, but didn't know enough about retirement when I was younger and could have put money away, at least the one year that I did make a decent salary.
@Shalyn890 yep wish I hadn't been so dang stupid when I was younger.
I want to live the rest of my life in cargo shorts and tee shirts.
I live on a Mediterranean island and spend about half the year naked in my garden and pool. 😂
The first thing I did when I moved to our current state--after securing a place to live and setting up utilities--was a library card, and we've used them religiously since.
Ironically, I'm also an author, and I'd LOVE for people to actually buy my books, rather than check them out from the library.
Times change....
Cushion fund is a great idea. I think nobody’s talking about. Thanks for sharing. I was good Contant.
Staycations are my favorite.
You didn't mention living someplace where rents are affordable and homes don't average over half a million 😀
It’s crazy every where now. I can’t believe the bubble hasn’t burst yet.
Of course eat at home as much as possible but for the rare occasion when you have to go out, here is how to do it without breaking the bank; Order an entrée and nothing else except free water. No starter. No salad. No dessert. No coffee.
Also, look for early bird specials or going out for lunch, as there may be lunch specials.
Thanks for caring. From Australia.
Go with a smaller garbage receptacle if you can manage.
Also, change your insurance policies to a higher deductible and lower payment, IF you can handle it should you have to make a claim.
Yes. You have more daily time in retirement, but, in the big picture time is short. I’ll be 70 soon, how much time do I realistically have left? Certainly not as much as I did when I was 20. So that’s why I say, in the big picture, time is short. I take that into consideration when I make decisions.
Thanks Sally
We're not quite that frugal, but pretty close, not out of necessity but because it's the best way to live. I'm constantly reminded of this whenever we experience what the majority are doing. The other day we drove into the city to take my elderly mother to an appointment and when it was over it turns out that my parents didn't have anything for their dinner. We offered to go get them a rotisserie chicken and some sides or pickup takeout for them. They wanted to go out to a casual dining restaurant but my mom was supposed to rest at home and quickly realized that she needed to. After they couldn't make up their mind we went to pickup the chicken but the grocery store was sold out by then so my parents asked that we go to Culver's to pickup 2 piece cod dinners for the 4 of us which we did for $52. Now, I can't say a single bad thing about Culver's. It was very busy but we got through the line and the order was correct, the service was excellent and the food was OK but honestly all my wife and I wanted to do was to get home and have the delicious leftover pork loin roast, mashed potatoes and fresh corn on the cob that we had planned on having after our busy day. We always plan on having our great home cooked leftovers whenever we've got a day when we'll want an easy dinner. After years of cooking exclusively at home and not dining out you can imagine how we're just not interested in waiting in line for 30 minutes for fast food that ends in mild stomach upset or worse waiting for an hour to be seated at a loud, crowded restaurant for mediocre food and a $100 bill for the 4 of us. Eating out has become an expensive disappointment and far more disturbing is how we've become addicted to having our food EXACTLY how we like it, lol. This if frugality's "dark side"...it's so great you don't want to do anything else. We can almost quadruple our spending if we stopped saving and took 4% from our portfolio but we're already very happy with our lifestyle and spending more doesn't do a thing for us.
Cheers!
@@quaithom3138 My mom's still cooking and they enjoy eating out regularly. We bring over all sorts of goodies and things like home made soups.
You are exactly right about eating out. It is very expensive and the food is not as tasty or healthy as homemade.
I agree 100%. Keep it up!
I've been diligently working, saving, and investing toward financial independence and early retirement, but the economy since the pandemic has eaten up the majority of my $3 million portfolio. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?
Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.
I stopped listening and taking financial advise from these UA-camrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice.
@@hushbash2989 How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
@@roddywoods8130 I’m a contractor, and my job doesn’t permit me the time to properly analyze my holdings/evaluate stocks myself, so I’ve had a fiduciary " MRS MARISOL CORDOVA " actively restructuring my portfolio for the past 7 years now to match the present market condition and that’s how I’ve been able to stay afloat, knowing when to buy and sell…maybe you should do the same.
@@hushbash2989 Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly scheduling a call.
Plenty of used bookstores out there as another option. Good info.
two words: pdf drive. free books.
Best til for clothes is resale thrift shop threadup
Thredup is okay, real thrift shops are better, especially on tag sale days.
Thanks for sharing, 2 other savings come to mind(a) availing up to 10% senior discounts at most restaurants and (b)using the reduced metro card while using public transport where you pay only half the regular fare.
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement...
A 76-year-old veteran.
I cycle 15 miles every day. I don't wear suits. I just wear my bike shorts and T-shirts and a helmet!
My cars been paid off for 5 years, I don't have cable, and I found free movies on youtube, and pirate streaming websites!
I embraced a minimal lifestyle, cook my own food, and never eat out.
I live on ss of $2,061 a month, which has been sustainable.
Excellent video. The one subscription that actually saves me money is my instant ink, because of my own printing habits.
I'd be interested in your ideas about tips for living without a car, especially those of us who don't live on the bus line. Will things like Uber and Walmart plus end up saving money in the long run? Or is it better to hang on to the car for as long as possible?
An electric bike?
Hang onto car until too costly to fix. Then look for a used 3 year car coming off a lease.
No, I mean, when you are getting old enough that maybe you should think of not driving. I could never afford a used 3 year old car anyway! Current car is 2008 and driving just fine. But it may become cheaper to not have a car in retirement.@@wa210
I've been walking distances for decades i.e. since university. Usually more convenient than public transit.
@@julierahn6932 I did that in my younger years and still walk up to the grocery sometimes, but I'm in FL and this summer we had "real feel" of 108 for days on end, and warnings for seniors to stay out of the heat. I'm thinking is it cheaper to use uber than it is to have a car?
Bless your heart.
super ideas. We now have some credit card debts that we want to pay off. We live below our means most of the time. But owning three homes takes its toll.