Author: Lou Carlozo

We all know that retirement presents probably the greatest financial challenge of our lifetimes. And we also know that the money worries certainly won’t go away once we’re actually done with careers and ready to relax.

But retirement is also full of hidden life lessons that go beyond money.

Don’t miss

• Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how
• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now

According to a study from the National Library of Medicine, retirees are more likely to experience depression compared to older Americans still in the workforce.

Here are a few surprising things you may encounter during the first six months of your new adventure that have little-to-nothing to do with finances.

You’ll probably be bored

Let’s say you fall into an enviable category: the healthy, active and financially-secure retiree. Even then, you may find yourself bored out of your skull once you’re officially out of the workforce.

If you’re looking down Retirement Road and aren’t exactly thrilled to see an endless trail of crossword puzzles, daily errands and scrolling through Facebook ahead of you, there’s a light at the end of the tunnel.

What to do: Find (or rediscover) a passion project. Retirement is a time to take on fun and engaging challenges you’ve always put to the side. You also have an opportunity to revisit parts of your life that you “retired” long before you left your career.

If you find you miss workplace camaraderie, connecting with old and new friends can provide comfort and even restore a sense of purpose.

Physical exercise or spending time in nature can also go a long way toward easing your anxiety or depression. Regardless of age or possible mobility limits, even 30 minutes of gentle activity can go a long way.

Your relationship with your partner will change

Retired people are often startled to find how much time they can now spend with their partners — which can be a good or bad thing. Newfound annoyances or old grievances can resurface, along with other issues — such as relationship neglect.

It may begin to feel like you hardly know what to say to this veritable stranger you’ve lived with most of your life. Addressing any potential problems head-on during those early months of retirement are pivotal to the health of your relationships status.

What to do: Put time into your relationships. Now that you have more free time on your hands, you may need to reinvest in your relationship with your partner — but start slowly.

Spend some time rediscovering shared interests or hobbies, plan regular date nights and make sure you divide household labor. However, some experts may advise couples maintain a couple separate interests to keep a healthy balance of personal space and couples activities.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

You’ll feel disoriented

You knew the abrupt lifestyle change was coming, but you didn’t know how you would feel about it. Just as switching office locations or commuter rituals may have thrown you off during your career, going from your regular job routine to none at all can result in feelings of disorientation.

Even “good change” can lead to stress levels that can impact a person’s overall mental health. After all, leaving a decades-long comfort zone makes it harder to deal with your “new normal.”

What to do: Put new routines in place. Start small by considering habits and rituals you can easily create around the home. It may help to visualize what the average week might look like for you, including daily morning walks or weekend hikes. Consider some routines that will get you out of the house: signing up for weekly yoga classes or joining a book club.

“It’s critically important for seniors to develop routines that provide the structure to set daily expectations, form good habits, and dedicate time to self-care,” wrote Chris Orestis, host of the Retirement Genius podcast.

You may feel anxious and stressed

Let’s face it, a career can be a healthy distraction from your life outside the 9-to-5. Although workplace stress can certainly wreck havoc on your health, too, now you suddenly have more time to sit with your thoughts.

Perhaps you’re wondering how you’ll manage financially on a fixed income or you’re coping with declining health or mobility.

According to a Nationwide Peak Retirement report, almost a third (32%) of respondents admitted they didn’t feel financially comfortable.

What to do: Revisit your budget. It might be time to rework your monthly spending and shore up those savings in light of your retirement. Look for ways to curb your spending (dining out less or downgrading your vehicle) and tighten your budget (canceling subscriptions).

According to Fidelity’s 2024 State of Retirement Planning survey, 57% of Americans said their retirement will include working — at least part-time.

Whether you choose to continue working in some capacity for the social aspect — like this 101-year-old woman in Ohio — or because you need another source of income, you might want to consider a side hustle to bring in that additional cash.

Not sure where to start? Some of the best side hustles for seniors that allow for plenty of flexibility and possible social connections include freelance writing (or editing), dog walking, being a tour guide or selling handcrafted items on Etsy.

What to read next

• You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here’s how
• Rich, young Americans are ditching the stormy stock market — here are the alternative assets they’re banking on instead

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

First things first, let’s partially bust the myth: Benjamin Franklin never exactly said, “A penny saved is a penny earned.”

What he actually wrote, in his 1737 edition of “Poor Richard’s Almanack,” was “A penny saved is two pence clear.”

If only he knew how right he was: a penny saved in 1737 would be worth 79 cents today, according to the Official Data Foundation.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now

Among the many things he said about personal finance, these four are drawn from “The Way to Wealth,” a collection of adages and advice published in 1758 that were imparted in previous “Almanack” writings.

Be frugal

“We must add frugality, if we would make our industry more certainly successful,” Franklin wrote. "You may think , perhaps, that a little tea or a little punch now and then, diet a little more costly, clothes a little finer, and a little entertainment now and then, can be no great matter, but remember, many a little makes a mickle. Beware of little expenses. A small leak will sink a great ship."

The most recent figures from the U.S. Bureau of Labor Statistics show that, in 2022, Americans spent 10.9% more on apparel and services, including 18.8% more on footwear, than the previous year. While that’s not the same as splurging on a sea cruise, ask yourself whether slowly filling your closet points to a spending problem — that proverbial capsizing ship. Or, as Franklin lamented, “When you have bought one fine thing, you must buy 10 more.”

Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

Avoid debt

Franklin did not mince words with this tidbit: “Think what you do when you run in debt; you give to another power over your liberty.”

According to the Consumer Financial Protection Bureau, financial institutions super-boosted credit-card APRs from 12.9% in late 2013 to 22.8% in 2023, seizing on the opportunity to profit off interest charged to borrowers.

Following Franklin’s advice, spending less than you make works best. Here’s his literal food for thought: “Rather go to bed supperless than rise in debt.”

No pain, no gain

“There are no gains without pains,” he wrote.

And you thought some buff weightlifter made this up. Franklin was vocal about the dangers of sloth (including excess sleep) and urged people to pursue wealth through industriousness. He cites a gripe as common then as now among people who struggle with money: high taxes. But wishing for outside factors to change, he argued, is never as effective as taking charge through diligence.

“He that lives upon hope will die fasting,” Franklin wrote, while the industrious “shall never starve … at the working man’s house hunger looks in, but dares not enter.”

Consider Franklin’s counsel as an invitation to find and maintain income streams beyond your day job. Maybe start a side hustle out of your home and grow it from there.

Save while you can

While it’s hard to imagine your financial adviser speaking in couplets, Franklin’s wisdom rested in sayings that were catchy, not preachy. On saving, he opined: “For age and want, save while you may; no morning sun lasts a whole day.”

An excellent savings vehicle that follows Franklin’s fondness for investing is an employer-sponsored retirement plan. This need not be a painful paperwork exercise, as many workplaces now offer automatic enrollment plans. Workers with access to such plans saved an average of 12.3%, a number that includes company matches, according to the 2024 Vanguard report “How America Saves.”

For all Franklin’s sage advice, he signed off in “The Way to Wealth” by suggesting, with wit and resignation, that people exposed to it would likely still rather blow their money on stuff:

“The people heard it, and approved the doctrine, and immediately practiced the contrary, just as if it had been a common sermon; for the [public auction] opened, and they began to buy extravagantly.”

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid?
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Whether they want to admit it, Americans have an abiding obsession with wealth and status. Who’s up? Who’s down? Where do I fit on the ladder of success?

Codie Sanchez — who has close to 400,000 followers on LinkedIn — has garnered more than 18,000 likes on an Instagram reel from October 2024 in which she outlines four ways to weigh whether your wealth and status pass the litmus test.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now

In her 40-second video, titled “These 4 Things Shape Your Wealth,” Sanchez blasts through each point at breakneck speed. But we’ve slowed it down with some context, including some contrarian viewpoints that still allow room for the best aspects of Sanchez’s approach.

The four-way litmus test

Here are the four dimensions of status and financial success as Sanchez identifies them:

Where you live

Codie’s catchphrase: “Your partners, taxes, assets, quality of life and opportunities all are largely driven by this one choice.”

This point works for both expensive and bargain locations. If you live in Texas, for example, you’ll save on state income tax. In Galveston, beachfront homes on the Gulf of Mexico go for as little as $255,000; more than 1,400 people moved to Galveston from Los Angeles between September and November of 2024.

Yet L.A., while much more costly, offers unrivaled access to Hollywood’s ritzy entertainment industry. Sanchez doesn’t specify which direction to take, only that it’s an important decision to make when considering wealth and status.

Who your friends are

Codie’s catchphrase: “You don’t need friends, you need allies.”

That old saw about the company you keep has obvious implications. Both at work and out on the town, those with high standing and earning power tend to welcome ever-present newcomers into their orbit. The key, as Sanchez sees it, is to focus on which ones will cheer you on and support efforts to better yourself — which hints at wealth of a different kind.

Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

Who you marry

Codie’s catchphrase: “Marry someone who pushes you towards your goals.”

Sanchez points to the way positive couples build each other up and encourage mutual success. The key is to remember that two people in a relationship will often have career and life goals, both as individuals and as a couple, writes David Khalili, a licensed marriage and family therapist. Keeping those goals congruent means couples are communicating well, another foundational quality for abundance in marriage and beyond.

What you spend your time on

Codie’s catchphrase: “If you can decrease the amount of time you have thinking about an idea to actually taking action on that idea, your life will change.”

This sentiment is nothing new, but still hits home. Sanchez echoes the writings of German polymath Johann Wolfgang von Goethe, who once famously said, “knowing is not enough; we must apply. Willing is not enough; we must do.”

In his five-year study of the financial habits of wealthy people, author-CPA Thomas Corley found that nearly 70% of those surveyed write down their goals; 67% set new goals yearly, and 62% set new goals daily.

Writing down goals for the year is akin to creating the ideas that Sanchez speaks of, but jotting down your daily goals and seeing them through could help you take action on those ideas.

A few of Sanchez’s shortcomings

Just because she’s pithy and sharp doesn’t exactly mean Sanchez always hits the mark. For example, she thinks “it’s a myth” that a marriage requires hard work, but there’s plenty of evidence that suggests successful marriages require just that. Simply put, marriages aren’t often successful when they’re put on cruise control.

Sanchez also says that friends who tell you to “slow down” aren’t the ones you need. But what if they’re the same friends who fear you’re succumbing to an out-of-balance work addiction in your pursuit of riches? While exact numbers are hard to pin down, research shows that workaholism affects between 27% and 30% of the gainfully employed, and burning out at the office can potentially lead to a lack of wealth in other areas of life.

There’s little doubt Sanchez inspires a great many followers. One Instagram user even noted, “Boy do I wish I had this presented to me 25 years ago!!!! My life would have looked VERY different!” But you’d be wise to look further into Sanchez’s rapid-fire wealth and status tips and evaluate how they might apply to you before taking them at face value.

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid?
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We all know that retirement presents probably the greatest financial challenge of our lifetimes. And we also know that the money worries certainly won’t go away once we’re actually done with careers and ready to relax.

But retirement is also full of hidden life lessons that go beyond money.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now

According to a study from the National Library of Medicine, retirees are more likely to experience depression compared to older Americans still in the workforce.

Here are a few surprising things you may encounter during the first six months of your new adventure that have little-to-nothing to do with finances.

You’ll probably be bored

Let’s say you fall into an enviable category: the healthy, active and financially-secure retiree. Even then, you may find yourself bored out of your skull once you’re officially out of the workforce.

If you’re looking down Retirement Road and aren’t exactly thrilled to see an endless trail of crossword puzzles, daily errands and scrolling through Facebook ahead of you, there’s a light at the end of the tunnel.

What to do: Find (or rediscover) a passion project. Retirement is a time to take on fun and engaging challenges you’ve always put to the side. You also have an opportunity to revisit parts of your life that you “retired” long before you left your career.

If you find you miss workplace camaraderie, connecting with old and new friends can provide comfort and even restore a sense of purpose.

Physical exercise or spending time in nature can also go a long way toward easing your anxiety or depression. Regardless of age or possible mobility limits, even 30 minutes of gentle activity can go a long way.

Your relationship with your partner will change

Retired people are often startled to find how much time they can now spend with their partners — which can be a good or bad thing. Newfound annoyances or old grievances can resurface, along with other issues — such as relationship neglect.

It may begin to feel like you hardly know what to say to this veritable stranger you’ve lived with most of your life. Addressing any potential problems head-on during those early months of retirement are pivotal to the health of your relationships status.

What to do: Put time into your relationships. Now that you have more free time on your hands, you may need to reinvest in your relationship with your partner — but start slowly.

Spend some time rediscovering shared interests or hobbies, plan regular date nights and make sure you divide household labor. However, some experts may advise couples maintain a couple separate interests to keep a healthy balance of personal space and couples activities.

Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

You’ll feel disoriented

You knew the abrupt lifestyle change was coming, but you didn’t know how you would feel about it. Just as switching office locations or commuter rituals may have thrown you off during your career, going from your regular job routine to none at all can result in feelings of disorientation.

Even “good change” can lead to stress levels that can impact a person’s overall mental health. After all, leaving a decades-long comfort zone makes it harder to deal with your “new normal.”

What to do: Put new routines in place. Start small by considering habits and rituals you can easily create around the home. It may help to visualize what the average week might look like for you, including daily morning walks or weekend hikes. Consider some routines that will get you out of the house: signing up for weekly yoga classes or joining a book club.

“It’s critically important for seniors to develop routines that provide the structure to set daily expectations, form good habits, and dedicate time to self-care,” wrote Chris Orestis, host of the Retirement Genius podcast.

You may feel anxious and stressed

Let’s face it, a career can be a healthy distraction from your life outside the 9-to-5. Although workplace stress can certainly wreck havoc on your health, too, now you suddenly have more time to sit with your thoughts.

Perhaps you’re wondering how you’ll manage financially on a fixed income or you’re coping with declining health or mobility.

According to a Nationwide Peak Retirement report, almost a third (32%) of respondents admitted they didn’t feel financially comfortable.

What to do: Revisit your budget. It might be time to rework your monthly spending and shore up those savings in light of your retirement. Look for ways to curb your spending (dining out less or downgrading your vehicle) and tighten your budget (canceling subscriptions).

According to Fidelity’s 2024 State of Retirement Planning survey, 57% of Americans said their retirement will include working — at least part-time.

Whether you choose to continue working in some capacity for the social aspect — like this 101-year-old woman in Ohio — or because you need another source of income, you might want to consider a side hustle to bring in that additional cash.

Not sure where to start? Some of the best side hustles for seniors that allow for plenty of flexibility and possible social connections include freelance writing (or editing), dog walking, being a tour guide or selling handcrafted items on Etsy.

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid?
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

First things first, let’s partially bust the myth: Benjamin Franklin never exactly said, “A penny saved is a penny earned.”

What he actually wrote, in his 1737 edition of “Poor Richard’s Almanack,” was “A penny saved is two pence clear.”

If only he knew how right he was: a penny saved in 1737 would be worth 79 cents today, according to the Official Data Foundation.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Among the many things he said about personal finance, these four are drawn from “The Way to Wealth,” a collection of adages and advice published in 1758 that were imparted in previous “Almanack” writings.

Be frugal

“We must add frugality, if we would make our industry more certainly successful,” Franklin wrote. "You may think , perhaps, that a little tea or a little punch now and then, diet a little more costly, clothes a little finer, and a little entertainment now and then, can be no great matter, but remember, many a little makes a mickle. Beware of little expenses. A small leak will sink a great ship."

The most recent figures from the U.S. Bureau of Labor Statistics show that, in 2022, Americans spent 10.9% more on apparel and services, including 18.8% more on footwear, than the previous year. While that’s not the same as splurging on a sea cruise, ask yourself whether slowly filling your closet points to a spending problem — that proverbial capsizing ship. Or, as Franklin lamented, “When you have bought one fine thing, you must buy 10 more.”

Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

Avoid debt

Franklin did not mince words with this tidbit: “Think what you do when you run in debt; you give to another power over your liberty.”

According to the Consumer Financial Protection Bureau, financial institutions super-boosted credit-card APRs from 12.9% in late 2013 to 22.8% in 2023, seizing on the opportunity to profit off interest charged to borrowers.

Following Franklin’s advice, spending less than you make works best. Here’s his literal food for thought: “Rather go to bed supperless than rise in debt.”

No pain, no gain

“There are no gains without pains,” he wrote.

And you thought some buff weightlifter made this up. Franklin was vocal about the dangers of sloth (including excess sleep) and urged people to pursue wealth through industriousness. He cites a gripe as common then as now among people who struggle with money: high taxes. But wishing for outside factors to change, he argued, is never as effective as taking charge through diligence.

“He that lives upon hope will die fasting,” Franklin wrote, while the industrious “shall never starve … at the working man’s house hunger looks in, but dares not enter.”

Consider Franklin’s counsel as an invitation to find and maintain income streams beyond your day job. Maybe start a side hustle out of your home and grow it from there.

Save while you can

While it’s hard to imagine your financial adviser speaking in couplets, Franklin’s wisdom rested in sayings that were catchy, not preachy. On saving, he opined: “For age and want, save while you may; no morning sun lasts a whole day.”

An excellent savings vehicle that follows Franklin’s fondness for investing is an employer-sponsored retirement plan. This need not be a painful paperwork exercise, as many workplaces now offer automatic enrollment plans. Workers with access to such plans saved an average of 12.3%, a number that includes company matches, according to the 2024 Vanguard report “How America Saves.”

For all Franklin’s sage advice, he signed off in “The Way to Wealth” by suggesting, with wit and resignation, that people exposed to it would likely still rather blow their money on stuff:

“The people heard it, and approved the doctrine, and immediately practiced the contrary, just as if it had been a common sermon; for the [public auction] opened, and they began to buy extravagantly.”

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Whether they want to admit it, Americans have an abiding obsession with wealth and status. Who’s up? Who’s down? Where do I fit on the ladder of success?

Codie Sanchez — who has close to 400,000 followers on LinkedIn — has garnered more than 18,000 likes on an Instagram reel from October 2024 in which she outlines four ways to weigh whether your wealth and status pass the litmus test.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

In her 40-second video, titled “These 4 Things Shape Your Wealth,” Sanchez blasts through each point at breakneck speed. But we’ve slowed it down with some context, including some contrarian viewpoints that still allow room for the best aspects of Sanchez’s approach.

The four-way litmus test

Here are the four dimensions of status and financial success as Sanchez identifies them:

Where you live

Codie’s catchphrase: “Your partners, taxes, assets, quality of life and opportunities all are largely driven by this one choice.”

This point works for both expensive and bargain locations. If you live in Texas, for example, you’ll save on state income tax. In Galveston, beachfront homes on the Gulf of Mexico go for as little as $255,000; more than 1,400 people moved to Galveston from Los Angeles between September and November of 2024.

Yet L.A., while much more costly, offers unrivaled access to Hollywood’s ritzy entertainment industry. Sanchez doesn’t specify which direction to take, only that it’s an important decision to make when considering wealth and status.

Who your friends are

Codie’s catchphrase: “You don’t need friends, you need allies.”

That old saw about the company you keep has obvious implications. Both at work and out on the town, those with high standing and earning power tend to welcome ever-present newcomers into their orbit. The key, as Sanchez sees it, is to focus on which ones will cheer you on and support efforts to better yourself — which hints at wealth of a different kind.

Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

Who you marry

Codie’s catchphrase: “Marry someone who pushes you towards your goals.”

Sanchez points to the way positive couples build each other up and encourage mutual success. The key is to remember that two people in a relationship will often have career and life goals, both as individuals and as a couple, writes David Khalili, a licensed marriage and family therapist. Keeping those goals congruent means couples are communicating well, another foundational quality for abundance in marriage and beyond.

What you spend your time on

Codie’s catchphrase: “If you can decrease the amount of time you have thinking about an idea to actually taking action on that idea, your life will change.”

This sentiment is nothing new, but still hits home. Sanchez echoes the writings of German polymath Johann Wolfgang von Goethe, who once famously said, “knowing is not enough; we must apply. Willing is not enough; we must do.”

In his five-year study of the financial habits of wealthy people, author-CPA Thomas Corley found that nearly 70% of those surveyed write down their goals; 67% set new goals yearly, and 62% set new goals daily.

Writing down goals for the year is akin to creating the ideas that Sanchez speaks of, but jotting down your daily goals and seeing them through could help you take action on those ideas.

A few of Sanchez’s shortcomings

Just because she’s pithy and sharp doesn’t exactly mean Sanchez always hits the mark. For example, she thinks “it’s a myth” that a marriage requires hard work, but there’s plenty of evidence that suggests successful marriages require just that. Simply put, marriages aren’t often successful when they’re put on cruise control.

Sanchez also says that friends who tell you to “slow down” aren’t the ones you need. But what if they’re the same friends who fear you’re succumbing to an out-of-balance work addiction in your pursuit of riches? While exact numbers are hard to pin down, research shows that workaholism affects between 27% and 30% of the gainfully employed, and burning out at the office can potentially lead to a lack of wealth in other areas of life.

There’s little doubt Sanchez inspires a great many followers. One Instagram user even noted, “Boy do I wish I had this presented to me 25 years ago!!!! My life would have looked VERY different!” But you’d be wise to look further into Sanchez’s rapid-fire wealth and status tips and evaluate how they might apply to you before taking them at face value.

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

First things first, let’s partially bust the myth: Benjamin Franklin never exactly said, “A penny saved is a penny earned.”

What he actually wrote, in his 1737 edition of “Poor Richard’s Almanack,” was “A penny saved is two pence clear.”

If only he knew how right he was: a penny saved in 1737 would be worth 79 cents today, according to the Official Data Foundation.

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Among the many things he said about personal finance, these four are drawn from “The Way to Wealth,” a collection of adages and advice published in 1758 that were imparted in previous “Almanack” writings.

Be frugal

“We must add frugality, if we would make our industry more certainly successful,” Franklin wrote. "You may think , perhaps, that a little tea or a little punch now and then, diet a little more costly, clothes a little finer, and a little entertainment now and then, can be no great matter, but remember, many a little makes a mickle. Beware of little expenses. A small leak will sink a great ship."

The most recent figures from the U.S. Bureau of Labor Statistics show that, in 2022, Americans spent 10.9% more on apparel and services, including 18.8% more on footwear, than the previous year. While that’s not the same as splurging on a sea cruise, ask yourself whether slowly filling your closet points to a spending problem — that proverbial capsizing ship. Or, as Franklin lamented, “When you have bought one fine thing, you must buy 10 more.”

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Avoid debt

Franklin did not mince words with this tidbit: “Think what you do when you run in debt; you give to another power over your liberty.”

According to the Consumer Financial Protection Bureau, financial institutions super-boosted credit-card APRs from 12.9% in late 2013 to 22.8% in 2023, seizing on the opportunity to profit off interest charged to borrowers.

Following Franklin’s advice, spending less than you make works best. Here’s his literal food for thought: “Rather go to bed supperless than rise in debt.”

No pain, no gain

“There are no gains without pains,” he wrote.

And you thought some buff weightlifter made this up. Franklin was vocal about the dangers of sloth (including excess sleep) and urged people to pursue wealth through industriousness. He cites a gripe as common then as now among people who struggle with money: high taxes. But wishing for outside factors to change, he argued, is never as effective as taking charge through diligence.

“He that lives upon hope will die fasting,” Franklin wrote, while the industrious “shall never starve … at the working man’s house hunger looks in, but dares not enter.”

Consider Franklin’s counsel as an invitation to find and maintain income streams beyond your day job. Maybe start a side hustle out of your home and grow it from there.

Save while you can

While it’s hard to imagine your financial adviser speaking in couplets, Franklin’s wisdom rested in sayings that were catchy, not preachy. On saving, he opined: “For age and want, save while you may; no morning sun lasts a whole day.”

An excellent savings vehicle that follows Franklin’s fondness for investing is an employer-sponsored retirement plan. This need not be a painful paperwork exercise, as many workplaces now offer automatic enrollment plans. Workers with access to such plans saved an average of 12.3%, a number that includes company matches, according to the 2024 Vanguard report “How America Saves.”

For all Franklin’s sage advice, he signed off in “The Way to Wealth” by suggesting, with wit and resignation, that people exposed to it would likely still rather blow their money on stuff:

“The people heard it, and approved the doctrine, and immediately practiced the contrary, just as if it had been a common sermon; for the [public auction] opened, and they began to buy extravagantly.”

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We all know that retirement presents probably the greatest financial challenge of our lifetimes. And we also know that the money worries certainly won’t go away once we’re actually done with careers and ready to relax.

But retirement is also full of hidden life lessons that go beyond money.

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• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

According to a study from the National Library of Medicine, retirees are more likely to experience depression compared to older Americans still in the workforce.

Here are a few surprising things you may encounter during the first six months of your new adventure that have little-to-nothing to do with finances.

You’ll probably be bored

Let’s say you fall into an enviable category: the healthy, active and financially-secure retiree. Even then, you may find yourself bored out of your skull once you’re officially out of the workforce.

If you’re looking down Retirement Road and aren’t exactly thrilled to see an endless trail of crossword puzzles, daily errands and scrolling through Facebook ahead of you, there’s a light at the end of the tunnel.

What to do: Find (or rediscover) a passion project. Retirement is a time to take on fun and engaging challenges you’ve always put to the side. You also have an opportunity to revisit parts of your life that you “retired” long before you left your career.

If you find you miss workplace camaraderie, connecting with old and new friends can provide comfort and even restore a sense of purpose.

Physical exercise or spending time in nature can also go a long way toward easing your anxiety or depression. Regardless of age or possible mobility limits, even 30 minutes of gentle activity can go a long way.

Your relationship with your partner will change

Retired people are often startled to find how much time they can now spend with their partners — which can be a good or bad thing. Newfound annoyances or old grievances can resurface, along with other issues — such as relationship neglect.

It may begin to feel like you hardly know what to say to this veritable stranger you’ve lived with most of your life. Addressing any potential problems head-on during those early months of retirement are pivotal to the health of your relationships status.

What to do: Put time into your relationships. Now that you have more free time on your hands, you may need to reinvest in your relationship with your partner — but start slowly.

Spend some time rediscovering shared interests or hobbies, plan regular date nights and make sure you divide household labor. However, some experts may advise couples maintain a couple separate interests to keep a healthy balance of personal space and couples activities.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

You’ll feel disoriented

You knew the abrupt lifestyle change was coming, but you didn’t know how you would feel about it. Just as switching office locations or commuter rituals may have thrown you off during your career, going from your regular job routine to none at all can result in feelings of disorientation.

Even “good change” can lead to stress levels that can impact a person’s overall mental health. After all, leaving a decades-long comfort zone makes it harder to deal with your “new normal.”

What to do: Put new routines in place. Start small by considering habits and rituals you can easily create around the home. It may help to visualize what the average week might look like for you, including daily morning walks or weekend hikes. Consider some routines that will get you out of the house: signing up for weekly yoga classes or joining a book club.

“It’s critically important for seniors to develop routines that provide the structure to set daily expectations, form good habits, and dedicate time to self-care,” wrote Chris Orestis, host of the Retirement Genius podcast.

You may feel anxious and stressed

Let’s face it, a career can be a healthy distraction from your life outside the 9-to-5. Although workplace stress can certainly wreck havoc on your health, too, now you suddenly have more time to sit with your thoughts.

Perhaps you’re wondering how you’ll manage financially on a fixed income or you’re coping with declining health or mobility.

According to a Nationwide Peak Retirement report, almost a third (32%) of respondents admitted they didn’t feel financially comfortable.

What to do: Revisit your budget. It might be time to rework your monthly spending and shore up those savings in light of your retirement. Look for ways to curb your spending (dining out less or downgrading your vehicle) and tighten your budget (canceling subscriptions).

According to Fidelity’s 2024 State of Retirement Planning survey, 57% of Americans said their retirement will include working — at least part-time.

Whether you choose to continue working in some capacity for the social aspect — like this 101-year-old woman in Ohio — or because you need another source of income, you might want to consider a side hustle to bring in that additional cash.

Not sure where to start? Some of the best side hustles for seniors that allow for plenty of flexibility and possible social connections include freelance writing (or editing), dog walking, being a tour guide or selling handcrafted items on Etsy.

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.