Sure, it's an option in money management: Die With Zero.
Instead of saving/investing for retirement you spend all sources of income. Much of this, as Yahoo Finance explains, goes toward purchasing memorable experiences. You take that exotic journey into the jungles of Africa. And/or, I would add, you pay for the offsprings' education, weddings and purchase of the starter house.
However, as a tarot reader/coach I am bearing witness to those who had this mindset, spent and currently are financially frantic. They ignored the risk factors.
At the top of the list the risks are:
Unexpected long life. The family genes indicated a shorter one. Ha-ha, here you are in your early 80s and with no serious life-enders. Dick Van Dyke is nearing 100 years of age. Betty White almost made it to that milestone birthday.
Inflation. You anticipated you'd been okay with the proceeds from selling the family house and ending the burden of unexpected expenses from home ownership. But inflation bit you in the butt. Rentals in your HCOL (high cost of living) area run almost $2K for a one-bedroom. Also, a cucumber, even at the Walmart roll-back price of 72-cents, might not be affordable for dinner tonight. The high quality of life you assumed you would enjoy for a lifetime is no longer in the cards, as we say in the tarot.
Medical bills. Even with Medicare and a Medicare Supplement such as United Healthcare Advantage you could be paying in thousands. If you aren't eligible for Medicare yet, the bills could wipe you out. Bankruptcy is often triggered by these kinds of medial expenses.
Can't help out the family. Your offprings lost their jobs. You don't have the financial reserve to help them navigate their hard times. There's pain in observing them struggle.
Return to work. Once unthinkable, you may have to pick up a survival job or do gig assignments. Not that they're easy to find. It took one DWZ client about seven months to land a part-time job driving a school bus. And for that they had to pay for their own licensing. The immediate reason for the chase for work had been medical bills.
On a personal level, I hear about those I went to college and graduate school with. They didn't invest in stocks and bonds. With a down market for selling the house, they are currently in a pickle. Financially carrying a house risks losing it, if you can't pony up the routine and emergency expenses.
Overall, the DWZ is reckless. The fastest growing group of homeless is the over-50 age range. An urgent fix could be to relocate from your HCOL region to a LCOL (low cost of lving) one. You can generate some funds by selling your household goods and toys on Facebook Marketplace, Nextdoor, Craigslist and more. In that new location redo your resume, such as dumbing it down, for the work that's available.
Thrown off your game, maybe the first time since you
started working? You made all the right moves and then the world moved in
another direction.
Intuitive Coaching. Special expertise with
transitions, reskilling and aging. Psychic/tarot readings, upon request.
Complimentary consultation with Jane Genova (Text 203-468-8579, janegenova374@gmail.com).
Yes, test out the chemistry. Zero risk.
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