This week’s theme on the Retirement Quick Tips Podcast is: The Downside of Being Wealthy

Today, I’m talking about another big downside of being wealthy - the overly complicated life. When you’re wealthy and you have a lot of assets, many people fall into the trap of overcomplicating their lives. They might have a vacation home, multiple rental properties, a boat, more cars than drivers in the household, and while real estate and acquiring certain assets can enrich your life, it’s also more stuff to clean, fix when it breaks, replace when it wears out, etc. 

If you’ve ever been to central Oregon, it’s absolutely beautiful. When most people think of Oregon, they think of rain. But central Oregon is the high desert, and Bend, OR boasts that they have 300 days a year of sunshine. That plus mountains, rivers, and lakes, and all four seasons make central Oregon a beautiful place that is definitely worth a visit if you like the outdoors. 

Bend is about a 3 hour drive from our home, so we usually make it there once a year. It’s fun to visit in the winter when there’s snow, and in the summer when it’s warm and sunny. My husband and I have talked about maybe buying a vacation rental there someday, but the more I think about it, the less appealing it becomes. 

As much as I would love to have our own place there to take our family, and daydream about snowshoeing in the winter, playing outside in the pool and golfing in the summer, and just having a relaxing place to make memories together, I think I’ve talked myself out of buying a place there. 

We can rent there a couple weeks a year, save a lot of money, and still get maybe 75% of the benefit of owning a place without the added expense and hassle of mortgage, taxes, repairs, renting it out to try to make some income on it, etc. 

So even if you have a lot of assets and can afford the rental property, the vacation home, or the boat, or just more stuff in general, it doesn't mean that it’s something you should do. Or that it’s even a good thing. It might make you unhappier as a result because you’ve unnecessarily complicated your life and created more headaches for yourself. 

That’s why I prefer owning good quality stocks, because they make you a lot of money over time, and there’s nothing to fix and no problem tenants that require months and thousands of dollars to evict. 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.    

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance