Retirees 7 Favorite Ways to Spend Extra Money
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- Опубліковано 20 кві 2024
- This video discusses retirees 7 favorite ways to spend extra money. This comes from a survey of over 300 respondents that show very clearly what the top seven "fun money" choices are.
At the end, of the video we also sneak in another seven (rapid fire) that we think may have been overlooked.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
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7. Eating out
6. Charity
5. Learning something new
4. Investments
3. Gifts
2. Hobbies
1. Travel
I will go for 4, which is important because it covers the others.
Who is the professional who is advising you, if you could perhaps tell us? As a novice investing in stocks without the correct direction of a professional, I have lost a lot of money.
@@AnnBurrow-vb8tt Cynthia Mcclure Alexander
@@OliverTilney Such great choice, truly optimal.
Geoff I don't have a Bucket list I tried to do a lot of things when my Husband & Parents were alive. No regrets. Just enjoy my home which I've updated all necessary major repairs and love my home & garden and my children whom I'm Blessed with. Simple life!
My husband's new hobby is his garden. I like going to free craft classes at my local library and some at our county parks.
Those are great!
I have been saving to spend overnights and many visits to Favorite Casinos!
Love the buffets, swimming pool, sunshine, gambling. People-watching, making new friends etc.
Use much discipline and set limits, but tome flies!
Also visit favorite spots along the way. Try new ones and dream up new stuff all the while! No effing work. Most of Soc Sec check to use since saved wisely before retiring.
Advice is to plan.
I started planning when 20
@@Steve-gx9ot I love your attitude. Got to look for the freebies to have fun.
My hobbies are bread making, fishing, wine making and building up my emergency fund, and helping my grand daughters
I like the bread making idea! I might try that
Being in retirement 6 months now, pets would be in my top 5
I like to think of myself as my favorite pet.
Worked long enough = 50 years
Another excellent video, thanks. I’ve mentioned before I forward your videos to my sons (ages 30 and 33) and even at those ‘pre-retirement ages’ they find them very informative for long range planning. They’re subscribers now.
My budget is 2/3 for regular living expenses, and 1/3 for extras. Often, the extras are mundane items like a new water heater, some crowns from the dentist, replacement windows. But as an audiophile and an art collector, I would prefer to buy equipment, records, and paintings.
In our mid 70s, we fit right in. We joined an online book club, we heavily trade the stock market with options and futures, we donate $500 a month to charities and to You Tube Patreons, and our hobbies are exercise walking 20 miles a week. And we have picked up cooking using You Tube tutorials. We had pulled pork from the pressure cooker. Super sandwiches! We have some fun money each month and we can't take it with us. So rather than give it relatives we no longer know, or lawyers, we spend it on us.
Yum!
1: Extra Travel
2: Hobbies
3' Work on Health. Increase daily exercise
4: Spending more time with friends
5: Charity
6: More local festivals and events
7:Time with family.
Those are also very good
Outstanding video Geoff ❤
At 69 I've taken up welding so I can make custom tooling for my wood turning hobby.
That’s pretty cool
My daughter explained to her friend that there is no such thing as extra money when she was about 13. Her friend wanted to go to the mall but my daughter never liked to spend her money. Her friend suggested to her that she should ask us, her parents, if we had any extra money. My daughter's response was, "there is no such thing as extra money". We were all in the dining room together when this discussion happened and all burst out laughing. My daughter has always been very good with money. When she found out that banks would pay her if she kept her money there the first thing she would do after she got her allowance was ask if I could take her to the bank.
She's 44 this year and is still the same way. She wants to retire at 55 and she is already there, just waiting for the double nickel to arrive.
Awesome! Sounds alot like me. I'm 48 and almost a mirror image of that. Congrats on raising a successful and contributing child!
@@Sackattack_ I have two daughters and both of them are that way. Both have finished their advanced degrees and have successful careers. Married and have kids and homes that they are buying. They have their retirement taken care of and their kids have their college in process financially.
I am so very proud of them both.
Cool = she Needs to Count Ll her money every day in front of family members who are poor.
Am sure that she has no Good friends
@@Steve-gx9ot I am not sure who you are referring to but if you are referring to my daughter she doesn't count her money in front of anyone. None of the people in our immediate family are what I would call poor. Nor are we incredibly well off. We are secure and do our best to stay that way.
I will say this, your comment seems pretty rude and not what I am accustomed to seeing in Erin's channel.
2nd best video in my opinion.
First was soc I al security advice and your planning strategies
How about an update on your Model Y? My wife purchased one last Labor Day and watching this video made me think about you getting one.
Highly entertaining
Great content as usual, Thanks! Am wondering, why was the clock turning backwards??? 🤔
There may not be a later!
International travel. It can be cheaper and far, far more interesting than traveling the U.S.
We very much enjoy traveling in the US. Road trips are fun.
Sounds like a good one
Also traveling another countries you get to taste other foods and see other interesting buildings and museums.
Interesting that learning how to cook but also dining out more are both on the list. Dining out is over rated. Overpriced and the food will adversely affect your health. I’ve gone out less since I retired and to basically nothing since Covid even after the end. I can buy so much more good food and other things instead of the costs of dining out.
Sometime could you discuss Donor Advisory Funds. Advantages and disadvantages.
Thanks for the suggestion
I hope to visit aquariums around the country. Big ones, small ones, I love aquariums. I am writing a series of romance books and hope to encorporate my travels into the stories.
That’s awesome!
I eat out less often since Covid because the prices have gone up and also larger gratuity seems expected even iced tea has gone from two dollars to 250 or three dollars in an ordinary restaurant.
That wasn't a hen... ;-) ;-)
lol!
Thanks for another great video! We will be fully retired in June, and I hope that we aren’t fearful of spending the money we have saved during our working years. I believe we will focus on travel, Home improvements, charities, pets, and socializing with family and friends. I wonder if my husband’s list would match mine. 😂
lol. You never know!
My extra money goes to three public radio and TV stations, a local food bank, birthday/holiday gifts to my grandkids (to invest), political party (to protect Democracy), good wine and I still invest. My hobby is cheap (running). Just a few pairs of running shoes each year.
100%
Trump2024
@@johngarceau541 😂
Martyr 😮
A few times a year I get a Starbucks mocha. That’s my fun spending for the year.😂
I’m too cheap for that!
Eff starbuxxx
let's go chicago - northwestern - evanston ! super campus so beautiful
Thanks - I love it there.
1. Fly Fishing
2. Fly Fishing
3.
Travel is a big one for us. We are retirement age, but not retired. We work for ourselves so can take time off as needed. We started travelling since our 20s and still travel a lot each year. It is a bit of an addiction to see new places and people every year. It's a big world and we want to see it all. On the mental side we try to learn new things. For me that is math and AI.
a lot of people I know work as cooks and waitress's lower income people can you do a video about folks like that from 10K TO 20 K
Thanks for the suggestion
Travel, our church and our kids and grandkids.
Very nice
What is extra money?
Really I would love to teach/assist seniors with crafts. I’ve spoken to the director of the county senior center and she has been very negative. I’ve considered offering ceramics classes for a small fee. Classes would last over a few weeks and they would get a finished product at the end; then move to the next type of project.
I’ve been a volunteer most of my life and I miss it. I guess I should stick my foot out and try again.
What is extra money. I worked hard for every thing I have and I don't know what the extra is?I am lucky to have something above social security.
Pets and travel seem potentially contradictory. Pets need someone to look after them and that become expensive or logistically difficult if you are take a month long cruise or go wander around some foreign countries.
You have an important point that the only time I see pets and travel would work as if you had a neighbor or a friend that lives close and you could do a pet exchange such as when they travel to take care of their pets when you travel they take care of your pets.
I agree that most of the time if you have pets, you can’t travel so long
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 without any investment. Retirement becomes truly fulfilling when you possess two essential elements: financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement. .
Retirees and extra money?
Yes , if you do it right. Having the expenses under control is the biggest key. Can't really be comfortable in retirement if you have alot of debt.
Yes, I do. Retired with no debt.
Well, none of the 7 ways I find interesting.
I'm using my work knowledge to get into a solar system build for my home.
It's very expensive I've found out.
I might have to go back to work to pay for it 😂
Thanks for the comment
We added solar and yes you are correct it is expensive, especially since we have batteries. But there is value in paying almost nothing for electricity, never worry about a power outage, and most of all not caring when they inevitably raise the rates.
Will your solar system also have planets, lol?
@@noelfoley7359
I'm working on Jupiter.
Going back to work to pay for Saturn, Uranus, and poor Pluto.
Is it True that he who dies with most marbles is winner?
❤😮
What is this "extra money" you talk about?
New fav hobby is converting all my savings to dollar bills and counting them every day😢❤
Weed(gummys). Gamblin
Eat at nicer restaurants
All my life I have heard of “extra money”! What is extra money? I look at the money and I never see any marked “extra”! People make me nuts.
"extra money" hahahahahaha 🤣
How to read The NY Times? ….Don’t !!
There is no such thing as "Extra Money".
Aaaaw just so sensitive to a joke.
Cannot you tell??? Geeez get over yourself chief❤😮
Skiing. Skiing. Skiing. ⛷ 😅
One of my fave’s