Broke at 50 - What to do? (3 Steps To Retire)
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- Опубліковано 4 сер 2024
- An email I got said - 50 and Broke. What do I do? This was from a viewer of my channel. Here's my answer - 3 steps for Retirement
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Last week, I got an email from a viewer that read " Broke at 50 - What do I do? " I never responded, so I decided to make a video instead. Retirement planning doesn't have to be difficult. There are 3 simple steps we can take to investing our money and getting back up to speed. The good news, is that 50 years old is still considered young in my perspective. You don't have to be old and broke. Here are the 3 steps to retire.
Step 1 - get money. That's an obvious one that most retirement and personal finance guides are missing. We can do this one of two ways, increasing our income or boosting our savings rate. Start shopping around for competitive rates on everything you pay bills on. This includes, your internet, tv services, memberships, insurances, etc. Next, take up some side hustles on the weekends. The video shows the best side hustles you can do.
Step 2 - Invest. Forget dividend stocks, and/or chasing the next hot stocks in the market. Instead, open up any qualified employer sponsored retirement programs such as 401k, IRA (Roth or Traditional), and/or an HSA. Start maximizing your contribution to the maximum limit. Money you put in here will be better than investing in individual stocks because the rate of return on your money is 100%. Find out our employer's 401k matching limit and max it out.
Specifically, find a plan that has a target date of 2035. I recommend Vanguard's VTTHX ( Vanguard Target Retirement 2035 Fund ). This is one of the best index funds of the broader market with low fees, automatic rebalancing, and massive diversification. Vanguard: investor.vanguard.com/mutual-...
Step 3 - Emergency Savings. Let's protect your nest egg in case of an emergency. During the last recession of '08, as many as 46% who lost their jobs during the unemployment spike liquidated their 401k to pay for necessities. Don't make this same mistake. This can be avoided by doing some preparation work ahead of time and building an emergency savings fund of at least $ 1,000.
Watch the rest of the video to find out more details.
Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment and discussion purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful!
*Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
#retirement #broke #investing
Let me summarize the comment section
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.... "ok boomer"
This comment section has become more like a white board for tragic life events! Any way you could create a Q & A LiVE webinar or video!??? I would be willing to talk about how day trading saved me from financial ruin!!
Thank you. New sub. Hope to learn something from this.
John Lee based on all the comments, I think you “touched” a nerve, that’s why a webinar may be your next step, perhaps before you start coaching!! You may not need the money, but coaches usually earn $100 to $200 per hour, and you can offer the service remotely!!!
Andrei Jikh don’t know what you mean by “ o.k boomer”??? Sounds like your trivializing the enormous PAIN that comes across on some of these tragic stories! Perhaps, the only thing that concerns you are the NUMBER OF VIEWS you get? Perhaps one day, you might find yourself in their shoes...I wonder if numbers would matter so much then...enjoy your moment in the sun, cause it never stays sunny forever...Robert from daytradingwiththelight
@@robertm.-certifieddaytrade4939 really..? LOL somebody's got money to burn.
Great advice. I was 45, worse than broke ( $275,000) in debt, no job, no income, no savings, no credit and two teenagers. Went to work on first job I could find. Side gigs at night and weekends. Spent almost nothing. Went through bankruptcy and mortgage modification. Started 401 k and auto deduct from my paycheck to a savings account. 10 years later and my balance sheet i plus about 25k and climbing. The way to the mountain top begins with the first step
How are you going to live off of 25k for the rest of your life?
@@hopefully2224He has another 10 to 15 years until retirement.
Ignore the pathetic passive aggressive negative remark. Obviously this person doesn't intend on retiring on 25k, the point is that they have wiped out their debt and have made an extra 25k in 10 yrs. In another 10 years they might have another 300 k on top of that. Well done tho!
He is 50 and only has 15 working years left? I'm 63 and still working as a sound tech. I carry 8 and ten foot ladders around construction sites all day. One's health is the best investment a person can make!
Absolutely good health physically and mentally are more important than money. People in other parts of the world live past a 100 and are still working. Most Americans eat poorly and have all kinds of health issues way before their time. I study the longevity experts and believe it's the key to living long and happy.
Everyone can choose to do it! First decide, stop with the lame excuses!
Bravo....well said 🙌.
Even if you can't do hard, physical work, you can still work. I'm 67 and work online. with SS & what I make, I can live pretty well and save a bit. If I wanted to work harder, I could do a lot better, but I like taking it easy.
Health is wealth
I'm broke at 60. So at this point I'm putting myself up for adoption.
any luck with the new parents yet ? ;)
You should sell it as "need a dependent for your taxes?"
Just go to Mexico, then enter the country without documents and you get all the free gibs
L😂
W̶o̶r̶s̶t̶Worse than being broke financially...is to be 'broke' mentally.
This is so true.
I see you never learned grammar.
@@hadmatter9240 silence... You're not suppose to interact.
@@hadmatter9240 The worst thing that can happen is to make things worse...an advice/suggestion would suffice.
@@outsideworld76 Made my day:)
16 years ago, I moved my business and family out of CA (after 44 years).
This was the best financial strategy I have ever made.
@@jmm1817 Trust me. You don't want to compare real estate holdings with me.
@@HawaiianBrian64you're just small time. People with significant wealth don't boast.
Smart move.
just please don't vote for the same bad policies that ruined California in your new home state
Glorious revolutionary humanist socialist people's California.
im 59 in the same boat...not good i spent it taking care of mom,but im happy that i did it....
Thanks Tony
She's in a better place now
I'm glad to know still hope left in this world
Wow, you just wrote my comment.
Well done brother.. you will be taken care of. Decide each day to be in the mind of abundance and care.. declare that your mind and spirit are so full of the aforementioned that there is zero room for fear, anxiety or uncertainty. Also wish peace upon anyone who you have a resentment or ill feeling toward.. no matter who or what the reason. Try this for 14 days. It will work and you will build momentum in the direction of peaceful ascension.
Sorry to hear that Tony, I hope things start to look up for you soon!
This is one thing I've promised my sons they would never have to do, and I intend to keep that promise, no matter what I need to do to do it. Not criticizing you, but I refuse to bankrupt my children.
I'm 50 been unemployed for 6 yrs. No one will look at you in todays world if your over 35.
But he's spot on with his theory..
*The wisest thing that should be on every wise individual's list is to invest in different stream of income and don't depend on the government to bring in money especially now the pandemic is hitting the economy*
You're absolutely right about that 👍
Depending on the government is a big waste
Investment is good but investing in the right thing is the actual key to success
There are so many investment out there but if profits must be considered then not all investments are good to go into.
That's correct the right choice of investment has always been a big problem for me because picking up the wrong investment will leave a big scar in the future.
Thanks for good advice. The funniest thing you said was your Dad is 53 years old and can still do push up and handstands. Wait until you are 53, you will realize how YOUNG 53 is!!
A Mills my dad is 56 and is a construction worker, one of the best on site too ! Lol
A Mills being old is all in the mind. When you believe that you are 50 years old then your body will act like such. But at 50 with young men mentality and body will perceive the same.
I was thinking the same thing! He’s only 53 not dead, lol!! 53 is still pretty young!
I see it from both sides. I'm 57 and I do about 300 push-ups a week (900 last week, thanks to binge-watching over the holidays). But I remember thinking how old and decrepit people in their 50s seemed when I was younger.
Yeah, it's not old at all. It's actually middle-aged. I have some cousins that age and they have a lot of energy and still run around as if they were in their twenties or thirties. He still has much to learn.
Well... Was married 29 years when my mom got sick ( schizophrenia and then cancer ) then got divorce papers served. 10 years looking after her and trying to work as a carpenter as time permitted. basically 10 years and no wage hardly. But God has blessed me, that is for sure. I am 64y.o.ReSingled guy and work as a Remodeling Contractor and there is always plenty of work because everything is falling apart or people want room additions or new kitchens or bathrooms etc... I keep it simple by only having one work truck stocked with tools and one small trailer, small yard barn and a computer. Keep debt free in personal and business. I rent a small commercial lot and park my Home a cargo trailer custom built into a rv 8x8x30 and I use a campervan for travels. One can start over with nothing and grown better by being self employed, You can never be fired, and there is no limit on your income.
Thank you for sharing! Being self employed especially with skilled labor will definitely get you far. Your skill and expertise will always be in demand
This is perhaps one of the best posts here, clever and a very positive one! Yep, self reliance! Good wishes to you!
@Catherine Hazur And yes I am a born again Christian :) walking in the faith daily. I think that all of us go through seasons and changes as we age and figuring out ways to adjust is interesting. I was youtubing and ran into vanlife videos and got the idea for rv`s/campers/van`s etc.. Most were doing the minimalist thing by choice and I found myself forced into the minimalist, HaHa :) but it is all working out.
@@AndreiJikh Well Thank you, and we all kind of have to figure life out as we live through the journey. Fine something that is of interest to you and that you enjoy then go be the best you that you can be at that work.
Dude this is one of the best videos I've ever seen and finished till the end. I'm gonna take your advice I'm 53 and in the same issue . Wish me luck here I come. 👍
You single 💃
He is good. Check out Sheldon Evans! Best crypto UA-camr I recently discovered last year
You are like a Unicorn, I really didnt know people like you existed! Best of Luck!
I'm just 47 and already getting concerned. Plan on working hard from now on and investing, getting rid of beer, cigarettes and all that so I'll be okay later on.
I'm 53 this July and work Midnight's as a security guard. No chance to save money. I'm about 10000 in debt. Life sucks but I just never surrender and take it one day at a time.
I am 54 and like your thinking. God bless you for not giving up, take the 10000 is debt one day at a time.
By small amounts of CryptoCurrency.... it adds up fast. Start with Cardano (ADA)
I'm 67, have been working since 17. I'm drawing SS, $2350 working full time, have no desire to stop. I'm a tugboat Captain in the Houston ship channel, working the Port of Houston, and the Intracoastal waterway from Panama City, Fl. to Corpus Christy, Tx. I make $550.00 a day, and am broke, happy, and don't give a damn about saving a dime. The only thing I own that's paid for is my home. I spend the shit out of everything I make. I, my friends, live life in the moment, because that's ALL we have. I'm the happiest person I know.
What do you spend $550 per day on? Hookers?
@@phoggknight6714 no, I have been happily married for 49 years. We travel, have 6 dogs, 30 rescue cats, chickens, and several vehicles. I have insurance policies for my many grandchildren, and I tip well. You don't have to go to the dark side to have a rich life. Generosity is an attribute, an you can't take it with you.
News flash ... You are not broke.
@@jahmansb you my friend nailed it. If I had saved money from say the 70's, it wouldn't buy hardly 20% of what it did then. The 80's maybe 30%, and so on. I'm rich in things no amount of money can buy. I could liquidate things, or save. I choose to live instead.
It's important to look young. Color your gray hair. Update your clothes, get your wrinkles filled in. Wear contacts instead of glasses. Don't talk about doctors and aches and pains. Be bubbly and energetic. This will be an asset to staying relevant and active and hireable!
grey hair is in vogue. Be yourself
Fake it till you make it, if you don't it's OK to simply give up and take it.😢
Cutting little expenses won't get you there. You need to cut big expenses: #1 housing, #2 automobile, #3 foood.
Cutting is never the solution (unless you have no brain), make more money is
Cutting those three things will definitely solve your problems... cutting #3 would be the nail in the coffin, literally.
x0thorn0x 😩😂
I am 61. I live with my oldest daughter's family. I have leukemia. I was diagnosed in 2009, and was forced to stop working. I have not been able to return, and will not be able to. My wife died in 2015. Her last 13 months of life cost me all of the money I had. In the summer of 2015, my Leukemia needed to have treatment. I survived the treatment, but that cost me my remaining personal items. I saved my truck, a 1999 ford. I have social security disability. I lived by self until this summer. My Leukemia was needing to be treating again. I had to move in with my daughter due to the fact I could not longer could take care of myself. My Leukemia is active, and so far the treatment is not working. All of the stuff this guy is talking about is fine. But when illness strikes it will destroy you except if your a celebrity.
Finally a humble and honest dude trying to help others to the best of his knowledge. You rock dude!!
Thank you! ❤
I would add that we need to invest in our future and built from scratch
if we take in consideration that the entire scientific community has been warning us for more than 40 years while companies and gov knew and spread propaganda.
Now we know, we've destroy the ecosystem of an entire planet in a century.
A financial crash is imminent.
And top it all, all those variables could lead to global collapse and (more) wars.
The best thig to do would be to find other poeple, get together, buy some land with water and seeds, be self sufficient and stay away from that mess.
If war breack (we're 2 min from midnight on the doomsday clock) get to a safety zone, depending on the continent you live in it will vary. South argentina, iceland, new zealand, switzerland... or some remote island (but with enough ground over the sea as the sea will rise, and away from the extreme heat / cold variations we'll get.
Best of luck to everyone
get together, form a different type of society
@@AndreiJikh I second that! Delivery and compassion is everything. The recession and divorce hit hard. I'm in the same boat, less 2 years off age, debt, daughter's tuition and son is a freshman in high school. I'm completely stressed out! What's positive is I'm a good teacher and a people person. I'm trying to figure out how to monetize that. I'll keep watching and just subscribed.
Most finance or investing UA-cam channels are either flashy but the content is bad or not flashy but the content is valuable. With this dude you get both. Great advice/tips Andrei!
Thank you! I try to spice it up and make it polished looking but between the research that I do for each video and the editing, I just can't post more than twice a week without having ANY kind of life haha
This was really one of your best. Thank you.
1. Stop living to retire. 2. Stop living to retire. 3. Stop living to retire. For men, retirement is the time they spend waiting to die.
When I was young I thought how great it must be to retire. Now at 66 I have no thought of retiring! I work part time . 20 to 30 hrs a week, have time to do the things I enjoy and get satisfaction from working. The thought of waking up and having nothing useful to do is soul destroying!
@@kerryfoster1 I hear you! I was just laid off and the first three months, I was so busy with personal things, I needed to do and complete. I still need 16 more years of investing so I will make my money work for me. I want to travel more and see other states before looking for a new job. The freedom is refreshing as well.
tangobayus my take on retirement is that when one retires from work and starts to live
Best advice ever,you have to live now,,,,
Great advice
The goal for me at 37 is actually to work like hell, make money from online businesses and live in someplace like Romania, Serbia, or Tanzania for retirement. The U.S. Dollar goes farther and the quality of life is great!
First thing get the hell out of calif.
The only problem with that is that if he leaves California, and say moves to Texas or Arizona. He could potentially save as much as $15k to $20k a year in rent, taxes, utilities etc. the only caveat is that his $50k a year will probably drop to $30k a year. Then he will have to leave his kid behind as well as everyone he knows, not that easy. Just has to try other avenues of cranking up his income.
Strictly from a standpoint of being a sentient being, get out of California. It has nothing to do with the topic. Just get out. Remember, you're known by the company you keep. In his case, that would be Californians. The average of which is comparable to a rock in their ability and/or desire to help you stay alive.
I left Cali. Best financial thing I ever did!
robert dunlap if I wasn’t living in California I wouldn’t be earning $300k a year. So it’s all relative to whatever ones career is. I’m very fortunate, I guess.
So true. Years ago i wanted to move to texas. I went for a month to some friend's house and i was looking for work. I found work literally for less than half of what i was making in cali. Not able to put up with the heat and humidity either.
I lost it all, then built it all back at age 60. It’s all about hustle
I agree. Great comment.
Can you tell me your story?
@ swisstrader - If you actually have marketable job skills. Not that simple for many older Americans especially with disabilities and health issues. A cow don’t make ham.
Can you tell me your story?
Life in Australia for what purpose?
I did the expense cutting exercise. It's amazing! I'm fortunate, I will have a pension but it won't be what I'm used to so while I still have what I'm used to, I'm training myself to see how little I can manage on without downsizing. The difference between "used to" and taking charge of what I spend is a lot. It helps that my house and car are paid for. I made damn sure of that as soon as I could. (The house is nice but not in an expensive area and my car is 20 years old, I look after it and it runs just fine.) Debt unless it's to actually build a business is DEADLY. When running errands, I pay cash only. Be careful of those Amazon like accounts..... Oh, I WALK for my groceries. Don't drive unless you really and truly cannot avoid it. I make a game out of how many days my car stays in the garage. Side hustle, I play the piano and am learning to tune pianos. There is a demand and it pays well.
I have been broke my whole life so when I get to 50 it won't be such a shock.
Kevin Keating 😅
Hahahah, loved your attitude towards life you will be fine ☺️
While I find this extremely funny 😆 I’d suggest a little more effort on doing things he suggested and the shock will be that you are in a better place than what you would have thought 💭
This guy thinks money grows on trees. Emergency fund. What a joke. When this jokester retired, social security will be broke.
I can see this guy living in a van , homeless
Damn, you're a nice guy. You really try to help out people.
I had to start over at 40 but i'm back on track. Go look at your social security statement online so you know what you have, unless you didn't pay into social security you should have something. Then you only have to save the difference between social security and your expected expenses. You don't need a million dollars to retire.
Great advice!! Divorce wiped me clean at age 40, I knew I was in trouble so I implemented some of the same tactics given in this video,I had a good paying civil service job took a 2nd job to pay child and spousal support as well as some small bill's, cut down on expenses saved and invested every penny I could,I worked hard and lived modestly, stayed tired and depressed from starting over but now I'm 55 in good health, retired in 2019 with a modest amount in savings and receiving around 60k a year in retirement payouts.
Crazy reading this realising how many people are in their later years and unfortunate not where they deserve to be financially!! I wish you all the best
Seeing this same thing happen to my step-dad in 2008 made me so much more cautious as a young kid in college back then. It was eye opening to see what a recession can do to people that prepared their whole lives.
I'm a 56 year old "OTR Trucker", Never married, no kids, saved a lot of money all my life. Never bought big ticket items, Because I lived in my truck and hotels and motels for tax write-offs. I also won a scratch ticket for 1k a week for twenty years which I still have 9 more years to collect on. So my overall income is 100+ a year net. When I die I will leave everything to the animal humane society. Because the only love I've ever seen in my life was from the 3 🐕's I have known. Women never gave me a second glance because I'm not attractive. I grew out of the thought of needing a woman in my life around 45 years of age. I've met a lot of men who tell me I'm lucky but I also feel the same way around. Enough said
Thanks for sharing and for leaving all your money to the animals. I'm going to do the same. No kids for me. I have been 'lucky?' with women in relationshits over the years. but modern women are not worth the effort. I'll never get married again, I am financially set and will leave all of my money to the true loves of my life, 'Man's Best Friends'.
same with me..... divorced... now live a Happy Life on my own. Plenty of "Men Toys"..... a expensive Exotic Classic Car..... and so on... when I die... I´ll leave all my belongings and Money to a Shelter for Parrots. They deserve it.... NOT a Woman!
Amen bro. I find I need the affection of a woman. Because of that, I have suffered through over 4 relationships, 3 marriages, 2 loss of homes, 4 loss of jobs, twice having to live with family. Yes. Having women in your life has a price. Maybe, some day, I will be lucky and find the right woman. Who knows? If that happens, it will be like winning that $1K a week for life.
How do I maximize my savings at motels etc while driving? Not big on sleeping in trucks,but how much did you save in tax writeoffs?
It's not "men are bad or "women are bad". Everyone can be burnt. You learn and grow.
Excellent. Love what you had to say, your energy, the production, music....👏👏👏
Finally. A UA-camr that puts the commercial in the right spot. Pop them in at a cliff hanger.
Andrei, you are a good person. I can see that through your gift you sincerely want to help others. I SALUTE you my friend.
And guys always remember your health is your wealth take care of yourself I’ve seen 80yrs old Stroger than a lot of 35yrs old 😳🔥
Great
That's right. My parents are 70 and 75 and they're in better shape than a lot of younger people.
@dachicagoan That's right. healthier lifestyles. My grandpa lived to be 91 and in his 80s, he was still gardening.
Dean Cole If you're referring to John H Stroger jr., he only lived to be 78. Still not bad though.
I'm 60 I'm 60 catching up to you
I'm in my early 60's and the toughest retirement hurdles are health care.. and Property tax.
States have taken the liberty to become your new landlord.
Yea I've noticed these high tax states the average person cannot retire with a house unless they rent the rooms out
Thank you Andrei for this video. This message is not being put out enough. Many videos and blogs are geared toward the young 20 somethings with college debt but I feel 50+ folks are the forgotten generation. I have got to hype up the emergency fund. Not everyone can do the 3 months living expenses right now but have something. I had $1000 set up for emergencies and this fund got wiped out twice in three years by plumbing disasters and car mishaps. Before, I would go off to the bank and get a signature of home equity loan. The hustle is on to bring the emergency fund up to 4 months living expenses. Thanks again. Andrei!
New subscriber and I’m excited to dive into this channel. It seems like most financial advice out there is for 20 somethings but Im willing to bet the majority of people looking for advice aren’t I’m their 20s. Great episode 👌
This might be one of the best/most useful videos on YT (and I have been a Dave Ramsey fan from WAY back). Everyone needs to see this. The advice is great, but the video also gives hope to people with similar circumstances. Thanks, Andrei.
Thank you Curt, this video reminded me just how "personal", personal finance can be. I recommended the viewer NOT do what I do, because the time scales and goals are now significantly different. Hope it's applicable either way :D
Just thank you is all. Thanks for the empowerment. I'm on it.
This video made me happy. I'm 54 and for a while have been maxing an IRA that's invested in VTHRX. Nice to see it on your list!
Retirement planning later in life is most definitely possible! Just takes some more dedication and creativity 👍
Never too late to plan!
Its the hippies that never saved. You should start saving by the time you start working its sad the education in America since the 50's. Dave Ramsey has saved me.
@@lancedooley7558 Dave Ramsey is a good source of information
Sounds like he needs to make sure he stays in good physical shape as he still probably needs to work the next 20 to 25 years
Coming up on a million viewers. You've definitely earned it.
Broke at 30, broke at 40, broke at 50, now broke at 63
Lots of people in America have this big problem. I am 66. At 50 I started my own Hvac business. Finally made money. Bought rentals and saved a lot of cash. I have enough to retire comfortably. I also live in Sacramento. Have wife and child. The best answer is Make More Money bro. From Sactown
Not that easy there Robert...How did you start your Hvac? Have to have some money to start a business dudelio.
@@eleven903 as u know u need a contractors licence, which I had. I was older than most . Started at ahe 35. 10 years in the trade working for others was very poor. They make sure of that. Out of desperation I relocated to Sacramento to start over. Again worked for other contractors. Now I am around 50 and broke. Sound real familiar? U can start an at home business for nothing. Just pay the yellow page adver monthly as u go. It was a gamble that paid off. I still had no retirement funds, so I saved like crazy. The real truth is everyone of us has to decide to make better decisions in our lives to win at the end. I finally realize that when I reach my mid-30s that's just about all if I can do it anyone can do it believe me from Sacramento
Hi Robert. I'm living in Sactown currently. Just turned 59 and trying to figure things out. Currently, things don't look so good in terms of retirement. I'm doing my best to make up for lost time and bad decisions. Will probably have to work until the day I die, but trying to remain optimistic.
I cashed out instead of investing in stocks, bond, or IRA. Instead, I bought properties when it crashed in 2008 and have owned four properties in Washington DC area on good credit score. The home value has doubled and mortgage is covered by the renters plus some side cash. Recent Amazon HQ2 has increased 22% on property value and will probably hit higher in 2020. I've gotten my realestate license 4 years ago and am preparing to retire at mid 40's. Just invest something your familiar with and refrain from splurging. Assist on what your living on now and subtract commuting cost and add for home heating or cooling for a month. Multiply that by 12 and that's what you need to live off on annual basis. Consider down sizing. As I sell my properties which include the one I live on, I plan to go full time RV as I have done RV extensively in the past.
Love the music but most importantly the lesson! Thank you.
This was a great question. Thank you for addressing this.
Bloody hell I'm 41 and broke with 3 kids no pension or own home or savings. just had to quit my job as a builder as I've been diagnosed with osteoarthritis after 10 years of working with it. Now on universal credit. Wish I had 50k a year. Some people smh
A person I know single mother 4 boys home schooled ran her own home based business invested everything she had into making sure her boys were successful and well rounded. So far 3 out of 4 are pretty much set the last one is the final project. Since she was properly nice to them and devoted so much to them they will never let her be without.
Hi You Did Some Building In Your Time, Apply For A Habit For Humanity Housing, & You Could Really Do Good......
Loved your sense of humour. At 54 a divorce threatened to crush my spirit/health and repossess my house. First I paid off the mortgage/reduced outgoings and then bought him out (burrowed from family/savings and small mortgage). Increased income (renting rooms and a new career as a cook in a dementia care home). Did without for 2 yrs. At 56 I cashed in my pension (cleared mortgage and finished renovating the house). Now I have income from renting, part time job, lump sum from pension and monthly pension. I did it on my own. House is on the market and I have enough income/confidence to make my dream a reality. None of that would have worked but for the fact that my education allowed me a good government job/pension, family and the ability to plan and do without. It has been lonely and my health has suffered abit.
Naomi are you a teacher? I'm about the same age as you and I'm retiring. But I only get a partial retirement because I'm leaving at 21 years instead of 25. Not sure what my next chapter holds. I'm single so there's no other income. Any advice?
@@yaelrar.4460 Hi. I worked for central/local government in UK. Advice. Retire when it suits you. No point working an extra 4 yrs if the job is killing you. Rent out rooms in your house. Good company and income. If you rent, get somewhere as cheap as possible. Take as much out of pension tax free as long as you can live on monthly payment. Live simply and reduce outgoings. Dont buy boy toys. Re energise your hobbies. Have a plan to be busy. And be selective about any partner on your life. Hope that helps.
U my favorite youtuber, coz u actually help some of us
I live in California and I COMPLETELY AGREE! I was born and raised here...but it is TOO CRAZY EXPENSIVE to live here!
Everyone needs to listen to this guy! He's funny too. You could be a comedian for your side hustle.
You are right about being a caregiver as a side job I do it nights on the weekends to subsidize my retirement and I also I’m starting my own mental health clinic. It was due to the side hustle that I could save up enough money to do this. Suggest starting your own business something you enjoy and something that people need.
Hey Alice! How does one become a caregiver? Do you need a special license? Where do you go? And how much can one expect to make in an hour?
Yaelra R. Look in the Yellow Pages under home health or elder care for a company to work for. Don’t need a special license but you will need a background check cannot have any drugs or theft in your background. Pay sucks it’s between 10 and $12 an hour if you work for yourself you can do better but you have to go through the state agency and get licensed it’s paperwork and a three month wait but the same background check you get as a caregiver
Broke at 50, what a lucky guy! Many people are broke at 25 and stay that way until they die.
You Know, this was a strong video. Thank you!!
I've been travelling around the world since I left school at 17 in '77. I've lived and worked in 10 countries and visited 34. Just turned 60 and still going strong. There's no pension in it, and I don't care. There'll be a bridge to cross at some stage in the future, of course, but my motto has always been "Live before you die."
Weird.
This is beautiful and inspiring, 0 finger-wagging (bad for the wrists, anyways). Excellent video, thanks!
Thanks Charlie! :D
Andrei, I just love your humor dude!! Your the best. But your message is received. Thanks so much. God bless.
cut costs when u said ur patreon maaaaan u are a legend no cap this is the reason why i subbed
This is a golden list of suggestions. Many good tips here. I've been there and survived it. Did many of the things suggested. Need to raise income to provide more for investing. Stay away from the crazy stuff. I went to cash living for a time which helped control expenses.
That's great advice too, going full on cash might be necessary if you find yourself being careless with credit (like my parents were). Thank you! :D
Excellent! Soon to be 63----still punching a clock but have built my nest quite successfully starting in my 20s----can't get the young ones to start an IRA---Vanguard---they look at me like I've lost my mind...they have no idea how fast the morning will come when they awaken and say 'holy crap, I am 50 and I have nothing...". Not good, kiddies. Do your due diligence and follow this guy....he's right on the money-----no pun intended.
and how fast it comes! starting at 45 here.
Totally crushing on you dude! Great advice! Merry Christmas
I am reading thru everyone's posts. I see I am not alone. Bless all of you.
“Living in a van down by the river....” RIP C F
And eating free government cheese....lol
@Capt Fathom l live in Australia too 😁👍
@@atmako1 ha ha
1. Figure out why you are broke.
2. Make a plan to change it.
3. Execute the plan.
@Alex Jay You can't absolve white people by demonizing black people.
What great advice. How did you become so grounded! A joy to watch.
LOL! I was panicking about how to make ends meet, but you mentioned the “side-hustle” and remembered, I’m an electrician, there’s always side work.
Nice 👍
And I'm living in a nightmare at 52. Too many fires to put out, many created by my disabled wife.
Omg
get a notebook, keep track of your finances weekly, monthly, yearly. plan for purchases by making a 'needs list' in the notebook. study a little every day. Prioritise saving!
Doing this!!!
Browsing UA-cam on a Saturday afternoon when I could be hanging some new curtains or something. This was so much more fun! Really good content, dude :) Love your closing video and music, too. Thanks!
Wow great video man I love how you gave specific examples on what to do and not just say the concepts
Thank you! :)
1) move to low rent city/state when you retire, 2) put more in the 401(k), 3) get a weekend job if you don't normally work weekends.
Yep, all solid!
Avoid Starbucks like the plague. It amazes me how some people lack even basic kitchen skills. They can’t even boil water. I can afford to eat out more often but I actually prefer cooking my own meals.
And it tastes so much better ...🤣
Yt Yt, what is what are you saying has anything to do with being broke?
It's not really that expensive. Just a lot of un informed people. Win stars and get free food and drinks all the time. Cut's the price in half which makes it no more than other fast food joints.
David Draguta uh. How much do you think it costs to eat in restaurants versus cooking your own meals?
Yt Yt, that is not the point, one can't blame eating out, a beer/wine, cigarettes for being broke!! Where are the standards? Where will the line stop?… Basic of live should be: 1. Having a apartment (never roommate) 2. Having decent furniture in your apartment ( never secondhand) 3. Having a dentist for proper care. 4. Having good outfits and shoes. 5. Haircuts on regular bases is a must. 6. Having a decent car. 7. One vacantion a year minimum… etc!
When a person work… that should be minimum standard!!
Good Video, thanks Andrei !!!
Pragmatic advice. As we get older, simplify and save. And keep doing those push-ups.......
Excellent advice! Lost my wife to breast cancer $$$$$. Trying to survive at 59.
Thanks for sharing John, hope your luck improves man, best wishes
Bless you.💋
sorry to read about your loss I hope you have some friends to cheer you up
sorry for your loss. i hope you get better financially soon.
So sorry about your wife. God bless you, and good luck in your future.
Glad I bought a little piece of land.
It's mine. Just a cheap 1/2 acre of land. I love it. I live on it. Built a small house. Grow veggies.
I want the same 🙏
@RaFari1119 Bee yes I know, but it is so much cheaper. I can eat. When I rented, I went with out food sometimes.
@RaFari1119 Bee obtain allodial title on the land.
Awesome
Brandy Wasay You/foreigner cant own land there dude!
Yay for the Sacramento email person! I'm from there too!
Great messaging! You are helping focus those with a blurred financial vision. Great job!
C.o.n.t.a.c.t. M.y. A.d.m.i.n. *+...1...6...0....1..5...0...9...1...2...0...3*✅✅✅✅
This information is useful no matter what age you are. Great video Andrei 👍👍
Thank you! My parents are in a very similar situation as the person who emailed me so I felt like I was addressing my parents
This is a good advice. I did very similar a few years ago and in fact it work. Amaizing how much money we spend on unecessary thing like tv cable, phons and others. I did cut all my expenses wich i had except my morgage and insurances realated with it. The rest of i cutted off and started fresh. It is hard but worthy since the first month. Simple house, simple car to A to B... and you will have enough to enjoy the life travel and dinne out. All depend how much you are willing to give up💪💪
Genuine and likable. Good solid advice.
56 and retired with a pension but getting bored so I’m going back to work. I just subscribed, thank you
Cutting extra expenses is good. You left out investing in your long term health, like eating well (nutrition) and getting enough sleep. I recommend for people who can't take care of basic necessities to not have children. Not having to work your last ten years of life is called retirement. Working at this time to stay focused is a different type of work, more like good exercise. Oh, and, for those who tell you that you need to take on debt to get ahead need to be turned off like TV commercials.
If people want healthy food there is a price to pay. It is always more expensive . Most poor people eat the cheaper foods because that is all they can afford. AND that food is generally less healthy. Veges are ok but who wants to live on veges all their lives. Latest reports say that vegans are suffering because there is not enough protein in their diets.
I would add that we need to invest in our future and built from scratch
if we take in consideration that the entire scientific community has been warning us for more than 40 years while companies and gov knew and spread propaganda.
Now we know, we've destroy the ecosystem of an entire planet in a century.
A financial crash is imminent.
And top it all, all those variables could lead to global collapse and (more) wars.
The best thig to do would be to find other poeple, get together, buy some land with water and seeds, be self sufficient and stay away from that mess.
If war breack (we're 2 min from midnight on the doomsday clock) get to a safety zone, depending on the continent you live in it will vary. South argentina, iceland, new zealand, switzerland... or some remote island (but with enough ground over the sea as the sea will rise, and away from the extreme heat / cold variations we'll get.
Best of luck to everyone
get together, form a different type of society
dan c , so basically we should cut our enjoyment while certain others get to live the easy good life . i dont believe that is fair . we need to take a stand and force the wealthy to share .
If less is more, than the wealthy are impoverished. The western consumption model does not export to the masses. When the proverbial SHTF, a few wealthy continue business as usual. It's different for others.
I've found than canned food can be inexpensive, low salt and sugar and it remains nutritious for a long time without frig or freezer. Put it in your lunch box or take it on a trip. For yummy, home cooked food get a pot of beans, greens and veggies going.
Telling somebody to "get a job" isn't that easy to get a job, especially if you're 50 years or older.
Billy Cowan true. Still he needs a jobb 😂
Definitely not easy, but I don't think I said to "get a job" :P
That's how I lost everything. My company fired a bunch of us in 2008, just as the recession hit. I was over 50 and couldn't find a job anywhere.
Right now, there are jobs everywhere! I said, jobs everywhere, not six figure jobs with pensions and company vehicles. A person might have to get over himself or herself, and "Get a job!" at a burger joint or something for a while. Get a job.
At 50 years of age, I went to one of the large trucking companies that also trained and got my CDL, commercial driver's license. My first trainer in the truck was 70! I'm about to turn 65 and I'm still driving. There are ALWAYS trucking jobs out there, if you can handle it!
Good advice, dude!
Thank you for the advice. I appreciated the mention of the HSA. It got my attention. Great value, thank you
Thanks David, HSAs are amazing! Definitely get one if you can :)
This is why I love you bro, such a helpful lad
Haha, I don't hear that word a lot. Lad is like....the british version of bro sort of right? 😅
@@AndreiJikh I think so 😂 I mean, I'm Australian but my British mates say it to me 😇
@@aaronramsden1657 that makes sense! Thanks for clarifying, now I know haha
many older people are going to be poor with or without work mainly due to low wages high cost of living
Due to the system that shafts you ! Work till death great .
GREAT VIDEO. GREAT FINANCIAL ADVICE.
Thank you for not making this video boring. Financial videos are boring.
Those hustles fro extra income were really good advice.
In today's world, once you are of a certain age, it seems very hard t get a good paying job again.
And yet when you are young, it is so hard to get a job as you have no experience.
So there is only a small group from say 30 to 45 who are actually working with a good job and good pay.
Good stuff here, thank you, I will be 50 in January and I will be forced to retire at the age of 57. I too am worried that I will not have enough Money saved up, so I am looking at starting a lawn mowing business
You certainly provide a solid, sound and good advise...At 50, time is not at our side and cannot afford to take higher risk investment portfolios...As usual your video definitely ain't boring and really entertaining to watch...Great sense of humour too...
I like it when you said " don't even listen to my advice" very brave and gentle of you
It's true, no one knows their situation better than themselves
Hi Andrei, wonderful video! I started investing about 4 years ago (I'm 47 now) after raising 4 babies.... time is not on my side, but according to my calculation if I continue to invest 30% of my income I will have more than enough to retire on. 30% is steep with so many expenses, but definitely doable. My parents started from scratch after moving from England in their 40's and have been comfortably retired for a long time. Thanks for addressing this subject, it is much needed!! 😊
Thanks Cecilia! Definitely not easy with 4 kids! 30% savings rate is INCREDIBLE. You sound like high(er) earner which is awesome. I hope my parents can retire comfortably, I'm doing everything I can to set them up and help them out. Crossing my fingers!
I’m a Sydney Uber driver with near 9k trips meeting an eclectic array of individuals from all parts of society from the working to professional classes. and I can assure you the majority of these folk are living on a near week to week existence.
how do you know they are living paycheck to paycheck?
need more content like this!!! excellent