Frugal Friday: Can You Ride Your Motorcycle Into Retirement?
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Happy Friday everyone! For those of you in the States we had the joy of a four day work week thanks to it being Memorial Day on Monday. We actually were able to take the day off which is not always the case for us, but it always feels so difficult to come back from a three day weekend. I’ll not be sharing an article today, but instead discussing an episode from one of the few shows I like to watch – American Pickers.
For those of you not aware of American Pickers, it’s a show on the History Channel where two “pickers” travel throughout the country in search of “rusty gold” as they call it. Essentially, they’re looking to buy unique items such as antiques and they then flip them in one of their two stores in Iowa or Nashville. The main reason why I like this show is that Frank & Mike – the pickers usually weave a historical aspect into it which I like being a history nut myself. There also tends to be some moments that can make you cringe as they run into some serious hoarders that have major issues letting go of their junk.
Anyway, the latest episode featured a guy who owned a 1910 Royal Pioneer motorcycle. I do not know anything about motorcycles, but both Frank and Mike acknowledged that they’re extremely rare…meaning that there are only a handful of them still in existence today. Being as they’re both major motorcycle nuts, Mike started to make an offer on the motorcycle of $35,000. After rebuffing the offer the guy, Pat, made a statement that set off my PF blogger radar – “I do not have a retirement plan.”
I instantly went from a casual viewer to one that was interested to learn more about this guy. He was obviously in his late 50’s to mid 60’s and lived in the house he was born in, so we should be able to assume that he is mortgage free. To take one look at the house you could tell that orderliness was not driving him. He had stuff literally everywhere and his prized motorcycle was propped up by Folgers cans. Throughout the episode he was able to talk Mike up to $55,000 for his motorcycle. Pat waxed poetic about how many of the things he had could not have a price tag because they were so rare and full of memories, but I found myself shaking my head seeing that he had no plans on what he was going to do for his retirement planning. To be fair, the show does not cover the financial health of those it features, but one has to wonder how he is running his financial life if the shape of his house was in such disrepair and quite literally full of stuff.
I do not wish to bash the guy as he seemed to be a genuinely nice guy, but it was apparent that his worth and his hope was placed on the possessions he had. The ironic thing was that he was very unwilling to part with any of the items of value he did have. What I was able to surmise throughout the episode was that he was aware that he did need to have money saved up for retirement, but he simply did not make it a priority and viewed his growing collection of stuff as the priority.
To be fair, I think many of us can fall into the same trap of not making our long term financial health a priority. We all do it when we make those everyday decisions to spend money as opposed to saving it. I know that it can’t always be boiled down to a plain black and white situation, but in many cases it think it can. I believe it requires being aware of what your priorities are, what you hold of value and seeing what the long term impact of those decisions can be. It’s also not to bash having something you like to collect, or having a hobby, but those also need to be viewed in light of the end goal.
Having something to enjoy and make life more interesting is ok, but doing it at the expense of potentially forfeiting your long term financial health is another. The sad thing is that even though he was able to finagle an additional $20,000 out of Mike I think it’ll be of little consequence. Sure, $20,000 is a lot of money, but how much is it really to someone who admittedly does not have a retirement plan in place at his age? This is also not to mention the fact that Pat might also just go spend the “found” money on some new piece of junk. Call me a cynic, but I doubt that it’ll impact Pat’s retirement planning, or lack thereof.
Well, on to the good stuff. Even though it was a shorter week, there was no shortage of great blog posts. If you have the time this weekend, I encourage you to check out some of my favorite blog posts of the week.
If you’re a fan of American Pickers, check out their latest book – Kid Pickers: How to Turn Junk Into Treasure for great tips for kids and adults alike wanting to get started on finding rusty gold!
Blog Post of the Week
Without Purpose, Money is Just Paper on Tackling Our Debt
I loved this staff post by Shannon. She shares a story about explaining to grade schoolers that money, when broken down is simply paper and it’s what you do with it that matters. Are you making your money work for you, or are you enslaved to it by regularly giving in to instant gratification and having no end goal in sight? Shannon summed it up best when she said to make financial decisions that align with your values. Once you align those two it really can make financial decisions easier and will generally serve you much better in the long run. How do you make money more than just paper? Check out Shannon’s post and you’ll be well on your way to figuring that out.
Other Blog Posts That Ruled
4 Decisions That Will Cost You a Fortune on Krant Cents
Resist the Urge to Upgrade Furnishings in Your New Home on Money Life and More
Odd Search Terms
Are rich people really rich…No, they’re just lying!
Get rich quick penny stocks…You don’t need penny stocks when you could be playing the lottery!
Has WalMart gotten better…Let me think…NO!
How to become rich fast with no money…knock over some ATM’s (I kid, I kid)
How to become Irish…Isn’t everyone a little Irish?!
I am 62 and only have $50k saved, what do I invest in…Horse racing! (I kid, I kid)
Wake up scratching my head…Must be those damned lice again!
What are your thoughts? How do you balance having a hobby and saving for retirement? Do you have anything fun planned for the weekend?
Photo courtesy of: TheeErin