Blog: money

Bad Investments And Wasting Money

Have you ever thrown away money? Possibly on nothing? Yeah, me too. I've thrown away money on various food items, as I love to test taste them. I have thrown money into the stock market, only to have lost it the next day. I've spent too much money on water. I've spent too much money just by going out. I've even spent too much money on my ex-wife for the very purpose of keeping a civil friendship — and we don't even have any children together.

The fact is, for every dollar not saved for retirement, is a dollar not put away for your older self. How much could you really need during retirement? Well, your spending habits are unlikely to be that of a millionaires' lifestyle. What if you aren't putting a dollar away towards your retirement? For the most part, if you are working on the books, the government is putting some money away for you. Thank goodness for Mr. President Franklin D. Roosevelt and those who began drafting it years before him.

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Gambling In Retirement

Do you ever wonder happens to the gamblers in retirement? It's very likely they are actually still gambling. Some of them quit cold turkey and never have the compulsions again, with lots of help from friends, family, and therapy, or a great money loss. Working in my mid-20s at a liquor store in downtown Chicago, showed me a side of Chicago that not many people get to see. I got to see young and old alike, poor and wealthy. Everyone has their addictions and a liquor store usually holds thousands of them.

I did see a 62 year old man we called Mr. Green, who walked into the liquor store every morning, afternoon, and night. He was a homeless man who was graceful, accepted his choices in life, from his first sip of the MD 2020 bottle, the green one, as is what earned him his nickname. He would never drink anything but the green. He was a guaranteed source of at least $10 a day, drinking anywhere from 3 bottles to 6 depending on how much he made from being out and begging all day. There was a time where he did piss himself and tried to hand off those pennies. We did not allow it.

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Who Wants To Retire A Millionaire?

Everyone dreams about being a millionaire and there are a few million people who get lucky in their lifetime to actually see it in their bank accounts. The rest of us usually acquire about a million to two million dollars over the course of our lifetimes, but we don't actually see it, at least not in cash. Over time, we may have actually spent it on luxury and life so we never get to see it. However, we may also acquire it in real estate assets or in the stock market among other investments or inheritances. By the time we reach the age of retirement, between 62 - 70 years old, depending on how much you have in assets and savings, you could probably claim to be a millionaire.

Whether you choose to continue to live in your home and do a reverse mortgage or sell your house, mixed in with your social security and any other investments you have, you could probably liquidate your assets and turn it into a million dollars in cash. There are several reasons you would want to do this, but other reasons you probably should not. If you are a millionaire by the time you retire in cash, you will be very likely the one responsible for any and all healthcare concerns and needs.

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