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Erin, I really liked the comments at the beginning about getting a bit away from $ to assess wealth! As someone who’s 58 years old and getting near retirement, I’m always observing people 5-10 years ahead of me, and the stark difference is along the lines of health. I know a 70 year old who’s in fantastic health and exercises daily to ensure that. I know someone a bit younger than that who doesn’t look after his health and that places profound limitations on what he can and cannot do. I know what category I want to end up in! Excellent subject overall!
I am right there with you, I always look at people who are a decade or two ahead of me, and I know who I want to age like. That’s why I think it’s so important to take care of your health if you want to have a wealthy life
Being retired for 5 years now, my wife and I consider ‘wealthy’ as being able to pay our monthly bills (utilities, insurance, food, mortgage, etc), have excess left after paying the aforementioned, have a well-funded slush fund, and plenty of cash invested in our 401K’s. We have no credit card debt or car payments.
Great position to be in, I hope you and your wife have a wonderful retirement
I also like to include an ever increasing net worth. I hope to leave a legacy. …Maybe that could be the next video ” How much is a “Legacy”?”
Those are nice positions. Being able to sleep at night has always been my simplest goal, I don’t like worrying about money.
@Bob Fellersame here, a good night sleep is a blessing, that’s is my everyday wish.
To be truly wealthy- you need about 10M…ask folks that actually have 2.2 m whether they feel truly wealthy and the answer will be no…just comfortable
You are an amazing young woman!
Didn’t have information you have here in working years. However, somehow, growing up without money I was always aware to plan to have enough money to survive without struggling too much. Thus, have always had a paper-pencil plan. Now 25 years retired, I feel wealthy because it’s not a struggle. Your posts are great for young people starting out. Great proven road map.
Thanks for sharing!! I hope you are having an amazing retirement! And I really like what you said, sometimes a lot about feeling wealthy is simply not struggling.
I’m retiring this Friday! I’m somewhat young at 54 but like you said Erin, health is everything. I’ve always been a very fit person but fit and healthy doesn’t always equate. 2 years ago I was diagnosed with heart disease and had to have a triple bypass. I’m fine now, but it immediately changed my view of things and decided since I have the money already, it’s time to call it quits. I doubt I would have even been thinking of retiring if it wasn’t for my health issues. Life is short and way too short to dedicate more than half of it to make other people rich.
My wife and I both had cancer scares. Mine almost killed me. This was back in 2010 and 2011. We had talked for years about taking a trip to Europe, but never felt we had the vacation time or money to do it. After we both had a dose of mortal reality we decided to just do it. We went using frequent flyer miles, hotel points, and credit cards. I know it was not the most wise financial advise to use credit cards, but it was an amazing trip. We had those cards paid off within a year after getting back. We also decided we’d try to retire as soon as possible. My wife retired about 6 months before I took a convenient voluntary layoff at age 61 with 8 months severance pay. It’s been 7 years since we retired and we’re doing fine financially and have a trip to Iceland planned for later this year.
I’m glad to hear you are fine now Rick!! A health scare changes your perspective for sure – happy retirement on Friday!!!! 🎉 I hope you are able to stay healthy and active and that you have a a lot of adventures planned!
What a scare Matt! I hope you and your wife are both doing well now! Enjoy Iceland – it’s absolutely on my bucket list as well!!
I’ve had 2 heart attacks 20 years ago so they filled me full of stents….lol….glad your good and have a great life!
There is so much to unpack in this video – so many thought-provoking ideas. I think it is one of your best. I especially liked the graphic at 4:05 “Money does buy happiness after all.” That alone could be an entire video. But talking about your own health struggles balances the message so personally and effectively. I’m sorry for what you have gone through and hope for your continued good health. What an inspiration!
I may have already done a video on money + happiness 😉
First, I am happy to hear that you are healthy again 🎉! Personally, my wealth journey started later in life. I have always been one to put others needs ahead of my own. Paying my own way through college with no financial help from my parents got me into what I considered huge debt $20,000 – looking back it seems tiny now – but at the time it seemed huge. Working three jobs through college helped and growing up on a farm – where there was always work to do taught me the value of work. It also taught me that there was no way I wanted that life for myself! Then came marriage and a child who I wanted to ‘have everything’ I did not have- but mainly I wanted my son to graduate college with no student debt. So, after he graduated and after an amicable divorce that cut my net worth in half (not complaining – just facts- I decided (at age 50) that it was (and is) my turn. Now, 12 years later I am 2/3 of the way to the ‘wealth’ barometer that Forbes lists. I AM NOT a smart man… so if I can do it ANYONE can!
Erin, thank you for sharing that bit of personal health information. We have no idea what others have to endure in their every day life. I firmly believe that everyone will have some sort of personal struggle at some point. Every day is a blessing. Be well.
Sorry to hear about your cancer and continuing seizures. It’s hard to be grateful when those things have happened to you, yet I still hear your gratefulness in every video. Be Well!!!
It’s a matter of perspective. I grew up poor, and I felt FABULOUSLY WEALTHY when my net worth hit $10k at age 23. $10k in the bank was, to me coming from nothing, the realm of rich folks. When my net worth hit $1 million, I thought I had finally made it. But I wasn’t sure it was enough to be financially independent. Now at age 60, my wife and I are decamillionaires, we donate our salaries to charities. In my mind, I know we are pretty rich. But in some ways, I feel less wealthy now than I did at 23. Kinda weird, isn’t it?
I remember getting my first real paycheck that had a comma in it (like $1,000) – my thought was THIS IS IT, I’ve made it! 😂
I was much more wealthier when I was 22 y/o and going out with my boys on Friday nights with a mere $20 in my pocket!!!
I am in a similar position. I cut lawns in high school and worked building maintenance in order to pay for college. That paid for the first year of private college, The second year, I worked in a pizzeria and Friendly’s(summer only). I continued working at the pizzeria until I finished college. I got, on time, out with no debt and $1200 in my pocket. I started my career and kept my college budget while starting investing. That has grown out to $5.5 mil. However, when we go to the supermarket, we still look at the remaindered and discounted stuff. We keep our budget and are paying for all of my daughters college, so that she will be debt free too. As you get older, you may always feel that it is never enough. It is the trap that the average person does not understands.
@ErinTalksMoney Ha, ha! Ditto and mine was in 1985 @ 26 years old.
@Hog roamer I graduated college in 1988… Laid off in 2010. Now I only do contract jobs once in a while to make sure that I don’t touch the portfolio. Only 8 more years to go until retirement.
Late to the party, but up until about a year ago I considered having 2 – 3 times your current assets would make you feel wealthy regardless of what you actually have. Now it’s knowing that you have enough to retire with the lifestyle that you desire.
I’m glad that you’ve largely recovered from the tumor. Your videos are helping a lot of people and helping others is the most important thing we can do in life.
I like that definition – as long as it covers the life you want, you’re golden!
I’ve always had a financial plan it boggles my mind how many can go through life without one or without a realistic one. Yes things can pop up in life to make you needing to adjust your financial plan so they are definitely no guarantee but I can’t imagine getting to where I am today without one. Pandemic threw me for a loop on a side quest but now I’m back to seeing measurable progress towards my financial goals & lately at such a rate I never expected to attain. A financial plan means you can look back and hold yourself accountable whether you attain the goals you set out and make necessary adjustments.
Had to retire early at 58,but finally got SSDI at 62. Planned to work till 67. Was topped out in pay at my airline job with high seniority. Planned on banking big money those 9 years. So HEALTH is what matters most, as money doesn’t matter in the grand scheme of life, if one can’t enjoy spending it. Colleague of mine took airline buyout like I did that finally paid us all off last Sept. 1. She was 6 years older than me I believe and she just died of pancreatic cancer.
Money helps cushion life, but whether one has 2 Million or 200K, without health, numbers are just numbers.
This is a very well done video and the guidance is solid. It fits what my wife and I have done in our own lives and we are very satisfied. Wealth is simply having more than you need. So, you can become wealthy by having more, or requiring less. So many people have a distorted view of money and wealth and what it actually means. Being wealthy does not make you better, smarter, or even neccesarily happier. Money simply gives you choices. So by extension, wealth, means you have more choices available to you. My wife and I both grew up extremely poor. In my case, a two room log cabin in a holler in Tennessee, no indoor plumbing and alot of hard work on a hardscrabble farm. I retired at 52 a number of years ago, my wife retires next month,she’s 52. We are wealthy, by your definition, but also because we live simply, as we always have, and focus on family and one another. We don’t put much stock in “stuff”. It seems that if you’re not careful the things you “own” can end up “owning” you.
For people who define themselves by money, title, career and assets I remind them that injury, disease can happen to anyone and I would suggest doing some soul searching regarding what defines you. I chased the Jones’s for awhile and was miserable. When I stopped and started to live modesty regarding material things and focused on health and enriching my soul, I found much greater happiness and fulfillment!
Glad you’re thriving to teach us finance on YouTube ❤😊
Well presented.
First step is to learn to live below your means. Understand where your money goes. Write it down. Track it. You’ll be shocked how much you waste which can be redirected to savings. Owning a home and being debt free is a game changer on quality of life. So much fun can be had without spending money or buying expensive stuff.
Another fascinating video. Yes I suppose I feel wealthy, but being retired I still chase after saving a dollar here and there. Habit I suppose.
Not sure wealth makes you happy however I always remember the house buyer in the film ‘Psycho’ who said (and I paraphrase) “Money doesn’t necessarily buy you happiness but it does help to buy off unhappiness”
Growing up, my family was dirt poor, so I learned how to manage money reasonably well. My net worth is about $600k and I am 61 and still working. I lost everything in a divorce, and started again at 45 with $0.00. What makes me feel good about my financial condition, is that my mortgage is paid off, I don’t have a car payment, I have almost $100k in Savings, two RSPs, a TFSA, and a GIC, and no debt not even credit card. I make a few thousand less than the average income in BC. Canada is getting really bad for being taxed to death though under the current government, so I still have concern for when I hit my 70’s, hopefully my taxation rate will be low.
My wife and I are wealthy. However, I always say, “lt doesn’t matter how much money you have if you don’t have good health.” If you are sick or unhealthy you simply can’t enjoy life to its fullest no matter what you call a good life.
A very comprehensive and well presented session. It included excellent steps to having a more secure future. I really enjoyed your video.
Paul (UK)
Glad you enjoyed it! Thanks for watching Paul!!! 😊