Here’s the #1 Trap That Will Ruin Your Retirement

  Рет қаралды 150,922

James Conole, CFP®

James Conole, CFP®

Күн бұрын

Пікірлер: 241
@jaynelson8304
@jaynelson8304 Жыл бұрын
Great video! The shift from saving to spending is almost traumatic. It took me more than a year and I finally came to the conclusion that we did everything we could to prepare so as long as we don't do stupid things we should be okay. So we need to enjoy what 45 years of work provided.
@RootFP
@RootFP Жыл бұрын
Thank you! That transition is much harder than people would expect.
@rickchandler2570
@rickchandler2570 Жыл бұрын
My father-in-law took us aside one day and asked how our retirement planning was coming along and when we said it was going well, he said well good, we don’t plan on leaving you anything. They were quite well off. I said I was happy to hear that as it meant they were going to enjoy themselves and spend as much of their money as possible. I think he was surprised to hear us say that.
@teatree6228
@teatree6228 Жыл бұрын
Exactly-- “the time we have left” is a depreciating commodity, irreplaceable and cannot be purchased
@focusedfreebird
@focusedfreebird Жыл бұрын
When you retire, you have less time left, so might as well enjoy some of your money before you die.😮
@AntyTiff
@AntyTiff Жыл бұрын
Maybe he was thinking of giving to charities.
@gbb82
@gbb82 Жыл бұрын
I get he may want to give most of it to charity, but nothing to his child, in-law and possible parents of his future grandchildren? That is cruel.
@jackierumph2779
@jackierumph2779 Жыл бұрын
Perhaps... he was concern regarding the stable foundation of retirement. And, because you had taking care of it. He probably felt you can continue to build upon it.😊
@wolfy7531
@wolfy7531 Жыл бұрын
Retired last week and watched many KZbin videos regarding retirement. This is hands down the best advice I have seen. Great job on focusing the audience on what is really important!
@RootFP
@RootFP Жыл бұрын
Wow, thank you!
@Honestandtruth007
@Honestandtruth007 10 ай бұрын
​@@RootFP This Video is GREAT Great Advice my friend 👏👍❤️
@sorenminoush145
@sorenminoush145 10 ай бұрын
I wonder if you are a believer:)
@tcwaz
@tcwaz Жыл бұрын
This video is the exact pep talk that I need. I reach a goal, and the goalpost moves. "If I had just a little bit more, then I will feel more secure" I will prob watch a few more times so I can really let it sink in. Thanks!
@TheOriginalMarimoChan
@TheOriginalMarimoChan Жыл бұрын
I feel the exact same as you
@deciduous_99
@deciduous_99 Жыл бұрын
Me too Tyler
@roxanneprice7687
@roxanneprice7687 Жыл бұрын
Same here. I really, really needed to here this...now I need to internalize it!
@paulleiby2901
@paulleiby2901 3 ай бұрын
This combination of domain expertise, life perspective, and communication skill is rare. Good job!
@JayRay9999
@JayRay9999 Жыл бұрын
This video is just 100% true, every word of it. You are a financial therapist. Thank you!
@mtnshelby7059
@mtnshelby7059 Жыл бұрын
I'm in this mindset right now. Keep working, keep saving, keep slaving...I'm trying to break that cycle of fear because thats what it is. Fear.
@tholm4307
@tholm4307 Жыл бұрын
Fear=False Evidence Appearing Real. When we view fear from this lense we can overcome it much easier. Cheers!
@JaySmith-pv2mw
@JaySmith-pv2mw Жыл бұрын
I appreciate how you talk about quality of life instead of just maximizing finances. The whole point of retirement is to enjoy your well-earned freedom from working. So many other retirement advisors claim we all have to work until 72 while saving 50% of income, just in case. Yes, there is risk in retiring but unexpected things can happen when working, also. I've seen too many people who never get to retire or enjoy their "golden" years and that will NOT happen with me.
@RootFP
@RootFP Жыл бұрын
Well said!
@Honestandtruth007
@Honestandtruth007 10 ай бұрын
​@@RootFPGREAT Great Advice and Great Video 👍❤️👏, Some people do Really need this ❤
@NoSenatorson
@NoSenatorson Жыл бұрын
When hit by inflation or healthcare costs near retirement, it puts a damper on retirement dreams.
@d.williamvitt3869
@d.williamvitt3869 Жыл бұрын
I took age 39 to 49 off and taught school when our kids were young so I’d have the summers off with them and when I was still physically strong enough to have real fun. Now I will need to work 67 to 77 to make up for missing that decade of strong retirement savings. The interesting thing (I am now 68) that I am finding is our life really isn’t any less fun than our friends who are retired. Especially the 27 colleagues who already died between the ages of 57 to 67. And those couples still alive, well their health and the young age of their grandchildren means they really don’t travel more than we do; they just get to “flex” that they aren’t working. But in reality at my age working is all I’m really healthy enough to do anymore as I’m really too old to have any real fun. But I don’t feel cheated because I had that fun between 39 to 49 and I did it WITH my kids vs. waiting to do it 62 to 72 or 67 to 77. IMHO you’re too old then to really have any fun, as you’re too close to the average age of death among US which is now 77. P.S. Delaying the start of adulthood and having fun 18 to 28 isn’t as good as taking 39 to 49 off as you can’t appreciate it yet as you haven’t had to waste twenty years working. I see no Financial Advisirs recommending this ten year sabbatical in mid-life. I call it the “20/10/20 Plan” where you work 18 to 38, then coast 39 to 49 and work hard again 50 to 70. I’ll still get to do the typical retirement stuff 70 to 77 but I can tell you that what you can do 39 to 49 is WAY BETTER physically than anything you can do 62 to 72 no matter how fiscally “strong” you are. “Retirement” is a cruel joke, what Americans need is a midlife Sabbatical when your still physically strong enough to enjoy it and psychologically mature enough to appreciate it. You can always go back to work later!
@RootFP
@RootFP Жыл бұрын
Thank you for sharing!
@heidikamrath1951
@heidikamrath1951 Жыл бұрын
You spent those 10 years “coasting” as a teacher-yet, from what I’ve read, teachers RULE at retirement savings/planning.
@katrinalove5704
@katrinalove5704 Жыл бұрын
Great point of view. Never thought about it like that. I think people should create their own retirement instead of following the cookie cutter approach to it. Who decided 65 was the official retirement age, anyway?
@CalmerThanYouAre1
@CalmerThanYouAre1 Жыл бұрын
I think a better goal is to save and invest with a plan to be FI by 40 with the option to work part time or only as needed seasonally. No need to take a sabbatical. Just be done “needing” to work at all. Or keep that teaching job and rol those summers with the kids into summers with the grandkids!
@JD-tn5tb
@JD-tn5tb Жыл бұрын
@d.williamvitt3869 - Your way is certainly very interesting and that's great that you have those 10 years to look back on great experiences. But in my case, I can't even imagine working my stressful, awful job from 62 to 72. Also, people can't always just quit their jobs for 10 years and expect to be able to be hired in their 40's and 50's. But, that just goes to show how great teaching jobs can be as I think you have a more flexible job. If I could go back and do it over, I would have tried harder to pay off a house earlier and retire in 50's instead of 60's. But that's still risky as less in ss and longer time period pay for medical. It's also great that teachers can have the entire summer off - that's more than most can spend with their kids!
@JC-21470
@JC-21470 9 ай бұрын
I will be 59 this year and thinking about retiring at the end of the year. GREAT video to help put things in perspective, thanks James!
@kathycook1140
@kathycook1140 Жыл бұрын
My advisor recently assured me that I'm "more than prepared" financially to retire but I've been hesitant to give notice. I think it's more difficult if you come from a lower income background; it's harder to believe you're financially okay even when the numbers say you are, if you've had an uphill struggle to get to that point. Thanks for the always well rounded examples of how to know and trust when you've reached that secure point.
@RootFP
@RootFP Жыл бұрын
It’s very difficult to do! We think it’s just a financial decision but it’s far more than that.
@bigjohnson7415
@bigjohnson7415 Жыл бұрын
I can relate to that. I turn 62 in a few weeks, and could be okay retiring, but one major health issue could blow me out of the water. So my goal is to work to 63 1/2 and qualify for Cobra to bridge to Medicare. Previously I was resigned to 65, but this is what I've figured out recently. 18 months to get everything in order, new roof on the house, new Water heater, A/C unit, appliances and I'll be in good shape for the rest of my life most likely.
@michellem8284
@michellem8284 Жыл бұрын
@@bigjohnson7415 I've also considered the Cobra bridge to Medicare scenario but do not want to work that long.
@larryjones9773
@larryjones9773 Жыл бұрын
@@michellem8284 Obamacare subsidies.
@1175drh
@1175drh Жыл бұрын
Wow, spot on! Retire wealthy is more than money in your portfolio. Being Wealthy is more about happiness.
@virginiavargas1649
@virginiavargas1649 Жыл бұрын
What actually matters and what I actually need at retirement...I needed to hear this today to determine my retirement right now... Thank you, James!
@RootFP
@RootFP Жыл бұрын
I’m glad it was timely for you.
@machintelligence
@machintelligence Жыл бұрын
It is better to retire too early than too late.
@alansach8437
@alansach8437 6 ай бұрын
Until you are in a nursing home and have to rely on puplic assistance...which means basic, crappy care.
@robbystelly
@robbystelly Жыл бұрын
I like the quote you gave at the beginning of this video. Someone I used to work said her dad would say, “I’ve never seen an armored car following a Hearst!”
@RootFP
@RootFP Жыл бұрын
True!
@jackiebennett3762
@jackiebennett3762 Жыл бұрын
new subscriber here. bretiring in 8 months at 56. worked 30 years for the state government. taking a 2 year loss in my pension because of my age. Cant fall into the trap os staying for another twi years. health is more imporant than money anyday.
@dforrest4503
@dforrest4503 Жыл бұрын
I just retired at 55 in a similar situation. Three and a half more years would have gotten me a lot more pension. Not worth it! I have more than enough. Good luck!
@RootFP
@RootFP Жыл бұрын
Thanks for subscribing!
@pianoplayer2692
@pianoplayer2692 11 ай бұрын
Outstanding advice. This will help me very much! I fear I would have been exactly the person afraid of spending down the money, Thank you!
@anthonybutler3157
@anthonybutler3157 Жыл бұрын
Great video. Encourages me in my retirement ( 5 years) that i have made the right choices. Reminds me of a quote by Nelson Rockefeller when asked of how much money is enough, he replied "just a little bit more"
@davewithad4166
@davewithad4166 Жыл бұрын
Very timely video for me. I told my wife last night I’ll probably be one of those people that die with plenty of money in the bank, while living on a diet of dollar store dog food. She agreed.
@chavale2
@chavale2 Жыл бұрын
Just a common sense: every day should be a Retirement day: that is a LIFE DUDE
@barbiec4312
@barbiec4312 Жыл бұрын
Your poor wife…lol.
@scottr4457
@scottr4457 Жыл бұрын
Great video James! I'm in my early 50's, planning to retire at 65 and really starting to think about what I'd like retirement to look like. I've recently come across your channel and finding great value in your videos. Thank-you so much for putting out these videos and sharing your level-headed approach to finances and a fulfilling retirement!
@johnyjsl9219
@johnyjsl9219 Жыл бұрын
65 is too late brother because after 70 things start to break. Retire at 60 for at least 10 good years of health.
@royjones8012
@royjones8012 Жыл бұрын
I retired at 55. Glad I did. I have a pension, some Roth IRA, & now 61. Was going to collect at 62 SS, but can delay that cause my Roth has done so well. It helps that my expenses have lessen, car & credit card paid off. Mortgage will be paid off next & still make trips.
@scottr4457
@scottr4457 Жыл бұрын
​@@johnyjsl9219definitely food for thought
@bruce7255
@bruce7255 Жыл бұрын
Great video! I am 67 and retired late last year. I had the fear of not having enough money to retire but I realized I do have enough. This video is now helping me to take some of the golf vacations I always wanted to take. Myrtle Beach here I come!
@RootFP
@RootFP Жыл бұрын
Wonderful!
@muubie
@muubie Жыл бұрын
I’ve watched this video several times in the past few weeks. You put out great videos but this one really resonated with me. I forwarded it to my wife and it’s led to some great conversations. We were planning on retiring in 2 years but now it may be earlier. Thanks!
@RootFP
@RootFP Жыл бұрын
That's great! I'm glad it led to productive conversations.
@robskully3539
@robskully3539 Жыл бұрын
I just turned 69 and plan on working until 70… or longer but reduced hours/days. I love what I do and my work is easy for me after doing it for 34 years now.
@AntyTiff
@AntyTiff Жыл бұрын
Do tell: What’s your work?
@CS-pu4ti
@CS-pu4ti Жыл бұрын
Great advice James! Recently I quit working, and wanted to pursue my hobbies, & talents. Every time when I talk to my relatives or some friends, the first question they ask is whether I’d be looking to work. It’s interesting to see how most people sometimes mindlessly focus on work.. Yes, I stopped working before even the earliest age that one would be eligible for social security, but I’ve chosen to live somewhere for less cost of living than I lived before, and I feel I’ve saved enough. These type of videos made me feel better about my decision, and less anxious when someone asks me the typical question about WORK.😊.
@CheckThisOut77
@CheckThisOut77 Жыл бұрын
Great words of wisdom. I followed your advice and am renting a motorhome RV in two weeks (something I have always wanted to do). I was falling into the “one more year” trap (since I was at the TOP of my game). Since retiring, my INcome has dropped about $100k BUT the numbers are all working out (no debt is a key).
@jordanmadden7388
@jordanmadden7388 11 ай бұрын
100% agree with some people trying to be as rich as possible. I think this applies not just to those in retirement, but those also saving for retirement. Figure out your number, develop a plan, hit the plan. And use the excess for good.
@oahuguy3918
@oahuguy3918 Жыл бұрын
I love this video! It's a unique angle on how our mindset affects our retirement that's not mentioned anywhere else. I re-watched it - TWICE! Thanks man!
@darelkrupanandham7478
@darelkrupanandham7478 Жыл бұрын
Brilliantly said James.I identify with everything you've shared. Thanks so much.
@sarahcobetto5613
@sarahcobetto5613 Жыл бұрын
Eccl 5:10
@joecutro7318
@joecutro7318 Жыл бұрын
There is great wisdom in this content. Thank you James for supporting us to get the balances right and the priorities set with freedom as the goal. 👍🏼
@RootFP
@RootFP Жыл бұрын
I appreciate that!
@Paul-GrnHil
@Paul-GrnHil Жыл бұрын
I was doubly blessed. I had a 35 year career as a senior executive for a company that I loved that was sold to a much larger corporation when I was 64 years old. I was financially secure at that point and the job I had was eliminated in consolation. That meant I left with no regrets at a time I was financially able to do so. I was never plagued with the thoughts of “woulda, shoulda, coulda” stayed for another year to have more in retirement savings. I was able to focus on the transition to retirement rather than looking back at what once was.
@RootFP
@RootFP Жыл бұрын
That is a big blessing to avoid any second guessing.
@glendacastillo6504
@glendacastillo6504 Жыл бұрын
I retired at 47 years old from the military. I'm happy that I have TRICARE and VA health insurance for life.
@cjeccher8128
@cjeccher8128 Жыл бұрын
Some people are saying you are too young lol I would take that as a compliment. You are a very impressive young man ! Obviously very intelligent and knowledgeable
@JD-tn5tb
@JD-tn5tb Жыл бұрын
James, this is a great video and very important things to think about. It's just so hard to know whether you will have enough or not. I'm pretty sure even if I screw up, I will have enough because of my pension and holding off on getting social. But for people who don't have a pension and take their ss too early and haven't saved much, I think they are taking a huge risk.
@ShamileII
@ShamileII Жыл бұрын
Brahh.....this is so on point! This is the same as when we were young guys, would always think we could only get the girl with a better car. We needed more to get what we wanted....same with retirement. Financially retired at 54 and now semi-retired at 56. I basically pictured how I wanted to live in retirement and worked back to see how much monthly income was needed.
@FrankRizzo401
@FrankRizzo401 11 ай бұрын
One of the best financial Utube channels out there.
@EJJ-EvArms
@EJJ-EvArms 6 ай бұрын
Finally a financial advisor who gets it and knows how to find balance in the force. Kudos, sir.
@intellectualgladiata
@intellectualgladiata Жыл бұрын
The tax issue can sometimes get a little complex. I'm at a point where the government has let me down so much and so many times that the thought of paying them aggravates me. Even though it might not be worth it sometimes I do get personal satisfaction from minimizing tax.
@RootFP
@RootFP Жыл бұрын
Agreed. It’s not a simple issue.
@teritran_theTurtleTraveler
@teritran_theTurtleTraveler Жыл бұрын
Retired last month and now beginning the best time of my life--enough is enough❤
@RootFP
@RootFP Жыл бұрын
Congrats!
@DavidFlores-kq5hz
@DavidFlores-kq5hz Жыл бұрын
It's a good reminder for those of us whom have lost the reason why we saved in the first place.
@davidsnyder518
@davidsnyder518 3 ай бұрын
I think a major factor contributing to a lot people having this mindset is a fear of running out because we have so few social safety nets in this country
@chipcranford48
@chipcranford48 Жыл бұрын
At first I was skeptical about hearing financial advice from someone so young. I couldn’t have been more wrong! Thank you!
@RootFP
@RootFP Жыл бұрын
Thanks for taking the time to watch 😃
@ggpp6252
@ggpp6252 Жыл бұрын
@@RootFP That thought crossed my mind also. But when listening to a few of your videos, you have a wealth of knowledge and can articulate well the message that we need to hear. Thank you, James.
@ericolens3
@ericolens3 11 ай бұрын
heres a major thought age doesn't always mean wisdom. some wiser nuggets are literally locked into certain aspects of time. im 34, and in 30 years, I'll be 64, the age for retirement. if the average young looking 34 year old did not plan for retirement, then the people between ages 55 and 65 wouldn't have optimized their youth. whole life insurance policies are lower at lower ages, and dont bear the same penalty as term life. All that to say, younger looking faces may very well have better knowledge since they didn't take as long to "crack the code" for life.
@karenmccoy5819
@karenmccoy5819 Жыл бұрын
You are brilliant young man! Thank you! Your advice has helped us tremendously.
@RootFP
@RootFP Жыл бұрын
Glad to hear it!
@gordonkleinpell8150
@gordonkleinpell8150 Жыл бұрын
This is spot on for me, James! Thank you for bringing all these points to my attention. I will definitely take many of these ideas into account. Thank you so much for your great videos, with warmest regards, Gordon
@RootFP
@RootFP Жыл бұрын
Glad it was helpful! Thanks for watching, Gordon.
@danspencer4235
@danspencer4235 Жыл бұрын
I think if you surveyed people who have been retired for a few years, most of them would say that the earlier you can retire the better your life will be.
@marthabarrett2479
@marthabarrett2479 7 ай бұрын
I've been eligible to retire for eight years now but I'm one of those who kept moving the goal post. The most recent being I was going to work till I reached full retirement age for SS, which was another year from now. Then the beginning of this year a new manager was brought in who we all refer to as "the prison guard." That's what finally convinced me it was time to go. My last working day is this Saturday. June 1st being my first day of freedom. Hallelujah!
@bmoshareholderappleshareho855
@bmoshareholderappleshareho855 Жыл бұрын
One of my uncles recently retired after forty years of working. Now he is depressed all the time because he has too much time on his hands and not enough to do. Also, I know a few people who are in their late 60s and early 70s are still working. They simply cannot afford to retire.
Жыл бұрын
Been watching your videos recently. I like that yours are about to live a little and save a little - balance is the key !!!
@lawrencelai6614
@lawrencelai6614 Жыл бұрын
Great points. I decided to retire my wife four years ago at 46. Good job with your videos.
@jpturner171
@jpturner171 Жыл бұрын
Great video and advice James! Videos with advice like this has convinced my wife and Me to stop next year. Semper Fi!🇺🇸 11 months and counting!
@RootFP
@RootFP Жыл бұрын
Right on!
@Hirogen24
@Hirogen24 Жыл бұрын
I also needed to hear this. Thanks James
@RootFP
@RootFP Жыл бұрын
I’m glad it was helpful
@drticktock4011
@drticktock4011 9 ай бұрын
...I think and smile of the financial legacy for my kids, grandkids,...
@craig2Afreedom
@craig2Afreedom Жыл бұрын
Time, health and family. Yes money is needed. As I grow older money is less important.
@joycewright5386
@joycewright5386 Жыл бұрын
I don’t want to die as rich as possible but after saving my entire life and finally retired I’m afraid to start spending it. How do I switch from a saving mindset to a spending one?
@RootFP
@RootFP Жыл бұрын
We’ve got a video for that 😃 kzbin.info/www/bejne/nne8knyaiK9-i9E
@katrinalove5704
@katrinalove5704 Жыл бұрын
Sadly this is a real problem for some. My aunt abs uncle are multimillionaires and act like paupers. It’s really sad.
@prydegirl
@prydegirl Жыл бұрын
Work out your withdrawal strategy on paper. Put on guardrails, then enjoy.
@donnag7288
@donnag7288 11 ай бұрын
I am going to be 67 in two months. My financial planner said I have enough to retire but I am still afraid to retire. My job is very physical which is difficult to continue at my age. And I really do love what I do. But I don’t want to be crippled either. So I will have to retire soon
@davepaturno4290
@davepaturno4290 Жыл бұрын
I know so many people who refuse to retire because they cannot fathom spending more than they are making. All too often, their retirement date is either when their doctor recommends retirement, or the person dies before ever having experienced a life of doing anything and at any time. There is so much to see and do out there. Being stuck at work and missing life's simple pleasures is often not worth it.
@TM-li7bl
@TM-li7bl Жыл бұрын
I always worry about leaving assets behind for my kids…, I worry about their retirement when I’m not even retired yet…, I’m 63, plan on retiring in a year or so. I know this is bad.
@RootFP
@RootFP Жыл бұрын
It’s tough! You want to provide but also have to take care of yourself first.
@tomelew8465
@tomelew8465 2 ай бұрын
Amazing video. Thank you. So glad I found your channel.
@karenkehler7331
@karenkehler7331 Жыл бұрын
There is such a thing as “money hoarding”. 😂 I could retire now but love what I do but definitely need to adjust for more balance and fun. Being self employed meant I lost money when I wasn’t working with clients. Travel wasn’t a priority but you’re right. Do it while money is still coming in!
@chrisc9389
@chrisc9389 Жыл бұрын
Amazing! I love your content. I have never had things put to me this way as far as portfolio value, retirement, ETC.... Definitely making me think more about my goals
@Honestandtruth007
@Honestandtruth007 10 ай бұрын
To PUT and to make this particular Video There are a Lot of Consideration and knowledge to give people GREAT Advice about Money and Life Happiness 👍❤️👍 I must say Bravo Bravo 👏👍👏
@dandawson8128
@dandawson8128 Жыл бұрын
“How to Die with Zero” by Bill Perkins. Do not have regrets at the end, but yet a “large” back account. Spend it now, on all the experiences you want. Live each day intentionally. Live and save wisely, but do not save and save ….
@krishnadevulapalli315
@krishnadevulapalli315 Жыл бұрын
Retirement is a balancing act for thirty plus years. Having a proper mindset is the key. One can reap its rewards by allocating time for personal, social , spiritual & economic circumstances and taking it as wholesome journey.
@rambo-rb
@rambo-rb 11 ай бұрын
thank you James for this informative video - I like the idea of not keeping moving the goal post.
@wesw1735
@wesw1735 11 ай бұрын
Thanks James, I needed this pep talk!
@davehope9144
@davehope9144 Жыл бұрын
I could probably retire tomorrow but my wife and adult kids aren’t willing to make that sacrifice
@cjeccher8128
@cjeccher8128 Жыл бұрын
My father died a millionaire but littetally would not buy a cup of coffee outside of the home. I benefited from an inheritance but I wish he would have enjoyed that coffee lol. I am aware that I am following in his footsteps but at least I am aware of it
@northbridge2298
@northbridge2298 Жыл бұрын
In my experience, many people think all of their financial problems would be solved if they only had twice as much money as they currently have. And it doesn't matter how much they have, doubling it is what would make everything better.
@heidikamrath1951
@heidikamrath1951 Жыл бұрын
I feel called-out, lol.
@Northern_Squirrel
@Northern_Squirrel Жыл бұрын
Great video and resonates really well with me although I am not an American. Keep up the great work.
@RootFP
@RootFP Жыл бұрын
Thanks, will do!
@leannesampson3199
@leannesampson3199 Жыл бұрын
Thank you for the excellent advice - as always 😊
@RootFP
@RootFP Жыл бұрын
You are so welcome!
@andrews2441
@andrews2441 6 ай бұрын
I have not finished this video yet, but I think it would be worth mentioning that you’re more likely to die after you retire. It’s like buying a new car and driving away. As soon as you retire, your life expectancy drops significantly. It’s a valuable piece of information that most people are unaware of or choose to ignore.
@hawhee
@hawhee 8 ай бұрын
James Conole makes sense. Wealth should represent freedom, not enslavement.
@robo800300
@robo800300 Жыл бұрын
Just found this video. Excellent subject. Very well presented, too. Subscribed.
@RootFP
@RootFP Жыл бұрын
Awesome, thank you!
@Honestandtruth007
@Honestandtruth007 10 ай бұрын
That's Why Life Must Be BALANCED from A-to-Z even in A Relationship. Even a car tires must be balanced properly to drive SMOOTHLY 😅❤😂
@ronmexico5908
@ronmexico5908 Жыл бұрын
Various wealth levels were surveyed what wealth level would feel secure. The result was no one felt secure even having hundreds of millions. It seems we put much of life's value on money. Be careful who you invite into your life
@Woodland26
@Woodland26 Жыл бұрын
I am turning 59 and my passive income is about to exceed my regular wage. After 60 when I can start accessing my retirement fund (in Australia) I will definitely work less and draw from the retirement stream. Probably would feel too bored to stop totally. At the moment working 35 hours a week on something that I like.
@CheckThisOut77
@CheckThisOut77 Жыл бұрын
I kept working: Partly because my wife doesn’t really want to do much, thus, I thought “I might as well just keep working because of that and I do enjoy my job”. That kept me working a few extra years but I finally stopped (at 72). It was a good decision as I am mostly doing the things I wanted to do anyway.
@ds61821
@ds61821 Жыл бұрын
A really good video. It's a helpful perspective as I plan to retire June 30, 2024 at age 69, postponing taking SS until age 70.
@Financefunandfitness
@Financefunandfitness Жыл бұрын
Why are you waiting that long?
@darwinjina
@darwinjina Жыл бұрын
@@Financefunandfitness I'm listed as the beneficiary. ;) At least he has a planned date. (I have a year but no firm date yet)
@JohnTovar-ks8dp
@JohnTovar-ks8dp Жыл бұрын
I couldn't feel good in retirement if younger generation family members with kids were living in an apartment because they couldn't afford a house. Also, there should be some extra money floating around the family in case someone has a disabled child. It's not just about me. A small farm or somewhere with a barn would add to the entire family"s wealth just because having somewhere free to store something valuable could stop one from having to sell valuable consumer goods at fire sale prices due to temporary circumstances. This has happened to me and even my father. Building up some generational wealth is definitely worthwhile.
@PurvisTwiggs
@PurvisTwiggs Жыл бұрын
To keep up with rising cost we are beginning to see the equity of our home for what it truly is, Its becoming hard for us seniors not to ask the obvious question: “Should we cash in, invest the money, and rent?”
@bigjohnson7415
@bigjohnson7415 Жыл бұрын
I'd say it depends. Renting is increasingly expensive, so would the return on the sale of your house cover that expense? Do you want to move to another State to retire? What about renting your house out and doing the other things? That said, being a slumlord ain't all it's cracked up to be either. Me personally, I plan on living in the house I bought 19 years ago, paid off 10 years ago, till I leave this earthly plane. Good luck whatever you decide.
@educatedwanderer9293
@educatedwanderer9293 Жыл бұрын
I'm still trying to figure out how much my budget is as it has increased from 5000 a month to 6000 a month. That in turn changed the minimal amount I need have in the portfolio and the emergency fund. Yes, I feel the goal posts moving and I am beginning to wonder if I'm going to have to keep doing this.
@leo290702
@leo290702 Жыл бұрын
more wealth is not worth it if one has no heath & happiness, it takes wisdom to be self-sufficient.
@arttherapy727
@arttherapy727 Жыл бұрын
My mother had a load of savings bonds that she would not cash in because of taxes. She said she'll leave them to her kids and let them pay the taxes.
@Angel-nu7fm
@Angel-nu7fm 11 ай бұрын
When asked how much money is enough, John D. Rockefeller said, " Just a little bit more". That can become self-perpetuating.
@hawhee
@hawhee 8 ай бұрын
This is wise advice. I just want to retire with enough money to pay all my expenses.
@grcerosa
@grcerosa Жыл бұрын
Beautifully put 😊
@RootFP
@RootFP Жыл бұрын
Thank you 😊
@tyjameson7404
@tyjameson7404 Жыл бұрын
James is the bomb 💣 🙌🏾🇺🇸👍💪🏾❤️🙏👊🏽🇺🇦
@RootFP
@RootFP Жыл бұрын
😆
@carolpool5583
@carolpool5583 Жыл бұрын
I relate to what James is saying. I am always worried about money and keeping working and saving rather than do what I love which is travel. Time runs out and you can drop dead at the job just as easily as on the beach in Spain. Which would you want?
@dpncos
@dpncos Жыл бұрын
Great video…so true!
@RootFP
@RootFP Жыл бұрын
Thank you!
@stevenk195
@stevenk195 Жыл бұрын
Wife retired at 51. I retired at 54. We worked, we saved, we sacrificed first. THEN....we retired early. 100% debt-free as well. You need to put your time in, just don't put too much time in! We both enjoy finances and tax planning in retirement. It's not everything to be sure, but it is something we enjoy doing along with continual learning about anything and everything. Did we have serious pain/suffering/loss in this life of ours? Absolutely. Raising children is like that. Planning and sacrifice can still increase of the odds of things working out, even with the set-backs in life.
@Andrew-zh6jl
@Andrew-zh6jl Жыл бұрын
Excellent video. You might be speaking to me.
@davidless57
@davidless57 Жыл бұрын
Well said, at 62 with 1.55 mill in savings and 2.1mill in total assets. I took a buyout at work but also took another job, I’m addicted to my portfolio, it is something I nerchured by myself from having only 1000 bucks at age 40 and having to recover from a divorce, so it’s very difficult to start pulling money out. Been reading and studying on how to get over my problem of not spending my savings. Being single a dept free I have a problem ,I know. But I did order a 100g sports car, though having second thoughts Great KZbin!!
@RootFP
@RootFP Жыл бұрын
Thanks, David. And thanks for sharing your experience.
@bigjohnson7415
@bigjohnson7415 Жыл бұрын
Hope it was a new Red Corvette! Gotta keep up the image, and average age of Vette owners!😜😜😜
@davidless57
@davidless57 Жыл бұрын
@@bigjohnson7415 Superformance cobra, I think the fun factor is much higher, at least the re sale value is.
@tommypham1127
@tommypham1127 Жыл бұрын
Very good content . Thanks so much ! Very enjoy your video !!!!
@valvend
@valvend Жыл бұрын
Money making is like Monopoly game. After the game is over every one has to put the Monopoly money back in the box. You don't need money in Heaven.
@bigjohnson7415
@bigjohnson7415 Жыл бұрын
Or the other place!🤣🤣🤣
@fialee8ca132
@fialee8ca132 Жыл бұрын
If that what makes someone happy trying to get there...that's great! Don't shame someone who enjoys savings. It's their choice.
@RootFP
@RootFP Жыл бұрын
No shame here
@davila0893
@davila0893 Жыл бұрын
Love it; definitely resonates.
@RootFP
@RootFP Жыл бұрын
So glad!
@sherush9384
@sherush9384 Жыл бұрын
Super Great Video.
@RootFP
@RootFP Жыл бұрын
Thank you very much!
@clbcl5
@clbcl5 Жыл бұрын
Worked for Warren Buffet.
@bernie9728
@bernie9728 Жыл бұрын
Here's the key: You want enough money so you don't have to worry about money, but no so much money that it makes you stupid. The second key is knowing the difference.
@Sky1
@Sky1 Жыл бұрын
We have 18% inflation try and find a retirement calculator that will let you plug that in
@ibelieveinjesuschrist8911
@ibelieveinjesuschrist8911 Жыл бұрын
true!!!! thank you
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