If you like this video, check out my video, "6 Big Purchases Retirees Almost Always Regret” : kzitem.info/news/bejne/raWkvJivpZOSZ20
@MILGEO
Жыл бұрын
One thing that really hits the mark is upgrading software! I've used Quickbooks since 1998 with a couple of upgrades when I found value in the Pro version for one. But when they added the ability to download transactions from the bank and credit card companies,I thought it it would save me a lot of time. It even recalls the tax line for the vendor but needed to be upgraded to the latest version every 3 years to keep that ability. I found that there were other changes which started putting my sales tax out of sync (much to the dismay of my accountant), The last couple of years have caused errors when using the bank downloads and was informed that they (Intuit) were doing away with the desktop version. This means that they wanted me to switch to the online version which has an ongoing fee and requires an internet connection! After speaking with them several times, they agreed that I purchased the desktop version and could continue to use it without download ability. They used to be the gold standard for small business software but I would tell anyone starting out to find a different program at this point! 😡
@Happybidr
6 ай бұрын
@@MILGEO I started with them when their program first came out but through the years Quicken became too expensive, overly complicated, with features that I didn’t need. I get wanting to make profits, Intuit, but you’ve gotten into the greedy realm. So goodbye.
@MILGEO
6 ай бұрын
@Happybidr I agree, have you found a good alternative? It's shameful that they can just take advantage of so many small, often sole proprietor type businesses.
@lilblackduc7312
5 ай бұрын
If I like "this video"? I'm hooked on your shows, Mr. Schmidt! I've started binge-watching them. the saying goes about a Doctor having a gentle "Bedside Manner"? You've got it, buddy. Thank you for a 'bank' of vital information shows to catch up with...🇺🇸 👍☕
@FDR_progressive_liberal
4 ай бұрын
I hope you have a reliable mass transit system. I was in Boston in the 1980s and road the subway. I rode the Red and Green line and if one wasn't breaking down then the other was. A colleague turned me on to surface transit and those were alot better.
@Riggsnic_co
5 ай бұрын
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
@bob.weaver72
5 ай бұрын
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
@martingiavarini
5 ай бұрын
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
@TheJackCain-84
5 ай бұрын
That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
@martingiavarini
5 ай бұрын
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
@TheJackCain-84
5 ай бұрын
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
@bruceoldham1896
Жыл бұрын
Jeff, as much as I appreciate all the information you offer on the channel, I sure wish you'd feature more about the benefits of having no mortgage and no debt. You can't place a monetary value on the peace and freedom of zero debt, especially as a retiree. Take it from me at 75. The power that no debt offers can't be explained except by those enjoying that status.
@Hawkeye2001
Жыл бұрын
I delayed retirement by a couple years to pay off all debt. It is a great feeling.
@DrSchor
Жыл бұрын
Don't be silly. The only way to become really rich is to know how to use other people's money. Ask The Donald, whatever bad things you may like to say that guy, you have to give it him that he knows how to use debt.
@utubewillyman
Жыл бұрын
I'm looking forward to that, but still sickened by the idea of property taxes, which is essentially debt.
@patriciacooke886
Жыл бұрын
I’m with you 100%, no mortgage, no car payment, completely debt free
@philmarsh7723
Жыл бұрын
That's why I waited until I could afford to pay cash for a house. I could have done better in hindsight by using a mortgage, but I wanted certainty in my home ownership and I never wanted to be paying a mortgage when unemployed
@weicaihon
Жыл бұрын
Food for thought: Place a sizeable portion of your capital/savings in fixed-income securities like treasury bills, corporate bonds, government securities, debentures and let it grow. It will take you far I promise.
@SeattlePioneer
Жыл бұрын
I preferred buying stocks. In the 1970s, when I began buying stocks, the Dow Jones Average was knocking around between 700-1000. Now it's at 4,000, and that doesn't include dividends paid that could have been reinvested. I still hold stocks I bought in the 1970s, and long ago signed up to reinvest dividends.
@weicaihon
Жыл бұрын
I hold stocks too, wait till you see how much I've compounded in recent years. I have grown a lot. As a senior I started investing late but tbh before then I kind of gave up on the whole idea because I felt it was too late for me but turns out there's this company "ferrochrome securities" that helps revitalise and sets the right investments for you. I urge anyone without a clue on how to start to visit them or reach out.
@dgilroy26
Жыл бұрын
1. 1:02 Anything high maintenance 2. 1:23 Updated versions of tech 3. 3:03 Books 4. 3:37 Souvenirs 5. 5:53 Newest fashion 6. 7:40 Mortgage 7. 10:03 A second car 8. 11:04 Professional clothing 9. 11:31 Commuting cost 10. 13:20 Peak travel cost
@kenjishab
Жыл бұрын
Thanks. Now I don’t have to watch
@kevinjoseph517
Жыл бұрын
debt credit cards expensive vacations and who knows what else
@sealisa1398
Жыл бұрын
Books are more than pieces of paper, they are mind journeys to be savored for years and even when are occupy space on bookshelves. Luv owning books.
@glorgau
Жыл бұрын
I'm a tech guy - that's my hobby. ;-)
@danarzechula3769
Жыл бұрын
@@sealisa1398sure and thrift books, secondhand etc makes it a very cheap hobby. But the library is even cheaper;)
@worldofrandometry6912
Жыл бұрын
Speaking from experience, I find that you need so much less money in retirement. One car, no commuting, not as many new clothes, time flexibility and therefore cheaper holidays (although every day is a holiday). Best of all being able to get out of bed when you feel like it!
@darla2142
Жыл бұрын
As for the paying off the mortgage or investing to make the delta. I can tell you first hand, having a paid for home 🏡 waking up in the morning, that pillow feels so amazing!!!
@user-my9cu4dk7g
Жыл бұрын
I have been a widow at age 59. I enjoy a debt free life and live on less than $2k. I have wifi and a Roku, I enjoy thrift store finds, attend church and free events, I recommend food banks, a good used car, share rides or using Uber etc.. You don't need New. I live in a mid century home on 2.5 acres with my adorable Cattledog. ❤
@HolySchmidt
Жыл бұрын
That is awesome! Well done
@manax8775
3 ай бұрын
That is lovely. If this were me, even vet bills would wipe me out.
@brentdiez7012
Жыл бұрын
I have made it a habit of buying a T-shirt, and sometimes a cap when I visit a new area. I tend to wear them a lot, and replace worn ones with new ones from a different trip. A useable souvenir.
@christined2066
Жыл бұрын
I buy one souvenir each year, either from a special event or trip. The souvenir is a Christmas ornament, or something we can put on our christmas tree. After Thanksgiving dinner we put up the Christmas tree and take out the ornaments and talk about who got what ornament, when, what trip, etc. It is lots of fun, it is by far the most enjoyable part of the holiday for me. My daughter knows how much this means to me that she will start looking for unique ornaments, one time it was a key chain. When the stress of the holidays gets to me I look at the tree and admire all the ornaments and memories.
@kh884488
Жыл бұрын
I love your videos. No senseless hype, no unnecessary banter, just good financial advice. Well done!
@bigredgreg1
Жыл бұрын
Fashion: I have a collection of approximately 20 “Hawaiian-style” shirts that I wear when I dress up for any event that doesn’t require coat and tie, weather permitting, of course. They were never in style so they’re never out of style. I simply buy good quality silk (100% - no blends) with the pattern matching across the placket and always have them dry cleaned unless you’re a wizard with silk and irons. These I wear with shorts, jeans, or any dress slacks. So versatile! Cars: I actually have two, but the older “beater with a heater” (and a/c) was free from a neighbor who has since passed away. The “good” car is 8 years old and has all the bells and whistles. It has full insurance while the beater has liability coverage only. It’s a luxury having two cars and neither are used a lot, but both add value to my life on a routine basis. I don’t pay for parking. Souvenirs: Resist the temptation! They will need to be dusted or stored. I have a surplus of refrigerator magnets. If you must have a souvenir, an unbreakable Christmas ornament is sufficient. Money Management: Live within your means. Pay yourself first, which means having a rainy day fund for gift giving and curve balls that are thrown your way. Property taxes and insurance need to be planned for. I live on SS alone and still manage to live within my means. That also means paying off all credit card charges every month. I could go on and on, but this is someone else’s channel and he gives good advice. But ALWAYS live within your means!
@TopNotch50
Жыл бұрын
A second car? Oh boy, I own seven. (All paid for of course) But that's my thing and I plan to restore and build cars when I retire.
@buttcrack7784
Жыл бұрын
Good for you! 😒But you’re not retire yet.
@Encourageable
Жыл бұрын
@@buttcrack7784because he restores cars? If you don’t have a hobby in retirement you aren’t going to enjoy retirement for long because you’ll either have dementia or die.
@captainsouth4460
Жыл бұрын
Best souvenir is a fridge magnet. Reminds me of adventures every time. Do whatever you want and can afford. Life is short and retirement shorter. Watched to many people hoard savings, die a few years into retirement and have their kids piss it all away.
@howellomaha
Жыл бұрын
We lived in Barcelona from 2016-2020 and had a lot of friends and family visit. You mentioned purchasing souvenirs and I was always amazed at how much time and effort people spent (while we were taking them sightseeing) to buy souvenirs for every family member. They spent so much money for something that most of the time was a last minute 'Oh...I'll just get them this' when they could have saved that money. People need to stop the guilt buying when travelling.
@jimmyhvy2277
Жыл бұрын
People buy souvenirs for every family member ? Damn , I must be a tight wad , Big time .
@susancook1448
Жыл бұрын
We just buy little things like a pen or bookmark.
@Julies-in-a-mood
Жыл бұрын
Why would I want a tchotchke from a place I’ve never visited? It’s time for people to accept that NO ONE is genuinely interested in the details of your trips. I’d rather hear about an interesting food you ate or person you met.
@icedteamama176
Жыл бұрын
@@Julies-in-a-moodhilarious but true 😂
@j.patrickmoore9137
Жыл бұрын
In Hawaii, I went to Costco and bought macadamia nuts for everyone at home, on my first day.
@UnlikelyToRemember
Жыл бұрын
Souvenirs -- on trips, we just buy a small magnet, when we get home on the fridge it goes.
@HolySchmidt
Жыл бұрын
Nice
@JanLarson
Жыл бұрын
We do the same. We spent two weeks in Australia a few years ago and came home with just one refrigerator magnet. We certainly didn’t need a bunch of worthless junk.
@benjaminreina8631
Жыл бұрын
Same here 👍
@mikepiper6077
Жыл бұрын
How about buying a kangaroo when you visit Australia? Their kind of cute . One trained to box drunken tourists could replace security system? Lol. People love there pets .
@jazziered142
Жыл бұрын
I know somebody who buys keychains, and they put a ribbon on them, and put them on their Christmas tree.
@beezneez2056
Жыл бұрын
There are lots of strategies for retirement. The age old ‘having a mortgage vs paying it off’ argument goes on. The mathematics of the question are important… but sometimes overlooked is the psychology of money. I had a rough start in life and for a time had no home. That trauma will never leave me. For ME, the security of owning my home in retirement is paramount. Yes, I’m fully aware that I will always have insurance and taxes… and I’m well prepared for that. Whatever your history, it’s good to think about these things and prepare. I love hearing everyone’s thoughts and ideas. You never know when you’ll learn something new.
@vincentconti-jb3hd
11 ай бұрын
@Admin_contact_line_that's great!!!! Where can I send you my $$$$$$$$?????
@vincentconti-jb3hd
11 ай бұрын
Beez.... ditto on that!!!!
@Encourageable
Жыл бұрын
I’m watching my 89 year old mother in an assisted living home sit on millions that my dad accumulated before he got Parkinson’s and died. Point is, you need to enjoy it - not just see how much you can accumulate before you die. Your kids won’t appreciate how much effort it took to build it.
@Troy_Built
Жыл бұрын
It's stunning to see how fast some of those who inherit it can blow it.
@boatsie
Жыл бұрын
…on the other hand, if your mom & dad spent all their money, your 89 year old mom would: (1) struggled with caring for your dad without the security of money to buy top-notch medical facility care, And (2) you’d be left financially caring for your 89 year old mom in your own home vs having her reside in a top-notch assisted care home. As it stands, they did the best they knew how that ended up working out best for them and their beneficiaries.
@sammencia7945
Жыл бұрын
It's her money. If she wants to die rich and set up a scholarship, that is her choice.
@jedclampett7705
Жыл бұрын
@@boatsie “…a top-notch assisted care home.” LOL! Doesn’t exist. That machine EXISTS for one reason and one reason only - to separate you from your entire life savings if you live long enough…smiling the whole time while they do it. Insidious.
@firehorsewoman414
Жыл бұрын
@@jedclampett7705 don’t disagree there. In home care has its own issues - $$$$$, plus you need to have someone in the family who you trust to supervise/manage that in-home care. Its a lot. I want to go, go, go and then drop dead - no lingering, no LTC facility, just brain aneurysm and gone. I will run out of money at 92, if my calculations are correct, so if I haven’t kicked the bucket by then I will just have to get one scheduled. LOL
@leisure057blank3
Жыл бұрын
I just want to say how much I always enjoy your videos and the lack of fear mongering.
@kathy7602
Жыл бұрын
Great solid and practical advice. It's easy for me to understand as a non-financially minded person. I am learning one video at a time!
@greensombrero3641
Жыл бұрын
my souvenir is typically a map from the place visited.
@teesong6801
Жыл бұрын
Totally agree!!! Went on more vacations than we normally do. Basically need to either live a similar or less spending budget while retired.
@troyboone4893
Жыл бұрын
I always look forward to the extremely useful information provided in these videos. Thank you Mr. Schmidt you are such a wonderful resource and person. Bravo🙂
@JBoy340a
Жыл бұрын
Completely agree about the travelling point. Travelling on Tuesday through Thursday or Saturday is cheaper and less stressful.
@paulbuckles5353
8 ай бұрын
Thanks for all the details on the NYC Subway….......... the value of that information is hard to underestimate.
@user-yj3ob9kd3l
Жыл бұрын
I've never needed the latest, greatest version of anything. I wait until something quits to replace it. Thanks to a wise and good friend, I learned a long time ago about the difference between wants and needs. I always bought a new car and kept it 20+ years. My cars are old, well maintained and free of a car payment. That has kept me out of debt and enabled me to pay off my mortgage early and fund my retirement that I'm enjoying now. Gotta start young to create good financial habits.
@bsetdays6784
Жыл бұрын
Great topic and video too. I buy stocks for different reasons. Some to hold onto forever. Others for a quick profit or just to hedge against inflation, spread my money across. I'd appreciate tips on best stocks for dividend income amidst a crash/recession, thanks.
@kaylawood9053
Жыл бұрын
dividend-paying stocks are attracting renewed buying interest in reaction to trade war escalation, maybe you should discuss with a real inv-coach for guidance, one with at least 10 years experience.
@lucianoboccedi
Жыл бұрын
with limited exposure to worldwide trade tensions could shine in the coming months with investors reallocating capital out of growth plays and into safe havens. I'm getting nothing less than $50k per month from my investments and i'm in safe hands of diversification when it comes to risk management.
@cloudyblaze7916
Жыл бұрын
@@lucianoboccedi this is massive! your handler must be a guru, mind shedding info on this professional aiding you please?
@lucianoboccedi
Жыл бұрын
@@cloudyblaze7916 I've shuffled through portfolio coaches and personally, Eleanor Annette Eckhaus turned out to be best, you must have come across her before on the blog. I haven't met anyone with as much conviction and her fees in comparison to my portfolio outcome is very cheap.
@JohnJohn-wr1jo
Жыл бұрын
If your coming to you tube for stock advice. My best advice to you is put your money in a piggy bank and bury it in your yard. Internet is the worst place to seek investing advice. Look at all of the leaches that tag on to the comments.. Which was my actual first thought when u posted
@Roscoethecat
Жыл бұрын
I'm 60 years old. I bought my condo with a 30 year mortgage in 2014. I paid off my mortgage in 2021 by putting every spare penny I could towards my mortgage. One of the best things I've ever done.
@nancybruno7351
Жыл бұрын
I bought my condo in 2013 with a 10yr ARM. I had the expectation that I would pay it off before the ARM ballooned. I paid it off in 2021 as well. You're right. The security I feel for doing that is immense
@DrSchor
11 ай бұрын
It is a very great mistake to think your condo is paid off. Since you are subject to assessments, you can never sleep peacefully knowing you can always be hit with a large expense. Read the Champlain Towers story.
@loanokaharbor8303
11 ай бұрын
@@DrSchorAgreed, but single family houses have capital expenses that come due as well, roof, furnace, driveways, house painting, etc.
@slimdude2011
11 ай бұрын
Congratulation on purchasing your condo but buying a house would've been a much better choice because you'll have complete ownership of the house and the land that is built on and most of all is the privacy. Buying a condo is like buying an apartment unit, and you'll have tolerate other neighbors' lifestyle who're above, below and on the side of you.
@slimdude2011
11 ай бұрын
@@loanokaharbor8303 A house has more resell value and demand than a condo. Condominiums are very difficult to resell, in case the owner decides to sell it for whatever reason. When you buy a condo, you don't own the building and the land only the unit. The complex is still owned and managed by the condominium association. The most important thing about owning a house versus a condo is the privacy and freedom. With a condo you have to share parking spaces with other tenants. You don't your own driveway to wash and wax your vehicles as with a house. There are a lot of advantages of owning a home than a condo.
@d.s.2016
Жыл бұрын
Didn't know my iCamera came with a phone! 😀
@michaelfortney7510
Жыл бұрын
Jeff is the best. Always great content
@whidbeyrules5566
Жыл бұрын
I'm down to less than $150k on my house and no other bills (aisde from normal monthly costs). I'm paying it off as fast as I can. I'll be debt free by 60.
@HolySchmidt
Жыл бұрын
Nicely done
@johnross6314
Жыл бұрын
@@HolySchmidt Whisbey.. I suggest you take another look… You are NEVER out of debt.. How? Your confiscatory evil enemies of our freedom property taxes. You pay them, or some else pays portions through retirement POA. Since SS and Medicare are no longer self sustaining (surpluses also stolen by Congress for woke programs) any reliance on this is really debt. They do not really owe that to you. Plus you are taxed on this unless you are living in poverty. Is a privilege Congress able change at any time. Confiscatory insurance, license fees, especially Florida and other places is really a debt you owe. There are dozens of other examples of debt (of gov. transferred to you by force) payments (called taxes, and excise) you pay every day. Yes, dump the mortgage. For anyone focused on life liberty, property, sacred honor (family name and inheritance), anyone soon realizes they are a slave to debt transferred and rules they cannot avoid. In retirement, unless .gov has allowed anyone the privilege to revokable hold on to more than they need before they die, then they are still slaves with comfort and convenience. Anyone thinking they are “rich” are not. They are another source of their excess work turned into fiat dollars, to be soaked by force until they die, and their offspring included. “THE FULL FAITH AND CREDIT OF THE UNITED STATES”. You know what that means? WE ALL ARE LIABLE AND COLLATERAL FOR THE DEBT AND CONFISCATION! YOU are in debt by force. “You are a slave Neo” So say we all.
@brucesmith9144
Жыл бұрын
As an offshoot of this, a follow-up video of discounts for seniors is well worth having. Obviously that can vary from area to area, but would be informative none the less. Thank you.
@JBoy340a
Жыл бұрын
We paid off our mortgage very early. About year 12 of a 30-year mortgage. There was no pre-payment penalty on the loan so just added money every month. And when we go a bonus, we put a lot of it into the paying off the mortgage. We also cut the commuting cost by switching to work from home mostly a decade ago. Interestingly, this also reduces your food budget since you end up eating at home since you are there. Not just for lunch, but breakfast and dinner.
@sfurgas
Жыл бұрын
We built our home in 1998 and refinanced in 2003. We decided to pay extra each month. Fast forward to 2018 and it was paid off. We then funneled those payments into our 401ks. Today, I'm retired and my wife will be in about 2 years and we have no worries about finances. Thanks for these videos, very helpful!
@HolySchmidt
Жыл бұрын
Nice work!
@julioblanco
Жыл бұрын
Planning on retiring in a few years at around 52-55, sitting on about 2M net assets and posting this on my 5 years old Note 9 phone my previous job gave me. Most of my clothes are from Costco...
@bob_frazier
Жыл бұрын
I retired at 52, and have that same phone. Not a coincidence.
@heymoe1179
Жыл бұрын
Great advice...with cleverly inserted humor.
@suemeyer8989
Жыл бұрын
Good advise and love the red tie🎉
@susancook1448
Жыл бұрын
Another one to add to the list: Cricuit machine! I asked fir one for Christmas and found it too confusing to use. My daughter and daughter-in-law don’t have time either so it just sits. I love crafts and thought I’d like it but found out you have to purchase subscriptions and such to benefit. I love crafts and maybe someday I’ll figure it out but for now just gathers dust…
@Adair9800
Жыл бұрын
You always have a clear, informative presentation. Some of us seniors have hearing issues, and not like you think. It is overly sensitive hearing. The bell that you occasionally ring in your videos (without a warning) are actually painful. Maybe you will consider doing away the bell. Not sure if it really serves much purpose for your audience. Thanks, and keep ‘em coming!
@susanmarie2231
Жыл бұрын
I am 68 and retirement is not an option. Grateful to be working 2 part time jobs I enjoy. My life is LOW maintenance.
@sammencia7945
Жыл бұрын
You can take SSA now and that will boost your INCOME.
@susanmarie2231
Жыл бұрын
@@sammencia7945 Yes. I started Soc Sec at age 66.
@firehorsewoman414
Жыл бұрын
Low maintenance is good.
@KokowaSarunoKuniDesu
8 ай бұрын
Man, I've been trying to shed books for years, and I still have three or four hundred. I re-read the ones that I like, and some of the ones that were challenging first time around. I'm now re-reading Zen and the Art of Motorcycle Maintenance for about the 10th time. Still finding something new that I didn't understand the first to ninth times of reading! As to mortgages: the absolute sense of freedom and security you get from fully owning your home is worth infinitely more than accumulating a few thousand more bucks, while the boat anchor is still hanging there.
@markbajek2541
Жыл бұрын
Regarding souveniers , when I was younger I took a lot of road trips , people back then would by post cards, I bought a local newspaper. .15 cents crammed with local information, from what's playing at the small town theater to weather , sports, local cow tipping news, to who was chosen for the Orange Marmalade queen.
@jazziered142
Жыл бұрын
I love this!!! What a great idea.
@dking1362
Жыл бұрын
I would have LOVED getting those papers! Awesome!
@gregorylunsford3991
Жыл бұрын
Very Good Practical Advice - I have followed most of it since I retired.
@DrSchor
Жыл бұрын
you don't need anyone to pat you on the back; you can do that yourself
@inquirer1016
Жыл бұрын
You're right. That IPhone photo of a Hawaiian fire dancer with his grass skirt on fire is simply priceless.
@jefffanning2799
7 ай бұрын
Geoff makes a good point about second cars. My friend Mike makes an excellent counterpoint. Which applies to us cheapskates that drive old cars. Mike says "If you drive an old car, it's nice to have a spare around" Geoff, love your channel. Many Thanks!
@HolySchmidt
7 ай бұрын
Great point!
@dougb8207
Жыл бұрын
The Point-in-Time vs. Over-a-Period-of-Time discussion is fascinating. I'm in that boat now. I plan to sell another house, and am considering almost paying off my current mortgage, or putting it into 5% Treasuries. Thanks for bringing that up. I'll probably put most of the funds toward my current 3.25% mortgage (I'm retired).
@semosancus5506
Жыл бұрын
Get rid of that debt. You will feel so free.
@vincentconti-jb3hd
11 ай бұрын
I retired in 1999 at 48. Did exactly the first two things he mentioned. Travelled the world and my particular passion, sculpture.....then i got tired of being retired.....i went back to work six years ago. Same thing i did most of my life... construction. Self employed same as before. I dont really need the money but i need to keep busy and the exercise will keep me alive longer. Fwiw i always lived the way he he is saying retirees should.... Thats one of the big reasons why i was able to retire young. That and working 60 to 70 hours a week...it was worth it!!!!! He is giving great advice, especially paying off your mortgage.
@chiaraperry472
3 ай бұрын
Love your videos! I love libraries, many allow free online books via several apps! Libby and Cloud Library are great!
@yanbu000
Жыл бұрын
Super VID, Bravo!
@jelenacatherine9735
Жыл бұрын
Thanks for the video, I found out that investing is not for everyone, you just need a strong stomach to see your wallet fall. It might be wiser for a newbie to start with copy trading investment, but it is not easy. Investing in growth stocks is another level, you definitely need to know what you are doing.
@jelenacatherine9735
Жыл бұрын
From my own understanding, you need to invest wisely, if you need the good things of life. so far i've made over $470k in raw profits from just q4 of the market from my diversified portfolio strategy and i believe anyone can do it you have the right strategy. mutual funds takes a while but investing wisely is the key for short term. Most of us pay more attention to the easy position in the market to the cost of proper diversification.
@larryhenry5689
Жыл бұрын
I'm glad to see Mrs LYNDA ELIZABETH HOFFMAN mentioned, She is recognized in the society, my wife recommended her to me after Investing 20000 dollar and she has really helped us in times of this bad pandemic crisis
@larryhenry5689
Жыл бұрын
My first investments with her profited me $40,000 ever since then She keeps delivering.
@larryhenry5689
Жыл бұрын
Her success story is everywhere
@denise7085
Жыл бұрын
I hope you don't mind sharing any means of reaching out to her easily,I am really interested I believe this is genuine
@cathyP1961
Жыл бұрын
If possible be debt free in retirement. And know what % of retirement savings to spend yearly .
@elizabethcollins8817
Жыл бұрын
Great info!
@ianmarsden8568
Жыл бұрын
Very good point about mobile phones. But, may need replacement because of battery failure.
@lcee6592
Жыл бұрын
Great tips! I just updated to an iPhone 7!...
@paulclark4891
Жыл бұрын
We had 3 cars, we just sold our convertible as last year we only drove it 21 miles and it was just taking up space. We still have 2 very reliable cars, a Toyota and a Buick, we drive the Buick the most as it's more comfortable. We have snow tires on the Toyota and can use it during snowy weather if we most go out. Both cars are paid fore maintenance is an oil changes, both have new tires I do tray to drive them both each week switching back and forth, Insurance is not a lot of money, about $300.00 for 6 months full coverage. So for now it doesn't make sense to get rid of one.
@harveyh3696
Жыл бұрын
Just started to watch this presentation but am sure it's great.
@HolySchmidt
Жыл бұрын
TY!
@eleanoreagly4844
Жыл бұрын
All so very true. I maintain two vehicles because one is for pulling horse trailer while the other is not rated to haul the larger trailer but it is 23 years old deisel with only 168,000 miles. I have only eaten at a restaurant once in the past 3 years so what I do not spend on restaurant food I spend on the F350 insurance and registration. May offer it for sale later in the year.
@RichardEvans-rz6kg
9 ай бұрын
Great tie!
@HeronCoyote1234
11 ай бұрын
I just retired a couple of weeks ago. I was semi-retired for a few years, and a medical issue prompted full retirement. I was in a low paying job to begin with (I loved what I did). I’m also a minimalist, so buying tchotchkes and lots of clothing was never an issue. Instead, my biggest expenses seem to stem from my generosity toward others. I’m helping my best friend who’s going for his second masters degree, and helping him fix up his late mom’s house to sell. I had a rather hefty medical expense this year, but figured it into my budget. Years ago I purchased a condo, cash, no mortgage, and have been renting it out. I also collect social security. Once my “generosity” payments stop (or at least slow down), I should absolutely have few if any money issues.
@katleman
11 ай бұрын
3:37 I agree just sitting there souvenirs are useless, which is why my souvenirs has to have a use, cookware/utensil from a country, etc
@llwil2003
Жыл бұрын
Divorce, unemployment, and loss of home in my 50’s I am a women and finally after secure employment I finally bought my first home. I am 72 years old and have a 1.99% fixed rate mortgage 12 years left. Libby at your public library has free downloadable books and ebooks.
@michellewinkler3985
Жыл бұрын
Paid off the house in our 50's. Haven't had an escrow account for the house since 1996, I don't like outside people managing our money they always "over collected" for the prop. ins. and taxes. We have our little RV (paid off). Our special needs adult son doesn't like hotels and were not fond of bed bugs either! I try to collect a fridge magnet 1 time a year on our travels, LOL that is my souvenir! No cc debt either. Do use it,, and pay it off every single time then use the rewards later. We raised kids also, did TONS of camping for fun! All good here hubby retires soon I am already retired (if you call it that I take care of our special needs son!)
@legalbeagle295
Жыл бұрын
Agreed, debt free especially on your home is best way to go
@Norm475
Жыл бұрын
i found the same thing goes for women. The new version is essentially the same as the old version, except getting rid of the old version is going to be very costly. Then purchasing the new younger version will deplete your remaining assets very quickly.
@yvettewroe2423
Жыл бұрын
Oh my!
@cindyleeger
Жыл бұрын
Are we still talking about phones 😂
@thommysides4616
Жыл бұрын
Good info....thanks!
@gladyskravitz1000
8 ай бұрын
My children have named my common daily outfit, a "flou-fit". A fleece outfit. That is because I live all winter in a blue fleece outfit head to toe (sheepskin slippers on my toes). I spent thirty years in Brooks Brothers suits. I have about 20 of them, with 40 button down shirts and around a 100 ties. Its been a decade of them sitting in a closet. I where them to about 6 times a year to weddings or funerals or special gatherings. It was hard to stop buying ties. But it was easy to stop wearing them.
@KathyAndrew
7 ай бұрын
Good video, watching this makes my tightwad lifestyle seem sensible. Hate wasting my money, and what really drives me nuts is having our guberment waste my money. Highest costs for me are insurance and taxes.
@rockyroad7345
Жыл бұрын
When I was a kid I started collecting sterling silver charms as souvenirs from vacations and trips. I probably have close to 100. The melt down value alone is worth $$$. Souvenirs can be meaningful at the time but profitable in the long run.
@JoseGarcia-oo4mc
11 ай бұрын
Excellent video .
@HolySchmidt
11 ай бұрын
Thank you!
@marieell7566
Жыл бұрын
We only buy tshirts on vacation that are on sale. And take Lots of pictures!
@TAG993
Жыл бұрын
Thank you for your information!
@HolySchmidt
Жыл бұрын
You bet
@timblack1304
Жыл бұрын
I really like your tie! Where did you get it?
@jamesschauer6078
Жыл бұрын
Have you ever looked at the extra money you have to pay for medicare when you report income at a 100K or more level. How would this be mitigated? As an example, should you buy a car by withdrawing cash from a qualified IRA and suffer higher Medicare costs ($200 to 300/Mo) or take a low interest car loan.
@Longjohnsilver58
11 ай бұрын
The one that gets me are RV’s. I get it if that’s something you like and that’s how you want to travel, but I don’t get it when someone thinks they are “saving” money. I could stay in five star hotels for the one month a year I travel for the rest of my life and I believe I would still save money over an RV.
@DrSchor
11 ай бұрын
you answered your own question: I get it if that’s something you like and that’s how you want to travel,
@AcornHillHomestead
8 ай бұрын
I hear many people grumbling they will never afford retirement yet they are in debt and keep spending doing nothing to change the situation. We didnt have big pensions coming and didnt save as we should have either but 12 years prior to retiring, we bought a foreclosed fixer property on 5 acres cheap during the crash of 2008. We acquired it with a HELOC weeks before that market dried up. We agreed since we had 12 years we would rehab this place debt free. We stuck to a modest plan, scoured the internet for used cabinets, fixtures and drove 3 hours on weekends to work it, and by 2021 we retired. We sold our primary residence and banked the income. I rarely if ever hear any financial person talking about learning how to do home repairs and turning their situation completely around by retirement by using their own two hands. What ever happened to sweat equity? This is how we bought our first home in the 80’s, rentals and kept right on working and learning all while working full time jobs and other side hustles! . Hard physical work has paid us more than any extra part time income ever could. People underestimate the power of doing repairs etc themselves.
@joannegibson-lucas3791
2 ай бұрын
We have 3 vehicles, 2 older and 1 newer. I like having all 3 but it does cost more with insurance and maintenance. The newer one, a Yukon XL, is great for traveling.
@barbarameyer649
Жыл бұрын
I only buy books at thrift stores, or I download them free to read on a device. I haven't bought anything in a bookstore in decades.
@billl1127
Жыл бұрын
Well I bought a Statue of Liberty replica in 1968 and I still have it. So souvenirs may just be a good purchase afterall, lol.
@LukeofAllTrades.
Жыл бұрын
I see a lot of comparison of mortgage rate vs. investment rate, but those investment rates never take into account taxes on those gains. If I have a 3% mortgage, and can make 4% in a savings account, I feel like it's still basically break even, since I'll have to pay around 25% tax on the 4% growth, making it effectively 3%. Now, if the difference in rate is much higher, like 8-10%, then it has a tangible benefit, but it's not a straight subtraction, due to the taxes involved. I'd love to hear your take on this aspect of the difference in a future video.
@chuckmaddison2924
Жыл бұрын
I stopped working at start of year due to injury. Still giving money to the kids. Still not sure what next. The thought of going back to work as an advisor ,same industry has crossed my mind.
@bluestar9486
Жыл бұрын
You don't have to get the latest mobile device but you do need to retain one that is still updated for operating system security patches in addition to your anti-virus software.
@Hbd2002
22 күн бұрын
Remember, library is now have digital books, movies, TV shows, music, and audiobooks that you can put on your tablet or smart phone or in some cases you can stream the content on your TV.
@williamdavis4511
Жыл бұрын
Kicking around the idea of another Harley,the two i have are well on the other side of a hundred thousand miles...
@DrSchor
Жыл бұрын
why did you tell us that?
@markchapmon8670
Жыл бұрын
My home computer, bought in 2003, is not connected to the internet. All the stuff I want protected from being hacked are on it. All the software was purchased in 2003, never had an update and still operates as if it's new. I use a tablet for everything else. Thanks for the travel tip on when to travel, if it's not time/day dependent. It's easy to ignore this, but I went on a trip this past April and stayed overnight Thursday and Friday. The room rate was higher on Friday. Had I been retired at that moment, we could easily have used two days earlier in the week and had the same experience.
@HolySchmidt
Жыл бұрын
Nice!
@Dularr
Жыл бұрын
Unfortunately, most of your personal data is being hacked from the government. Some states have lost all the personal data for their citizens.
@horizon42q
11 ай бұрын
Good one
@jackspencer8290
Жыл бұрын
Don’t buy fashionable clothes in retirement? I’m not doing that now, decades before retirement.
@HolySchmidt
Жыл бұрын
Nice! Me too, except I like a good tie :)
@markkeller9378
Жыл бұрын
I would like to see the best way to use home equity (assuming you have no mortgage) in retirement. While it’s great to have no debt, you have major funds tied up in that house. What’s new with reverse mortgages?? Hopefully you will do a video series on this subject. Thanks!
@TL-wy1nk
Жыл бұрын
Just downsize. Then, invest the money left over from the smaller house purchase in AAPL, MSFT and META.
@AhJodie
Жыл бұрын
Thank you. I am retired and finding it fun to spend as little amount as possible on anything, so I look for used clothing, and other items. I look for food on sale, but something I like. I don't have much saved, and since I don't want to have to go back to work, I am willing to do this. My mortgage is paid, but there are still taxes and bills, so I have enough for those things..... my biggest problem is that I used to randomly buy things for my kids or grandkids, and I really cannot afford that any longer.... but still would like to, so this has become quite a sort of meditation/personality change for me. I have come to the conclusion that they are able to get things for themselves and will probably feel better when they do than if it is just given to them. (I do keep some extra toilet paper and a few gas cards around just in case they are really desperate, lol and then I am ok emotionally with that).
@jodylarson4697
Жыл бұрын
You know, I've never thought about some of these things! Souvenirs, definitely a waste of money. Updated versions of tech--I never buy the newest, but it's a good point. Books? Oh gosh! There are some books I feel I "have" to buy. On the other hand, we recently moved and gave away dozens of books, some we hadn't looked at in many years. So I think they belong on the list too.
@SeattlePioneer
Жыл бұрын
@shattered115
Жыл бұрын
Photoshop info. You can get a $12 a month subscription and always have access to latest updates plus access to a few other Adobe program under the same subscription. As a photographer it is worth it. Adobe continues to make improvements which are now supported AI, adding capabilities for corrections and generation. If you are a photographer it is a cost effective way to have the latest software all of the time, with updates coming through many times throughout the year.
@Iceaxehikes
Жыл бұрын
I'm a mechanic and a plumber. Vehicles are the biggest waste of money people make. Particularly if they don't do their own maintenance and repairs. Get a used car and learn to maintain it.
@SeattlePioneer
Жыл бұрын
I bought my current vehicle in 2006. It is a 1992 Chevy Astro van. I bought it for $1500 and I hope I will never need to buy another. Time to do another oil change, though!
@millerforester6237
5 ай бұрын
Right! Next to housing, people spend more money on transportation than any other money pits. Avoid dealerships. Find a good & honest mechanic.
@j.m.7056
Жыл бұрын
I drove to work. After retiring, since I drove less my car insurance cost went down. I kept mileage for 12 months post retirement and contacted my insurance company. Easy cost savings!
@sammencia7945
Жыл бұрын
How much? I drive 1000 miles a month and in retirement calculate it would be 100.
@j.m.7056
Жыл бұрын
@@sammencia7945 It varies. Do check with your insurance company. Costs nothing to ask! Good luck to you.
@lkjacob1
Жыл бұрын
I have two cars but both are paid off. I'm driving my oldest car (1996) when I need to go grocery shopping or run errands. My 2014 is my trip car and gets the garage. My house will be paid off in 7 years and I have never been a big shopper. Never had an urge to go shopping for clothes or anything like that. And if I need something to replace something (like a vacuum) and it costs over 100.00, I research, research, research. Bottom line is I don't spend unless I need too. 😃
@dougkaspar9756
Жыл бұрын
I wish the product managers at Microsoft would heed advice regarding latest and greatest. I get tired of opening Edga and being told I need to use all the new search features that I won’t use…
@tahirisaid2693
Жыл бұрын
It’s such a blessing that my husband and I aren’t just married, but we’re also each other’s best strategic partner in business. I’m great at what he lacks, he’s great at what I lack and we have an Adviser to work with. Praise God!! And thank you for the awesome content!!!
@tahirisaid2693
Жыл бұрын
The only way I was able to scale through all of this without stress was by working with a financial adviser. My adviser *ROCH DUNGCA-SCHREIBER* has always had my back all through the process of property investment and investing in general. You can glance her name up on the internet and verify her yourself. She has years of financial market experience.!!!!
@Gtray2000
Жыл бұрын
If you are debt free and have funeral expenses covered, then I don’t believe there is any reason to be paying for life insurance.
@j.patrickmoore9137
Жыл бұрын
I will make an argument for the insurance. If you're a couple and don't have all that much saved, life insurance can help to make up the difference when one person dies and the survivor has less social security coming in and maybe a pension goes away.
@francesguinta8614
Жыл бұрын
Even though my adult daughter is in a committed relationship and working, I carry life insurance because I am concerned for them as they face this pathetic housing market. When I told the young insurance agent why I wanted a policy for my daughter, he looked at me with sad eyes and said that he wished his parents would do that for him. It will be my last gift of love to her.
@danarzechula3769
Жыл бұрын
Clearly you don't have disabled children
@marke9817
Жыл бұрын
I was going to comment about life insurance until I noticed you already had.
@Adukwulukman859
Жыл бұрын
Holy Schmidt what can I do? I have been disabled since 2009 and I am 58 years old at the verge of retirement. My portfoliio of $750k is down to $492k, How can I profit from the present market" , I mean I've heard of people making upto $250k in couple weeks during this crash and I'd like to know how.
@DarleneMurphy774
Жыл бұрын
@JustinMcBride001 Please can you leave the info of your investment advisor here? I’m in dire need for one.
@brendaberisha2634
Жыл бұрын
@JustinMcBride001 wow! A few months! Who is your financial advisor?
@7392318
Жыл бұрын
If you’re lucky enough to find an old car in good shape that can be an inexpensive second car for around town. I have a 1971 Ford. Town taxes are $12.95 a year and classic car insurance is about $100 for the year. Plus I can take it to car shows and I get a lot of looks and honks on the road. Just be sure your car repair place is comfortable working on older cars.
@BlackheartCharlie
Жыл бұрын
"Buy a sailboat" they said. "It will be fun!" they said. You don't really want a sailboat. You want a FRIEND with a sailboat. ;-) Life advice from Capt. Blackheart Charlie Key West
@HolySchmidt
Жыл бұрын
I love that!
@dking1362
Жыл бұрын
Will you be my friend? :). Would love to go for a sail!
@dipaknadkarni62
Жыл бұрын
I bought a home in my home state of Florida after nearly 30 years on active duty in the Navy as a Physician and retired in 2021. My home is expensive on the water but my interest rate is 2.5% and I pay extra towards the principle. So it will be paid off in half the time in my 70’s. Thanks for your great videos.
@michelleeditor
Жыл бұрын
Unfortunately a lot of software is going to a subscription based model so you have to buy it to keep using it. Also, planned obsolescence of computers and software sometimes makes it impossible to use older hardware and software. Not to mention, try editing 4k video on an older computer or software so sometimes you have to upgrade.
@IrenaDolinsek
Жыл бұрын
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun...
@AstaKristjan
Жыл бұрын
Collapse is generous 1st time in our history with a full generation that wasn't taught financial literacy, civics, Google fixes their problems if their parents don't do it for them. Reckoning for participation trophies is incoming.
@simonbad
Жыл бұрын
@@AstaKristjan The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
@Erinmills98
Жыл бұрын
@@simonbad Hi Mate, please how can i reach this CFA of yours?
@simonbad
Жыл бұрын
@@Erinmills98 I personally work with ''Avery Barnes Whidden'' she covers things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk. many things like that. Just take a look at her full name on the internet. She is well known so it shouldn't be hard to find her.
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