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 toward them with malevolent intent. Rather, it’s the questions they don’t know to ask.
For example, you’re 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 says Deuces are always wild. You almost start crying as 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
If you see yourself on your way to a similar retirement, it’s probably not too late. The thing is, the older you are, the more likely time is no long your friend. It’s time to take the bull by the horns before he gets his horns in you.
Call me at 619 889-7100 and we’ll go about grabbin’ those pesky horns together. Or send me a note through Contact BawldGuy. Have a good one.
Related posts:
- A Classic Case Of Grandpa Economics Virus — Doomed Retirement
- Investing: What’s Worse Than Not Knowing the Answers? Grandpa Economics
- Grandpa Economics Isn’t Funny
- Grandpa Economics & Your Future — You Have NO Future Via Grandpa Economics
- Jon And Jill Are Leaving Grandpa Economics Behind — What’s Next?
About BawldGuy
I see these people all around me everyday. All three of my immediate neighbors are retired, live in modest homes, drive modest cards, and almost never travel.
You described them perfectly. Though they seem to be living fairly comfortably I would call it living. More like just going through the motions before their time comes to make that last final trip.
Josh — I live in a cool little town in the east part of San Diego. Much of it’s population is made up of retirees. You can see the ones who’re living out their sentences. It’s sad at times. The other day I noticed a woman walking to her hair appointment in our neighborhood. She said their car finally gave up the ghost. They won’t be replacing it — they can’t.