You Will Regret These 5 Purchases In Retirement

When you retire, you'll have a lot more time on your hands which could get you in trouble with bad purchases! Whether it's expensive & non-impactful gifts for kids or grandchildren, or buying a 2nd property to vacation too, we'll go through 5 purchases that most retirees that I talk to end up regretting.

Financial Resources I personally recommend:

OUTLINE
0:00 - I'm Not A Retiree, But...
1:07 - 1. Buying 'Stuff'
2:45 - 2. Fancy Car
4:30 - 3. Home Upgrade
6:22 - 4. Buying 2nd Property
8:55 - Lavish Vacations

This presentation is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter. Every effort has been made to ensure the accuracy of its contents. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Returns are not guaranteed and past performance may not be repeated.
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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.

#retirement

[lk]

As one who retired early, I started volunteering almost immediately. I found something that gave me purpose and kept me from shopping/spending to fill the pending boredom and lack of fulfillment.

[Cat-wlub]

Motorhomes and boats have 2 very exciting days - the day you buy it and the day you get rid of it.

[alexandraadams]

I retired the end of 2019. Instead of spending, I started saving, downsizing and paying off debt. I worked 46 years and am doing better retired than I ever did while I was working. I absolutely LOVE being retired! Never knew life could be so good. I'm single with no children so no one to support. It's all about me! Not that I'm selfish but that's just the way my life turned out and I'm truly enjoying myself. I don't go out much and didn't own a car but I've discovered Lyft and I love that, lol!!! Took a trip to Monterey, CA last year for my birthday and this year I went to Seattle. I'm hoping to take one of those Rocky Mountaineer tours...I love trains! I'm thankful and feel very blessed. With the current administration, sheesh, selling us down the tubes, I don't know what's going to happen. 😑 Hope God will bless me with a few more decades.

[richardross]

A very good video. I disagree with one point. I've been retired for 11 years and one of the worst mistakes that I've seen others do is buy a new motor home. They seem to spend most of the first year at the dealership trying to resolve warantee problems. The workmanship that I saw on 2 motor homes was disappointing. My RV is a camper that slides into the back of my truck. It was a freebie from CraigsList. After 15 years I can still sell it for what I paid for it. On the other hand I've seen people buy a new motor home. Use it a couple of times and then it sits exposed to the weather. A couple of heavy snow storms and the roof leaks but they didn't notice. A couple of years later the insides are ruined and they give it away. In many cases people are better off renting an RV. Good Luck, Rick

[desertfish]

All of our friends are upsizing their homes in retirement. We want to downsize. Lower maintenance costs, lower utility bills, and I have spent the last 30 years cleaning a large house. No more!! I am in the process of clearing out stuff we have accumulated because it is not going with us.

[roywane]

Excellent advice. Paying cash for everything from when I was a teen onwards allowed me as a regular working guy to retire at 54, travel and buy that fancy car. The only thing I would add, is pay your house off asap. Debt is your enemy - show it no mercy!

[pattyharris]

I agree with everything you say.
I retired early after 18 months of downsizing, selling my house and moving into an apartment.
Then the call came from my son asking for childcare help.
Fast forward 3 yrs and now I am near my daughter and her family, chauffeur for my granddaughters.
I bought a beautiful 1100 sq ft home with a beautiful patio and backyard as gardening is my passion.
I never pay more than 10k cash for my bmw's and I purchased a 2003 beautiful RV which I lived in for 1 yr, great learning experience.
Now I live by the Need vs Want mentality and am really enjoying life.
I did a lot of international travel in the 5 yrs prior to retirement and now I have no desire to go abroad anymore.
Both of my children went to school for 1 yr in Europe and we have fantastic memories of our experiences.
I have so many 'credits " with my kids that they are more than happy to do my honey do's when I need help.
It is truly a win-win for all of us.
We are looking for land now and haven't reached a consensus yet on where that will be. We love the homestead life and want to be together.

[lorie]

My daughter is 21. She is buying her first car and has the cash to buy outright but we are going to finance a small portion for a short period of time to help her build her credit rating.

[corinnekaszowski]

Retirement requires planning and too many people also don’t know how to spend during this time and switch from accumulation to some spending. They end up with huge RRIFs when you are in a no go stage. You earned to enjoy life whatever that may be by having a new car or a great vacation, etc. Budget is key I think. You have to be able to afford the treats and not be indebted. More people need planners like you to develop a plan through all stage of life as there are many components that need to be addressed and issues that people need to be aware of. I like your messages so keep educating your audience.

[carolynchorney]

Yup, bought the beautiful luxury car when we retired as a gift to ourselves …. Just sold it back to the dealership. Very good advice Adam !

[landb]

Hubs and I have a deal…if the flight is over five hours we upgrade the seats. It’s SO worth it to us! Preboarding, lots of legroom, a more private washroom, disembark first…..
We have a separate travel account that is well funded so one exotic holiday a year and one to Mexico. This winter it’s Mexico for 17 nights and three weeks after we return we go to south India! Worth every single penny and then some! I don’t care about things, just experiences. Retired now for seven years and so excited for the upcoming adventures.

[donaldbrick]

This is about the best video I’ve ever watched! Your comments on ‘if you can’t pay cash don’t do it’ is the best advice for anyone at any age; period. I retired at 52 and my wife did at 58. This one point was the major reason we could do so.
I love all your videos so far and really appreciate your perspectives on retirement tax planning. Thanks for the information. Good Tax and investment planning information is REALLY hard to find without slanted information (looking at you banks!). Your videos are being referred to ALL my friends that are reaching for retirement and are confused on what to do.
Please keep up the good work!

[autowerkesexclusive]

Great video. What my wife and I like to do when traveling is find a high end hotel we like, book it for 2-3 nights and then stay in mid grade hotels the balance of the time. That way we can experience the lavish hotels without breaking the bank.

[kevinlynch]

For those people who insult your ability to provide retirement advice because you aren't retired, you might point out that you are also not an electrician, but you can certainly tell them how to turn on a light switch. Knowledge is knowledge, regardless of how it is gained.

I am a Certified Financial Planner (CFP) Emeritus, meaning I have over 30 years experience in Financial planning. I am also a college professor, . I have been teaching Retirement Planning and specifically Retirement Income Planning for 13 years. Your advice in this video is spot on.

I chuckled a bit when you mentioned the RV, until you said you paid cash. One of the many large purchases I have seen made by many retirees is a $100, 000+ RV. It fits in your scenario, substituted as the Tesla or the Second Home. A few years later, the travel bug is gone and so are the RVs, usually sold at a substantial loss. For retirees looking to buy an RV, I recommend late model, =slightly used models, from the folks who made the mistake before them. (Smile)

As one about to retire (June 30, 2023) I stopped buying things 4-5 years ago and I am concentring on gaining experiences, through travel, both home and abroad. My bride and I will be celebrating our 50th wedding anniversary in June 2034, on a trip to Germany (where we both lived as military children) and Ireland (from where our ancestors originated.) All paid for with savings, earmarked for the celebration.

Keep up the good work...and good luck to your new Prime Minister.

[terryfisher]

Adam, you are speaking my language! My husband and I have recently retired at 58 but before we did, we completed home renovations like new windows & siding, paid off our mortgage & vehicles! We have never carried debt on our credit cards because I can't sleep worrying how am I going to pay it off... now with no debt we are enjoying our retirement! Your advise on helping the kids is excellent and something for us to think about! Thanks for your videos I really enjoy them and all the good advice.

[mooncakes]

Hi Adam,
Great advice and practicality on saving and spending before and during retirement. I totally agree about living modesty and comfortably without going into "needless" debt.

Love your channel and great content 🥰

[robertbonanno]

Hi you know i just retired 6 months ago I have a beautiful 33yr wife I just built a new house and a grocery store here in the philippines. But you know retirement isn't what I though it would be. So I'm leaving my wife and going back to the states to work again I'm so bored I miss my family and friends. I'll come back here in the philippines when I slow up. I'm in the entertainment business with cirque du soleil so i'm always around action. It's beautiful here where I'm living the beach is 5 min down the street from where I live. That I'll miss for sure. So all the ones that won't to retire I suggest part time work. Have a balance in your life so you can work 3 days and 4 days off. Your be much happier that way. God bless 😊🙏

[watajob]

OMG! You believe in, "Don't live beyond your means"! I thought I was the last person in the world!!!

[kmilton]

Have always paid cash. Built my own house on a cash basis over a few years
and lived in it once the roof and windows were in. (no interest expenses).

[deckmonkey]

One thing about using your Visa outside Canada is first check your terms of service. My TD Visa just added a 2.5.% fee to all foreign transactions.