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

Nick Davis, CFP®

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20 Comments

@billyjcoombs 10 months ago

Avoid divorce - best financial advice ever.

@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.

@ArdentOneMaryland 1 year ago

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

@tgamron 1 year ago

It takes one bad renter to ruin your profit margin.

@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.

@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.

@miketitus3592 1 year ago

I can not believe time shares are still a thing.

@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!

@Pops2 1 year ago

I thought boats were going to be number one 😅.

@bridgecross 1 year ago

In retirement, your primary residence should BE your vacation home. You're retired, it's all a vacation! When you want a getaway, book a trip.

@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.

Also sold a rental house we had for 20 yrs, I didn’t need that headache anymore. Took the money and put in a 5% CD. I make the same off the CD as I was with the rent…duh that’s a no-brainer. Good video.

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.

@flattire707 11 months ago

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

@johningram6262 1 year ago

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

@johnf8877 1 year ago

I remember a financial talk show guy, Bob Brinker, say “Whole life is throwing your money in a hole.”

@petereastwood7868 1 year ago

7:22 You neglected the capital gains tax that your client would pay upon selling her rental. She would not realize all $550K of equity. The state of CA would make sure of that!

@Nordic_Sky 1 year ago

I'm 63 with a 8-figure net worth built up by hard work over many years. Invest as much as you can as early as you can. S&P500 or other diversified index funds only. (No derivatives, structured products, annuities, managed funds, etc.) Don't sell during a downturn. I disagree somewhat about rental properties. I have done well with those, but you have to have an excellent property manager, which is hard to find, and it is a slow way to make money. Lastly, I still drive the 2007 Camry LE I bought new.

@chuckles1357 1 year ago

I bought a second house with cash, thinking this has got to be a major positive cash flow for me... And then the bills from this old house came flooding in... ouch! New roof, new heating system, new siding, on and on! What a dump, what a dumb move!!

@joerubalcava11 1 year ago

Great advice, another big waste of money for retirement is a motor home. People don’t realize the real cost of owning one. I just rent one when ever I need one for vacation. You save thousands by not owning one. No payment insurance no DMV tags maintenance storage fees no $300-400 to have it washed. All money down the drain before traveling some where.

@Edward-e9n8l 7 months ago

A small two bedroom condo on the Jersey shore is a very relaxing place in June July August and September. We live in Florida the rest of the year. Love living in both places. We worked hard all our lives and now is the time to enjoy friends and family at both locations. You can’t take it with you and we realize we are blessed. Enjoying a conservative life before the inevitable event occurs. We thank God for our blessings and are happy to share when possible. Health is important. Take care of your physical and mental health. Don’t worry about what others have, and be grateful for what you have. Life is short and the next breath may be your last.