You would be shocked to know the number of folks who simply don’t realize what their retirement lifestyle will be. Or worse, they have a totally erroneous slide show that runs in their head – travel, hobbies, recreation, and maybe building that small cabin by the lake.
They don’t know what they don’t know.
It’s not the answers, or rather the lack of answers creating that huge tsunami racing to ward them with malevolent intent. It’s the questions they don’t know to ask.
For example, you are invited to a neighborhood poker game for the first time. You know almost everyone there. After a few hands, you’re dealt a pair of twos, which you keep. You draw three cards – a pair of aces and an eight. Disappointment sets in because two pair hasn’t won squat so far. You’re tired of throwing good money after bad, so you fold. Three hands later you discover the house rule Deuces are always wild. You almost start crying when you realize you folded a four ace hand.
Your problem was you didn’t know the right question to ask.
Grandpa told you to work hard, avoid debt like the plague, and invest if you can. A free and clear home was the Holy Grail for Gramps. He’s now living in his 53-year-old free and clear home. He drives a 13-year-old car, but he has the pink slip! His $500 monthly pension plus $1,900 from Social Security each month has him on Easy Street. He’s 81 now and has been living on $2,400 a month before taxes for almost 17 years.
Ask Grandpa about all the cruises he’s been on. How’s that cabin by the lake coming along?
360 house payments… A free and clear home for retirement.
65th birthday… Beginning of your self-imposed life sentence.
Grandpa Economics…
pricelessWorthless
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About BawldGuy
Somehow I need to figure out how to string words together like Bloodhound. I just don’t know the correct chemistry for the recipe.
Right back atcha.
Okay, I’ll bite, what should future Grandpa be investing in? Today, right now.