Even when you’re 50 years old, you can still retire financially comfortably without any trouble, but it is now the time to take action, if you want to make a difference.
00:00 why starting in your 50s is still just fine
Not everybody started their investment journey in their 20s, and are financially free in their 30s, but there is still a huge group. In their 50s, that also want to join the ride. And the question is: how? Well, that’s why I created these 4 lessons you should absolutely check out, when you’re only in your 50s and want to become financially free as well!
01:21 money lesson #1: being too conservative
Although you might believe that your time for work will end soon, as there will be like 10-15 more years left to work, before you can retire… That is actually not completely true, as… Yes, I get it that you’ve probably worked for more than 20 years… But remember, when you retire at 65, you still have many years to go. You can still let your money work for you, for the next coming 10-15 years.. Before you stop working, and by then, you can still let money work, but it just doesn’t get a new boost monthly from salary or anything. So holding yourself back now, isn’t going to help.
Investing your money in things like bonds, is also useless… Because you can still take action on how to grow your money faster. Bonds are slow. We don’t need slow and steady. We need fast and bumpy :)
Tip one, get rid of that brake, and start taking action now. It is still not too late!
04:23 money lesson #2: still having (bad) debts
Most people in their 50s, when they have kids… They have adult kids now.. Going to college, needing money from their parents. All nice and tidy, but in the end… You would also like to spend your own money, and before you know it, you’re taking on all these debts, that you need to pay off… And when you are in your 50s, you don’t want to be paying off all these debts, and if you are.. Be sure to get rid of those bad debts first, in your 50s, you should have money laying around for the future, not living from paycheck to paycheck. If you’re paying off your mortgage or so, that’s fine; but I do hope that you are in your end phase of paying that off. But if you can, do not go into new bad debts… Those situations will get you only further away from your retirement plan. Getting into good debt, is fine, as it is creating passive income for you, and generating money over time. So don’t let that boat eat into your financial wallet.
06:08 money lesson #3: not investing for your 60s/70s/80s/90s
It sounds rather silly maybe, but when you’re only in your 50s, your work years, may be ending in 10-15 years… But your life isn’t. According to the social security administration of the us, over 90% of people will turn 60 years old, and over 70% of people will become 70 years old, and 65% will be able to become 80 years old, and even 25% will achieve 90 years old. So you becoming old, and waiting for retirement money to come in, is more likely, than you dieing at the age of 65. So, be sure to have some money ready by then… Because you living up to 80 or even 90 years old… Is rather big.
09:49 money lesson #4: panicking for market dips
Now, you dont need to worry about market dips, bear markets come and go. Just be ready, with a strategy to manage them.
12:52 how to get started!
