ST. CROIX INSIGHTS
The Frugal Millionaire
BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC
It’s a typical conversation I have throughout the week, i.e. “How to become a millionaire?” or “How to maintain your millionaire status once you’ve achieved it?” As the saying goes, it’s the first million that’s the hardest. One major factor impacting our million(s) is the housing we live in today and plan on living in during our retirement years.
I was recently on Sanibel Island and checking out my surroundings on the beach. Being mid-January, the average age of the beachgoers was around late 60’s. I was trying to bring the age average down, but I was truly over matched. I was reflecting that as Mrs. Anderson and I age, what is our retirement going to be like? How are we going to spend our time? Where are we going to spend our retirement years, God willing?
Just to the right of me on the beach, I was observing this couple (pictured above).
In my opinion, they had it all….
beach chairs, umbrella, perfect hats, newspapers (nothing like the original) and a little cooler. They were set for the entire day on the beach. Relaxing, reading, people watching and enjoying each other’s company. All this for $4 an hour to park and a seven minute walk from the parking lot. In fact, if I had turned the camera around, you would’ve seen me and Mrs. Anderson doing the same thing. I’m not sure it gets better than this when it’s cold and snowing at home.
This January, I was walking along the Naples boardwalk and passed this beautiful home. This home was so amazing I’d move in yesterday and not even think twice. I suspect this home cost millions, yet truly offers no privacy as hundreds, if not thousands, walk by their front and backdoor each day. And let’s not forget, they don’t even have a private beach for that kind of money.
I had a chance to visit with a number of retired “snow birds” recently and learn about their varied housing styles.
They all had a number of things in common.
First, they had resources to live where they’d like to live no matter where it was. Second, they were excited to be out of the cold and snow. Third, they embraced the great outdoors in the Sunshine State. Bottom-line, you don’t need to spend millions to live like a millionaire in your retirement when it comes to housing.
If you’d like to discuss what details of who, what, where and why on your retirement location and ideal housing arrangements, give me a shout.
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Ask yourself- can my portfolio support my lifestyle in my retirement?