This is the Biggest Way People Waste Money in Retirement

Video Description

Meet Sarah—a retiree with a multi-million-dollar portfolio, no mortgage, and all her income needs covered by Social Security. Yet, she hesitates to furnish her newly expanded home, fearing it would “waste” money. In this episode, James unpacks Sarah’s story to explore why so many of us struggle to spend, even when we're financially secure. James explores high-level principles such as: - The Purpose of Money: Money is a tool, not an end goal—it’s meant to be exchanged for experiences and joy. - Diminishing Marginal Utility of Wealth: More money doesn’t always bring more happiness, especially as wealth grows. - Time vs. Money: Time becomes more valuable as we age, making it critical to use wealth meaningfully. - Mindset Shifts: Frugality that builds wealth can hold you back from spending in alignment with your values. - Future Self Perspective: Align today’s decisions with the life you want in retirement to avoid future regrets. This episode challenges traditional views on retirement spending, encouraging listeners to shift their mindset, embrace their financial freedom, and focus on living a fulfilling life. Questions answered: Why do we sometimes struggle to spend our money, even when we have more than enough to meet our needs? How can you reframe your mindset to align your spending with the life you truly want to live? ======================= 🔗 Connect with us → https://learn.rootfinancialpartners.com/connect Get access to the retirement software I use and more → https://retirement-planning-academy.mykajabi.com/rpa _ _ ⏱Timestamps:⏱ 0:00 - Wasting $ on furniture? 1:59 - What money is 3:26 - A different view of "waste" 5:30 - Diminishing marginal utility 8:49 - Consider what serves you 11:45 - An example from Charlie Munger 14:58 - Audit your decisions 17:04 - Consider your future self 18:55 - Conclusion -- Advisory services are offered through Root Financial Partners, LLC, an SEC-registered investment adviser. This content is intended for informational and educational purposes only and should not be considered personalized investment, tax, or legal advice. Viewing this content does not create an advisory relationship. We do not provide tax preparation or legal services. Always consult an investment, tax or legal professional regarding your specific situation. The strategies, case studies, and examples discussed may not be suitable for everyone. They are hypothetical and for illustrative and educational purposes only. They do not reflect actual client results and are not guarantees of future performance. All investments involve risk, including the potential loss of principal. Comments reflect the views of individual users and do not necessarily represent the views of Root Financial. They are not verified, may not be accurate, and should not be considered testimonials or endorsements. Participation in the Retirement Planning Academy or Early Retirement Academy does not create an advisory relationship with Root Financial. These programs are educational in nature and are not a substitute for personalized financial advice. Advisory services are offered only under a written agreement with Root Financial.