I Retired 5 Years Ago: Here Are 5 Money Moves I Should Have Made
George Yang spent his entire life and career designing, producing, marketing and selling health and fitness equipment. He founded two companies, Yanre Fitness, which produces gym equipment, and Oxygenark, which sells hyperbaric chambers. His companies have a presence in both the United States and China, and his years of dedication and hard work allowed him to step back and take what is now a mostly passive role.
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“I’m now enjoying retirement after a fulfilling career in the health and fitness industry,” said Yang. “I’ve had ample time to reflect on the financial decisions that shaped my journey.”
Despite his success, the benefit of hindsight has helped him recognize several regrettable missteps he made during that journey.
“Reflecting on these experiences, I hope to offer actionable advice to those navigating their pre-retirement years, emphasizing the importance of strategic financial planning and timely actions,” said Yang.
Here are a few money moves he would have made before retirement if he could go back and do it all over again.
He Would Have Eliminated Debt Before Calling It Quits
Yang was financially secure upon retiring, but he made the mistake of underestimating the burden of the loans he failed to pay off before stepping aside from his businesses — particularly considering the international nature of his life and career.
“One aspect of my financial journey I would have adjusted is prioritizing debt elimination earlier,” he said. “In the competitive business environment of China, where market dynamics are fast-changing, carrying less debt could have provided greater agility and security. Clearing debts early, especially those with high interest, is crucial to ensuring financial freedom in retirement.”
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He Would Have Given His Business Career an Earlier Start
The more time entrepreneurs give themselves to learn, grow, fail and succeed, the more skillful and effective business leaders they’ll become. Yang got a late jump, and if he could go back, he would become a founder earlier in life.
“Starting my businesses later in my career was a challenge,” he said. “In a bustling entrepreneurial environment, having more time to navigate market changes and consumer trends would have been advantageous. This would have allowed me to establish a stronger foothold and enjoy a more prolonged period of profitability before retiring.”
He Stayed Fit, but There’s No Such Thing as Too Much Good Health
Yang dedicated his life to designing, creating, making and selling health and fitness equipment — and he made sure to invest in his own physical and mental well-being along the way. What he’s learned in retirement is that while health is more important than money, the two are intimately connected, particularly in later life — and if he could go back, he would commit to physical and mental fitness to an even greater extent.
“Maintaining good health is not only vital for personal wellbeing but also for managing health care costs,” said Yang. “My commitment to fitness greatly reduced my medical expenses and ensured that I could enjoy my retirement years actively. Regular exercise and a balanced diet have been my lifelong companions, keeping me fit and decreasing my dependence on health care services.”
He Would Have Downsized to a More Manageable Home Before He Did
Yang clung to a family-sized home long after the nest was empty. Had he traded up for something smaller before he finally decided to move, he could have saved a significant amount of money and freed up time that was squandered on cleaning and maintaining such an unnecessarily large space.
“As my needs changed with children moving out, I realized the benefits of downsizing,” said Yang. “Moving to a smaller home earlier could have significantly lowered my living expenses and increased my savings, freeing up funds for investments and leisure activities, such as traveling both domestically and internationally.”
He Would Have Started Saving and Investing Sooner
Finally, Yang let too much of every investor’s most potent tool slip away — time. While he started saving and investing early enough to achieve security, the nature of compounding and appreciation could have made him a very wealthy man had he just given his holdings a few more years to grow.
“Starting to save and invest aggressively from an earlier age is something I can’t emphasize enough,” he said. “The financial market offers numerous opportunities for growth, and taking advantage of these through a diversified investment portfolio can substantially enhance retirement security. Maximizing contributions to retirement accounts early and exploring various investment avenues ensured a steady income stream and financial stability in my later years.”
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