The Power of NO!

For us, a successful retirement has benefited from being able to say NO.

1.  No Debt.   We have no mortgage, no car loan, no outstanding revolving debt.   That has reduced our "required" payments each month.   My only regret is that I didn't pay off our mortgage right after retiring in 2007.  Instead I stayed invested and lost a significant amount of money in 08/09 that could have been used to pay off the mortgage, which we did in 2009.
2. No Living Large.  I drive a 17 year old truck and a 17 year old car, which we are saving for my daughter to learn driving.  My spouse drives an 8 year old car we bought from her mom, when she moved into independent living.  We take one or two vacations a year with the kids.   We have most of our meals at home, eating out a couple times a month.
3. No Supporting Adult Kids.   Both our kids are still under 15, but many of my retired friends are still providing some finanacial support to their kids, even post college graduation.
4. No Exotic Investments.   I have turned down various investments with "higher yields" and stayed with some stocks and mostly CDs and cash equivalents.   Yeah, we didn't beat the market, except for 2020 YTD, but we generally earned enough to cover annual expenses.

Of course, YMMV, but this approach has worked well for us.

For more on Reaping the Rewards, check back Fridays for a new segment.

This is not financial nor retirement advice. Please consult a professional advisor.

Copyright © 2020 Achievement Catalyst, LLC