1. Boat
This is the classic purchase that so many folks dream about during their working years. They leave the workforce and pull the trigger, getting ready to sail off. But owning a boat involves more than just paying for it, and costs may add up quickly. Before you know it, that one thing that was supposed to bring you freedom and happiness is now tying you down.
“The two best days are when you purchase and sell the boat. Anything in between brings you closer to starting an argument with your spouse”, says Denny Artache, financial adviser. If you purchase an $80,000 boat and you use it twice a month, is it a smart way to spend your money? We guess not.
2. Resort Living
It is quite popular among wealthy seniors to buy a resort-type living in retirement. That’s reasonable given that it includes amenities like concierge services, a valet, weekly housekeeping, resort-style dining, and lots of activities that can easily fill up your day. For most folks, that’s a brilliant idea in the first year, but once the novelty wears off, it isn’t as wonderful as they thought.
They realize that all the stuff that gave them purpose and value is actually where they used to live. “They just seem pleased at first, but sooner or later they realize it’s great for a vacation but not great to live there”, says Artache.
