Costly Retirement Mistakes How To Avoid Them

we need to grab ourselves a time machine go back to the future we need to warn our younger selves of what's going to happen in the future we have learned so much over our lifetime with money and finance we would like to give our younger selves a good shaking and tell them the hard truths gosh that could be pretty scary Norm absolutely so something that maybe had we known then what we know now hey those Immortal words an in actual fact if you remember Norm when we were in our early 30s that was kind of about the time that we came over to Canada I think what I'd be telling myself my younger self my 30 year old self is all those cars that you're lusting after and my younger self had a BMW and a Volvo and all those good things we no longer own those cars they're long gone they're in the scrap Heap I'm sure they are known by now you think of all the money that was spent on those cars and then how about clothes so those little crocodile shirts oh didn't we just love those Norm we had to be right there with the latest fashion didn't we we were rocking the Don Johnson look great in them and we did we did and we had all the different colors didn't we oh pink and orange oh looking cool still had hair I'd tell my younger self make the most of the hair it's ain't gonna last so basically we don't have those clothes anymore either do retain that we don't no they both designer labels you're right in fact if you yeah there's none of them left in the closet they've all gone we've replaced them with other stuff over the period of time haven't we and then we were doing those Home Improvements because we we had a cool lifestyle we were entertaining a lot stainless steel appliances came along oh we just had to have those didn't we normally yeah I bet we had to have the washer and dryer the fridge the stove and man did they look good eh oh they were sparkling in our new designer kitchen they were great but do we have any of those now Norm no they're probably in the scrap Heap too been recycled hopefully but we have perfectly good white ones now that do the job of cooking and well we don't own them the rental company does so which is even better so if they break we just call the superintendent and they come and fix it yeah so what we're really trying to say is that all those products that younger people are buying that we bought and that our children are buying and our grandchildren are starting to buy are worthless and they don't make it cooler they don't nobody cares what car you drive no no it's it's all a fallacy and the one thing that we would say to both of our younger selves is to have a greater appreciation of time it it hasn't until we retired it truly hit home how precious time is when you're young you've got lots of time lots of days ahead of you and and you're working so hard that you're not aware of the time you're expending so one of the big things that we feel our younger selves should have been doing is saving some money so how would you save some money to him as a younger teen well I think a couple of things first of all I would definitely read The Wealthy Barber book because we learned so much from that book we did but the main thing I would do is I would set up a standing order to have either five or ten percent of every pay just taken out of your bank account before you even spend it when your salary goes in have the money taken out it's saving and you learn to live on what's left and you soon forget um yeah these payments going out because we we did that when we came to Canada I was in my late 30s I'd seen a couple of years younger we read The Wealthy Barber and we did 10 of our take-home pay as a standing order and we've said in the past within three or four months you've forgotten about it because you just you just spend what's in your bank account basically and when it's done it's done until the next paycheck but if we if we'd done something so simple to have contributed to something like an ETF Index Fund so the S P 500 uh ETF fund and just continually contributed to that with our five or ten percent of our take home we would be worth millions now that would be really nice and I was going to say Norm that out of all the things we've just talked about the cars the clothes the appliances all the things we don't have the one thing that we've hung on to is the money yes the money is the one thing out of all of it that we still have so when you look or go back 30 years or look ahead 30 years that's the one thing that can cement you and grow and we've still got it yeah yeah I haven't got the hair though that's gone you couldn't really do anything about that one normally but the hair went with the crocodile T-shirt or the golf shirts but I think too that was part of the vision that that was one of the things that was going to help fund our retirement wasn't it and it has it has and yeah both Taylor and I started uh Savings in rrsps when we first came to Canada we put our 10 money both of us and we both have a retirement fund we just have been able to live without drawing on it so we will probably be converting that into a ref a registered income fund uh when we have to when the government tells us we have to in our 70s but that's all that we've got from our 30 year old selves is we have retirement funds that we made the effort we have beautiful children and grandchildren but all the stuff it's gone it's gone and the little niggling stuff is still here and we're trying to downsize the hell out of it yeah and that is really an ongoing process into Norm we are struggling on that one and we've been fortunate that we we've always had a a good outlook on life but I'd be telling my 30 year old self be sure to have fun along the way yes the life's not worth living without fun and uh yeah you need to have the experiences I think yeah Katrina's had the most fun being married to me [Laughter] laugh a minute it absolutely is isn't me kind of sometimes the life's a bit like a roller coaster so that's what we would do we would we would take the Tardis or the time machine we would go back and we would say to ourselves forget the products save you money yeah and yeah so we hope that everybody is staying safe and keeping well and until the next time bye-bye bye

Channel: This Is Our Retirement

Views: 29,034

Keywords: retire, retirement, baby boomers, retirement travel, retirees, retirement lifestyle, retirement planning, this is our retirement, retirement fear, norm and tina, norm and tina retirement, How To Avoid These Costly Mistakes, make a bigger retirement fund, save for retirement, save for your future, invest for retirement, wealthy barber, david chilton, retirement mistakes

Id: vRP2NAk-C00

Length: 8min 40sec (520 seconds)

Published: Sat Sep 02 2023