6 BIG Purchases Retirees (Almost) Always Regret!

protein we're having a little experiment with our lighting setup trying something new I know it looks really nice Norm let us know in the comments section below what you think of it whether you like it or should we go back to the old way it's a single softbox lighting us with a a background very similar to what we used to have so six big purchases retirees regret wow that's a big topic he Norm it really is um so the first one expensive cars wow and that is something that so many people go out and buy especially if they've just got an inheritance or a lot of money that they can just draw from their savings a lot of people think that uh they've won the lottery retiring and so let's go get an expensive car big downside to an expensive car is the expensive to maintain we know somebody who has a Range Rover and that well the front windshield had to be replaced at quite a lot of money wasn't it huge amount of expense the oil changes on them are an absolute Fortune yeah they sort of make Norm go oh my God like that so if you're in that car dealership and you're all hot and horny to get that new car just try this trick go home for 2 or 3 days just to have a cooling off period the car will still be there yeah and just cuz they say those prices normally going to be gone by the end of the day that's not true is it they'll still be there a week later but give yourself two to three days to think do we really need it and I'm an Exar salesman that was my first job in Canada I know so you should know better than them all of all the inside you've got all knowled so how about number twoam what do retirees tend to regret that has to be a bigger house and I don't know what it is that all of a sudden you retire and your house isn't big enough for everybody to come over for parties and pool parties and drinks oh no we need a bigger one and but what's the most terrifying thing in retirement is having a mortgage and having to make regular payments yeah no kidding and at the moment with the fluctuating interest rates Norm that moves into that area of unknown doesn't it and bigger houses like expensive cars um cost more to run they're more expenses your insurance premiums are going to be higher your property tax is going to be higher and to be honest with you the maintenance costs are as well um so bigger house retirees regret buying those mhm also travel um expensive vacations and this really is uh uh one that we fall into I guess I guess I was going to say that's really close to our hearts with this one no very much is and something we slightly fell into I guess so so the whole idea about expensive vacations it's if you're going to have one vacation a year and you want to blow 20 grand 30 grand on it by all means do that but retirees regret spending that level on four or five vacations a year I think yeah because the thing is that because we are retired now you have all this time you can go on train trips you can go on cruises you can go wherever you want stay in fancy hotels but you can't can't spend at that same level as one big trip can you know just because you got time on your hands you know you don't want your boredom to be costing you a hundred grand a year in travel expenses no so what we tend to do is we'll Splash out and have an expensive vacation and then we'll tailor our budget and have some budget ones as well so we're able to keep to our travel budget in the year and we do said a travel budget yeah we've said in the past that while we have good health and we're ready to roll we are spending 25,000 a year in travel but that's on several vacations yeah and because we had a couple of years where we didn't really spend any we sort of have that little bit of extra don't we we have a buffer yeah a little buffer gifting team oh this one you have to be so careful about giving expens gifts and before we get into that I I got my ACDC it's very nice nor me to Giant Tiger again and from what I hear one of our viewers has said there's been a new shipment in well what the hell are we doing here we I don't know we're filming we should be right down at Giant Tiger getting the new Hall it's a gifting Tina expensive gifts to family you can be you know it just don't think that spending like 500 or a th000 writing that check for birthdays or Christmas it's okay to do it once in a while but if you do it regularly it can really start to drain on your expenses can't it it it really can and the other thing is that your family members might become reliant on it might expect that you're going to be giving them these gifts it's okay to give a graduation gift or um Christmas uh whatever you you spend your money on to your grandchildren and children but it's not sustainable in the long run because all that you're doing is spending your retirement lump sum you're you're what you going to need to live on in many years to come so you really do have to try and find a way of connecting with fellow family members that's not going to cost you quite as much money no there are lots of different ways that you can do it but just be mindful that don't set a presidence where you feel as though you're going to have to give large gifts for people in your family to like you because it just doesn't work that way no giving regular Capital to family yeah that's another big one isn't it because particularly say if people get tax refunds and things like that they suddenly think oh we've got a lot of money we don't need it now let's give it to this member to help out or this this family member to help out but what happens is they kind of get to think oh well if we've just had this perhaps we'll get another one and another one and they become reliant on that extra support of the extra money that you actually might need it later in your life very much so and and bailing grownup children out of their financial problems at at some point that has to stop because once again you're just giving your future retirement away and we all have e even though we've all come to terms with it we still have that nagging feeling will our money last us to the end yeah that's a big fear of everybody isn't it Norm will the money run out and giving regular large Capital amounts to your family is a sure fire way to make that come true MH so just be careful on giving Capital away so another biggie that retirees regret buying is a vacation home very much so and I think this might be virtually the biggest one on the list Norm I think so you go down south and have a a great vacation Maybe Snowbird you see a condo you see time shares um and then you go buy one yeah and that's where the trouble starts yeah you get used to all these like margaritas don't you know being on the beach drinks just thinking life's wonderful you don't realize about the Heat and stuff like that but the thing is when you're on vacation like that it is very different to when you are suddenly living there for a certain amount of months a year isn't it and if you're in a hot humid climate like Florida then you're going to have to be running that air conditioning an awful lot to stop mold happening and now you have two houses that you're running so You' got double the expenses but you're only staying there half the time so most retirees that buy a vacation property end up regretting it because of the additional expenses of electricity utilities um and maintenance that goes along with it and maybe a loan that you've taken out to buy it that's very true I guess a lot people just don't realize that you might only be there say a third of the year or something so let's say you're there even I don't know three or four months but you still having to fund your primary residence and when you're not there and you're back home you still to pay for this vacation place even though you're not there and you know what would happen to me Tim yeah I'd get bored oh you definitely would on like oh going to the same place and having to because you've you've paid all this amount I I much prefer the buffet of travel you little bit here little bit there and I I you know what Norm I know what people are going to be saying but Tina and Norm have a trailer and oh yeah yes I forgot about that we do have a trailer but we would like you to know that our trailer costs this much absolutely minuscule yeah it's tiny compared to what a vacation home is and it is nice to have somewhere to go but you know what norm since we've bought it we don't use it as much as we probably should no so those are yeah six big purchases that retirees regret what have you regretted buying why don't you leave those comments below uh in the comment section uh and we can all learn from everybody's mistakes and if you've enjoyed watching this video there's another one that you would probably like so we will leave a link to it down here we will so you can enjoy some more of our chats so we hope that everybody is keeping well and staying safe and until the next time time bye-bye bye-bye

Channel: This Is Our Retirement

Views: 13,076

Keywords: retire, retirement, retirement travel, retirees, retirement lifestyle, retirement planning, this is our retirement, retirement fear, norm and tina, norm and tina retirement, 6 BIG Purchases Retirees (Almost) Always Regret!, retirees regret these, bad retirement purchase, things not to buy in retirement, retirement spending advice, bad retirement purchases

Id: xALLh9l6IVo

Length: 11min 31sec (691 seconds)

Published: Tue Jun 04 2024