Jun 16, 2023
This week’s theme on the Retirement Quick Tips Podcast is: What Does Money Buy You In Retirement?
My 8 year old likes watching Mr Beast on YouTube. If you don’t know Mr Beast, he is the most popular YouTuber in the world with over 150 million subscribers. She watched this episode last night where he gave $1mm to someone and they had to spend it in 24 hours. They bought a house, 2 cars, and hopefully invested some of it. I’m not sure, because I didn’t watch the whole thing, but I cringed because the first place he went was Best Buy. He bought multiple iPads, iphones, computers, a giant TV, playstations and nintendo switches - mostly for his family, which was a nice gesture, but still. I had to look away. Watching him blow over $23,000 at Best Buy was like watching a horrific car crash. I desperately wanted to look away, but I couldn’t.
A lot of people think that if you retire with $2mm you have it made in the shade. You can have a really nice, comfortable retirement, but you couldn’t and shouldn't be dropping $23,000 at Best Buy either.