Very informative. I’ve been working since age 18 and retired at age 56 … this month. My recent financial plan revealed to me that we as a household are currently spending about $4000 a month and we can bring that to $9000 a month immediately . All these years of sacrifice and saving money have paid off . The problem is …. How do I go from saving to spender mode? I don’t know to spend money. I asked my financial advisor. What do I do? I don’t need anything . To my surprise, he told me this is a very common problem . I suggested maybe we go out for dinner a couple of times a week . He just laughed and said it’s not gonna help you . Maybe you should go on a trip couple times a year . That might make a dent . Also , he added stop saving.
First off congratulations on your retirement. Secondly you are not alone with this issue, many people struggle. The first question I would ask is what does money mean to you? Then I would probably follow that up with what is most important to you in your life? Yes you can spend it on dinners and trips but it isn't really going to give you much satisfaction if that isn't important to you or something you truly enjoy.
Same problem here , I also retired at 56 working non stop since I was 18. It’s an adjustment to flip that switch from saving to now starting spending . 3 years later to today it’s better and not as scary anymore knowing I will have enough to last.
That's a big thing for most folks, the constant worry of having enough to last makes it even more difficult to flip that switch. I am glad things are going better now for you though @joebobby905
More outstanding retirement and financial advice! Well done 👍 This may be the best collective retirement advice yet. Maple Leafs! So true 😂😂😂 Good point on the “Failure to Launch” adult children still living at home. That’s more about selfish helicopter parents needs than fostering independent confident young adults. 🏴 #1
Thank you @billyrock8305 always appreciate your comments and you gave me a good chuckle there as well! I have been in Canada long enough now to know what happens to the Maple Leafs. I was sucked in to begin with, now I now the score! Enjoy your weekend
Retire before 60 if you can , because time isn't on your side any longer. The biggest regret most have is that they should of Retired earlier , while your fit enough don't wait for pension age because it's to late. So get Retired and start spending like there's no tomorrow because there might not be.
I agree with your sentiment on retiring before 60 and spending to do the things you want to do. Maybe just dial that back a bit from spending like there is no tomorrow though. If you are fit and healthy there is more chance there will be a tomorrow than not.
@@beachesfinancialgroup working one more year always makes sense. I could have stopped work a year earlier. Don’t listen to those telling you you’re too young to retire. Plan properly- live on your budgeted expenses for a while before you retire and then retire as soon as you can. It’s awesome.
@@paulwhateley7850 Great suggestions. That is one thing I always recommend to clients. Test run your retirement budget. And agreed on the "too young" comment. Nobody is too young to retire in my eyes.
Haha. I have been in Canada long enough to know the drill when it comes to the Leaf's. They sucked me in during the early years and now I know to expect disappointment. Anything better is a bonus!
Join over 1500 others and sign up for our FREE retirement guide: www.bellvest.ca/family-wealth-beaches/retirement-plan-guide/
Very informative.
I’ve been working since age 18 and retired at age 56 … this month.
My recent financial plan revealed to me that we as a household are currently spending about $4000 a month and we can bring that to $9000 a month immediately .
All these years of sacrifice and saving money have paid off .
The problem is …. How do I go from saving to spender mode?
I don’t know to spend money.
I asked my financial advisor. What do I do?
I don’t need anything .
To my surprise, he told me this is a very common problem .
I suggested maybe we go out for dinner a couple of times a week .
He just laughed and said it’s not gonna help you .
Maybe you should go on a trip couple times a year .
That might make a dent .
Also , he added stop saving.
First off congratulations on your retirement. Secondly you are not alone with this issue, many people struggle. The first question I would ask is what does money mean to you? Then I would probably follow that up with what is most important to you in your life? Yes you can spend it on dinners and trips but it isn't really going to give you much satisfaction if that isn't important to you or something you truly enjoy.
Same problem here , I also retired at 56 working non stop since I was 18. It’s an adjustment to flip that switch from saving to now starting spending .
3 years later to today it’s better and not as scary anymore knowing I will have enough to last.
That's a big thing for most folks, the constant worry of having enough to last makes it even more difficult to flip that switch. I am glad things are going better now for you though @joebobby905
If you don’t enjoy buying more than you need, you might remember that other people have unfulfilled needs. Perhaps there is a cause you care about.
@@M_SC Great suggestion. All starts with what is truly most important to you.
More outstanding retirement and financial advice! Well done 👍 This may be the best collective retirement advice yet.
Maple Leafs! So true 😂😂😂
Good point on the “Failure to Launch” adult children still living at home. That’s more about selfish helicopter parents needs than fostering independent confident young adults.
🏴 #1
Thank you @billyrock8305 always appreciate your comments and you gave me a good chuckle there as well!
I have been in Canada long enough now to know what happens to the Maple Leafs. I was sucked in to begin with, now I now the score!
Enjoy your weekend
Retire before 60 if you can , because time isn't on your side any longer. The biggest regret most have is that they should of Retired earlier , while your fit enough don't wait for pension age because it's to late. So get Retired and start spending like there's no tomorrow because there might not be.
I agree with your sentiment on retiring before 60 and spending to do the things you want to do. Maybe just dial that back a bit from spending like there is no tomorrow though. If you are fit and healthy there is more chance there will be a tomorrow than not.
Great video. One of the best retirement videos I have watched!
Thanks very much @Halrob58 that's a pretty resounding compliment so I will take it! Glad you enjoyed it.
Retire at 60 and do everything you really wanted to do during the first 10 years. After seventy, you will be more limited.
Great advice. The longer you wait the shorter the window becomes.
Good advice!
Thank you @harveyellis6758 glad you enjoyed it.
Great video. I’m lucky to have retired at 56. Some really good points 👍
Thanks @paulwhateley7850 .... now you are retired is there anything you would have done differently?
@@beachesfinancialgroup working one more year always makes sense. I could have stopped work a year earlier. Don’t listen to those telling you you’re too young to retire. Plan properly- live on your budgeted expenses for a while before you retire and then retire as soon as you can. It’s awesome.
@@paulwhateley7850 Great suggestions. That is one thing I always recommend to clients. Test run your retirement budget. And agreed on the "too young" comment. Nobody is too young to retire in my eyes.
Couldn’t help but take a shot at the TML, eh!? Good on ya.
Haha. I have been in Canada long enough to know the drill when it comes to the Leaf's. They sucked me in during the early years and now I know to expect disappointment. Anything better is a bonus!
Common sense points,this Irishman gives a thumbs up.
Thank you @JohnHobbs-o3z where abouts in Ireland are you from?
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Thank you @willlsmith8063 much appreciated.
…if you’re eating your veggies. And your Haggis!
You don't want to miss out on your Haggis, full of goodness that stuff!
Pinc Floyd: How can you have any pudding if you don't eat your Haggis?!
I like it, it's got a ring to it. Pink Floyd should consider switching the lyrics!