Have you ever made one of these big purchases and regret it? Let’s talk about it in the comments! I’m curious to hear your experiences. Don’t forget to drop a like and subscribe!
@Donalddavies-gc9rb
15 күн бұрын
Retirees who struggle financially often lack sufficient savings from their working years. Retirement planning plays a crucial role in determining one's financial stability. I've seen this firsthand with my parents, who both had similar civil service careers but different investment strategies - my mom worked with a wealth manager, while my dad relied on his 401(k). Their choices had a significant impact on their financial situations in retirement.
@TonyRiley-qb7sw
15 күн бұрын
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
@AnnaWoods-rm7cf
15 күн бұрын
Its unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. Personally, I've been fortunate enough to earn over 100K passively through invstments managed by a fin advsr, requiring minimal effort frm me. Regardless of economic fluctuations, skilled wealth managers can consistently generate returns and provide financial stability.
@karenwilliams9653
15 күн бұрын
I've been procrastinating for far too long, but I believe it's time to take action. However, I'm uncertain about which fin advisr to partner with, and that's holding me back.
@AnnaWoods-rm7cf
15 күн бұрын
There are many independent advisors to choose from. But I work with Monica Mary Strigle and we've been working together for years and she's fantastic. You could check her if she meets your requirements. Just research the name. You’d find necessary details to work with
@karenwilliams9653
15 күн бұрын
I truly appreciate the share , I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.
@chiplangowski3298
19 күн бұрын
Downsizing is not as straight-forward as it might seem. For at least that last few years, a smaller place will likely cost more than what you will profit after selling your old, larger place. And while it does get harder to maintain a large house and yard, it costs a HUGE amount of money to sell you house. It might be cheaper to just pay someone to do the house maintenance and yardwork and stay put.
@KevinGrolig
19 күн бұрын
Chip....thanks for watching my video. I agree with much of what you say. In the area I live, it's difficult to downsize to an area and actually pay less than the value of what you are selling unless you either move further out, skimp on quality of amenities and finishes or both. Many of my clients ultimately leave the area for warmer climates, and more tax friendly states with lower home values. I also have some clients that pay the high price for a smaller, more luxury home with quality amenities. No rights or wrongs there, but you are right that it's not as simple as it sounds.
@garyponting8465
19 күн бұрын
Agreed, if you don't need the money out of your house you will gain more equity keeping your house than you buying a cheaper, smaller place. in the long run a 10% increase on a $1m home is a lot more than 10% on $500k home. We just had this exact conversation with a family member. Downsizing for the sake of downsizing makes no sense. If you need the money then that is different. Another family member, kept their house, used the equity in it to buy a condo, moved into the condo and rented out the house. The rent pays al their condo fees and they are building equity again.
@w1swh1
17 күн бұрын
Yes excellent points you make!
@KevinGrolig
17 күн бұрын
@@w1swh1 Thanks so much for checking out my video. 👍👍
@w1swh1
17 күн бұрын
Oh I should have added that that is no reflection on my loving parents. We were very happy in our matchbox home but when you live in something bigger it's hard to give it up😊😊
@Xinerius
19 күн бұрын
#1 boat, #2 RV, #3 didn’t downsize sooner, #4 Timeshare, #5 give money to family members, #6 give expensive gifts, #7 early withdrawals.
@KevinGrolig
19 күн бұрын
shhh, no spoilers! 😜 Thanks for watching and supporting the channel! What do you think about these regrets? Got any of your own to add?
@Xinerius
19 күн бұрын
@@KevinGrolig I thought they are pretty good. The general principle here is just “things you buy is just gonna ended up owning you if you are not careful.”
@ivanvarykino8202
19 күн бұрын
As a former and future RV owner, I agree 100% with your list. And you left out so many additional costs of RV ownership - including fuel, accessories, winterizing if in cold climate, and straight up depreciation. I had conversations this summer with 2 separate individuals who plan to buy an RV. When I asked if they had tried renting first to make sure they enjoyed it, they both had similar answers: Cost to rent was too high 😂 Wrong answer!
@KevinGrolig
19 күн бұрын
Great insights, Ivan! The hidden costs of RV life are definitely a wake up call for many. It's a tough balance between the dream and the reality. What other advice would you give to someone on the fence about RV ownership?
@ErinCallahan-g5n
11 күн бұрын
Great info!!! It’s better to know people who have beach houses! 😊
@KevinGrolig
11 күн бұрын
Agreed.
@PatrickStar12341
18 күн бұрын
Bro you LITERALLY look and sound like an older version of Link from the KZitem channel Good Mythical Morning! 😂😂
@finned958
6 күн бұрын
I sold my timeshare back to the original developer for 20% of the original price. The loss was significant, but glad no more yearly payments. I sold it a few months before the next payment was due. Just get rid of it. Another expense is offering to pay for the education of grandchildren. Buying a new car when you can just drive current car for much longer.
@w1swh1
18 күн бұрын
Thanks Kevin. Great advice and I have avoided them all except downsizing. I absolutely love living in my big house. It's because I was born in a matchbox. Also compound interest is the 8th wonder of the world and I am sure you know who said it (no googling!)
@power4things
19 күн бұрын
Most of these are bad ideas even before retirement. A (big enough) boat or RV may work if you can sell the house and live in it. Also consider retiring out of the US to a lower cost/better standard of living country.
@KevinGrolig
19 күн бұрын
Thanks for your insights! Considering alternatives like a boat or RV can indeed be a practical option for some, especially those looking to downsize significantly. Also, your suggestion about retiring abroad to stretch retirement savings further is an excellent point and could be a viable strategy for many. Appreciate you bringing up these options!
@Adarsh1024
19 күн бұрын
The best decision we took was NOT to upsize in the first place and invest the money saved :) Smaller homes are a huge relief.
@KevinGrolig
19 күн бұрын
Well said my friend, and totally agree. Thanks for checking out my channel.
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