8 Assets Rich Retirees Never Buy — And Poor Ones Always Do

Comments · 539

• AR

  @ArdentOneMaryland · 1 year ago

  Best Advice I ever got...................One House & One Spouse! lol

  491

• MI

  @miketitus3592 · 1 year ago

  I can not believe time shares are still a thing.

  167

• TG

  @tgamron · 1 year ago

  It takes one bad renter to ruin your profit margin.

  475

• EL

  @ElleMac-Smlz · 1 year ago

  I've always sworn by two simple rules:  1) If I don't understand it; it's not for me and 2) If a Financial Advisor is pushing it too hard, it's likely good for them and questionable for me.  It worked.  Retired at 60.  Financially sound.

  515

• BI

  @billyjcoombs · 9 months ago

  Avoid divorce - best financial advice ever.

  115

• TH

  @TheLeadfootgirl · 1 year ago

  I got pressured into buying a timeshare at my first ever timeshare presentation about 15 years ago. Went on my laptop afterwards and did some research.  Promptly canceled it the 2nd day (the contract said I had 3 days to cancel). Best decision ever!

  338

• DA

  @davidreidenberg9941 · 1 year ago

  Here’s a good rule of thumb: NEVER get into any deal if you don’t know how you’re going to get out of it.

  198

• PO

  @Pops2 · 1 year ago

  I thought boats were going to be number one 😅.

  317

• TO

  @tomf9292 · 1 year ago (edited)

  We bought a vacation home in 2002 for $179,900. We used it mostly in summers. Last year we sold our paid for primary home and moved into our paid for vacation home. Cut my tax bill by 2/3, banked $800K from the sale of the primary home. So my vacation home story worked out fine with me. <br><br>Also sold a rental house we had for 20 yrs, I didn’t need that headache anymore. Took the money and put in a &nbsp;5% CD. I make the same off the CD as I was with the rent…duh that’s a no-brainer. Good video.<br><br>We still own 4 commercial contractor bays as rentals. They also are paid off. We make a nice steady income from them and have been for 10 yrs. Those will not be sold. They pay for 100% of our housing costs and more. I’m a high school grad, that’s it. Tradesman.

  431

• FL

  @flattire707 · 11 months ago

  I know so many friends that bought expensive RVs and then never use them.

  64

• MI

  @michaelmoreno6431 · 1 year ago

  1- no boat, no fancy car, no young fancy partner either. 2- go to a hotel instead of a holiday home. 3- stick to stocks. Avoid derivatives, margin trading, etc. 4- I disagree on bond and rental. A rental property used as diversification is imo less risky than bonds. 5- Rightsize your house. Less expensive to maintain, to warm up, to clean, etc. Do not Downsize, simply Rightsize. 6- Before retirement, we buy services and stuff to save time, but once retired, buy things with your time: minor car repairs, minor plumbing, minor painting, etc. You will be forced to learn and it keeps you busy. 6- Relationships and sport will keep you healthy. Do NOT save there.

  532

• JO

  @johningram6262 · 1 year ago

  When I was a young boy, my father told me something that turned out to be SCARY TRUE. &nbsp;Whatever a Broker is trying to sell you BENEFITS THEM, NOT YOU. &nbsp;PERIOD.

  146