As you grow in life you will run into people from all walks of life who will give you advice on how to best spend ” Your Dollars”. They will tell you to buy this or if you were smart you would buy something else.
Most of the time, it’s a transaction mostly of their choice. In other words, they are telling you how to spend your dollars. However, at the end of the day, you are the one taking all the risk and not them. So the people who are pushing you to do so you should put them in their place.
When you are older, for the most of us, spending our hard-earned dollars have to be careful. We have to be cautious as our funds have to last longer than when we were younger. In our youth, we had more opportunities to build up our nest egg but those days are limited as you age.
Consequently, how you spend your dollars is your choice, period. This important decision should not be left up to others to decide for you. If you are not careful these outside influences can get you in trouble in so many ways, (financially and in others ways) so this is a watchful alert to you.
This is a big deal because as you get older, to correct our money mistakes we don’t have the time to recoup from these kinds errors. When you are broke in your twenties and thirties is one thing, but when you are without financial resources in your fifties and sixties. it’s devastating.
If this sounds familiar to you, you’re not alone. We all know people like this but we may not want to admit to it. Sometimes it’s the people closest to us like our children, a co-worker, a relative, a friend, uncle John and you get my point. Everyone has the secret to success for you but not for themselves.
This is a very important point that should be brought to the table now and then because some of us let our guard down. We see others making it big on transactions of wealth and we want to do the same. However, by the time we are introduced to the same opportunity, it is much too late. When we participate in these ventures, we can have a disappointing outcome which is quite painful.
I’m not saying that you take chances on opportunities that come your way, just be careful as there is data showing that older adults are easy victims of scams. I don’t want that painful fate to fall on any of my friends or relatives and that is the purpose of this article.
It’s this cavalier way of thinking about money from so many people from my age group ( baby boomers ) that drive me crazy. Going after that one last ” shot” to make it big is hurting more people than you think. It’s the reason why I’m bringing up this point so loudly. I hope that they who read this article will adhere to this warning and don’t get caught up in those get rich schemes which are out there.