The BIG Difference Between the Rich and Poor in Retirement

In this video, I discuss the difference between the rich versus poor in retirement - and no it's not having a monster sized investments account (although that does not hurt :). You've heard the saying many times in your life. The wealthy play by a different set of rules than those in poverty. This is because they have a different relationship with money. Money serves them instead of the other way around.
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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.

[@svengrot7943]

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[@alexanderdimitar7154]

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

[@kansasmile]

I totally concur. I'm 60 years old, just retired, and have about $1,250,000 in outside retirement savings. I don't have any debt, and the amount of retirement savings I have compared to the total value of my portfolio over the last three years is minuscule. To be completely honest, the financial advisor can only be ignored. Simply do your research to find a fiduciary one.

[@shirleneunglesbee1423]

@@kansasmile This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your advisor?

[@kansasmile]

@@shirleneunglesbee1423 Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. "JILL MARIE CARROLL" is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.

[@shirleneunglesbee1423]

@@kansasmile This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.

[@asarerebird8480]

Oh, lord give me neither poverty, nor riches, but just enough to keep my family and myself in dignity and decency .🙏

[@jasonjames4254]

Despite my relatively low income and humble circumstances I sleep well at night knowing that I am debt free and that I will always have enough money to maintain my modest lifestyle. My small house provides me with the same protection from the elements that a large one does. My old vehicles provide the exact same transportation that new luxury automobiles do. My simple home cooked meals probably provide me with better nutrition than expensive ingredients or take out. Though I will never be on the cover of Gentleman's Quarterly, the clothes that I purchase off the clearance rack keep me equally warm and far less obtrusive. I enjoy pretty much the same concert experience sitting way up in the nosebleeds as do those people sitting up front center stage. It is beyond my comprehension why so many people choose to live so close to bankruptcy and homelessness in order to be like everyone else.

[@howellwong11]

I found that parents making 3 times more money than me had financial assistance from an expensive university, while I was not qualified. The reason given was that my net worth was high. I guess instant gratification trumps frugality.

[@jasonjames4254]

@@howellwong11 Your parents are fools.

[@howellwong11]

@@jasonjames4254 Read carefully. I am the parent and I am not a fool.

[@jasonjames4254]

@@howellwong11 My apologies. But exactly how is amassing student loan debt going to make you or your children financially secure?

[@howellwong11]

@@jasonjames4254 Actually the financial assistance i mentioned may not be the right term. I meant grants, cold cash used to reduced some or all of the tuition.

[@kevinjarchow8812]

Good stuff. Early in my career as a financial advisor, I learned three important truths. 1. The single most important financial decision you will make in your life, is choosing the person who you will spend it with. Divorce is expensive. Child support is expensive and disruptive and you lose a measure of control over life choices. 2. What you do for a living has little to do with how successful of a retirement you will have. I've know people making $500,000 who lived paycheck to paycheck and I've know those who make $20K per year who had abundance. 3. Those who appear rich probably really aren't. Those who look like they are on the back side of middle class probably are doing well. There are multitudes of millionaires who live in trailer parks. Keep up the good work.

[@bryanwhitton1784]

Years ago when I was selling Solar for homes I never looked at the house or the car the person was driving to determine their ability to afford a Solar PV system. I learned very early that none of that mattered. You treated each opportunity the same with the same attention to detail and need. I found that the guy driving up in a 15 year old F150 truck in overalls would quite likely pay with cash where the guy driving a Mercedes or BMW would often need to qualify for a loan. You just never know so just always do your best.

[@yanmamabear5734]

Your #1 is especially true. Choosing a compatible partner is the most import decision in life. I know that now after going through my divorce years ago. The good thing is my ex husband and I are on good terms, it could be worse. I started tracking my spending after that and made plan to reach my goal in about a decade, and it has helped me so much in doing things with intention. I don’t know how others do it without knowing their spending.

[@rond.2408]

@@paulsmith2279 Every trailer park is full of violence and addiction?

[@kevinjarchow8812]

@@paulsmith2279 They run the gamut. Nice ones with good neighbors and well kept. Then there are others that are centers of poverty and the mindset that goes with it.

[@kennethboehnen271]

Right on, especially #1.

[@Erikkurilla01]

My wife and I are directors of our farm business and own property, plus small pensions. I am nearly 55, my wife is 52. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.

[@Lemariecooper]

you should consider financial planning.

[@jessicasquire]

It isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.

[@patrickbrussels4454]

@@jessicasquire I totally agree, I'm 60 and newly retired with about 1.2 million outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of the investment advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.

[@Erikkurilla01]

@@patrickbrussels4454 that's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well.

[@patrickbrussels4454]

@@Erikkurilla01 My specialist is *STEPHANIE KOPP MEEKS* I found her on a CNBC interview where she was highlighted and contacted her a while later. She has since give passage and leave focuses on the protections I center around. You can turn her upward on the web assuming you care oversight. I fundamentally follow her exchange design and haven't lamented doing as such.

[@Jonathan7768]

I'm one of those "Millionaires Next Door". I spent 40 years living a careful frugal life - not cheap, just careful. And I saved religiously and invested my savings smartly. When I was diagnosed 3 years ago with a very deadly form of cancer, I had the money to fight it with the best Drs. in the country - flew to NYC and lived in a hotel suite for 9 months - and recuperate with round the clock nursing care. The difference between being rich and poor in retirement is . . that you have money!!!! You have the flexibility to deal with life's adversities. You don't worry about spending on anything, you just do it with a second thought. Nobody can tell me that being poor in retirement and being rich in retirement is all a state of mind. It's not. It's real.

[@howellwong11]

In retirement, the most important thing is health. Money is a close second.

[@HolySchmidt]

Very astute (and appropriate) observation.

[@howellwong11]

@@HolySchmidt No observation. I live it. I am 89 years old and have been retired for over 20 years.

[@garryharriman7349]

Wow, absoultely. Health is something we all take for granted, as a given, yet it can be taken away from us at any time!

[@howellwong11]

@John Dunn You need money to stay healthy for many of us.

[@paincare6577]

It's not and either or situation. Work hard at both. Alot of health is genetics, the rest is choices. Make good ones in both arenas and live and be happy with the consequences.

[@Sheil-hard]

I’m currently retired, and considering the current rollercoaster nature of the stock market, I decided to stay on the sideline for awhile, now I’m worried with the numerous bank failures as of late, am I better off reinvesting my savings in the stock market or do I wait?

[@martingiavarini]

I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?

[@lipglosskitten2610]

There are a lot of strategies to make tongue wetting profit especially in a down market, but such sophisticated trades can only be carried out by proper market experts

[@kenanporubsky2122]

I agree, my profit has been consistent no matter the market situation, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser that was recommended by a popular economist on a subreddit, long story short, its been 2years now and I’ve gained over $850k following guidance from my investment adviser.

[@martingiavarini]

@@kenanporubsky2122 I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?

[@kenanporubsky2122]

@@martingiavarini All of this happened in less than a year after ‘Catherine Morrison Evans’ told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.

[@viewfromthehillswift6979]

Retired here. We sold our home and used the proceeds to buy another place mortgage free. The car has more than 310K miles, but has four wheels that roll and a reliable engine. We pay off credit cards every month. We have zero debts. Nice to have nothing hanging over our heads except the roof.

[@youarehere1251]

Health care?

[@samuelfink4799]

My dad always told me when I was young the ones that looked like they had money didnt and those that looked like they didnt have it did. He died worth over a million dollars and now as a 53 year old man I have accumulated quite a bit of wealth myself and find I have no needs and very little wants. Money provides security at this point but nothing else.

[@tannertuner]

Just curious because we are about the same age - same generation X. Our generation is going to be the first to not live the same standard as our parents since the Great Depression. How much of the wealth you accumulated came from inheritance of your father’s wealth? My dad was a retired union worker, died with about half a million net worth, mostly in property and unused retirement that is of little use paying the bills other than a place to live. Our generation isn’t going to be able to do that for our kids.

[@genehart261]

If you have a high credit score you probably don't need it.

[@samuelfink4799]

@@tannertuner 1/4, I have three siblings. Barring any unforeseen misfortunes I should have more when I retire than my father and just to be clear I can’t stress to you how empty I feel in saying that. The older I get the less money and possessions mean to me but I still live modestly because that’s how I was raised. My goal is to leave my two kids a sizable inheritance that won’t benefit them anymore than mine did. When I was younger I imagined that when I had accumulated a certain amount of wealth it would be life changing but I have found it to be quite the opposite, I almost feel I’ve been played to a certain extent. The things I want, desire at this point in my life can’t be bought.

[@samuelfink4799]

@@paulsmith2279 Have you always been a Karen or did you just recently transition?

[@samuelfink4799]

@@paulsmith2279 Nor is manhood yours Karen.

[@loriar1027]

You basically described the difference between my husband and me. He scrutinizes receipts before he pays, he looks at his bank account daily, and is always looking for a reason not to make a purchase. Me, not so much-and it’s hard for me to say no to salesmen. Interestingly he grew up wealthy and I grew up poor. Fortunately I recognize the benefit of his frugal ways so I try to follow his guidance on money matters-though sometimes, I think, you just gotta live.

[@DrSchor]

you just gotta be you

[@rustykatt3870]

I have saved a lot of money over the years because I have not let the fashion industry lead me by the nose. I have bought solid colored tops and scarves (which have patterns) which coordinate with my tops and pants. I have bought a lot of used clothes. I hate shopping with a passion and am fussy, so the solid colors are kept for years and years. What I buy fits. This has saved me $$ big time. Best wishes to all 😊.

[@brianchisnell1548]

"It's stressful being rich. If it weren't for the money, I'd rather be poor." Thurston Howell lll

[@HolySchmidt]

I LOVE Gilligan's Island...

[@brianchisnell1548]

@@HolySchmidt Me too!

[@cgmax9830]

@@HolySchmidt I loved Maryann ; )

[@cuz129]

My dad was a stealth wealth millionaire next door type. He loved shopping at the Dollar Store. Schmidt is very wise!

[@mikeg3439]

I love that, my wife and I do that too. We shop at Target, while younger people in our extended family drop fortunes on clothes and shiny things, but cry about how broke they are and how "today's economy is tougher than it was for past generations" (bull, I worked 60-80 hours a week and rented couch space for the first five years when I moved out at age 17 to make my own fortune).

[@user-od9iz9cv1w]

I hope people hear this video. You described me and my wife to a tee. We live rich in retirement despite both growing up poor. Our house is neat and well decorated. There is very little junk. We just have no use for the stuff advertised all the time. A nice home in a great neighborhood and a great relationship. The rest is easy. We developed a budget spreadsheet 15 years before retirement to understand where we spend money, vs to control us. Proved invaluable. When you know where it goes, you can happily eliminate the low value stuff and focus on the big payback stuff like saving for retirement. The spreadsheet then evolved into a financial plan for life. We knew how much we would have even if we live to 95. It allowed us to optimize taxes. After getting spending optimized, taxes are next. Now at 70, we are earning more than we are spending. It makes it easy to enjoy retirement when you know you can do whatever you want without worrying about what it costs. Stress free is good.

[@jeanettesee4214]

Wow hope you can share the budget spreadsheet and teach us how to do it :)

[@user-od9iz9cv1w]

@@jeanettesee4214 It tends to be very specific so hard to share. The first and most important part is easy though. I fist list all my assets organized by me vs my wife, after tax or tax deferred. That allow you to track progress year over year, and later to optimize taxes as you choose to unlock tax deferred savings. Then list all your expenses. Be realistic. Month over month you'll finally know where it all goes. Some like housing, gas, food are required and predictable. Others like entertainment are discretionary but easily generalized. With this in place you can predict how much you can save every year and if you need to tune up your lifestyle to hit retirement goals. The hard part comes in planning retirement. There will be pension and gov't incomes, then tax deferred savings and after tax investment income. This is when it really helps to know your expenses and where you'll pay tax. In my case I realized I had more tax deferred savings than I needed so I deferred social security until 70. That allowed burning down some tax deferred stuff without being over taxed. And the higher gov't income which is indexed to inflation is great if your genes suggest longevity. Start simple and refine it as you go. You will thank yourself in the long run.

[@flyerfocus6259]

An all these years I thought I was being overly analytic by looking at every pay statement and verifying every penny was going where it was supposed to--and knowing where the cheaper gas is and arranging my trips so I'd be going past it when I will need gas! I'm so relieved!

[@gregread935]

Just want to say. Planning on retiring end ofnext January. I'll be 62 and 7 month's. Been watching retirement videos for 6 months now. Your videos are the best I've come across. They're clear, full of information, and I appreciate not having to listen to a lot of excess talking before getting to the main point. I subscribed and look forward to each video. Thank you.

[@irishinusa1615]

Feel same way. We are 2 years 8 months, 3 weeks and 2 days away from retirement. Counting our retirement dollars and how long 😆 🤣 👍 love these vlogs

[@masterblaster2593]

Love the countdowns, very exciting!

[@williammccaslin8527]

I did it this yr myself @ 62, no regrets, tired of chasing a living, so I took what I could get an cut our expenses, got health insurance, low bill load, so its all good

[@kevin7151]

I retired at 57 and dont miss the daily grind at all. If you watch your assets and your expenses, you will be fine. Biggest cost is healthcare insurance. If you have enough assets and have that covered until 65 you will be in good shape. Let me know if you have any questions

[@e-spy]

@@kevin7151 I am 58 and thinking I want to do the same thing, though I don't have anywhere near the million everyone says you should have (unfortunate corrupt financial advisor). What made you feel secure enough to retire early?

[@billl1127]

You are 100% correct. Most people are too lazy to pay attention to their spending. My friend won't re-fi his mortgage because it's a hassle. $200 per month savings. Yet his wife clips grocery store coupons.

[@ny3683syr]

Penny wise but pound foolish as the old saying goes.

[@PitDaddy]

Are you talking refinance a 30 year mortgage for another 30 years? That's just resetting it and paying more. If not, then factor in the closing costs and look at the savings. Also, if you have a 30 make an additional payment towards principal that would equal the 15 year payment. If you have a bad month you're not going to be short.

[@billl1127]

@@PitDaddy The mortgage they have is only a couple years old. Regardless, they could take the $2,400/ year and apply it as add'l principal rather then pay it as mostly interest.

[@carrotlover7763]

@@billl1127 Any reason the wife doesn’t do it? If she is able to clip coupons I suspect she could deal with the bank. I am the one who tracks the finances in my household. My husband and I always discuss big purchases and make decisions together, but in the end I take care of the paperwork. Just a thought as people have aptitude for different things.

[@markwhittaker6866]

@@ny3683syr That is a great saying. I've never heard of that.....until now.

[@Iceaxehikes]

I have learned a lot being a chef these past years. Initially we had a self service buffet for the guests. A lot of food got thrown away because people would pile onto their plate, more food than they could eat. The "bug" hit and our buffet is now plated by us in the kitchen for the guests. Food waste dropped to nearly zero, guests are still happy, and nobody goes hungry. We took control of the portion sizes and can plan exactly how much food to prepare based on the number of guests. The lesson here is; a perceived excess supply of a thing causes it to seem, cheap, limitless, and be wasted. I think back to when I did not watch my savings, income, and spending and realize I threw my money away for the same underlying reason the guests threw the food away when it seemed plentiful.

[@HolySchmidt]

That is an incredible analogy and so true! Thank you so much for commenting!

[@SmallWorldFilms]

That was such a good lesson! Thank you.

[@brendafleming231]

perfect

[@elliottpeabody1287]

Was that "bug", the China virus?

[@genxx2724]

So interesting. Thank you for taking the time to share. Can the customers request more, or is the new system one plateful of buffet items?

[@daviddempsay4930]

Best quote: "By the way, 'what will be will be" is the death knell in personal finance."

[@NatesRandomVideo]

My first flight instructor always joked ... "Pay attention. There's going to be a test!" He was talking about life, not just flying. :-)

[@alanrouse1]

I retired early, seven years ago. At that time I made big-picture decisions about my spending and have lived by them. I don't micromanage my spending nor mynest egg. There's no need to -- I haven't yet begun to tap the nest egg. I'm far happier than I would be if I were spending everything I could spend. For me, the secret is not to turn myself into an accountant. Instead, it is to find happiness in something other than spending money. Life is about more than money and possessions.

[@jsc5590]

Well said, a very real and healthy perspective on what’s really important in life…thanks for the reminder!!

[@gtbigdog3507]

You don’t have to do the work every day. You did the work once and stick with it. I do the same but I’m not retired.

[@keysersoze503]

Could not have said it better!

[@markdomar4944]

I once had a very wise financial person tell me any dollar saved for any purpose other than to eventually be spent has virtually no value to the person who saved it. Think about that for a minute. And how can Alan claim to be far happier not spending money if he’s not spending money. Please explain that one. We worked our tails off to retire early, and we, along with the advice of our fiduciary financial fellow, gained nearly $230,000 this past year. We just spent a fraction of that for a new fifth wheel trailer to roam around the country and see stuff and meet new friends. Sure, keep you money and make yourself happy planning your day to take advantage of getting that cheaper gas. That ain’t t living.

[@alanrouse1]

@@markdomar4944 You asked "Please explain." A very wise man once said, "Watch out! Be on your guard against all kinds of greed; a man’s life does not consist in the abundance of his possessions." (Luke 12:10)

[@stephendibari5010]

Awesome video. I’ve been guilty of the spending itch and finally realizing that I need to shut that down. 5 years away from retirement and I have a plan to get rid of all my debt by mid to late next year.

[@joekuhnlovesretirement]

Car warranty- a great lesson for me was to understand there are 2 persons needed for each deal - one on each side. Both think they are getting a good deal. And the person selling the protection knows the car stats far better than you. Walk away always from warranty plans.

[@HolySchmidt]

Totally! Great less Joe.

[@mikefochtman7164]

Yup. My father was a dealer and did NOT sell it for many years (decades ago when it wasn't pushed so hard). He basically told me, "Do you think they lose money on that? If they make money, you're probably going to lose money." Yes, there is always 'that customer' that bought it and is so grateful because they made out on a repair. But the odds are against you (you're car will probably not need a repair that is covered by the 'protection').

[@thomastuorto9929]

I purchased a used vehicle about 2 years old with less than 8k mileage on it. Original warranty was for 39 months. I needed bumper to bumper coverage for the length of my financing. It started out at 2 k. I said no. He said $1500. I said no. He said the best they could do was $1250. I said yes. Was it the same warranty, I don’t know because it would of took me 3 hrs to read it. They won’t let me take it home , read it & come back. If it was the same warranty, it goes to show you the profits made on it. By the way, this vid had nothing to do with the title IMHO. I would bet a lot of wealthy people buy warranties. What they know is how, where &, when to invest their money.

[@victorwilburn8588]

That's right. They wouldn't be trying to sell it to you if it wasn't making money for them on average. The expected value (the weighted sum of values of all possible outcomes of a proposition, weighted by probability, minus the cost) is negative for you. Perhaps one's specific situation may be such that you think your odds are better, but I'd be careful about thinking that you can beat professional actuaries at their own game.

[@martinparmer]

Plus, the "warranty" company is normally little more than crooks that won't stand by the contract even if they are still in business. Most disappear into the night shortly after the contract is signed.

[@peanutsassyathena]

I'm the kind that has a spreadsheet for EVERYTHING. I look at the spreadsheets often to analyze how well the financial plan is working and any need for revisions. Twice a year I look at all expenses and challenge myself to find opportunities to decrease expenses. I paid cash for a one year old car with 7000 miles [a program car/rental car]. After the deal was reached for the price they expected me to finance the car, instead that's when I broke the news to them the sale would be cash. The deal already included bumper-to-bumper warranty and since it was a certified program car they gave me an additional bumper-to-bumper warranty. The warranties ran back-to-back. I refused all items they were trying to add on. I've owned that same car for 14.5 years and it runs and operates like new.

[@brucesmith9144]

I bet you're also the person who knows the service interval on that vehicle by heart and didn't wait for a major problem to happen by keeping it in tip-top shape.

[@HolySchmidt]

Nice work TopHat!

[@jekutube9]

You da man! I ditto that.

[@peanutsassyathena]

@Raymond Wong Yep, formulas are the way to go - Instant adjustments in less than a second. I'd be lost without it.

[@jpturner171]

Thanks for some common sense advice! So true… I have passed this on to our three daughters who are in their 20s and just starting their careers thank you again. Semper Fi 👍🏽

[@Ja50nkAt]

I feel proud driving a 30 year old car that I've worked on and maintained myself for the past 5 years, a little dirt under the fingers saves a ton of money and builds character, and makes you appreciate the car that drives your lazy ass from A to B. I see people accerlerating hard stoppping fast beating the crap out of their car and it's dead by 150K miles. Cars (engine transmission mainly, other things like brakes, alternator etc need replacement but it's easy to replace) can go along ways if they are treated right, likely every car can go 400k miles or more if maintained correctly.

[@FastEddy396]

We stock a lot of dry goods and run a hobby farm that provides much of our needs. We enjoy working together as a family and being together in general. I retired at 47 primarily due to complications from injuries in the military. I learned to pace myself and we spent money only on things that fill and exact need. We don't feel deprived because we enjoy our lifestyle. We also spend a lot of time helping others wherever possible in our rural county. Money is a tool. It's not everything.

[@wwz1011]

Four simple words for financial security: "Live beneath your means." Easy concept. Sadly, many people at various income, including very high income, do not follow this advice.

[@sct4040]

It simply doesn't make sense to spend more than what you make/bring home. Basic arithmetic. I never did that, as a matter of fact, lived below my means. It's always good to have an emergency fund, retirement fund, and a vacation/mad fund.

[@rosemariesweeny5959]

Regarding “many people”: How do you know what their means are? Do they tell you?” Appearances are often deceiving. You are right about Living within your means. Besides, unless life is a competition, it doesn’t matter to one what another has or lacks..

[@LyRiCss718]

Thank you so much for your videos! They are extremely informative.

[@HolySchmidt]

You are so welcome!

[@cricket6410]

Wish I could give this ten thumbs up. Excellent eye opening,clear, useable,practical, life - enhancing information!

[@unclebuck5051]

Never buy extended warranties or “protection” warranties. Period.

[@jimg4924]

I agree that aftermarket warranties are a poor purchase, there is a reason we are inundated with warranty robo calls - very profitable for the sellers. A large portion of all of these dealer add ons have huge margins for the dealer. In many cases these Finance Managers are some of the highest paid at the dealership. But…. There are situations that it might make more sense and if so finance your car with a credit union and purchase the warranty from the credit union, always a better value. A few situations that might make sense: You are not a “saver” with a good cash cushion and an expensive repair would be difficult. You are purchasing a less reliable car with potentially expensive repairs. I personally adhere to Jeff’s car strategy, I buy low mileage reliable used cars and self insure.

[@lalardh9976]

Relative purchased a plan from the store that sold her an appliance. She never considered "what if" they go out of business!?

[@victorwilburn8588]

Yep, their expected value to you is negative unless your usage profile is way outside of what the actuaries assumed when setting the price.

[@alexanderlee6509]

I don't necessarily agree. With how technologically complicated cars have become, an extended auto warranty can be a sensible choice, especially one offered by the manufacturer. You don't have to buy from the dealer but shop around on the internet. I bought my Ford truck in Texas, live in Oklahoma but bought the Ford extended warranty online from a Ford dealership in Rhode Island for 25% less than what the dealer would have charged. It came in handy when my a/c conked out in year 6. That being said, I do believe most extended warranties on consumer electronics are not worth it.

[@victorwilburn8588]

@@alexanderlee6509: It's a simple fact that if extended warranties didn't make money for the people who are selling them, they wouldn't be selling them. That means, that on average, an extended warranty is a bad bet -- the expected value for the buyer is negative (this is, the chances of it paying off multiplied by the value of the pay-off is less than the cost). So, the only reason it would make sense is if you are pretty sure that your specific situation/usage is enough different from the average, and in the right direction, for the expected value for YOU to be positive. E.g. if you are planning heavier usage than the average. Or if the worst case that the warranty covers is beyond your financial ability to pay (which seems unlikely for most purchases that typically come with extended warranties). Or if you simply enjoy the gamble for the sake of the gamble (similar to going to Vegas -- you can't go there with the expectation of making money, just with the expectation that the act of gambling itself is fun and worth the money you are likely to lose, because the house wins over the long run). How technically complex care as have nothing to do with it. That is already priced into the warranty from whatever actuarial calculation they use to price it.

[@johngfishing8814]

Excellent information and tips. Thank you!

[@HolySchmidt]

Thanks John!

[@susanb1394]

I need to start a budget. Thank you for this reminder!!

[@futboljefe1]

Retirement is looming for me. I find your videos very helpful. Fortunately, my have and I have done many things right through our earning lifetime. Perhaps the key is to live well within our means. Again, thanks for putting these together.

[@FloridaNative59]

Sage advice right here.

[@stevehowe209]

Perfectly said Jeff. Bravo 👏🏻

[@lw3269]

You can always tell how a bad a deal is based on how hard they try to sell it to you. The more insistent they are about selling you protection, the more you know it's a scam.

[@ggstorm9777]

Yup...like the jab

[@DrSchor]

@@ggstorm9777 watch alex jones much?

[@ricgunn1439]

If you need all that protection it's a bad product

[@milkduds04]

Thank you for always sharing good, useful information.

[@lockman004]

Thanks for the video. I agree with and do (almost) everything you pointed out. One exception. I used to stop in the poorer neighborhood to save about 15 cents per gallon on my gasoline purchases saving about $2 on my purchase. Then, in broad daylight two gang members tried to carjack me while buying gas. They had a knife but fortunately my hobby is combat shooting and I was returning home from the indoor shooting range at the time so when they were looking down the barrel of my Glock they made a good decision and ran off. After contacting the police to let advise them of the attempted carjacking the officer said that was the third attempted carjacking at that location on that day. I now buy my gas at the more expensive station, in the "good" neighborhood and pay the extra $2.

[@HolySchmidt]

Perhaps just choose a town with lower gas prices, not one where altercations are likely! Thanks for sharing.

[@deliveryguyrx]

Yes, there's something to be said about a 'value added'.

[@mikeg3439]

It's interesting that there can be a lot of data one has to assemble, when determining the value of something. You discovered the value of the inexpensive gas was terrible, that the value of the more expensive gas was okay, all due to the context of the purchase.

[@lockman004]

@@mikeg3439 The authors of the Freakenomics books study the unintended consequences of decisions we make. As an engineer I've seen many cases where the higher initial price turned out to be the lowest cost option when considering the unexpected ramifications of the decision like late delivery or other hidden costs. For me, driving into a high crime area to save $2 on the cost of a tank of gas is no longer a saving when factoring the potential risk of being a victim of crime.

[@mikeg3439]

@@lockman004 Thank you for reminding me about that book, it's nearly a crime that I haven't read it yet, I need to pick it up.

[@susankievman642]

this was very interesting. I am the opposite of a spendy. I know what is taken out of my paycheck and every dime that I spend and category that I enter in Quicken. Consequently, I have never had credit card debt, my FICO score is 830, but I live quite comfortably. Maybe I don’t have the finest of furniture or designer clothes and purses, but I sleep well at night and I have everything that I need. I take some vacations, I go out to eat, I drive a nice car that I paid cash for and I have money for retirement. Loved your video.

[@ricgunn1439]

The people who need these vidios don't watch them, those who watch them don't need them for the most part. The world has spenders- borrowers and savers- investors. Mostly the former, fewer of the latter. The borrowers are best off if they die while still working otherwise poverty is the final result.😊😊🙂

[@TommyG11814]

Absolutely correct on all aspects of the video

[@rogerskillin8385]

Holy Schmidt has THE best information!

[@buzzbuzz5724]

Really enjoy your no nonsense approach to finance and retirement. My wife and I are planning to retire in +- 5 yrs. We plan to have $1.4M saved and will be earning just under $6K a month in retirement pensions before SS.

[@tcbridges]

You one of the lucky ones nit many company's have pensions these days. Making me wonder how many company's still do. Most only go as far a 401k match to 3-5% if your lucky

[@ricgunn1439]

​@@tcbridges not lucky, good planning. Get an employer with a pension plan. Mine was a poor plan and for only 19 years, worked to 65 but sure helps. 😊

[@michaelguillot8242]

This was great, thank you!

[@HolySchmidt]

Thanks for all the comments Michael - keep them coming!

[@rogerpullin8997]

My dad taught me "it you save a nickel, you got 5 cents, if you make a nickel, the government is going to take two cents, leaving you with only 3 cents"

[@HolySchmidt]

Yes! So true. Many people don't know that!!

[@BeckVMH]

Wise reminder.

[@dianekennedy7086]

Thanks so much for this great video!! You have put my mind at ease about the protection package and extended warranty issues. In June 2018, "Old Reliable" of sixteen years bit the dust and necessitated the purchase of a new car. During the purchase negotiations, I resisted all the pressure about protection packages and the extended warranty for the exact same reasons you did. My place of employment is only four blocks down the street, so the risk exposure to my vehicle is minimal. Why buy all that protection? I just checked the odometer, and it still has only 5,008 miles in 2021. It is a modest Chevy Cruz, but in my situation that is all I really need. I'll probably have that car the rest of my life. At the time I bought "Old Reliable", there was a family member that was pressuring the living daylights out of me to buy the extended warranty. I finally told him I had purchased it to get him off my back.

[@ricgunn1439]

I've had My Cruz 12 years still going although I wouldn't take any 12 year old car coast to coast.😃

[@nrs6956]

Sane advice. Fear is a great gimmick, leading to unnecessary costs that may have an extremely low probability of occurring. Many thanks.

[@HolySchmidt]

Very welcome nrs

[@buzzbuzz5724]

We grocery shop weekly and have our house paid for. Used to work at a dealership and understand the mark up and finance pressures.

[@Darrell9000]

It's a huge help to know where your money is going and where you are in a monthly budget at all times.

[@dougmorris9317]

Excellent video, Jeff. Thanks! 👍

[@HolySchmidt]

My pleasure - thanks for the kind words.

[@tomf9292]

Great content as usual. It’s simple…don’t live beyond your means. Save, invest, enjoy. Wife and I have been doing this for yrs.

[@DrSchor]

misers

[@daveschmarder-1950]

I was pitched on one of these "protection" Bull Schmidt plans when I was buying a used car. I said no. When the paperwork came back, there was $600 added on to the bill. It was only when I got up and started walking out that they said ok, they would remove that charge. I've only owned 7 cars and I'm 71. I know those salesdroids will skin me alive if I don't watch out.

[@kelmike060404]

Same thing happened to us !!

[@billl1127]

Exactly right. The last time they shuffled me to the Protection guy I gave him 10 minutes to state his case and said I heard enough. I'm taking a pass on all optional coverage.

[@JerryStevens]

I hate the process so much I once offered to buy a car but only if I could have a friend pick up the paperwork so I could read it at home and drop if off when I picked up the car. The salesman wouldn't do it and I didn't buy the car.

[@glasshalffull8625]

I’m 61 and I’ve owned 6 cars in my life. All except one were used cars and the one new car was during the real estate bubble collapse and it was cheaper to buy a new car than a used one.

[@bradmiller9993]

My personal rule of thumb is that if you can't walk away from the deal emotionally, then you'll pay too much. Be able to walk away.

[@dsmith2858]

Had to pause and comment, LOVED the car protection example. Took my son with me on my last purchase, so he could understand and not FALL for it down the road. I do my price negotiations via email prior to arrival. When i go to pick up the vehicle and I tell them no on the protection plans they offer it to me at HALF PRICE. I politely decline. Later I asked my son what he thought about the half price deal they offered us AND to think about all the people who do buy the plan, giving the salesman an immediate profit. I’m forwarding this video to him, I’m sure he will chuckle. Keep up the great products.

[@davidc4238]

Great content awesome advice!!!💪

[@Esther-ps3vx]

You make perfect sense so much to learn from this video. Thank you! One reason I do not ask questions is that I do not understand and because of that I lose some money and also I do not want to deal with it. I am frugal and much better than others but I think I could save more money by what you suggested in your video.

[@HolySchmidt]

I was at a convention last weekend and the presenter, an extremely well known actor from the 1960s (Willliam Shatner) was talking about his upcoming TV series. Mr. Shatner is 90 years old and still working - all of the time. It's actually so impressive because he is worth hundreds of millions of dollars but keeps working because he wants to keep working. His new TV series is called "I don't understand." He delivered the question like this "I don't understand, how could a car warranty cost $7995 in a car that cost Y." Believe me it's probably not you, it's the presentation. Many times they are designed to sound important but are intentionally confusing. Try the "I don't understand method - it flushed out the question even more and you don't need to feel silly by asking for more information. It also allows you to walk away if you still don't understand because they would look like horrible people selling something to someone who doesn't understand what they are buying.

[@kennethboehnen271]

@@HolySchmidt thanks for taking the time to type a great response!!!

[@kevinkanter2537]

@@HolySchmidt I agree with @Kenneth Boehnen - appreciate your story illustrating the points made. I love talking with minutiae and found the same thing at my last new car purchase (only new car in 40 years; yeah, i usu buy used). I think of it in terms of two things - first i know 'that i have not lived by my wits alone' so i try to take time to understand. 2nd in manufacturing engineering, there are always the 5-whys - if you can't get to root cause (think of valuation of the worth) by then you know to stop and try to understand - or the ask for another person who actually knows what they are talking about. Loved it..... Also, over the years knowing where the money is going w/ each new raise or change of jobs w/ higher salary I went through the exercise to map all the cash flows and how they impacted any savings for retirement / the house / the other expense buckets. Stopped a lot of 'lifestyle inflation' --- which i have continued in retirement as i've passed thru pre-SS bridging thru medicare and into using SS. any videos on planning of windows into retirement and using linked spreadsheets to mimic the economic changes iin ones consumption? Great videos.

[@samash1704]

Many people are over insured. Insurance is for big ticket items...not for protecting your cars paint if it gets scratched.

[@HolySchmidt]

I couldn't agree more! Thanks Sam!

[@krusty6246]

Holy moly Very good advice

[@daves5716]

Our last new car purchase was a reasonable Subaru Outback. The salesperson was very easy to deal with and we quickly negotiated a fair price. Then we got to the "F & I guy" where the real money at the store is made. He tried to sell us every extended warranty and protection package he had and tried to convince us that we'd be fools not to buy them for one of the most well built and reliable cars on the market. They're not called "stealerships" for nothing.

[@user-tb7rn1il3q]

I agree that extended warranties, dealer insurance, etc. are all scams, but the Outback is nowhere near the best built and reliable car.

[@jekutube9]

Bought daughter new 2018 Crosstrek when she graduated college with a EE degree and a good job, we did get the oil change, rotation package for 100 bucks… it was worth it and they checked the vehicle during warranty period. Still loves her Subaru. Btw, 6 oil / rotation…

[@goatgate3815]

Excellent content. Thank you

[@anthonyblanton5804]

I wanted to tell you I started listening a few days ago and every video I have heard so far is very good information I have really enjoyed listening ! It’s clear and to the point . Thank you so much !

[@ddellwo]

OMG - my wife is the WORST at the grocery store - she is a total impulse buyer and ends up throwing away half of what she purchases. We’ve found it works better if she just makes a list and I go to the store - that prevents her coming home with a bunch of groceries that weren’t even on her radar screen to buy!

[@JerryStevens]

I do the grocery shopping for the same reason.

[@ny3683syr]

@@JerryStevens This is too funny. I'm such a grinch, but I have a friend who is an incredible spendthrift. I don't know how she's made it through life. Money doesn't have a chance to get warm in her pocket.

[@sloughdog9480]

I know what ya mean, I have my wife pay the credit card each month, which comes out of our checking account, after doing so she realizes that what goes on the credit card, has to come out of our checking account, hence she knows the balance of both. has worked well for us,

[@kendean1065]

Some good advice. I am surprised in videos like this that I have watched that nobody brings up stress levels related to finances. Maybe it's just me but has I got close to retirement my financial advisor said I was fine to retire. But knowing I would now be on a fixed income I totally rewrote my budget to prove to myself everything was going to be okay. Also I included a "rainy day" savings column in my budget. This is an amount that I save every month separate from anything I have invested and even unknown to my financial plan or advisor. Now I know my income will cover my bills (budget) and I have a stash that will cover any unexpected major expenses comfortably. With this peace of mind I have no stress at all about finances, as retirement should be!

[@rosemariesweeny5959]

Your comment is the best one I’ve read yet! It shows honesty, insight, and acknowledgement of the importance of “be prepared” and planning! It is so true that stress is a side effect of money management. Thanks for showing us how to use our heads and keep our feet on the ground !

[@tbaker294]

To keep track of transactions and stay aware of were the $$ are spent; I find it helpful to write out checks (not use auto pay), and I also keep all credit receipts and check off the transactions on the monthly credit card bill. Retired at 55.

[@esthernoel3793]

Thank you for a very informative video!

[@HolySchmidt]

You bet.

[@kevin7151]

Excellent video. Thanks for putting this forward. Most people focus on their assets, but do not look at their liabilities. As you note, you should have a good idea of your monthly spend so you can dial back when you need to. You need to know where all your outflows are going. Car dealers are painful to deal with. Key is to be willing to walk away of they start to introduce other add-ons that you will not need. I buy my cars new, but keep them for 12-15 years and then donate them or give them to family. I don't worry about resale value with automobiles. I am also willing to pay for quality and dependability for all products. People need to consider that in any products they purchase,

[@e-spy]

I give my cars to a friend, but only if they are still in great shape! She is super poor, so it works for her, and I like knowing she is in a safe vehicle.

[@kevin7151]

@@e-spy Likewise, most have 120K miles on them and have been well maintained. I wouldnt give someone a problem of my own. You are a good person to do the same

[@joannthompson4410]

I’m retired & 77. Bought a new car this year & finance guy added in 2 warranties he did not ask me if I wanted & another for oil changes etc that were free. !!!! Later I confronted dealership & bottom line is that I filed a complaint with the TX Atty General. When I spoke to dealership again, they ended up refunding all that money- $2044. Beware of what you sign. Don’t sign paperwork when you are tired & always take a friend.

[@HolySchmidt]

Good advice!

[@tcbridges]

I grew up with nothing and wanted everything. I made money and spent it. Wish I had parents and school to teach me better. I'm 74 with you guessed it very little in retirement. Buy at least my 2 kids know better and both save money and do 15% in there 401k from the get go. I did teach them to not make my mistakes. They are doing well

[@rudygracia5573]

For some,it's easy to save and invest money("Savers" ),cuz they're not into anything;Hobbies,Interest's etc..But,some of US are MATERIALISTIC!!!And Hobbyist's etc..

[@donkarnes5946]

Altogether good advice. The last time I bought a new car (15 yrs. ago) when the finance person tried to sell me all the warranties, I just said stop! if I need all these , then I am buying the wrong car. Not exactly the car, the salesman described. That stopped the sales pitch.

[@HolySchmidt]

I like that response Don! Nice work.

[@lennygriffin4464]

Great information, Thank you

[@HolySchmidt]

So nice of you

[@judylee2051]

Great presentation....truth!!!

[@HolySchmidt]

Thanks Judy!

[@carriehutton9081]

Another great video ❤️

[@yanmamabear5734]

Great video. I don’t think a lot of people know where they want to be in a decade or more. There is no clear direction or focused intention on how to achieve that goal. When you don’t see the value of money in terms of your time, it means little. Keep up the good contents.

[@HolySchmidt]

Thank you Yan. I could not agree more!

[@nerys71]

because so many of us will never make enough for it to matter. literally. 50% of the nation lives on minimum wage or less.!! not a joke. min wage is $15 an hour or less (which is not a living wage ANYWHERE in the country without cheat codes) Median individual income is $30k a year. for a 2000 hour work year that is $15 an hour or less !!! 50% of the nation. the math is not too hard from their. I have no 401k never will. I HAVE NO RETIREMENT PLAN because there is no retirement for me. I will be forced to work for the rest of my life. Period. then I will likely watch them take everything from me as my health fails and I can't work can't pay my bills and social security is not enough to pay even the basics. maybe enough to pay for health care. that's about it. My hope is I will die before my health gives out on me. the best people like us can hope for.

[@louiebodenstaff6772]

Brilliant advice!

[@user-ey9bt7fs6n]

Great video. Love the educational videos.

[@HolySchmidt]

Thanks "Triple B" - are you in Boston?

[@user-ey9bt7fs6n]

@@HolySchmidt down in Texas, but I go back to Boston and the Cape to visit family as often as I can.

[@SPLITLOOM]

I would love to see more videos dealing with personal finance techniques

[@annedon776]

OUTSTANDING! I have 2 children in college and they both have learned so much. Easier to start young and learn. Total shame most high schools don’t teach finance classes. Both of my children are still in shock when they get their paychecks and see the taxes taken out! Welcome to the real world, full of people who love to spend your money 🤬🤬🤬

[@jrg4094]

They don't teach it on purpose.

[@susanpatton6184]

They have added a required applied finance class for all HS graduates in Fairfax County, VA - quite a good class

[@genxx2724]

Someone on KZbin or the radio said when they paid their kids allowance (chores required) they deducted “family tax.” When it accumulated, the family voted on how to spend it. Later when their kids got jobs, they were spared the shock and dismay their friends experienced.

[@waltlutz9897]

It is a shame - it should be required in every high school.

[@judiw2045]

A personal finance class is required in parts of Wisconsin too. However, for one of my daughters it wasn't real to her because she had no financial responsibilities at the time. My other daughter learned from the class and listened to my advice on budgeting. She will be paying off her car in the next 6 months (age 20).

[@virginiamoss7045]

You describe what I've always done fiscally and what everyone should do their whole lives. So it's not just for retirement. I was hoping for new insight for retirement. But it's all good to note for those who have failed to learn those lessons earlier in life. I guess the point of view is from those who never had to struggle and now in retirement they are for whatever reason. I've always been there so there's no change for me.

[@bebetheexplorer624]

I am 47 and retired. I don’t have much but I am travelling around Europe living in airbnb apartments sometimes studio and sometimes private rooms, I have a budget each month, I do eat what I want to eat but I don’t feel rich but I feel I am living life to the fullest and free of labour.

[@marksr8784]

Holy Smidt!!! Another great video ☕✌🏿

[@HolySchmidt]

Thanks Mark!

[@fsoileau]

I love the advice, and you are one of my favorite retirement goalkeepers. When upsells, and product insurance became popular I instantly realized that it is a profit scheme. With that in mind, I would buy a computer, phone TV, etc then wait for the pitch. I would use it as a savings excuse (1/2 the cost would go into savings for repairs), and about 20 years later about 20k was saved with about $1,100 spent on repairs. I do not have to deal with anyone to approve the repair. They did the calculations for profit, turn it around for personal savings.

[@markfrank2454]

The two words paying attention is key I am not rich but have done very well by knowing where I am and where I am going. Those people that don't know what's taken out of there check are the ones living pay check to pay check. I work for a company that still gives a pension it worth everything to have a secure future.

[@abe677]

Very eye opening!

[@HolySchmidt]

Thank you

[@joeo8396]

Its about how much you keep in life. 'A fool and his money are soon parted'

[@HolySchmidt]

Absolutely!

[@blurayffan66]

Very good advice- subscribed. Greetings from Alicante, Spain.

[@HolySchmidt]

Thank you and welcome! I hope all is well in Spain right now.

[@markkuahlamaa770]

Retired Time not need So much Money. You can do very many thinks Free ! Find Your Passion. Dream Big. Make a Plan. Become an Expert what You Love. Help other achieve their Dreams. Don`t Leave Those You Love Behind. Have Fun Along the Way . This is the Retired , not need to think too much for Money !! Retired 4 You.

[@tomj528]

It's always funny to me when I buy a car that the dealer spends the first half of the experience telling me how great and reliable the vehicle is and then the last bit telling me how everything is going to fail and I need a warranty plan. I've never bought one and never needed one either as it would have been money wasted. Incidentally, new tires already have a tread depth less than 1/2". I hate dealing with warranties as there's always some reason why your repair isn't covered. Much better to save the wear and tear on your soul and just pay for repairs out of pocket. Incidentally, we grocery shop every 2 weeks and spend relatively little...the more often you shop, the more you spend, and that's a proven fact.

[@bradleyharris9022]

Mr schmidt stay with what you know. Like your videos.

[@HolySchmidt]

Thank you Bradley!

[@MoLyn-nq5dq]

One thing I learned early on in my life was want vs need. Are you a want based person or a need based person. For example: I was making my last car payment and mentioned it to some coworkers and their first response to me was (what new car are you going to buy now.) My car was just a few years old and ran just fine, I didn't need a new one. My mindset is need based but their mindset is want based and they couldn't understand why I wasn't going to buy a new car even though I could. Same thing in retirement, ask yourself I am buying it because I want it or because I need it.

[@mikehughes5800]

Good advice!

[@glennfoote395]

Geoff, really like your videos. I like your well placed humor too. I like the your comment on knowing the value of your purchase. Your example is spot on. However, married into a family who's choices are more like your scrooged comment. Additionally, there are those who like to ask questions they know the answer for negotiating purchases. Personally, I like to know what I am buying before I reach the register. Thanks

[@TheJollycoppers]

Great info and perspective. I need to tighten up my game just a bit. Although, I'm nearly 61 and had only four cars my entire life, two of which I still have (one is 28 years old and one is 19 years old...both in excellent shape). That's only because I hate buying cars...it's a racket. ))

[@viviandibrell849]

I am a 71 1/2 year old woman who drives about 3000 miles a year. My car has 100,000 miles on it and it is 16 years old. I hope to drive for at least 10 more years and I’m thinking of getting a different car. I have been following CarEdge videos on KZbin and they tell you how to buy a car from a dealer and not get ripped off. All the inside tricks with the salesman and the finance manager. Really really helpful videos.

[@KatyInNH]

About 5 years ago, I bought a new car. I was paying cash. They tried to slip in a paper for me to sign that stated there was no warranty on a new car. I walked out and bought a car somewhere else. Needless to say, I have never been back to that dealer or any related ones

[@mohammadwasilliterate8037]

*From what I have seen people prefer to be poor and spend everything they have than save and be wealthy later.*

[@Interstellar_hobo]

You mentioned extended coverages. A past employment involved me with folks with larger motor coaches. These had Generators to make AC power for appliances, lights, etc. The generators were pricy to repair. Some folks would buy warranty coverages from a couple big name extended warranty groups. 40-60% of the time coverage was denied. Coverage contracts were typically $1500-$3500 at that time and if you read what they put in print you could sleep like a baby at night. When you needed the coverage the nightmare began. One particularly upfront warranty group contact person told me."If you are thinking of buying one of these you and a lawyer sit down with the salesman and present every possible failure and cause to see if it is covered,before you sign on the line". People bought these contracts to save money in the long run. Rarely did that pan out.

[@kennethwood9025]

Great information!

[@HolySchmidt]

Thank you Kenneth.

[@tablameister]

At a car dealership, once you have agreed on the purchase price of the vehicle, there are 2 opportunities for the dealer to make additional money. One is the "extended warranty" which you describe. The other is financing. Once thing I have learnt is to go in to a dealership pre-approved for a car loan. In each case, the dealership somehow managed to beat what I thought was already a pretty good loan. Because the dealer makes money on originating a loan, they will bend over backwards to find a loan that is more attractive than the one you came in with. In one instance, the interest rate was lower and the payback time was a year shorter so the monthly payments were almost the same but I would payoff the car faster and pay less in interest so I took it. In the other instance, the rate was lower, with the same payback period, so I took that was well.

[@gsftom]

Good stuff. Subscribed.

[@HolySchmidt]

Welcome Tom

[@Carnutzjoe]

Another point to add, those same people who are aware of costs and make the careful purchases also value their time and put value on convenience. In a busy and complex world it is often a better value to pay a bit more to reduce the time or involvement you have to spend on things. That’s where ‘penny wise, pound foolish’ comes from.