Barbara Corcoran's 5 Warning Signs You're Not Ready to Retire

There's no doubt that Barbara Corcoran, the well-known entrepreneur from the TV show Shark Tank, has an unconventional view of money and building wealth. However, she has shared many money philosophies throughout her media interviews that many people can use in their own lives.

Here are some warning signs that you may not be ready to retire, along with money mistakes to avoid, adapted from Corcoran's advice for entrepreneurs.

You're waiting for the perfect time that may never come

Corcoran is a huge proponent of taking action. She explains that she's made many decisions, even if she didn't feel ready at the time. Sometimes, she explains that people wait for the perfect moment, but it may never come. If you want to retire soon, you may be waiting on a specific number in your bank account or a certain number of career accomplishments to check off. However, there really isn't a perfect time. Retiring is a transition from your working life to a life where your time is yours. It does require planning, but often, there's no ideal moment to take the leap.

You don't know your own financial numbers

Corcoran also explains that an important part of her work as an investor is financial discipline. She explains that people need to know all of their financial numbers, including their income, debt, savings, and investments. In fact, she says that she gives every company she invests in a report card every 6 months. Understanding and having a deep knowledge of your financial numbers can help you prepare for retirement. If you don't know your own numbers, you may not be ready to retire yet.

You're frozen by your regrets over past money mistakes

Maybe you want to retire, but you're not sure what steps to take because you've made money mistakes in the past. Making mistakes, especially later in your financial career, can be paralyzing. However, Corcoran says procrastination is the enemy. So, try not to put off getting your money in order, looking at your accounts, and facing past mistakes. If you've been putting off learning about your money, investment options, or calculating how much you need to live on in retirement, Corcoran would encourage you to get to it. She also advises people not to let fear hold them back.

You don't spend less than you make

Corcoran has some unconventional money advice, but one of her biggest rules is to spend less than you make, which is surprisingly straightforward. She has been quoted as saying that it's challenging to build wealth if you're constantly playing catch-up. Having debt can prevent you from investing and growing the nest egg that you'll need to live off of in retirement. For that reason, working hard to pay down debt, especially high-interest debt, and monitoring your spending can help prepare you for your retirement years.

You don't know where you want to live in retirement

Corcoran initially made her millions by working in real estate and selling her real estate company for $66 million. She says that people need to do their research online if they don't know where to live in retirement. Corcoran explains that if you have a place that might appeal to you, visit it for at least two long-weekend vacations so you can truly understand what it may be like to live there full-time. Deciding where to live in retirement isn't something you should rush, so don't be afraid to take time to make your decision.

Corcoran's advice might not work for everyone who wants to retire soon

Of course, Corcoran's advice may not work for everyone, especially those who want to retire soon. After all, Barbara made her millions from big, bold risk-taking moves. For most people, adjusting investments to be more conservative as they near retirement is typically a better approach. When you're younger, you have the time and the income to recover from financial mistakes. The closer you get to retirement, the harder it is to recover. So, if her advice doesn't resonate with you, that's more than okay.

Where to get help with your financial questions

If you're not sure about the next steps to take to prepare for retirement, make an appointment with a financial planner. A financial planner can look at your current income and retirement savings and make suggestions that cater to your needs and plan for your future retirement. Financial planners can also help you avoid money mistakes and complete necessary tasks to prepare for your transition to your golden years.

Bottom line

Barbara Corcoran is well known for her unconventional advice, but it's her personality and take on life that has made her a famous, wealthy woman. Remember, if you need help creating a retirement plan, work with a financial advisor to get personalized advice. And if any of Corcoran's advice above resonates with you, consider taking hers too.

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