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I plan to retire at the end of 2025 at 62 after 36 years in Telecom as a sales engineer. My wife will retire in May 2026 and she's loving life! But walking away from a good income stream and building the nest egg to living from the nest egg is a scary proposition couple with the alarming recession and CPI report
I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
My advice: for newbies to grow financially this year, invest. Saving is good, but investing elevates your finances. Why newbie make huge losses on trade is because investing without proper guidance can lead to mistakes and losses. that will stop you from trading, this has been one of the biggest problem to new traders, I've learned this from my own experience
I have worked with a few financial advisors before now but i ultimately settled for 'Annette Marie Holt'. She is SEC regulated and licensed in US. You can easily look her up
I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
@@silentstormstudios Are you referring to being independently wealthy? Old money folks don't need the world to know they have "bank" they just have it and choose to look however they want.
Your talk reminds me of a book I read a long time ago-The millionaire next door. Live like an average person, drive an older car and live within your means. Good advice,
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on. wondering best way to grow my income.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Me too. Been retired for 6 years, living off my SS and small savings. The absolutely worse thing you can do or have when retired is to have any kind of debt. I have zero debt. My good friend who’s 76 years old still pays a mortgage and car payment. She’s always dipping into her retirement IRA and will have to pay more taxes than necessary. I fear her money will not last for the rest of her life due to these debts each month.
With no debt one does not need piles of cash. No mortgage or rent, no car payment, no consumer debt, no interest payments. In some states disabled veterans pay reduced or no property tax on their homestead.
My husband and I are retired and live comfortably. My husband has always been good at making and repairing things. He has an old 40 year old car that he uses for short trips at times but over the years it has needed repairs. He has done that and I get frustrated with him, but for him it is a way to keep active and his mind working. Same thing goes for appliances. Most would throw them out but for him it is a way to understand how they were put together and how they have evolved as useful machines. He likes it and it keeps him happy.
Best words of wisdom! I don't particularly look poor, but not rich either. I once went into a shoe shop in France and ask the shop assistant for a pair of shoes I saw in the shop window with the price clearly marked. She told me: do you really want them because they are very expensive. Just like in Pretty Woman, except I am nowhere near Julia Robert's, beauty wise.
Today my ensemble is an old pair of bib overalls featuring several splashes of various color paint and a large patch on one knee, worn over a sweatshirt that that should be in the rag bag. Finishing the look is a faded brown Carhartt knit hat and mud covered work boots. When I go to town in my twenty year old pickup people avoid me which is fine. I have several million to keep me company.
I am actually getting ready to sell my 1990 Toyota 4Runner. It now needs a new engine and I do not want to put any more money into repairs. I work from home so sweats and free tshirts are the normal dress code for me. I prefer to be comfortable and versatile. I am able to go to the gym, work in the yard clean the house etc without worrying about my clothes.
That’s pretty cool, but if you have millions… I hope you are spending it on things you want to do or places to visit. Bucket list stuff. Leaving that kind of money behind after you’re dead makes no sense to me unless you’re supporting poor family members or pledging it to charity.
I call it looking normal,people around me have no idea what i have, I live in a small house have no debt,and a large investment acc.I dont pinch pennies,i spend freely ,i know how money works and how to make it work for me.Most people that look rich are not.
Amen, same here! I live well below my means intentionally. I drive a 22 1/2-year-old (2002) 4runner with +333,000 miles that still looks new. I wear blue jeans, button downs and polo shirts from Costco, Kohl's and yes, Goodwill. Went through all the 'showy" stuff in my early 30's-never again! I only splurge on good boots, running shoes and single malt. Worked hard, saved/invested harder, retired 5 years ago at 62, no debt, don't care about showing off. Life is good, enjoy it!
In my 30s, 40s and 50s our circle of friends loved to eat out or go for drinks several times of week. The women often showing their latest designer bag, clothing or jewelry. Needless to say they slowly stopped including us as we would politely decline the invites 3 times out of 4. Now in our 70s, our home is paid for and there is money in the bank. No so for our old friends. We are now the "rich" ones.
its all about NO having to have other people's opinions matter so much that you don't pay attention to your OWN means and do stupid things to impress others
Years ago my husband’s boss , a multi millionaire walked into a car dealership to buy a new car. He was dressed in old jeans and a paint tshirt. It was a Saturday. Nobody talked to him. So he walked out. The next week he walked in and was dressed in a suit and tie. And of course, the salesman were running up to him. He told them he was GOING to buy a car from them the other day but nobody approached him because of the way he was dressed and so he said, I’m going somewhere else to buy a car. 😮😂
Easy for me. I identify as an investor, not a slave to fashion. A true investor is never concerned about what others think of their non-financial assets.
My mother told me a story when she worked as a nurse. An old white farmer she took care of always looked disheveled and dirty (her description). He drove a beat up truck, wore overalls ALL the time, and dipped snuff. He was crazy about her and wouldn't let the other nurses care for him. He was sweet and gentle to her and nasty to everyone else. The other staff didn't treat him well because they thought he was poor. He was one of the richest people in the city and kept a wad of cash on him. Momma told me that he told her never let other people know how much money you have, look like you don't have a dime. When my mother passed in August, she left a sizeable amount of money behind (no, he didn't give it to her). When folks saw her, they thought she was just a little old black lady who was poor, their thoughts were completely wrong and far from true. The ultimate judging a book by its cover.
The guy wearing an Armani Suit, Gucci Shoes, a Rolex and driving a Lexus is showing you everything he owns. Even that he's probably making payments on all of it. I have worked for people that are truly wealthy. Many of them you would never guess. They don't want you to know that they have money because then people want to reach into their pockets.
When I had nothing I spent so much time trying to look decent. Now that I have money I am more worried that people may think I have things worth stealing, or, even worse, the negative energy from people who can't be bothered to invest so have no money and hate those who do.
We are talking about retirement here. Not fake @ss punks pretending to be in a good retirement groove. Retirement is the biggest, best, well prepared decision of your life. The next big event after retirement isn’t one to celebrate.
Retired from a software development co where I traveled the world and had to dress business. 5 years after retirement, holes in my jeans, greasy Tee shirts and driving paid cash for our cars and trucks, living on our homestead. The new me is much happier than the old me. Focus on your health, instead of a new Corvette.
I have always lived the "look poor" lifestyle despite having plenty of money, but I have a nice car. I didn't pay all that much for it, but it "reads rich". I love driving it, but I hide it in the garage when I'm not using it. I'd rather have a car that looked less expensive, but I like it too much to give it up.
My wife and I have a pile of $. We’re retired after both busting our ass at high stress jobs for 34 years each. We have a Financial Advisor who we meet with every 3-4 months. Our FA listens to us, provides useful feedback and charges a very modest fee. We live in a modest house, we drive a Subaru. We don’t own anything flashy. We take fun trips and don’t want for anything. We’re very blessed and happy.
If you really were successful, and are now retired, you can do whatever you want. You may indeed look rich, if you want to do so - you can afford it. But you'd better have really deep pockets. If the couple you described had a couple hundred million, they could have remodeled their house and easily afforded it. The point is not to look poor, but live within your means doing what you like.
My aunt receives three pensions each month and has two paid off houses. She retired with a net worth over $8 million. She very frugal and would not even buy a nice dinner to celebrate her husband’s 75th birthday. She bought already prepared food from Costco to save money. I told her to take him out for a steak dinner, but she said it was too expensive.
Absolutely. I have lived below my means my entire life. I am now 68, comfortably retired, no change in lifestyle. In fact a better lifestyle because I can now travel to Europe once or twice a year in First/Business class. That is for comfort and not appearances (no one knows we travel like that).
@@kati-ana Homeless rob each other in the homeless camp. Do you travel to homeless camps? smh btw - read and comprehend, if you can ---->> "reduces the risk"
I don't buy new stuff. I hate paying retail value. I have all my needs and essentials at hand. I'm debt free and own everything I have in my possession. I don't look rich, but I also don't look in need. My dogs will take care of the rest.
Compare yourself to your prior self and to no one else. Seek value in your needs and not your wants. Understand life is suffering and material things will not ease this. Happiness is focusing on your needs and in such you will find financial freedom. That car example was chef's kiss, good.
I am two thirds of the way around your hedonic treadmill (I have made it through the "Adapt" stage) and I am *very* happy where I am, I have no reason whatever to "Desire More". I am debt free, my "hard" annual expenses (insurance, home maintenance, property taxes, utilities, vehicle expenses, etc.) are about 25% of our (wife and myself) retirement incomes, leaving the rest for reckless extravagances such as food, clothing, travel and the like. I _love_ my 65 year old home, my car is 12 years old, my wife bought me a new coat last year and I don't think I have any other clothing that is less than 10 years old. She loves to travel, I hate it, and bless her heart she doesn't make me go with her! We are not "rich" in the way most people reckon it, but some kinds of wealth are not measured in dollars.
Great video! I've been trying to explain this (more or less) to people all my life, but didn't have the words. I retired 4 years ago with about half of what the "experts" said I needed, and have live quite comfortably on my Social Security and a few hundred dollars I get from interest, and I actually have more money now than when I retired. I intend to watch more of your videos, but right now, it's Pickleball time!
Me too. When I read one “advisor” after another insisting you need at least a million dollars to retire, I thought (and still think) they are completely nuts. I have half that at age 73. I know no one who has that kind of money, yet we’re all doing fine. But if our SS gets cut like I keep hearing, you’re going to have a massive group of older people revolting in the streets.
Yes, I will have been retired 3 years this coming week after Christmas. Retiring and getting settled into retirement isn't an overnight project. It took about 2-1/2 years for me to train myself into living below my means. That was my goal, especially with the economic (I feel) disaster that we are going to be in for the next several years. But I feel good where I am now, not only financially, but physically as am out of debt, have an excellent credit rating, and I am literally living below my means. I'm very... comfortable with where I am now.
I am 50, I wear cheap walmart shorts and t-shirts and drive a 2012 Kia soul. I have no CC debt, no mortgage, or car payment. I look broke AF and don't care what others think.
Same. I’m 58… I love yard sales and thrift stores for my clothes. But only buy what I need. I’ve kind of always been that way. But even more so now. I don’t care what others think of me. I’m clean and put together but I don’t stand out as wealthy. I drive a good used car. I’m set for retirement 👍🏻😊
@@misterhappy8682 I get plenty I have been married to my Puerto Rican wife for 17 years. We have 2 daughters. If a woman only wants you for your looks and resources you will be divorced and broke for the rest of your life, and hence not get laid.
Great video, you're wise. We feel rich at 64 & 65 Income: A combined $2300 a mo. Social Security in Calif. No debt. Free health Care. Solar powered cabin, car & e-bikes. Spring-water. Grow 25% of our food. Life is: cycling, bible study, volunteering, swim in the river, food foraging & we host a monthly game night/potluck in our home for neighbors, church, family & Pals. 1 weekend a yr stay at Montara Hostel at the Ocean. 120k savings. A good life ♡
Great video. Rocking my 2016 RAV4 and Wrangler jeans. Also went to Costa Rica and Switzerland this year while stacking 40% of our income. 1909 days left to freedom.
Whenever I look around and marvel at how much money our friends and neighbors must have to afford what they buy my husband replies, “there is wealth and there is the appearance of wealth.”
Great video but it's not about "looking poor". It's about avoiding consumerism. Buy quality, avoid quantity and maintain what you have and you will look good. Not poor, not rich, but good. Btw: The example of buying a classic car to join a community is great.
Hi was the author from Texas? Only heard the saying the other day (fr someone who said they were in Tx) & you wrote it, talk about synchronicity. Thx for sharing the quote, best wishes from South Australia🦘🐨🇦🇺💐
I agree completely. My wife and I badly needed new windows and flooring. We made these items priorities. My wife wanted to upgrade her kitchen countertops, which we did. We are completely debt free. My wife will quit working when she reaches her Social Security full retirement age. We will resist all future purchases. Live poor and debt free!
5:04 I’ve have never wanted to buy a Lamborghini or a classic car club car. I’m happy with a Mazda. I’ve noticed that a lot of these retirement videos always have an aspect of talking about luxury cars or luxury boats but it seems no one got rich by going into lots of debt to buy a quickly depreciating asset. So does the middle of the road rich person have these things - it’s only the uber rich that can afford to lose money on these things. If you invest in your own house and as long as you don’t over capitalise the cost of renovations comparable to other houses in the area, you will have an asset that appreciates in value over time.
I read The Millionaire Next Door probably 25 years ago. There is a lot of wisdom in that book. I also remember Melody Hobson saying way back in the day that "if it is on your ass it isn't an asset". Those are words to live by. There is so much freedom in not being tied to designer anything.
Great information. I’m happily retired for 7 years, I’m 76 , many of the people I know that are also retired or getting there are smack in the middle of the hedonism rat race. It’s funny, because they buy new cars to worry about not looking poor or having supposedly secured transportation. I have 3 good old cars 2 Toyota one Honda over 20 years old that if one breaks I take the other, and the 3 combined don’t cost me a fraction of a new one. Plus if someone scratches the car in a parking lot I don’t give a hoot. They all have good AC and can take a plus 100 mile trip with no worry. Insurance wise I have a package, cheap because it’s not about the car , it’s about third party responsibility. I once bumped into a BMW in my old Rav in reverse, no damage, but I got out with my insurance card in hand , but the young man of the BM was very worried about me , I was in my farmer working clothes, baggy and such- the guy was frightened I was hurt ( I do heavy work and keep in shape) I had to calm him down 😂 Epictetus thought that impressions are what drives our opinions. Don’t worry about opinions, be happy.
Agree... 100% plus a premium on that. What matters is not what you spend. It's what you keep that builds your wealth. Time and health are your most precious commodities.
MOST OF US WOULD LIVE FAR BETTER LIVES IN SMALLER HOMES, OLDER CARS, AND MORE FREE TIME TO READ, EXERCISE, AND INVEST MORE TIME INTO RELATIONSHIPS WITH OUR FRIENDS AND FAMILIES.
I have a 100yo house, my car is 20yo, yes it needs some paint (the house) so am I worried at 75yo. I potter in the garden, travel and do some volunteering.
How is living in a smaller home, driving an older car, and reading, excercising, and investing into relationships with freinds and family a better life? Those are value decisions. I have no family left, I generally dislike people, I hate feeling claustraphobic in a small home, I hate old cars, and I prefer to consume information by listening rather than reading. I'll give you the exercise point, since I like to exercise. Your better living isn't my better living.
I'm retired and I once told a person that I had all the money I want and need. The reply was "You must not want much", forgetting all about the "need" part. I don't consider myself frugal but I don't spend money frivolously, either. If you keep things simple, life is a lot easier. Clothing is one example. I only spend money on clothes to replace that which has worn out. Vehicles? I drive a vehicle until it simply wears out, also, before buying a new one. I'm not rich, but I'm certainly not poor by any metric, either.
One of the most valuable lessons my father taught me was - "don't care what other people think". I bought my first house aged 18 while all my friends were partying every night; worked every overtime shift I could get - and paid my mortgage off aged 35. Then I retired at 55. All my friends, former colleagues etc are still up to their eyes in debt and driving new cars (bought on credit) ie trying to impress people they don't even like by spending money they don't actually have. My car is now 25 years old and I'll keep it until it dies. Who's laughing now?
I'm 78, retired for over 20 years, drive an old car, live in a modest house, wear inexpensive clothes, eat at low cost restaurants, using coupons & discounts, etc. I could easily buy new items, but do it, only when necessary! Knowing that I can, not actually doing it, is all that I need to feel comfortable in my lifestyle!
I maintain my wealth in retirement the same way I (we) built it. We DO WITHOUT, keep stuff until they no longer operate and act frugally. We pay our cc's to zero every month. We do like to travel sometimes and like to go 1st class. But for that, we PLAN and BUDGET. We always make sure our income stream exceeds our expenditures a great deal.
This is so true. I used to have a Mercedes and everyone thought I was rich. I now drive a Honda and now the family does not expect me to pick up the dinner tab. I will take the Honda any day.
We retired in 2018. We did spend a bit on finishing our basement but we did it to support our many hobbies without worrying about putting it away. We are soon to spend on a greenhouse. I love growing my own veggies and sharing them with family and friends. The greenhouse will let me grow even in winter. Our financial advisor doesn't understand why we prefer doing these things instead of travel. Well, we have no prescriptions, no health problems and we are much happier then those other retirees who travel, travel, travel, talk about it for a few weeks, show some pictures, then they need to take another trip.
I started out poor and just got poorer today when I bought my first house this morning (townhome in a managed community). Because my current job doesn't pay enough for me to get a mortgage, I took the money out of my ROTH IRA and paid for it in cash. At least I won't have to worry about mortgage payments even with other monthly expenses, so there's that and hopefully the house will appreciate in value.
We' retired at 55 multimillionaires and shop at Walmart, Dollar Stores and Goodwill. I only need to impress my wife...nobody else... I wear sweats and flannel to go shopping and drive a crappy Jeep. Don't advertise with all that bling.
good comparison with the cars. I’ve owned a plane for 24 years. Of course I was smart enough to create an LLC and vetted and found good stable partners in the plane. It has been paid for many years ago, costing 120k. So that is like 30k each. I fly it once a week, it has brought me TONs of happiness. Owning an asset like this by yourself is foolish. All fixed costs are split by 4, maintenance is slit by 4, it. If your one of these people that cant share, a partnerhsip is NOT for you…..its like being married to these people. The have good and bad traits that come along with them. If I bought a motor home it would be the same setup……you will never get the full value from something like this so why not defray the cost.
This really hits home. My wife and I look very lower middle class when we go out. She has actually had a couple of people ask her if she needs food. We are retired with very high income and net worth but nobody knows it except my brother - for trust/will purposes. Let the people who want to show off get all the attention while they stay poor. They can have the latest phone, gadgets, and expensive car. Sticking with a $100 smart phone and an old pickup truck.
I long ago gave up trying to impress people. It never seemed to work, and was a waste of resources. Now, people seem to dislike me because I'm successful. People really hate to discover someone they consider an inferior is well off, while they are poor/middle class.
This. Even the slightest hint that you may have a few bucks saved up brings on the hate, and expecting you to do things for them because they blew any money they made.
You should always look nice. You don't have to spend lots of money to do that. Just avoid doing stupid stuff like buying a car that is much too expensive, luxury travel, etc.
My late Mother said it - thought me, already in the early 70ths. She said: ''those with money dresses always poorly to daily wear'' I got a Rolex watch which I never dear to wear outside nowadays.
Recall story of a well of actor visiting Sean Connery ( james bond actor) He picked her up at airport in a rust bucket of a car.. He did not see any reason to have a new car...
😢I'm Bless,$6k every week! I can now give back to the locals in my community and also support God's work and the church.God bless America..i will mentor you on how to earn this weekly only if you could give out 5 percent of your weekly profit to charity. If you can am willing to mentor you Note: if you are a scammer or participate in any fraudulent activities,stay off my Dm Let the good people of God grow finicialy without lost.
I have a close and valued relative who does this. Looks rich but is poor. Drives a Mercedes, has a perfect house, expensive clothes, yet came to me for help for funeral expenses when the spouse died. I live in the ghetto, with an 8 yo car, but have 7 figures in the portfolio.
I agree with the concept but not the “Look poor” extreme. Live within your means and don’t worry about how you look to others. The biggest barrier to long term success the big honkin SUVs that everyone seems to “need”. It all starts with buying vehicles that cost twice as much as you need and replacing them every few years. Simply driving an affordable car and keeping it twice as long would fund a nice retirement. And the best part is that you don’t need a financial advisor recommended in TH-cam posts to be successful.
When I met My partner she said I look homeless, i drive a army surplus Jeep, than she found out about my property holdings, debt free, spend my time traveling.
I feel more comfortable driving my 2008 farm truck than I would feel in a new luxury truck that costs a lot to buy, insure, and the fear of getting dinged. I can afford to keep it well maintained, but then you reach a point where someone hits it and the insurance wants to total it even though it is fixable.
Mine is a 2004. No longer farm but still need a pickup and it's senseless to have a car as well, and my truck runs great still. The people giving me a hard time about it are generally folks with a new car every 5 years who can't afford to ever retire, while I do whatever I want and have a part time job to keep me sane :)
I totally disagree with the premise of this video. As a recently retired person I have a different perspective. Just prior to retiring I purchased a two year old Mercedes Benz with only 12,000 miles for 36k. Basically a new car at a much better price. I had been commuting to work in a 20+ year old $500 Chevy Aveo (a beater). Life is short so I don’t have to drive a beater anymore. As far as dressing down to look poor is a ridiculous notion too. Maintaining a high level of appearance results in self pride and respect from others. We own two homes, a ranch, several vehicles, and an airplane. It took years of hard work to attain these assets. In retirement we intend to enjoy our properties with family and friends. If our neighbors have a problem with the way we dress, what we drive, or our airplane that’s their problem. Good day.
My experience is just totally different. I'm 80, ten years retired and living like I never imagined. 4 new cars, including a Mercedes, repeated travels all over the world, best hotels, best restaurants. And I was only a university professor. How did I do it? Living poorly (not exactly) and retiring rich. All the same I am myself amazed. One small secret, I relocated to Asia and live comfortably in Bangkok.
This is very interesting! I have struggled with my relationship with money all my life. Now that I'm retired, I'm doing better with it, but it's still a struggle.
Great video. I am 65 and was so happy when Mark Zuckerberg and Steve Jobs came on the scene and wore the same clothes every day. I have always done that and put up with more comments from my family and friends. All of a sudden it became cool. Not that I cared, but at least now they shut up about it, lol!!!
A friend likes to go out decked out in designer clothes, like Chanel boots, tights, accessories... says she buys them 2nd hand, but who buys 2nd hand tights? Meanwhile, I wear the same clothes over and over, some good quality shirts that are 15 years old and maybe the same jeans for 2-3 years till I update a wardrobe. One time we booked a hotel, I paid for it and we are splitting costs. She wrote me a check for her share, and it returned a bad check. Don't how that is possible if you can deck yourself in designer head to toe. 👀
It's a great feeling to login to your brokerage account and shop CD rates. Cars? I'm the oddball on my street. I buy used, pay cash and drive it forever. Banks should be paying YOU interest.
👍Excellent! STOP caring what people think will save you money and heartach Period! I love dressing down My neighbors watch me like a hawk Could care LESS what others think Just do me! I'm 57 Four years in Retire early I spend wisely with discipline! I'm clean and neat BUT do not care about fashion or keeping up appearances I keep my money private from my family I paid dues 30 years My money is my business Period! I live a quiet happy relax comfortable simple life by choice! A secure confident person has nothing to prove A showy display person is insecure Needs validation Material things leave you empty Wanting more Greed I love keeping them guessing
I know a few people that are wealthy but you would never be able to tell by seeing how they dress, the car that they drive, and how they live. They OWN a lot of assets and they OWE very little or nothing. One of them did buy a Lamborghini around 15 years ago for something fun, but that car has more than tripled in value since then so it became an unexpected gain. I’m not wealthy myself, but I don’t owe either. Being in debt is much worse than being just broke.
I agree with all your points, as they make a lot of sense. I also think that the term "looking poor" calls to mind wearing dirty and torn clothing. That's the image that comes to my mind when I think of "looking poor." At the beginning of your video, you showed pictures of Mark Zuckerburg and Steve Jobs - both very rich - wearing jeans and T-shirts. I think that you were speaking in support of such an image, which is very toned down, not at all flashy, and also *NOT* what anyone has in mind when they think about "looking poor." You're not really talking about "looking poor." You are advocating NOT SHOWING OFF YOUR WEALTH. There's a difference.
It's also because we've lived enough life to know how stupid it is to keep wasting money on trying to impress people who don't know us, much less care about us. If I have to impress someone, that person isn't worth knowing. It's all merchandising PR to get you to buy stuff you don't want or even like to impress people who aren't even thinking about you.
WARNING There has been an increase in bots and spammers commenting on our videos. Sometimes the interactions may look real, but are easily identified by commenters promising high returns or promoting other 'advisors'. Please report these comments if you see them so we can keep our community safe from these scams. I will never try to contact you; you can only get in touch with me via the link in the description of the videos.
Not only that, now TH-cam doesn't even let you report spam. What a load of crap.
@@XiaengaoYes, they do! It’s the last option when you tap “report”. Select “Spam or misleading”. I report them on the regular.
I plan to retire at the end of 2025 at 62 after 36 years in Telecom as a sales engineer. My wife will retire in May 2026 and she's loving life! But walking away from a good income stream and building the nest egg to living from the nest egg is a scary proposition couple with the alarming recession and CPI report
I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
My advice: for newbies to grow financially this year, invest. Saving is good, but investing elevates your finances. Why newbie make huge losses on trade is because investing without proper guidance can lead to mistakes and losses. that will stop you from trading, this has been one of the biggest problem to new traders, I've learned this from my own experience
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings
I have worked with a few financial advisors before now but i ultimately settled for 'Annette Marie Holt'. She is SEC regulated and licensed in US. You can easily look her up
I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
Rich people stay rich by pretending to be poor,
Poor people stay poor by pretending to be rich .
Truly rich people stay rich while still looking rich. If you have to look poor to stay rich, you’re not really rich.
@@silentstormstudios Are you referring to being independently wealthy? Old money folks don't need the world to know they have "bank" they just have it and choose to look however they want.
Well said…for sure.
@@silentstormstudios Lol there is some truth in all the sayings
Your talk reminds me of a book I read a long time ago-The millionaire next door. Live like an average person, drive an older car and live within your means. Good advice,
Best book ever, but redundant. Even with that it is a good gift to a 20 year old.
i am retired and have no problem looking poor.
as i am poor.
🤣 You are richly poor.
My man!
If you have Jesus and your health you are rich.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on. wondering best way to grow my income.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
As someone that is retired, I support what you're saying 100%. I'm poor, but my debt is exactly $0.00. I don't owe anyone anything.
Me too. Been retired for 6 years, living off my SS and small savings. The absolutely worse thing you can do or have when retired is to have any kind of debt. I have zero debt. My good friend who’s 76 years old still pays a mortgage and car payment. She’s always dipping into her retirement IRA and will have to pay more taxes than necessary. I fear her money will not last for the rest of her life due to these debts each month.
With no debt one does not need piles of cash. No mortgage or rent, no car payment, no consumer debt, no interest payments. In some states disabled veterans pay reduced or no property tax on their homestead.
My husband and I are retired and live comfortably. My husband has always been good at making and repairing things. He has an old 40 year old car that he uses for short trips at times but over the years it has needed repairs. He has done that and I get frustrated with him, but for him it is a way to keep active and his mind working. Same thing goes for appliances. Most would throw them out but for him it is a way to understand how they were put together and how they have evolved as useful machines. He likes it and it keeps him happy.
i think that’s awesome
Yes, bad idea to tell people what their hobbies should be
Looking poor is no problem, being poor is!
Best words of wisdom! I don't particularly look poor, but not rich either.
I once went into a shoe shop in France and ask the shop assistant for a pair of shoes I saw in the shop window with the price clearly marked. She told me: do you really want them because they are very expensive. Just like in Pretty Woman, except I am nowhere near Julia Robert's, beauty wise.
Today my ensemble is an old pair of bib overalls featuring several splashes of various color paint and a large patch on one knee, worn over a sweatshirt that that should be in the rag bag. Finishing the look is a faded brown Carhartt knit hat and mud covered work boots. When I go to town in my twenty year old pickup people avoid me which is fine. I have several million to keep me company.
I am actually getting ready to sell my 1990 Toyota 4Runner. It now needs a new engine and I do not want to put any more money into repairs. I work from home so sweats and free tshirts are the normal dress code for me. I prefer to be comfortable and versatile. I am able to go to the gym, work in the yard clean the house etc without worrying about my clothes.
That’s pretty cool, but if you have millions… I hope you are spending it on things you want to do or places to visit. Bucket list stuff. Leaving that kind of money behind after you’re dead makes no sense to me unless you’re supporting poor family members or pledging it to charity.
@@mwoods1052yes, don’t leave it to the government to take it when you die.
My 91 year old mom told me I look like a homeless person and I thanked her. She’s WELL taken care of and that’s what matters the most to me. 😌
I call it looking normal,people around me have no idea what i have, I live in a small house have no debt,and a large investment acc.I dont pinch pennies,i spend freely ,i know how money works and how to make it work for me.Most people that look rich are not.
Fancy automobiles . . . leased.
Amen, same here! I live well below my means intentionally. I drive a 22 1/2-year-old (2002) 4runner with +333,000 miles that still looks new. I wear blue jeans, button downs and polo shirts from Costco, Kohl's and yes, Goodwill. Went through all the 'showy" stuff in my early 30's-never again! I only splurge on good boots, running shoes and single malt. Worked hard, saved/invested harder, retired 5 years ago at 62, no debt, don't care about showing off. Life is good, enjoy it!
At some point you need to spend it you can't take it with you
@@marknaylor2080 Really, you can't take it with you. Well, if that's true, I'm not going!
That's right Mark,live below your means and save or invest the savings
In my 30s, 40s and 50s our circle of friends loved to eat out or go for drinks several times of week. The women often showing their latest designer bag, clothing or jewelry. Needless to say they slowly stopped including us as we would politely decline the invites 3 times out of 4. Now in our 70s, our home is paid for and there is money in the bank. No so for our old friends. We are now the "rich" ones.
Wow,it sounds very familiar 🎉
It's less about "looking poor" than it is about overall good choices in how to spend your money.
its all about NO having to have other people's opinions matter so much that you don't pay attention to your OWN means and do stupid things to impress others
I often wear my grubbies during the day (paint stained jeans, etc.)... and I when I go to the store, no one bothers me. Love it.
Years ago my husband’s boss , a multi millionaire walked into a car dealership to buy a new car. He was dressed in old jeans and a paint tshirt. It was a Saturday. Nobody talked to him. So he walked out. The next week he walked in and was dressed in a suit and tie. And of course, the salesman were running up to him. He told them he was GOING to buy a car from them the other day but nobody approached him because of the way he was dressed and so he said, I’m going somewhere else to buy a car. 😮😂
Pretty Woman
Easy for me. I identify as an investor, not a slave to fashion. A true investor is never concerned about what others think of their non-financial assets.
My mother told me a story when she worked as a nurse. An old white farmer she took care of always looked disheveled and dirty (her description). He drove a beat up truck, wore overalls ALL the time, and dipped snuff. He was crazy about her and wouldn't let the other nurses care for him. He was sweet and gentle to her and nasty to everyone else. The other staff didn't treat him well because they thought he was poor. He was one of the richest people in the city and kept a wad of cash on him. Momma told me that he told her never let other people know how much money you have, look like you don't have a dime. When my mother passed in August, she left a sizeable amount of money behind (no, he didn't give it to her). When folks saw her, they thought she was just a little old black lady who was poor, their thoughts were completely wrong and far from true. The ultimate judging a book by its cover.
I may have known that farmer.
What is the point of living frugally, leaving a load of money when you die so people are surprised by their wealth?
The guy wearing an Armani Suit, Gucci Shoes, a Rolex and driving a Lexus is showing you everything he owns. Even that he's probably making payments on all of it. I have worked for people that are truly wealthy. Many of them you would never guess. They don't want you to know that they have money because then people want to reach into their pockets.
Go to the Berkshire Hathaway shareholder event and you will see some on the richest people wearing clothes from Costco and driving 10 year old cars.
A Lexus is a wealthy persons car?😅 It is an upscaled Toyota!
When I had nothing I spent so much time trying to look decent. Now that I have money I am more worried that people may think I have things worth stealing, or, even worse, the negative energy from people who can't be bothered to invest so have no money and hate those who do.
We are talking about retirement here. Not fake @ss punks pretending to be in a good retirement groove.
Retirement is the biggest, best, well prepared decision of your life. The next big event after retirement isn’t one to celebrate.
Retired from a software development co where I traveled the world and had to dress business. 5 years after retirement, holes in my jeans, greasy Tee shirts and driving paid cash for our cars and trucks, living on our homestead. The new me is much happier than the old me.
Focus on your health, instead of a new Corvette.
I have always lived the "look poor" lifestyle despite having plenty of money, but I have a nice car. I didn't pay all that much for it, but it "reads rich". I love driving it, but I hide it in the garage when I'm not using it. I'd rather have a car that looked less expensive, but I like it too much to give it up.
My wife and I have a pile of $.
We’re retired after both busting our ass at high stress jobs for 34 years each.
We have a Financial Advisor who we meet with every 3-4 months.
Our FA listens to us, provides useful feedback and charges a very modest fee.
We live in a modest house, we drive a Subaru.
We don’t own anything flashy.
We take fun trips and don’t want for anything.
We’re very blessed and happy.
If you really were successful, and are now retired, you can do whatever you want. You may indeed look rich, if you want to do so - you can afford it. But you'd better have really deep pockets.
If the couple you described had a couple hundred million, they could have remodeled their house and easily afforded it. The point is not to look poor, but live within your means doing what you like.
I think the "Spend intentionally" part would have made a better title than "looking poor".
My aunt receives three pensions each month and has two paid off houses. She retired with a net worth over $8 million. She very frugal and would not even buy a nice dinner to celebrate her husband’s 75th birthday. She bought already prepared food from Costco to save money. I told her to take him out for a steak dinner, but she said it was too expensive.
Absolutely. I have lived below my means my entire life. I am now 68, comfortably retired, no change in lifestyle. In fact a better lifestyle because I can now travel to Europe once or twice a year in First/Business class. That is for comfort and not appearances (no one knows we travel like that).
Looking poor also greatly reduces the risk of being robbed.
Not necessarily. Even homeless/van lifers get robbed - often.
@@kati-ana Homeless rob each other in the homeless camp. Do you travel to homeless camps? smh btw - read and comprehend, if you can ---->> "reduces the risk"
@@kati-ana Sure, in homeless camps where you travel to.
@@kati-ana Prove it!
I don't buy new stuff. I hate paying retail value. I have all my needs and essentials at hand. I'm debt free and own everything I have in my possession. I don't look rich, but I also don't look in need. My dogs will take care of the rest.
Compare yourself to your prior self and to no one else. Seek value in your needs and not your wants. Understand life is suffering and material things will not ease this. Happiness is focusing on your needs and in such you will find financial freedom. That car example was chef's kiss, good.
I am two thirds of the way around your hedonic treadmill (I have made it through the "Adapt" stage) and I am *very* happy where I am, I have no reason whatever to "Desire More". I am debt free, my "hard" annual expenses (insurance, home maintenance, property taxes, utilities, vehicle expenses, etc.) are about 25% of our (wife and myself) retirement incomes, leaving the rest for reckless extravagances such as food, clothing, travel and the like. I _love_ my 65 year old home, my car is 12 years old, my wife bought me a new coat last year and I don't think I have any other clothing that is less than 10 years old. She loves to travel, I hate it, and bless her heart she doesn't make me go with her! We are not "rich" in the way most people reckon it, but some kinds of wealth are not measured in dollars.
Great video! I've been trying to explain this (more or less) to people all my life, but didn't have the words. I retired 4 years ago with about half of what the "experts" said I needed, and have live quite comfortably on my Social Security and a few hundred dollars I get from interest, and I actually have more money now than when I retired.
I intend to watch more of your videos, but right now, it's Pickleball time!
Me too. When I read one “advisor” after another insisting you need at least a million dollars to retire, I thought (and still think) they are completely nuts. I have half that at age 73. I know no one who has that kind of money, yet we’re all doing fine. But if our SS gets cut like I keep hearing, you’re going to have a massive group of older people revolting in the streets.
Glad to finally find something a TH-camr thinks I am doing right.
Yes, I will have been retired 3 years this coming week after Christmas. Retiring and getting settled into retirement isn't an overnight project. It took about 2-1/2 years for me to train myself into living below my means. That was my goal, especially with the economic (I feel) disaster that we are going to be in for the next several years.
But I feel good where I am now, not only financially, but physically as am out of debt, have an excellent credit rating, and I am literally living below my means.
I'm very... comfortable with where I am now.
Good for you. I'm in the same situation. If I could just get my wife on board about her spending.
As opposed to the financial disaster we’ve been in the last 4 years?
Best part of RV living is camp clothes and shoes. I don't give one FK what you think of me. Positive net worth debt free. Bank pays ME
I am 50, I wear cheap walmart shorts and t-shirts and drive a 2012 Kia soul. I have no CC debt, no mortgage, or car payment. I look broke AF and don't care what others think.
Welcome to my life!
You are not getting laid either
Same. I’m 58… I love yard sales and thrift stores for my clothes. But only buy what I need. I’ve kind of always been that way. But even more so now. I don’t care what others think of me. I’m clean and put together but I don’t stand out as wealthy. I drive a good used car. I’m set for retirement 👍🏻😊
@@misterhappy8682 I get plenty I have been married to my Puerto Rican wife for 17 years. We have 2 daughters. If a woman only wants you for your looks and resources you will be divorced and broke for the rest of your life, and hence not get laid.
@@cjhoward409 My wife found a thrift store that does quarter days every month. She loves going with the girls and they go nuts.
Great video, you're wise. We feel rich at 64 & 65 Income: A combined $2300 a mo. Social Security in Calif. No debt. Free health Care. Solar powered cabin, car & e-bikes. Spring-water. Grow 25% of our food. Life is: cycling, bible study, volunteering, swim in the river, food foraging & we host a monthly game night/potluck in our home for neighbors, church, family & Pals. 1 weekend a yr stay at Montara Hostel at the Ocean. 120k savings. A good life ♡
Amazing and beautiful 🎉
Free health care in CA?
@@sweetart9905 I am wondering if it's because they are low income. $2300 a month in California isn't much.
@@sweetart9905maybe on Medi-Cal?
How do you get free health care?
Great video. Rocking my 2016 RAV4 and Wrangler jeans.
Also went to Costa Rica and Switzerland this year while stacking 40% of our income.
1909 days left to freedom.
Whenever I look around and marvel at how much money our friends and neighbors must have to afford what they buy my husband replies, “there is wealth and there is the appearance of wealth.”
Great video but it's not about "looking poor". It's about avoiding consumerism. Buy quality, avoid quantity and maintain what you have and you will look good. Not poor, not rich, but good.
Btw: The example of buying a classic car to join a community is great.
"Looking poor" is a metaphor.
@jldavid47 I realize that. My point is that it is a misleading one.
The author of the book "millionaire next door" had a good saying for people like this. "All hat, no cattle".
Hi was the author from Texas? Only heard the saying the other day (fr someone who said they were in Tx) & you wrote it, talk about synchronicity. Thx for sharing the quote, best wishes from South Australia🦘🐨🇦🇺💐
Randy Newman sang “Big hat, no cattle; big snake, no rattle; big gun, no battle”
I agree completely. My wife and I badly needed new windows and flooring. We made these items priorities. My wife wanted to upgrade her kitchen countertops, which we did. We are completely debt free. My wife will quit working when she reaches her Social Security full retirement age. We will resist all future purchases. Live poor and debt free!
Good car example. I bought a “toy” car: A used Mustang GT/PP (convertible stick) and joined our Mustang Club. Lots of fun, baby.
You don’t have to look rich but looking slovenly has gotten too out of hand in the west.
Kat, you are so right! People need some dignity.
5:04 I’ve have never wanted to buy a Lamborghini or a classic car club car. I’m happy with a Mazda. I’ve noticed that a lot of these retirement videos always have an aspect of talking about luxury cars or luxury boats but it seems no one got rich by going into lots of debt to buy a quickly depreciating asset. So does the middle of the road rich person have these things - it’s only the uber rich that can afford to lose money on these things. If you invest in your own house and as long as you don’t over capitalise the cost of renovations comparable to other houses in the area, you will have an asset that appreciates in value over time.
I read The Millionaire Next Door probably 25 years ago. There is a lot of wisdom in that book. I also remember Melody Hobson saying way back in the day that "if it is on your ass it isn't an asset". Those are words to live by. There is so much freedom in not being tied to designer anything.
Great advice. Reminds me of the similar mindset outlined in the 1990s book, The Millionaire Nextdoor.
For many years now I’ve been telling friends and family that it’s better to be wealthy than to look wealthy.
Read The Millionaire Next Door. People who are rich don't look it and they live comfortably but well below their means.
Great information. I’m happily retired for 7 years, I’m 76 , many of the people I know that are also retired or getting there are smack in the middle of the hedonism rat race. It’s funny, because they buy new cars to worry about not looking poor or having supposedly secured transportation. I have 3 good old cars 2 Toyota one Honda over 20 years old that if one breaks I take the other, and the 3 combined don’t cost me a fraction of a new one. Plus if someone scratches the car in a parking lot I don’t give a hoot. They all have good AC and can take a plus 100 mile trip with no worry. Insurance wise I have a package, cheap because it’s not about the car , it’s about third party responsibility. I once bumped into a BMW in my old Rav in reverse, no damage, but I got out with my insurance card in hand , but the young man of the BM was very worried about me , I was in my farmer working clothes, baggy and such- the guy was frightened I was hurt ( I do heavy work and keep in shape) I had to calm him down 😂 Epictetus thought that impressions are what drives our opinions. Don’t worry about opinions, be happy.
Agree... 100% plus a premium on that. What matters is not what you spend. It's what you keep that builds your wealth. Time and health are your most precious commodities.
MOST OF US WOULD LIVE FAR BETTER LIVES IN SMALLER HOMES, OLDER CARS, AND MORE FREE TIME TO READ, EXERCISE, AND INVEST MORE TIME INTO RELATIONSHIPS WITH OUR FRIENDS AND FAMILIES.
Most of us know how to turn off the CAPS LOCK…
I drive an 18 yr old car that I love and which may well outlast me
I have a 100yo house, my car is 20yo, yes it needs some paint (the house) so am I worried at 75yo. I potter in the garden, travel and do some volunteering.
How is living in a smaller home, driving an older car, and reading, excercising, and investing into relationships with freinds and family a better life? Those are value decisions. I have no family left, I generally dislike people, I hate feeling claustraphobic in a small home, I hate old cars, and I prefer to consume information by listening rather than reading. I'll give you the exercise point, since I like to exercise. Your better living isn't my better living.
@@hanwagu9967 might not be better for you but it’s less resource intensive so better for the environment
I'm retired and I once told a person that I had all the money I want and need. The reply was "You must not want much", forgetting all about the "need" part. I don't consider myself frugal but I don't spend money frivolously, either. If you keep things simple, life is a lot easier. Clothing is one example. I only spend money on clothes to replace that which has worn out. Vehicles? I drive a vehicle until it simply wears out, also, before buying a new one. I'm not rich, but I'm certainly not poor by any metric, either.
Well done and accurate. I know many who fall in that dreaded circle. I am not sure they even know they are in it.
One of the most valuable lessons my father taught me was - "don't care what other people think". I bought my first house aged 18 while all my friends were partying every night; worked every overtime shift I could get - and paid my mortgage off aged 35. Then I retired at 55. All my friends, former colleagues etc are still up to their eyes in debt and driving new cars (bought on credit) ie trying to impress people they don't even like by spending money they don't actually have. My car is now 25 years old and I'll keep it until it dies. Who's laughing now?
I'm 78, retired for over 20 years, drive an old car, live in a modest house, wear
inexpensive clothes, eat at low cost restaurants, using coupons & discounts, etc.
I could easily buy new items, but do it, only when necessary! Knowing that I can,
not actually doing it, is all that I need to feel comfortable in my lifestyle!
I maintain my wealth in retirement the same way I (we) built it. We DO WITHOUT, keep stuff until they no longer operate and act frugally. We pay our cc's to zero every month. We do like to travel sometimes and like to go 1st class. But for that, we PLAN and BUDGET. We always make sure our income stream exceeds our expenditures a great deal.
This is so true. I used to have a Mercedes and everyone thought I was rich. I now drive a Honda and now the family does not expect me to pick up the dinner tab. I will take the Honda any day.
It’s a really bad idea to be concerned about what others think of you. Except, possibly, those people who would cry at your funeral.
We retired in 2018. We did spend a bit on finishing our basement but we did it to support our many hobbies without worrying about putting it away. We are soon to spend on a greenhouse. I love growing my own veggies and sharing them with family and friends. The greenhouse will let me grow even in winter. Our financial advisor doesn't understand why we prefer doing these things instead of travel. Well, we have no prescriptions, no health problems and we are much happier then those other retirees who travel, travel, travel, talk about it for a few weeks, show some pictures, then they need to take another trip.
I started out poor and just got poorer today when I bought my first house this morning (townhome in a managed community). Because my current job doesn't pay enough for me to get a mortgage, I took the money out of my ROTH IRA and paid for it in cash. At least I won't have to worry about mortgage payments even with other monthly expenses, so there's that and hopefully the house will appreciate in value.
We' retired at 55 multimillionaires and shop at Walmart, Dollar Stores and Goodwill. I only need to impress my wife...nobody else... I wear sweats and flannel to go shopping and drive a crappy Jeep. Don't advertise with all that bling.
good comparison with the cars. I’ve owned a plane for 24 years. Of course I was smart enough to create an LLC and vetted and found good stable partners in the plane. It has been paid for many years ago, costing 120k. So that is like 30k each. I fly it once a week, it has brought me TONs of happiness. Owning an asset like this by yourself is foolish. All fixed costs are split by 4, maintenance is slit by 4, it. If your one of these people that cant share, a partnerhsip is NOT for you…..its like being married to these people. The have good and bad traits that come along with them. If I bought a motor home it would be the same setup……you will never get the full value from something like this so why not defray the cost.
I don’t like to share my toys.
This really hits home. My wife and I look very lower middle class when we go out. She has actually had a couple of people ask her if she needs food. We are retired with very high income and net worth but nobody knows it except my brother - for trust/will purposes. Let the people who want to show off get all the attention while they stay poor. They can have the latest phone, gadgets, and expensive car. Sticking with a $100 smart phone and an old pickup truck.
At our mall, the people that shop at the high end brand stores are the poorest. So true.
I long ago gave up trying to impress people. It never seemed to work, and was a waste of resources. Now, people seem to dislike me because I'm successful. People really hate to discover someone they consider an inferior is well off, while they are poor/middle class.
This. Even the slightest hint that you may have a few bucks saved up brings on the hate, and expecting you to do things for them because they blew any money they made.
Thanks for sharing this information with us. You talked us out of buying a new car. The one we have will do fine.....for awhile longer.... God bless!
Great going! Almost every car I've owned... I drove until it was worn out. No reason to buy another when the old one still gets the job done.
I don't look poor I just look like I am still living in the 80's!
You should always look nice. You don't have to spend lots of money to do that. Just avoid doing stupid stuff like buying a car that is much too expensive, luxury travel, etc.
My late Mother said it - thought me, already in the early 70ths.
She said: ''those with money dresses always poorly to daily wear''
I got a Rolex watch which I never dear to wear outside nowadays.
Recall story of a well of actor visiting Sean Connery ( james bond actor) He picked her up at airport in a rust bucket of a car.. He did not see any reason to have a new car...
😢I'm Bless,$6k every week! I can now give back to the locals in my community and also support God's work and the church.God bless America..i will mentor you on how to earn this weekly only if you could give out 5 percent of your weekly profit to charity.
If you can am willing to mentor you
Note: if you are a scammer or participate in any fraudulent activities,stay off my Dm
Let the good people of God grow finicialy without lost.
No Aston Martin?
Sean Connery was a Scot, born in Edinburgh. All Scots, rich or poor, are very canny with their money.
I have a close and valued relative who does this. Looks rich but is poor. Drives a Mercedes, has a perfect house, expensive clothes, yet came to me for help for funeral expenses when the spouse died. I live in the ghetto, with an 8 yo car, but have 7 figures in the portfolio.
Always remember this when your friends are bragging about thier big properties, exotic holidays etc. 'nice house nothing in the fridge'
Or they might have the money to fund such a life and you might be unwise to try to match them.
@@chrismawata8755 That's how you select your friends.
Excellent point and examples, I am impressed. Subscribing
Awesome, thank you!
Absolutely. I do this every day.
I agree with the concept but not the “Look poor” extreme. Live within your means and don’t worry about how you look to others.
The biggest barrier to long term success the big honkin SUVs that everyone seems to “need”. It all starts with buying vehicles that cost twice as much as you need and replacing them every few years. Simply driving an affordable car and keeping it twice as long would fund a nice retirement.
And the best part is that you don’t need a financial advisor recommended in TH-cam posts to be successful.
Expensive cars every few years is a big culprit
Those “advisors” are posted by spambots and are crooked.
Thanks for reminding me that I am poor and will always be poor. Retired and no place to go from here.
When I met My partner she said I look homeless, i drive a army surplus Jeep, than she found out about my property holdings, debt free, spend my time traveling.
I feel more comfortable driving my 2008 farm truck than I would feel in a new luxury truck that costs a lot to buy, insure, and the fear of getting dinged. I can afford to keep it well maintained, but then you reach a point where someone hits it and the insurance wants to total it even though it is fixable.
Mine is a 2004. No longer farm but still need a pickup and it's senseless to have a car as well, and my truck runs great still. The people giving me a hard time about it are generally folks with a new car every 5 years who can't afford to ever retire, while I do whatever I want and have a part time job to keep me sane :)
There’s no disgrace in being poor it’s just so damn inconvenient
Very good video. I like your car examples. This explains why car clubs are popular not only for owners but fans as well.
Cool stuff. Have a great week
I totally disagree with the premise of this video. As a recently retired person I have a different perspective. Just prior to retiring I purchased a two year old Mercedes Benz with only 12,000 miles for 36k. Basically a new car at a much better price. I had been commuting to work in a 20+ year old $500 Chevy Aveo (a beater). Life is short so I don’t have to drive a beater anymore. As far as dressing down to look poor is a ridiculous notion too. Maintaining a high level of appearance results in self pride and respect from others. We own two homes, a ranch, several vehicles, and an airplane. It took years of hard work to attain these assets. In retirement we intend to enjoy our properties with family and friends. If our neighbors have a problem with the way we dress, what we drive, or our airplane that’s their problem. Good day.
My experience is just totally different. I'm 80, ten years retired and living like I never imagined. 4 new cars, including a Mercedes, repeated travels all over the world, best hotels, best restaurants. And I was only a university professor. How did I do it? Living poorly (not exactly) and retiring rich. All the same I am myself amazed. One small secret, I relocated to Asia and live comfortably in Bangkok.
So many people strive to look rich that it often precludes them from actually being rich.
This is very interesting! I have struggled with my relationship with money all my life. Now that I'm retired, I'm doing better with it, but it's still a struggle.
Great video. I am 65 and was so happy when Mark Zuckerberg and Steve Jobs came on the scene and wore the same clothes every day. I have always done that and put up with more comments from my family and friends. All of a sudden it became cool. Not that I cared, but at least now they shut up about it, lol!!!
Always live beneath your means. Why worry about appearance, be neat and clean that is all you need.
A friend likes to go out decked out in designer clothes, like Chanel boots, tights, accessories... says she buys them 2nd hand, but who buys 2nd hand tights? Meanwhile, I wear the same clothes over and over, some good quality shirts that are 15 years old and maybe the same jeans for 2-3 years till I update a wardrobe. One time we booked a hotel, I paid for it and we are splitting costs. She wrote me a check for her share, and it returned a bad check. Don't how that is possible if you can deck yourself in designer head to toe. 👀
That's the whole USA.
Federal debt is $100k per person, yet the average American lives like they are immensely wealthy.
On and on down into the ocean of thy whole beneath all poverty-stricken
When the taxman comes to the door the house looks like a rummage sale.
From "Mad Men": What is happiness? It's getting what you want, for an instant before you need more happiness.
It's a great feeling to login to your brokerage account and shop CD rates. Cars? I'm the oddball on my street. I buy used, pay cash and drive it forever. Banks should be paying YOU interest.
👍Excellent! STOP caring what people think will save you money and heartach Period! I love dressing down My neighbors watch me like a hawk Could care LESS what others think Just do me! I'm 57 Four years in Retire early I spend wisely with discipline! I'm clean and neat BUT do not care about fashion or keeping up appearances I keep my money private from my family I paid dues 30 years
My money is my business Period! I live a quiet happy relax comfortable simple life by choice! A secure confident person has nothing to prove A showy display person is insecure Needs validation Material things leave you empty Wanting more Greed I love keeping them guessing
The less money you spend when you’re young, the more you save and take advantage of compound interest.
I know a few people that are wealthy but you would never be able to tell by seeing how they dress, the car that they drive, and how they live. They OWN a lot of assets and they OWE very little or nothing. One of them did buy a Lamborghini around 15 years ago for something fun, but that car has more than tripled in value since then so it became an unexpected gain. I’m not wealthy myself, but I don’t owe either. Being in debt is much worse than being just broke.
I agree with all your points, as they make a lot of sense. I also think that the term "looking poor" calls to mind wearing dirty and torn clothing. That's the image that comes to my mind when I think of "looking poor."
At the beginning of your video, you showed pictures of Mark Zuckerburg and Steve Jobs - both very rich - wearing jeans and T-shirts. I think that you were speaking in support of such an image, which is very toned down, not at all flashy, and also *NOT* what anyone has in mind when they think about "looking poor."
You're not really talking about "looking poor." You are advocating NOT SHOWING OFF YOUR WEALTH. There's a difference.
Ppl like that are for Life. Great points, won't help on them, just us.....
Dude, please!! It doesn’t matter how you look. Just be comfortable with however you look.
Highly recommended book: Die with Zero by Bill Perkins.
It's also because we've lived enough life to know how stupid it is to keep wasting money on trying to impress people who don't know us, much less care about us. If I have to impress someone, that person isn't worth knowing. It's all merchandising PR to get you to buy stuff you don't want or even like to impress people who aren't even thinking about you.
One of the biggest financial freedoms is realizing that nobody cares what you drive. Find a practical used car and drive it a long time.
Much of what you say is true. A lot more could be said.
Sometimes, people want to look wealthy/ live in a good looking house because they want dignity. Actually looking poor makes people feel deprived.