5. Time-Share
A time-share is a common retirement purchase that’s quite attractive to many because it provides a guaranteed vacation location and can be shared with other members of the family. Some time-shares even have more than one location. But this type of property comes with many other costs beyond the initial purchase. There are taxes and utilities and an annual maintenance fee, and all of them can quickly add up and eat away at your money.
According to financial advisors, time-shares can be a really regrettable purchase. Once you buy one, you cannot resell it for what you bought it. It’s basically a hole you throw money in.
6. Fancy Cars
Midlife crisis does exist, and it can show itself by triggering this kind of extravagance: a luxury vehicle. Many folks wait until retirement to purchase a fancy car. It’s something they dreamed about for years, despite the fact that they are aware that the asset will depreciate as soon as the vehicle leaves the showroom.
Even if you pay in cash for a fancy car, you still have to cover fuel, maintenance, and insurance. And those who borrow money to buy a car face a monthly loan payment that can easily turn into a financial burden.
People usually regret this because they made this purchase at retirement when having free cash flow is definitely the most important thing.
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